The order of economic liberalization
In: Journal of development economics, Band 42, Heft 1, S. 205-208
ISSN: 0304-3878
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In: Journal of development economics, Band 42, Heft 1, S. 205-208
ISSN: 0304-3878
In: IMF Working Paper, S. 1-30
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In: IMF Working Paper, S. 1-38
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In: IMF Working Paper, S. 1-32
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In: IMF Working Paper, S. 1-28
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In: IMF Working Paper, S. 1-40
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In: IMF Working Paper, S. 1-41
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In: Trade, Currencies, and Finance, S. 511-551
In: IMF Working Paper No. 12/143
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In: Contemporary economic policy: a journal of Western Economic Association International, Band 29, Heft 3, S. 304-322
ISSN: 1465-7287
The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional 'misalignment' view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth.
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In: IMF Working Paper, S. 1-22
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In: IMF Working Paper, S. 1-30
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 19, Heft 10, S. 1391-1398