Countries Looking to Devalue Their Way to Growth Have a Big Problem, HSBC Says
Currency depreciations just don't have the impact they used to.
This article is for subscribers only.
Economists at HSBC have a message for monetary policymakers who are hoping their stimulus will help devalue their local currencies and spur exports: Good luck with that.
According to HSBC Global Chief Economist Janet Henry and Economist James Pomeroy, a depreciating currency just doesn't pack the same punch it used to.