Export growth performance of less-developed countries

Rethinking Global Political Economy

“…Rates of devaluation of 500 percent are reported by Rodríguez Céspedes (1983: 163) for Latin America, quite comparable to the Asian crisis or the African structural adjustment programs. These were ineffective due to comparative advantage in price inelastic and income inelastic raw materials (Rittenberg 1986;Fontaine 1994: 689).…”