Bahmani-Oskooee, Mohsen; Miteza, Ilir; Goswami, Gour - In: Economics Bulletin 6 (2008) 13, pp. 1-9
Many of the previous studies that tried to assess the contractionay or expansionary effects of depreciations or devaluations in less developed countries (LDCs) used official exchange rate data and concluded that devaluations are contractionary in LDCs. However, due to capital controls, there is...