Dr. Rick C. Ernst
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Competitive Devaluation

A Stock Picker's Market Emerging In 2014
news.morningstar.com

… especially when they seem to come from out of the blue. Such has been the case with the bout of volatility in global equity markets that followed Argentina's surprise devaluation of its currency, combined with longer-term investor worries about …

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What the Papers Say, Feb. 12
www.themoscowtimes.com

… embassies, oil and gas companies in 31 countries; p 16 (300 words). 11. Maria Dranishnikova article entitled "Pills selling not so well" says sales on the Russian pharmacy market grew by mere 7 percent last year amid tougher competition; p 18 (650 …

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Kazakhstan devalues tenge by almost 20%
www.ft.com

Kazakhstan has become the latest country to weaken its currency in response to a round of regional devaluations and a worsening outlook for commodity exporters. The Kazakh central bank devalued the tenge by almost a fifth on Tuesday, saying it …

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Kazakh Devaluation Shows Currency War Stirring After Ruble Drop
www.businessweek.com

Brazilian Finance Minister Guido Mantega coined the term “currency wars” in 2010 to criticize the competitive devaluations of advanced nations as they slashed interest rates to records to boost growth after the global financial crisis. The tenge …

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New York morning espresso
blogs.ft.com

EM currency contagion hits Kazakhstan, tenge tumbles | Kazakh tenge slumps by over 18 per cent in morning trade By Claire Nutall of bne in Astana Kazakhstan became the latest emerging market to succumb to competitive devaluation pressures as the …

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Currency Devaluations: Good, Bad or Plain Ugly?
blogs.wsj.com

Devaluation makes an economy instantly more competitive in the international markets as it boosts the competitiveness of the local labor force. This, in turn, tends to generate more international demand for locally produced goods and thus cranks up growth.

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EM currency contagion hits Kazakhstan, tenge tumbles
blogs.ft.com

Kazakhstan became the latest emerging market to succumb to competitive devaluation pressures as the Tenge plummeted against the US dollar on Tuesday, following Astana's decision to allow a 19 per cent depreciation to shore up the country's export …

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Herbalife Announces Pricing of $1 Billion of Convertible Notes
online.wsj.com

our reliance upon, or the loss or departure of any member of, our senior management team which could negatively impact our distributor relations and operating results; — the competitive nature of our business; — regulatory matters governing our …

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Nigeria: policy-determined currency outperforms EM FX
businessdayonline.com

Even the Nigerian government has limited incentive to devalue the currency ahead of a competitive electoral cycle. Although a weaker exchange rate would boost the NGN marginal utility of every USD of oil revenue, the social impact would be disastrous …

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