References in periodicals archive ?
In 1998, during the Asian financial crisis, instead of engaging in beggar-thy-neighbor devaluations and financial protectionism, countries found common ground to guard against future crises.
Indeed, as the world goes into a severe economic downturn, the threat of beggar-thy-neighbor devaluations becomes acute--as in the 1930s.
The perceived ills to be avoided included: 1) floating exchange rates condemned in the early 1920s as prone to destabilizing speculation; 2) the subsequent gold exchange standard marred in the early 1930s by problems of adjustment, liquidity, and confidence that enforced the international transmission of deflation; and 3) after 1933, the beggar-thy-neighbor devaluations, trade restrictions, exchange controls, and bilateralism.