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Managing real exchange rate for economic growth: Empirical evidences from developing countries

机译:管理实际汇率以促进经济增长:来自发展中国家的经验证据

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This article analyses macroeconomic policies capable of influencing the long-run real exchange rate (RER). In this vein, it identifies economic policy tools that can devalue RER, covering a theoretical issue neglected by the economic literature, which argues that competitive exchange rate enhances growth. After discussing the "Trilemma," we identify those variables that could affect RER without constraining monetary policy or exchange rate regime choice. In what follows, we model the probability of achieving an undervalued (small or large) RER for a sample of 14 developing countries from 1980 to 2010 (30 years) by applying econometric techniques for discrete choice and censored data. Afterwards, we compare the results for Latin American nations with Asian ones. They suggest that competitive exchange rate requires different approaches depending on the region. Moreover, Latin American countries need to take on additional policies so that interventions in the foreign exchange market become effective.
机译:本文分析了能够影响长期实际汇率(RER)的宏观经济政策。因此,它确定了可以使RER贬值的经济政策工具,涵盖了经济文献所忽略的理论问题,该理论认为竞争性汇率可以促进增长。在讨论了“三难”之后,我们确定了那些可以在不限制货币政策或汇率制度选择的情况下影响RER的变量。接下来,我们通过对离散选择和审查数据应用计量经济技术,对1980年至2010年(30年)的14个发展中国家的样本实现RER低估(大小)的概率进行建模。然后,我们将拉丁美洲国家与亚洲国家的结果进行比较。他们建议,竞争性汇率需要根据地区而采取不同的方法。此外,拉丁美洲国家需要采取其他政策,以便对外汇市场进行干预。

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