About this work
Export growth strengthens after major devaluations in the historical sample examined by Robin Brooks and Jonathan Fortun. Their July 2023 analysis follows 27 episodes of real exchange rate declines exceeding 20% since 1990 across emerging and G10 economies. Larger depreciations are associated with stronger export gains, challenging claims that dollar invoicing prevents such benefits.
Abstract
Export growth strengthens after major devaluations in the historical sample examined by Robin Brooks and Jonathan Fortun. Their July 2023 analysis follows 27 episodes of real exchange rate declines exceeding 20% since 1990 across emerging and G10 economies. Larger depreciations are associated with stronger export gains, challenging claims that dollar invoicing prevents such benefits.
Cite this work
Robin Brooks, Jonathan Fortun (2023). Global Macro Views: Do Devaluations Boost Exports?. Institute of International Finance.