Theoretical model analyzes devaluation's impact on external balance in a small open economy, indicating costs involved.
Cast within the framework of small open economy that periodically faces balance of payments crises, the theoretical model developed in this study can be utilized to study the devaluation experiences of the Philippines. Such model provides not only a test for validity and relevance but also an indication of the costs of devaluation as a tool for achieving external balance. _x000D_
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David et al. (1990) studied this question.
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