Währungsanpassungen

Währungsanpassungen, also known as currency adjustments or currency realignments, refer to deliberate changes in the exchange rate of a country's currency. These adjustments can occur in several ways, including official devaluations or revaluations, or through more gradual market-driven movements facilitated by foreign exchange policies. A devaluation typically involves a government officially lowering the value of its currency relative to other currencies, making its exports cheaper and imports more expensive. Conversely, a revaluation is an official increase in a currency's value, making exports more costly and imports cheaper.

Managed float regimes allow exchange rates to fluctuate based on market forces, but central banks may intervene to influence the rate, effectively acting as a form of gradual currency adjustment. Such adjustments are often undertaken to address trade imbalances, boost economic competitiveness, or stabilize the economy. For example, a country with a persistent trade deficit might devalue its currency to make its goods more attractive to foreign buyers.

However, currency adjustments can have significant consequences. Devaluations can lead to imported inflation as the cost of foreign goods rises. Revaluations can harm export industries by making their products less competitive internationally. The effectiveness and desirability of currency adjustments are often debated among economists, with different schools of thought emphasizing various aspects of their impact on trade, economic growth, and national welfare. International bodies like the International Monetary Fund (IMF) sometimes play a role in advising or overseeing currency policies.