Cover -- Preface -- Acknowledgments -- Ch 1. Introduction -- What Determines Growth: Geography? Technology? Policy? -- The Primacy of Exchange Rate Policy -- A Guide to the Book -- Ch 2. Determinants of Economic Growth -- The Historical Context -- Some Explanations of Growth -- Growth since 1950...

Recent empirical and theoretical literature on the impact of real exchange rate devaluations on economic performance questions the traditional expansionary effect generated within standard Mundell-Fleming models. Contractionary devaluations may arise when firms face maturity or currency...

In this paper I discuss some of the most important lessons on exchange rate policies in emerging markets during the last 35 years. The analysis is undertaken from the perspective of both the Latin American and East Asian nations. Some of the topics addressed include: the relationship between...