Monetary stability that comes from a stable exchange rate encourages foreign investment, which in turn boosts exports, and raises living standards with fast rising real wages and domestic demand. The two global export giants of the Bretton Woods era, Germany and Japan also had the stable fixed rates. Their currencies appreciated after the break-up. Singapore has appreciated from 3 to 1.2 to the US dollar. Contrary to the experience of Germany, Japan, Hong Kong, Singapore, Taiwan and China after 1993, Mercantilists believe that currency depreciation helps exports. The prevalent use of the US dollar in corporate financing also means that a generalized strengthening of the US dollar can have globally contractionary effects through importing firms balance sheets.