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To: Mohan Marette who wrote (91881)	1/27/1999 4:17:00 PM
From: JRI	Read Replies (1) \| Respond to of 176387

M- I don't think it is the same thing... I understand (one of the) net effects of a devaluation ,ie., your exports become more competitive vis-a-vis other exporting countries.. And to that extent, export subsidies accomplish the same goal.. But export subsidies DO NOT make other countries exports (to your country, or imports) more expensive (like a devaluation), export subsidies DO NOT make $ loans (for businesses owning money in your country) more expensive... There are other factors, but I guess my point is that, under this logic, then any import barriers (imposed) could be considered a devaluation too..or (like in Japan) excess government regulation (for foreign producers) could be considered a devaluation...etc. etc.. Without even going into the psychological effects of a devaluation (look at Brazil...how the currency is bouncing around..)