| Autor: | Cecilia Bermúdez, Carlos Dabús |
|---|---|
| Jazyk: | English<br />Spanish; Castilian |
| Rok vydání: | 2018 |
| Předmět: | |
| Zdroj: | Estudios de Economía, Vol 45, Iss 1, Pp 5-28 (2018) |
| Druh dokumentu: | article |
| ISSN: | 0304-2758 0718-5286 |
| Popis: | This paper explores the real exchange rate (RER)-economic growth relationship for a wide sample of countries over the period 1960-2009. After removing influential observations, the system-GMM estimates suggest a positive link between an undervalued RER and growth in non-industrial countries, particularly in those with upper-middle and high income levels. In turn, RER volatility is found harmful for growth. These results holds when testing for asymmetric effects of RER misalignment: a real undervaluation boosts growth in non-industrial countries, while overvaluation seems to have no effects at any income level. Besides, the magnitude of the misalignment is also relevant: an undervalued RER of about 26% on average has a positive impact on growth. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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