| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23868 |
| 来源ID | Working Paper 23868 |
| Real Exchange Rate Policies for Economic Development | |
| Martin Guzman; José Antonio Ocampo; Joseph E. Stiglitz | |
| 发表日期 | 2017-10-02 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other related market failures. The resulting development of these sectors leads to overall faster economic growth. A system of effectively multiple exchange rates is required when spillovers across different tradable sectors differ. The impact of RER policies is increased when they are complemented by traditional industrial policies that increase the elasticity of the aggregate supply to the RER. Among the instruments required to implement a stable and competitive RER are interventions in the foreign exchange market and regulation of capital flows. We also discuss the trade-offs associated with alternative stable and competitive RER policies. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; International Economics ; Trade ; Globalization and International Relations ; Industrial Organization ; Regulatory Economics ; Development and Growth ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w23868 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581541 |
| 推荐引用方式 GB/T 7714 | Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz. Real Exchange Rate Policies for Economic Development. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23868.pdf（363KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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