The Real Exchange Rate and Economic Growth

Eichengreen, Barry

The Real Exchange Rate and Economic Growth

2008

Eichengreen, Barry

The real exchange rate was not at the center of the first generation of neoclassical growth models, nor was it prominent among the policy prescriptions that flowed from those models. Recent analyses, in contrast, have paid it more attention. This paper analyzes the role of the real exchange rate in the growth process, the channels through which the real exchange rate influences other variables, and policies useful (and not useful) for governing the real rate. An appendix provides econometric evidence supportive of the emphases in the text.

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Mots clés AGROVOC

accounting assets bankruptcy business cycles devaluation developing countries development economics economic conditions economic development economic growth expenditure external debt financial market fiscal policies foreign investment globalization human capital import imports industrial countries inflation instrument interest rates international bank land reform levy living standards national income planned economies poverty reduction private investment property rights returns trade liberalization

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Editeur

World Bank, Washington, DC

D'autres materias

Economic research; Financial stability; Trade regime; Domestic demand; Savings rate; Fiscal policy; Export growth; Currency crises; Political stability; Developing economies; Capital flight; International development; Political economy; International capital; Beneficiaries; Multiple exchange rates; Financial systems; Balance sheet; Macroeconomic policy; Developing country; Price of exports; Competitive real exchange rates; Exchange rate variability; Policy options; External deficit; Capital inflows; Supply conditions; Scatter plots; Real depreciation; Export performance; Fundamental determinants; Market forces; Macroeconomic stability; Central bank; Real exchange rate overvaluation; Tax; Economic activity; Exit strategies; Tax reforms; Institutional capacity; Real depreciations; Instrumental variables; Domestic price level; Advanced economies; Real appreciations; Competitive exchange rate; Investment spending; Open economy; Exchange rate flexibility; Portfolio; Policy research; Government revenue; Life-cycle model; Relative prices; Foreign markets; Exporters; Financial risks; Foreign investors; Empirical studies; Export incentives; Foreign capital; Currency; Exchange rate depreciation; Absolute value; Growth rates; Nominal exchange rate; World price; Market development; Advanced countries; Real exchange rate; Entry barriers; Cross-country evidence; Transition economies; Exchange rate stability; Exchange rate determination; Return; Monetary policy; Foreign exchange markets; Exchange rate regimes; Current account balances; Foreign exchange; Foreign exchange reserves; Currency appreciation; Relative price; Development bank; Export shares; Real exchange rate uncertainty; Rapid growth; Upward pressure; Market pressures; Macroeconomic performance; Economic policy; Econometric evidence; Federal reserve; Capita income; Current account; Exchange rate system; Capital markets; Reserve accumulation; Capital controls; Investment rate; Domestic price; Current account surplus; Effective exchange rate; Regulatory reform; Real exchange rate volatility; Financial crises; Financial sector; Hedging instruments; Optimal allocation; Misalignment; International economics; World economy; Emerging market; Corporate savings; Emerging market countries; Sustained growth; Macroeconomic volatility; Emerging countries; Exchange rate movements; Slowdown; Standard deviation; Risk neutral; Global imbalances; Output growth; Central banks; Exchange rate regime; Emerging markets; Financial development; Exit strategy; Federal reserve bank; Nominal depreciation; Foreign exchange market; Capital flows; Consolidation; Competitive real exchange rate; Financial markets; Trade regimes; Real exchange; Rate of growth; Credit ceilings; Bank lending; Exposures; Financial fragility; Balance sheet mismatches; Labor force; Labor market; Budget deficits; Exchange rate volatilities; Exchange rate classification; Foreign direct investment; Market conditions; Real effective exchange rate; Export market; Levels of investment; Dummy variable; Savings rates; Competitiveness; Public spending; Flexible exchange rates; Real exchange rates; Distortions; Reserve; Purchasing power; International capital markets; External demand; Exchange rate policy

Langue

anglais

Format

application/pdf, text/plain

Licence

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo, World Bank

Type

Working Paper; Work; Working Paper

Sur AGRIS depuis: 2024-10-18

Date de modification: 2025-10-25

Format: Dublin Core

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Cette notice bibliographique a été fournie par World Bank

Découvrez la collection de ce fournisseur de données dans AGRIS

Liens

DOI http://documents.worldbank.org/curated/en/868701468152077108/The-real-exchange-rate-and-economic-growth https://hdl.handle.net/10986/28013

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The Real Exchange Rate and Economic Growth

2008

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Informations bibliographiques