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Topic: Currency devaluation

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	Devaluation - Wikipedia, the free encyclopedia
		Devaluation is a reduction in the value of a currency with respect to other monetary units.
		Devaluation is most often used in situations where a currency has a defined value relative to the baseline.
		Historically, early currencies were typically coins stamped from gold or silver by an issuing authority which certified the weight and purity of the precious metal.
	en.wikipedia.org /wiki/Currency_devaluation (804 words)

	Devaluation (Money) - EXCHANGE RATE BASICS, THE ROLE OF FOREIGN EXCHANGE MARKETS
		Devaluation refers to a decline in the value of a currency in relation to another, usually brought about by the actions of a central bank or monetary authority.
		Market-driven devaluation, by contrast, is often the formal recognition by a government, frequently during a monetary crisis, that the value of its currency relative to major world currencies—especially the dollar—has already depreciated through trading in the foreign exchange markets.
		Indeed, devaluation is expected to worsen the trade balance in the short term—possibly causing a contraction in output and employment—before improving the overall balance.
	referenceforbusiness.com /encyclopedia/Dev-Eco/Devaluation-Money.html (1633 words)

	Devaluation
		Devaluation, in economics, official act reducing the rate at which one currency is exchanged for another in international currency markets.
		Because a nation's reserves of other currencies and gold are limited, the government may choose to correct an imbalance by officially readjusting the value of its currency.
		Currency devaluation primarily affects a nation's trade balance, which is the difference between the value of its exports and that of its imports.
	www.latifm.com /look/Devaluation.htm (1336 words)

	Currency Devaluation and Revaluation - Fedpoints - Federal Reserve Bank of New York
		An increase in the value of a currency is known as appreciation, and a decrease as depreciation.
		Devaluation, the deliberate downward adjustment in the official exchange rate, reduces the currency's value; in contrast, a revaluation is an upward change in the currency's value.
		To the extent that devaluation is viewed as a sign of economic weakness, the creditworthiness of the nation may be jeopardized.
	www.newyorkfed.org /aboutthefed/fedpoint/fed38.html (969 words)

	XXXI. CURRENCY AND CREDIT MANIPULATION: The Objectives of Currency Devaluation
		While governments were still anxious to emphasize that devaluation was an emergency measure not to be repeated again, these authors proclaimed the flexible standard as the most appropriate monetary system and were eager to demonstrate the alleged evils inherent in stability of foreign exchange rates.
		If one looks at devaluation not with the eyes of an apologist of government and union policies, but with the eyes of an economist, one must first of all stress the point that all its alleged blessings are temporary only.
		Devaluation was a cunning device to elude the sway of the union doctrine.
	www.mises.org /humanaction/chap31sec4.asp (2005 words)

	Currency devaluation and economic growth
		The exchange rate is the number of foreign currency per unit of local currency According to this algebraic expression a fall in the real exchange rate implies growing competitiveness and a rise means falling international competitiveness.
		This effect may appear as a boon in the opinion of those for whom the balance of trade is the yardstick of a nation's welfare.
		Consequently, the emergence of competitive devaluations is a surest way of destroying the market economy and plunging the world into a period of crisis.
	www.brookesnews.com /031310devaluations.html (2660 words)

	Currency devaluation impact on nutritional status in Brazzaville, Congo (Site not responding. Last check: 2007-09-01)
		Currency devaluations can have a dramatic impact on peoples entitlement and in extreme cases contribute to nutritional crises.
		The authors of the study acknowledge that the impact of the devaluation on nutritional status would not only have resulted from less access to food, but also poorer health care and general caring practices as women became increasingly engaged in income generation activities to offset reduced spending power.
		The authors also concluded that a more accurate assessment of the specific effects of the devaluation on the nutritional status of urban populations would be provided by comparing the results obtained here with those in another large capital in the CFA zone.
	www.ennonline.net /fex/10/rs5-1.html (515 words)

	The Implications of Currency Devaluation
		For a currency to be devalued means that the issuing government has mandated that the price of the currency (in foreign dollars) is lower than it was before.
		Thus, for the Russian government to devalue the ruble is tantamount to its defaulting on a portion of its debt.
		The difference is that the devaluing would have occurred when the Russian debt was much smaller than it is now, and the printing of money would have occurred when Russian prices were lower than they are now.
	www.angelfire.com /biz/clinedavies/essay1.html (1434 words)

