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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Devaluation and the direction of Malawi's import trade
Author:Blades, D.W.
Periodical:Eastern Africa Economic Review
Geographic term:Malawi
Abstract:On 21-11-1967, the official exchange rate of the Malawi Pound was reduced from US $ 2.80 to US $ 2.40. Taking into account Malawi's trade pattern immediately prior to this devaluation, it is calculated in the paper that the effective rate of devaluation for import trade was between 11 and 12%. On the basis of a model of import demand it is argued that a sizeable increase could have been expected in the proportion of imports originating in the UK and other devaluing countries. Overall there has been no switch to the devaluing countries, and the reasons for this are analysed by considering changes in the direction of trade for different 'end-use' import categories. I.a. it is suggested that the growth of Malawi's ties with Southern Africa have tended to make demand for producer and intermediate goods relatively inelastic to price movements. Tables, figures.