Devaluation and Competitiveness in a Small Open Economy: Ireland 1987-1993
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| 520 | 3 | |a This paper studies market expectations of a devaluation of the Irish pound from 1987 to 1993 and relates them to the evolution of Ireland's competitiveness over the same period. Changes in expectations of the currency's devaluation can be explained largely by developments outside Ireland, particularly by past and anticipated movements of sterling. The evolution of Ireland's real exchange rate over the same period is also found to be strongly linked to sterling's fluctuations, even after adjusting for sterling-insensitive trade between Ireland and the United Kingdom, and despite the significant progress toward trade diversification recorded by Ireland during the 1980s. The devaluation of the Irish pound in January 1993 is estimated to exceed investors' realignment expectations at that time as well as the loss of Irish competitiveness since the beginning of the ERM crisis in the summer of 1992. This "excess devaluation" helps explain subsequent large capital inflows and the Irish pound's smooth transition to the wide ERM band in August 1993 | |
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Record in the Search Index
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| id | DE-604.BV048343035 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:04Z |
| institution | BVB |
| isbn | 1451954670 9781451954678 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033722303 |
| oclc_num | 1337120195 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (28 p) |
| psigel | ZDB-1-IMF |
| publishDate | 1993 |
| publishDateSearch | 1993 |
| publishDateSort | 1993 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spellingShingle | Bartolini, Leonardo Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 |
| title | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 |
| title_auth | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 |
| title_exact_search | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 |
| title_full | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 Bartolini, Leonardo |
| title_fullStr | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 Bartolini, Leonardo |
| title_full_unstemmed | Devaluation and Competitiveness in a Small Open Economy Ireland 1987-1993 Bartolini, Leonardo |
| title_short | Devaluation and Competitiveness in a Small Open Economy |
| title_sort | devaluation and competitiveness in a small open economy ireland 1987 1993 |
| title_sub | Ireland 1987-1993 |
| url | http://elibrary.imf.org/view/IMF001/01703-9781451954678/01703-9781451954678/01703-9781451954678.xml |
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