Real Exchange Rates, Saving And Growth: Is There A Link?
The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by dis...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate -- which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth |
| Beschreibung: | 1 Online-Ressource (36 Seiten)) |
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| 520 | 3 | |a The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate -- which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth | |
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| spelling | Montiel, Peter J. Verfasser aut Real Exchange Rates, Saving And Growth Is There A Link? Montiel, Peter J Washington, D.C The World Bank 2008 1 Online-Ressource (36 Seiten)) txt rdacontent c rdamedia cr rdacarrier The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate -- which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth Online-Ausg Currencies and Exchange Rates Debt Markets Economic Stabilization Economic growth Emerging Markets Exchange rate depreciation Finance and Financial Sector Development Growth rate Macroeconomic Management Macroeconomic impact Macroeconomics and Economic Growth Policy research Private Sector Development Real exchange Real exchange rate Real exchange rate volatility Real exchange rates Serven, Luis Sonstige oth Montiel, Peter J. Sonstige oth Montiel, Peter J Real Exchange Rates, Saving And Growth http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4636 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Montiel, Peter J. Real Exchange Rates, Saving And Growth Is There A Link? Currencies and Exchange Rates Debt Markets Economic Stabilization Economic growth Emerging Markets Exchange rate depreciation Finance and Financial Sector Development Growth rate Macroeconomic Management Macroeconomic impact Macroeconomics and Economic Growth Policy research Private Sector Development Real exchange Real exchange rate Real exchange rate volatility Real exchange rates |
| title | Real Exchange Rates, Saving And Growth Is There A Link? |
| title_auth | Real Exchange Rates, Saving And Growth Is There A Link? |
| title_exact_search | Real Exchange Rates, Saving And Growth Is There A Link? |
| title_exact_search_txtP | Real Exchange Rates, Saving And Growth Is There A Link? |
| title_full | Real Exchange Rates, Saving And Growth Is There A Link? Montiel, Peter J |
| title_fullStr | Real Exchange Rates, Saving And Growth Is There A Link? Montiel, Peter J |
| title_full_unstemmed | Real Exchange Rates, Saving And Growth Is There A Link? Montiel, Peter J |
| title_short | Real Exchange Rates, Saving And Growth |
| title_sort | real exchange rates saving and growth is there a link |
| title_sub | Is There A Link? |
| topic | Currencies and Exchange Rates Debt Markets Economic Stabilization Economic growth Emerging Markets Exchange rate depreciation Finance and Financial Sector Development Growth rate Macroeconomic Management Macroeconomic impact Macroeconomics and Economic Growth Policy research Private Sector Development Real exchange Real exchange rate Real exchange rate volatility Real exchange rates |
| topic_facet | Currencies and Exchange Rates Debt Markets Economic Stabilization Economic growth Emerging Markets Exchange rate depreciation Finance and Financial Sector Development Growth rate Macroeconomic Management Macroeconomic impact Macroeconomics and Economic Growth Policy research Private Sector Development Real exchange Real exchange rate Real exchange rate volatility Real exchange rates |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4636 |
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