'Currency war' and its impact on economy, explained
Updated : April 25, 2019 05:29 PM IST
One of the best examples of this could be the Great Depression that hit western economies during the interwar period.
During this time, various economies, in order to counter large scale unemployment and economic crisis, abandoned the gold standard and started to devalue their currencies, leading to similar measures from other economies.
This ultimately negated the effect of the devaluing as rival currencies too were devalued proportionately.