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ExchangeRate Flexibility and
and New Techniques
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aggregate agriculture bank credit banking system borrowers Brazil capital accumulation capital market Chapter Chile commodities cost deflation devaluation domestic economy efficient equilibrium export farmers financial assets financial growth financial repression firm-households firms foreign capital foreign exchange foreign trade fragmentation full-liquidity rule Hence holders holding money import income increase industrial inflows inputs internal Japan Keynesian Korea labor LDCs less developed countries liberalization loans marginal monetary policy monetary system moneylenders neoclassical model nominal interest rate nominal money nominal rates optimal percent period physical capital poor countries production propensity to save rate of inflation rates of interest rates of return ratio real cash balances real money balances real rates real return real stock reduced reform return on holding return on money revenue rise rural savings deposits sector seigniorage self-finance stock of money store of value subsidy substitution sumer supply tariff theory tion U.S. dollars