Description:
In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate.
Brief description: David A. Steinberg is Assistant Professor of International Political Economy at The Johns Hopkins University's School of Advanced International Studies in Washington, D.C.
Review Quotes:
"In Demanding Devaluation, David A. Steinberg addresses an enduring and fundamental puzzle of developing economies: Why, despite sound economic theory and strong empirical evidence that an undervalued exchange rate benefits long-term growth, do so many countries have an overvalued exchange rate? For Steinberg, the answer is politics. Skillfully mixing quantitative tests and compelling case studies, Steinberg shows how sectoral policy interests and state power intersect to shape the exchange rate. Scholars, students, and policymakers interested in understanding the political foundations of economic performance in the developing world will benefit from Steinberg's insightful and lucid analysis."
--William T. Bernhard, University of Illinois at Urbana-Champaign, coauthor of Democratic Processes and Financial Markets: Pricing Politics