Economic adjustment and exchange rates in developing countries / edited by Sebastian Edwards and Liquat Ahamed ; contributors Joshua Aizenman, Jacques R. Artus, Stanley W. Black, Mario I. Blejer, William H. Branson, Guillermo A. Calvo, Armeane Choksi, Jorge Braga de Macedo, Carlos Díaz-Alejandro, Rudiger Dornbusch, Stanley Fischer, Jeffrey A. Frankel, Jacob A. Frenkel, Manuel Guitián, Ravi Gulhati, James A. Hanson, Arnold C. Harberger, Louka T. Katseli, Mohsin S. Khan, Kathie L. Krumm, Constantino Lluch, Richard C. Marston, Michael Mussa, Maurice Obstfeld, Stephen O´Brien, Sarath Rajapatirana, Marcelo Selowsky, Sweder van Wijnbergen and John Williamson.

I. Stabilization, adjustment, and exchange rate policy in developing countries, 15. -- II. Economic reform, foreign schocks, and exchange rates, 175. -- III. Case studies, 233. -- IV. Economic adjustment and the real exchange rate, 369.

The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.