Can Real Exchange Rate Undervaluation Boost Exports and Growth in Developing Countries? Yes, But Not for Long

A policy of managed real undervaluation may have been an important factor behind the success of East Asia's export-led growth model. But current discussions over the value of China's currency demonstrate the controversy this kind of policy can generate. Although a managed real undervaluation can enhance domestic competitiveness, it is difficult to sustain both economically and politically in the post-crisis environment. The authors show that a real undervaluation works only for low-income countries, and only in the medium term.

Detalles Bibliográficos

Autores principales:	Haddad, Mona, Pancaro, Cosimo
Formato:	Brief biblioteca
Idioma:	English
Publicado:	World Bank, Washington, DC 2010-06
Materias:	ACCOUNTING, ADJUSTMENT COSTS, ADVANCED ECONOMIES, ANNUAL GROWTH, CAPITA GROWTH, CAPITA INCOME, CAPITAL ACCOUNT, CAPITAL ACCUMULATION, CAPITAL CONTROLS, CAPITAL INFLOWS, CAPITAL OUTFLOWS, CENTRAL BANK, COMPETITIVE REAL EXCHANGE RATE, COMPETITIVENESS, COMPLEMENTARY FACTORS, CONSOLIDATION, CURRENCY, CURRENCY CRISES, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICITS, DEVALUATION, DEVALUATIONS, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DISTORTIONS, DIVERSIFIED PORTFOLIO, ECONOMIC ACTIVITY, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC POLICY, ECONOMIC RESEARCH, EMPIRICAL EVIDENCE, EQUILIBRIUM, EXCHANGE RATE DEPRECIATION, EXCHANGE RATE DEVALUATIONS, EXCHANGE RATE EXPECTATIONS, EXCHANGE RATE INSTABILITY, EXCHANGE RATE REGIME, EXCHANGE RATE VARIABILITY, EXCHANGE-RATE, EXPENDITURES, EXPORT VOLUMES, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INSTABILITY, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SYSTEMS, FIXED EFFECTS, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKETS, FOREIGN RESERVE, FOREIGN RESERVES, GROWTH MODEL, IMPLICIT TAX, INCOME GROWTH, INCOME LEVELS, INDUSTRIALIZED COUNTRIES, INFLATION, INTEREST RATE, INTEREST RATE VOLATILITY, INTERNATIONAL ECONOMICS, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL MONETARY FUND, INTERNATIONAL MONEY, INVESTMENT HORIZONS, LEVY, LIBERALIZATION, LIBERALIZATION OF CAPITAL, LIQUIDITY, LONG RUN, LONG TERM, LOW-INCOME COUNTRIES, MACROECONOMIC STABILITY, MARKET FAILURES, MARKET FORCES, MEDIUM TERM, MISALIGNMENTS, MONETARY ECONOMICS, MONETARY POLICY, NEGATIVE EFFECT, NEGATIVE IMPACT, NOMINAL DEPRECIATION, NOMINAL EXCHANGE RATE, OPEN CAPITAL ACCOUNT, OPEN ECONOMIES, OVERVALUATION, PER CAPITA GROWTH, PER CAPITA INCOME, PER CAPITA INCOMES, POLICY INSTRUMENTS, POLICY INTERVENTION, POLICY MAKERS, POLICY RESEARCH, POVERTY REDUCTION, PRIVATE INVESTMENT, PURCHASING POWER, PURCHASING POWER PARITY, REAL DEVALUATION, REAL EXCHANGE, REAL EXCHANGE RATE, REAL EXCHANGE RATE MISALIGNMENTS, REAL EXCHANGE RATE OVERVALUATION, REAL EXCHANGE RATE VOLATILITY, RELATIVE PRICE, RELATIVE PRICES, RESERVE, RESERVE ACCUMULATION, RESERVES, RETURN, SIGNIFICANT EFFECT, STANDARD DEVIATION, SUSTAINABLE GROWTH, SUSTAINED GROWTH, TRADABLE GOODS, UNCERTAINTY, WORLD ECONOMY,
Acceso en línea:	http://documents.worldbank.org/curated/en/2010/06/12540810/can-real-exchange-rate-undervaluation-boost-exports-growth-developing-countries-yes-not-long http://hdl.handle.net/10986/10178
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