	AEI - Short Publications
		Unless a very tight monetary policy accompanies currency devaluation in a world of excess demand, the shift in demand induced by a weaker currency away from foreign producers and onto domestic producers will only push up prices even faster without reducing an external imbalance.
		Still, in the light of this positive relationship between weak Asian currencies and strong Western stock markets, newspapers are attributing the early August drop in global equity markets to a decline of the yen and possible devaluations of the Chinese yuan, not to mention the weakness of the Russian ruble.
		Hence, the 1930s saw a number of currency devaluations associated with chronic excess capacity as more and more countries joined the quest to attract shrinking global aggregate demand to their increasingly idle production facilities.
	www.aei.org /publications/pubID.9383,filter.all/pub_detail.asp (2419 words)

	Currency Devaluation and Economic Growth - Mises Institute
		However, the so-called improved competitiveness on account of currency depreciation means that the citizens of a country are now getting less real imports for a given amount of real exports.
		In short, while the country is getting rich in terms of foreign currency, it is getting poor in terms of real wealth, i.e., in terms of the goods and services required for maintaining peoples' life and well-beings.
		The much talked about advantages which devaluation secures in foreign trade and tourism, are entirely due to the fact that the adjustment of domestic prices and wage rates to the state of affairs created by devaluation requires some time.
	www.mises.org /story/1345 (2757 words)

	Devaluation
		The first attempt to deal with this situation was by designating the older currencies as Old Tenor and allowing them to circulate at the lower rate, then setting a new rate (from 6s to 8s per Spanish dollar) for new issues, which were designated as New Tenor currencies.
		No currency redemption dates could be extended, no additional legal tender issues were allowed, all future emissions had to be redeemed within two years, while emergency issues had to be redeemed within five years but with 5% interest.
		In January of 1779 colonial and continental currencies were trading at between 7.42 to 8 paper dollars to a Spanish dollar; however by June of 1781 the rate was from 100 to 350 paper dollars to a Spanish dollar.
	www.coins.nd.edu /ColCurrency/CurrencyIntros/IntroDevaluation.html (813 words)

	Financial Sense University ~ The Argentine Currency Devaluation 03/04/2003 (Site not responding. Last check: 2007-09-01)
		Financial Sense University ~ The Argentine Currency Devaluation 03/04/2003
		The “Post-effect” devaluation has resulted in Argentina having approximately 9 different currencies, which includes different types of local Provincial Bonds, that can be used to purchase goods and as a currency for other transactions.
		Since the devaluation, many Banks have been robbed and looted; their structures defaced when the populace was not permitted to withdraw their funds.
	www.financialsense.com /fsu/editorials/2003/0304.htm (1106 words)

	Inflation, Balance of Payments and Currency Exchange Rates
		When this occurs then the benefits of the devaluation <2> are lost to the country as a whole and the few gain enormously at the expense of all the rest.
		Foreign held capital and foreign income appreciate as one's currency depreciates and there is then the tendency for capital to find its way abroad, when such capital should be invested within the country so as to improve its economic potential and for economic growth.
		The term 'devaluation' as used in this report includes changes in the exchange rate when this is allowed to float, that is when it is allowed to find its own level according to circumstances obtaining at the time.
	www.solbaram.org /articles/inflation.html (9298 words)

	Intentional Currency devaluation (Site not responding. Last check: 2007-09-01)
		We wrote at that time that the act would bring about destruction of the dollar and the US economy, and we also predicted free trade and globalization, as it is called, to bring about world government.
		They knew just as we know, that once gold passes $850 an ounce, the public will be buying all they can get their hands on and the higher the price goes the more valuable the elitist gold hoard will grow.
		This latest version focuses on the digital currency feature in the use of gold and silver by the State of New Hampshire, its citizens, and their transactions with each other.
	www.gbtg.net /mnn/intentional_currency_devaluation.htm (2558 words)

