On Revaluations versus Devaluations
In reforming the system of pegged exchange rates, one matter of concern is the distribution of the burden of adjustment between revaluatioins anid devaluations. The same amount of adjustment cain be accomplished wvith various revaluationidevaluat ioni combinations, but changing the combination has several effects. One imp)ortant elfect was noted in a report by the Internlational Monetary Fund: