Ito, Takatoshi; Isard, Peter; Symansky, Steven - 2021
appreciation because of differential productivity growth between tradable and nontradable sectors) using data of the APEC economies …. Japan, Korea, Taiwan and, to a lesser extent, Hong Kong and Singapore, were proved to follow the Balassa-Samuelson path … Kong and Singapore grew fast, their real exchange rates appreciated only moderately. High productivity growth in service …