	Renseignements internationaux - Currency Devaluation
		As of February 6, 2004, the official exchange rate in Venezuela was devaluated from Bolivares 1,600 per USD, to Bolivares 1,920 per USD for sell transactions.
		Many speculate as to the reasons that led to the 20 percent devaluation of the Bolivar, but it is evident that it will boost oil export revenues, so significant in the government's accounts, and reduce the burden of the fiscal domestic debt.
		However, as early as 24 hours after the announcement of the devaluation, importers have voiced their concerns regarding the measure, which will certainly act in detriment of already decreasing imports in Venezuela.
	strategis.ic.gc.ca /epic/internet/inimr-ri.nsf/fr/gr123306f.html (374 words)

	The coming currency devaluation
		There was to be no currency recall - however - careful reading of the bills indicated that exchange of old money for the new "domestic" money was to be on a dollar for dollar basis; exchange of the old or new "domestic" money for the new "external" money would be by value.
		But if a distinguishable new currency were introduced for domestic use only, and by law, not exchangable with the old-design currency circulating only outside the US, both could be "legal tender", just not exchangable without explaining where one got the currency they had.
		Presumably then, by treaty Panama would circulate the new currency, but if as the author contends the new and old currencies are not 'exchangable' that would put additional constraints on Panama to enforce same, as well as your point about the population accepting the new currency.
	www.freerepublic.com /focus/f-news/998618/posts (4804 words)

	Morgan Stanley (Site not responding. Last check: 2007-09-01)
		Foreign exchange elasticity of the CPI is extremely low, and we estimate that for foreign exchange volatility to trigger zero inflation, the effective exchange rate of the yen would have to decline at a pace of 40% to 50% a year.
		Currency markets in 2002 were marked by low volatility, relative to equity and bond markets.
		While currency markets did experience reasonable level of volatility, this was more muted compared with the volatility in the other asset classes.
	www.morganstanley.com /GEFdata/digests/20021206-fri.html (8272 words)

	The coming currency devaluation:Droke - Gold & Silver Forum
		According to commentator Terry Savage, "Two-thirds of the U.S. paper currency is circulating in foreign countries." With the coming two-tiered currency system, foreigners will continue to be allowed to use the greenback while U.S. citizens will be stuck with the "crayola currency" which cannot be exchanged.
		Again, this is discussed in Patterson's now-classic monograph "Currency Recall" (which I've read and highly recommend to students of currency policy and investors seeking to retain the value of their investments).
		My favorite reason for the new crayola currency is to make our money more acceptable to the average people in Latin America (and the Americas) who are more accustomed to colored currency.
	www.goldismoney.info /forums/showthread.php?t=4069 (1118 words)

	Currency Devaluation - ... - currencyconversion.fossilfuels.be (Site not responding. Last check: 2007-09-01)
		The Coming Devaluation of the US Dollar Currency Dr. Lee Warren Plim Report It is not a question of if the U.S. dollar will be devalued, but when, because the USA is the most indebted country in the...
		Brazil, Colombia and Chile are trying to curb currency gains of the last four years that are eating at the profits of exporters, slowing factory investment and braking economic growth.
		In 2002, Brazil's Luiz Fernando Figueiredo was among the officials struggling to prevent their currencies from tumbling as investors pulled money from the region.
	currencyconversion.fossilfuels.be /.../currency-devaluation.html (397 words)

	Coastal Post Online
		After repeated warnings from currency analysts and market advisors (including yours truly) that the US currency system is on the verge of becoming a blocked, two-tier system we now have confirmation that the country is one step closer to realizing this.
		But accordingly to currency analyst Lawrence Patterson, who authored the 1994 monograph titled "Currency Recall", which accurately forecast the new multi-colored notes, the new colored money is part of a two-tiered currency system that will have drastic implications for investors and non-investors alike here in the US.
		Patterson calls the new notes "crayola currency" and claims they will circulate domestically while the normal green currency that we've grown accustomed to will circulate offshore all over the globe.
	www.coastalpost.com /03/11/12.htm (801 words)

	currency depreciation, currency devaluation (Site not responding. Last check: 2007-09-01)
		A nation’s money depreciates when its value falls in relation to the currency of other nations or in relation to its own prior value.
		A nation’s money is devalued when its value is reduced in relation to the currency of other nations, either deliberately by the government or through market forces.
		When a nation devalues its currency, the goods it imports tend to become more expensive.
	www.stthomas.edu /jour/apstyle/currency_depreciation_c.html (80 words)

