Pilbeam's textbook on International Finance (p. 106) says:
(...) the immediate effect of a devaluation of exchange rate from $S_1$ to $S_2$ is to make domestic good competitive (...)
How can be possibile that an exchange rate devaluate from $S_1=\frac{p_1}{p^*}$ to $S_2=\frac{p_2}{p^*}$ with $S_2>S_1$? Here $p_1$ and $p_1$ are domestic prices and $p^*$ is a foreign country prices.
Shouldn't be the otherwayround instead, since the domestic currency is gaining value against $p^*$ ($\uparrow{S} \rightarrow \uparrow{p} $ via $S\cdot p^*=p $)?
