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New Global Exchange Rate Arrangements Needed

UNCTAD's Trade & Development Report 2007

The world economic situation is more favourable for developing countries than at any time since the early 1970s (see box in article). But a safe correction to the increasing imbalances would be much easier with more appropriate global exchange-rate arrangements, the just published Trade & Development Report (TDR; see reference) of the UN Conference on Trade & Development (UNCTAD) argues. WDEV summarises the report.


Arbitrary exchange-rate shifts should be managed just as tariffs and export subsidies are, and in the absence of such controls regional cooperation may provide developing countries with some security against abrupt corrections. The authors of the TDR say that in recent years there have been several cases – for example in Germany, Japan and Switzerland – where current-account surpluses have been accompanied by a real depreciation of the exchange rate, rather than an appreciation, as conventional theory would predict. Such movements in the "wrong" direction tend to increase rather than reduce the underlying imbalances ...

... this article - published in Issue 5/Sep-Oct 2007 - is for subscribers only. For direct log in >>> click here. If you have no subscription >>> pick an option or >>> buy the article.

Posted: 5 September 2007

More on the subject: >>> Global Finance

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