TY - BOOK ID - 136725570 TI - Gradual Versus Big-Bang Devaluations : An Empirical Analysis AU - Geiger, Michael. AU - Nguyen, Ha. AU - Nguyen, Houng. PY - 2018 PB - Washington, D.C. : The World Bank, DB - UniCat KW - Business cycles and stabilization policies KW - Capital flows KW - Capital markets and capital flows KW - Currencies and exchange rates KW - Economic conditions and volatility KW - Finance and financial sector development KW - Fiscal and monetary policy KW - Fiscal policy KW - Macroeconomics and economic growth KW - Monetary policy UR - https://www.unicat.be/uniCat?func=search&query=sysid:136725570 AB - This paper examines the pros and cons of gradual versus big-bang approaches toward devaluations. It presents original empirical evidence regarding output, consumption, investment and trade balances associated with gradual and big-bang devaluation episodes. It finds that big-bang devaluations are associated with lower output, investment and consumption, while gradual devaluations are not associated with any contemporaneous drops. Five case studies of gradual devaluations are also conducted. ER -