Tyers, Rod; Zhang, Ying - In: Asian-Pacific Economic Literature 28 (2014) 2, pp. 1-32
type="main" <p>Traditionally, real exchange rates are seen to be influenced in the long run by forces that return economies to purchasing power parity and by differences in productivity growth across sectors and across regions, as per the Balassa–Samuelson hypothesis (BSH). However, minor and...</p>