2007
DOI: 10.1093/cje/bem042
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Real exchange rate levels and economic development: theoretical analysis and econometric evidence

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Cited by 226 publications
(181 citation statements)
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References 16 publications
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“…Many studies analyze the RER-growth association in samples exclusively comprised of developing countries -e.g., Cottani et al (1990), Dollar (1992) and Gala (2008)while others in samples also including a relatively small number of developed countries -i.e., Razin and Collins (1999) and Aguirre and Calderon (2008). Rodrik (2008) explicitly tests whether the association only occurs in developing countries.…”
Section: Countries and Periodsmentioning
confidence: 99%
“…Many studies analyze the RER-growth association in samples exclusively comprised of developing countries -e.g., Cottani et al (1990), Dollar (1992) and Gala (2008)while others in samples also including a relatively small number of developed countries -i.e., Razin and Collins (1999) and Aguirre and Calderon (2008). Rodrik (2008) explicitly tests whether the association only occurs in developing countries.…”
Section: Countries and Periodsmentioning
confidence: 99%
“…That relationship is based on that those events amplify volatility of the growth rate, reduce the long-run growth rate and breed persistent risk of balance of payment crisis (Bravo-Ortega & De Gregorio, 2005;Ffrench-Davis, 2005;Gala, 2008;Ocampo, 2007;Rodrik, 2008;Briguglio et al, 2009;Frankel, 2010;Guillaumont, 2011;Montalbano, 2011;Canuto & Cavallari, 2012;Céspedes & Velasco, 2012;Seth & Ragab, 2012). Furthermore, the increasing financial flows liberalization since the 1970s and the skyrocketing process of world financial integration in the last two decades changed the relative weight of economic variables that affect macroeconomic vulnerability from real towards financial ones (Prasad et al, 2003;Ffrench-Davis, 2005 andDabós & Williams, 2010;Sedik & Sun, 2012;Stiglitz & Kaldor, 2013).…”
Section: Macroeconomic Vulnerabilitymentioning
confidence: 99%
“…A importância do investimento como um canal de infl uência da taxa de câm-bio real sobre o crescimento econômico é discutida com base nos es tudos de Williamson (2003), Gala (2007a) e Levy-Yeyati e Sturzenegger (2007). Williamson (2003) investiga essa questão ao explorar a relação entre poupança e investimento nas teorias clássica e keynesiana.…”
Section: Investimentounclassified
“…Gala (2007a) ressalta também a importância do investimento como um mecanismo de transmissão da taxa de câmbio para o crescimento econômi-co. Seguindo Bhaduri e Marglin (1990), Gala (2007a) discute um modelo que mostra como uma moeda desvalorizada pode contribuir para a acumulação de capital. Para isso, o autor defi ne a função investimento como dependendo da capacidade instalada e da margem de lucro, a função consumo como dependendo dos salários reais, e introduz, indiretamente, o nível da taxa de câmbio real no processo de acumulação de capital.…”
Section: Investimentounclassified