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来源类型Working Paper
规范类型报告
DOI10.3386/w23868
来源IDWorking 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
URLhttps://www.nber.org/papers/w23868
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581541
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GB/T 7714
Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz. Real Exchange Rate Policies for Economic Development. 2017.
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