根據傳統凱因斯學派的理論中，認爲一國貨幣貶值會降低本國商品的相對價格，有助於激勵國內出口的提升與增加本國產出水準；因此亞洲國家期望藉由貨幣貶值對產出水準能有擴張效果。然而最近實證文獻卻發現貨幣貶值對經濟成長率具負面影響，故本文採用較嚴謹的實證模型和計量方法驗證亞洲國家貨幣貶值是否具擴張效果。實證結果發現亞洲國家貨幣貶值對實質產出具擴張性效果。

According to the traditional theory, it is expected that depreciation in domestic currency generally decreases the relative price of domestically produced goods and thereby stimulates demand for domestic export. Hence, currency depreciation can be expected to have expansionary effects on real output in Asia. But there is now enough studies evidence that currency devaluation can lead to lower rates of economic growth. So, by using more rigorous empirical model and econometric methodology, this paper examines the effect of currency devaluation on output expansion in Asian countries. The empirical results find that depreciation exerts a positive impact on output growth is Asian countries.