	Argentine currency devaluation holds lessons for U.S. (Site not responding. Last check: 2007-09-01)
		Argentine currency devaluation holds lessons for U.S. Four years ago, in an effort to recover from an economic crisis, Argentina lowered the value for its currency, the peso.
		The devaluation not only brought an export boom, it also triggered an increase in domestic investment and production that displaced imports.
		Because domestic businesses benefited so much from the currency devaluation, the Argentinean government was able to enact a 30% tax on exports and used the revenue for infrastructure construction and improvements, such as roads and public works projects.
	www.epi.org /content.cfm/webfeatures_snapshots_20060607 (380 words)

	Currency devaluation: how Argentina's e-commerce industry will be impacted
		The ending of the decade-long policy of pegging the peso to the dollar has resulted in a rapid devaluation of the currency, leading Argentines to seek safe havens for their investments.
		Meanwhile, the country's neighbors are bracing for the aftershocks this latest devaluation is likely to produce.
		In an analysis of Latin America's travel market earlier this month, eMarketer noted that the devaluation of the Argentine peso was likely to put a dent in intra-regional travel, affecting Brazil in particular.
	www.gcis.ca /english/cdne-136-jan-23-2002.html (455 words)

	Currency Devaluation and Economic Growth
		Many economists have suggested that the weakening in the US dollar could actually be good for the economy—since a weaker dollar will boost manufacturing production, which in turn will lift employment and all this will set in motion economic growth.
		For instance, in their research study of the Mexican economy, Dornbusch and Werner have concluded that: "If the currency is not devalued, growth will not keep pace with the growth of the labor force; the divisions in Mexican society will widen; and national stability will be threatened."[1]
		On this Mises wrote, "A general acceptance of the principles of the flexible standard must therefore result in a race between the nations to outbid one another.
	www.gold-eagle.com /gold_digest_03/shostak100603.html (2595 words)

	Brazil moves to woo IMF, Washington after currency devaluation
		But economists said an initial controlled devaluation on Wednesday of 8 percent was a bit of a surprise.
		Anchored on a strong currency and high interest rates, the Real Plan brought inflation down to zero last year, restoring the pride of Latin America's industrial powerhouse and allowing Brazil to feel it might fulfill its destiny as a world power.
		And Brazil, with an economic policy mix of a strong currency, high interest rates, and a towering debt, became a source of concern that it would be the next big economy to collapse.
	www.expressindia.com /ie/daily/19990117/01750555.html (690 words)

	Opposition employers reject government currency devaluation (Site not responding. Last check: 2007-09-01)
		Mendoza criticizes the government for its price control policies, saying labor laws, increase in the price of gas among other things, forces the sector to adopt additional measures to sustain the possibility of growth and competitiveness.
		The devaluation, Botti proclaims, is the consequence of a level of failure in the government's economic polices and forecasts a situation arising similar to Black Wednesday in 1983.
		Opposition economist, Hugo Farias calls the devaluation move a "corrupt practice because it confiscates the citizens' fruit of labor...
	www.vheadline.com /printer_news.asp?id=26266 (218 words)

	Tricom revenues hit by currency devaluation
		During the 2003 third quarter, the Company's operations continued to be under pressure from the devaluation of the Dominican peso, which reached approximately 90% over the last twelve months.
		The Company's operating results reflect the impact of currency devaluation, which reached approximately 23% in the third quarter and 84% during the first nine months of the year, affecting the translation of Dominican peso-generated revenues into U.S. dollars.
		The decrease in mobile revenues was the result of the devaluation of the Dominican peso combined with a US$1.7 million reclassification of commissions from expenses to revenues during the 2003 second quarter in accordance with Staff Accounting Bulletin (SAB 101) "Revenue Recognition" issued by the Securities and Exchange Commission (SEC).
	www.cellular-news.com /story/10110.php (585 words)

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