Troubled governments that devalue their currencies tend to benefit from the decision, underscoring the tool’s usefulness in the face of crisis, according to the Institute of International Finance. There’s been a pivot toward economic growth in countries just three years after authorities opt for major currency devaluations, economists Robin Brooks and Jonathan Fortun found in an analysis of the 51 largest and most-persistent episodes since 1990. Export volumes rise, according to the Washington-based banking trade group, and current-account deficits reliably narrow — with some even turning to surpluses. “As asymmetric ... (full story)