| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w13853
|
| 来源ID | Working Paper 13853
|
| The Real Exchange Rate, Mercantilism and the Learning by Doing Externality |
| Joshua Aizenman; Jaewoo Lee
|
| 发表日期 | 2008-03-12
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| 出版年 | 2008
|
| 语种 | 英语
|
| 摘要 | This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD externality operates in the traded sector, real exchange rate undervaluation may be used in order to internalize this externality, if the LBD calls for subsidizing employment in the traded sector. Yet, we also find that these results are not robust to changes in the nature of the LBD externality. If the LBD externality is embodied in aggregate investment, the optimal policy calls for subsidizing the cost of capital in the traded sector, and there is no room for undervalued exchange rate policy. In addition, a deliberate undervaluation by means of hoarding reserves may backfire if the needed sterilization would increase the cost of investment in the traded sector. |
| 主题 | International Economics
; Trade
; International Finance
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w13853
|
| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571527
|
推荐引用方式
GB/T 7714 |
Joshua Aizenman,Jaewoo Lee. The Real Exchange Rate, Mercantilism and the Learning by Doing Externality. 2008.
|
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文件名：
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w13853.pdf
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格式：
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Adobe PDF
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