| The past decade has been one of major turbulence in the global economy, including rapid inflation, oil price shocks, extraordinary rise and decline in food prices, and low real interest rates encouraging borrowers that had later proven unsustainable. The process of managing that turbulence, along with industry-oriented development strategies, has led many developing countries to grossly overvalue their exchange rates. The extent to which overvaluation discriminates against exports and agriculture in general and agricultural exports in particular had received increasing emphasis in recent years. Thus, the International Food Trade and Food Security Program at IFPRI has undertaken a series of country studies on the foreign trade and exchange rate regimes as... |
