Currency undervaluation is such a potent instrument for growth for the simple reason that it creates incentives for the economy s growth promoting sectors.

And that means further depreciation of the dollar.

Nor is the Fed specifically aiming to lower the dollar s value.

Dollar depreciation improves Europe s terms of trade and real income.

First, the value of financial institutions investments should immediately be marked down to their market values.

President Miguel de la Madrid resorted to currency devaluations which in turn sparked inflation.

The government was also too slow in depreciating the ruble.

Its purpose is not to encourage the depreciation of the yen, despite complaints about the yen s depreciation.

First, it contributes to yen depreciation and dollar appreciation as carry traders switch out of yen.

Indeed, avoiding continuous competitive devaluations is more a blessing than a curse.

Since the 1990 s, both China and India have received a huge boost from their undervalued currencies.

In China s view, it is not enough merely to require others to accommodate themselves to dollar devaluation.

When the Canadian dollar sharply appreciated, the Bank of Canada did more than talk it cut interest rates.

Market pressures appear poised to stabilize and over the longer run possibly to decrease the US current account deficit and its attendant financing requirements, he said. But just two months earlier, in Frankfurt, Mr. Greenspan had cautioned that the US deficit could not go on forever without the dollar depreciating.

The second possibility is a more pronounced devaluation of the dollar, bringing it well beyond the current levels relative to both the euro and the yen.

The currencies of the reform laggards would have depreciated against that of Germany, and there might have been a supportive cut in interest rates as well.

If major consumer countries and most producer countries do not join the agreement to reduce CO2 emissions, it could be useless.

Simply put, there must be dollar depreciation to keep global imbalances in check.

Chile made its transition to high growth in the 1980 s on the back of a large depreciation.

Indeed, without the single currency, many of these countries would have succumbed to a downward spiral of devaluation, default, and recourse to the IMF.

To boost the value of their shares, these shareholders backed the drive to reduce the global volume of the payroll and the number of workers that companies employ.

In 1816, the gold standard was adopted officially, with the silver standard reduced to 66 shillings (66 , 3 6s), rendering silver coins a token issue (i.e., not containing their value in precious metal).

The higher the cost of oil, the lower the dollar has to be to achieve any given reduction in the size of the trade deficit.

Although cutting the Federal Funds interest rate from 5.25 in the summer of 2007 to 3 now contributes to dollar depreciation, this has been aimed at stimulating a weakening economy.

As a result, whenever the Fed cuts interest rates, it puts pressure on the whole dollar bloc to follow suit, lest their currencies appreciate as investors seek higher yields.

External political pressure on the ECB and its president, Jean Claude Trichet, to lower interest rates and talk the euro down surely would increase.

The focus of negotiations on agricultural trade liberalization should also be broadened so as to stress the reduction in tariffs as well as in domestic support.

Moreover, because financial institutions assets were bought mainly with borrowed money, the shortage of credit is exacerbated by their need to deleverage.

Conventional macroeconomists like me look at America s current account deficit, now running at 7 of GDP, and know that such vast deficits are inevitably followed by large currency depreciations.

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The idea took hold that tax cuts should be undertaken all the time, at every opportunity, because reducing taxes supposedly raised revenue.

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Indeed, the Treasury s only explicit currency goal now is to press the Chinese to raise the value of the renminbi, thereby reducing the dollar s global trade weighted average.

It is also true that the massive accumulation of foreign reserves that is now feeding the SWFs growth is excessive and driven by misguided exchange rate policies, with vastly undervalued currencies resulting in current account surpluses.

If, for example, an agency working to reduce poverty in Africa cuts staff with expert knowledge, it is more likely to end up funding projects that fail.

First, consumers, faced with tighter credit and falling house values, will need to cut spending, slowing the US economy and affecting all countries via world trade.

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This is economists polite code for the message that the US must gradually cut its budget deficit, while other countries like China and Japan must gradually let the value of the dollar fall and that of their own currencies rise.

During the 1998 financial crisis, devaluation would have hurt those who owned local real estate but had little earnings or assets in US dollars.

This could be an explicit devaluation or an implicit one due to a price reduction, made possible by the reduction in unit production costs resulting from the extra working time at constant pay.

The Europeans gladly went along with this charade because they now fear dollar depreciation more than global imbalance.

China thus needs to preserve the value of its savings.

The industrial production value descended to one seventh of the value of 1913, and agriculture to one third.