Devaluation Controversies in the Developing Countries: Lessons From the Bretton Woods Era

This paper uses historical data from the Bretton Woods era to analyze the effectiveness of devaluation-based adjustment programs in the developing countries. Forty eight major devaluations undertaken between 1954 and 1971 are investigated in detail in an effort to understand the circumstances本文采用布雷顿森林体系（Bretton Woods）时期的历史数据，分析发展中国家以货币贬值为核心的调整计划的实施效果。本文详细考察了1954年至1971年间发生的48次大型货币贬值事件，以期探究其背后的相关情形。