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The aim of this paper is to investigate the link between currency misalignments and economic growth. Relying on panel … misalignments have a differentiated impact on economic growth depending on their sign: whereas overvaluations negatively affect … economic growth, real exchange rate undervaluations significantly enhance it. This result indicates that undervaluations may …
Persistent link: https://www.econbiz.de/10008493437
We evaluate the growth effects of real effective exchange rate misalignments for the G20 countries over the period 1980 … which misalignments are derived. Second, we estimate a dynamic panel growth model in which among the traditional … determinants of growth, our measure of misalignments is included. Our findings put forward some important differences between …
Persistent link: https://www.econbiz.de/10008594243
We evaluate the growth effects of real effective exchange rate misalignments for the G20 countries over the period 1980 … which misalignments are derived. Second, we estimate a dynamic panel growth model in which among the traditional … determinants of growth, our measure of misalignments is included. Our findings put forward some important differences between …
Persistent link: https://www.econbiz.de/10008852744
Exchange rate assessment is becoming increasingly relevant for economic surveillance in the European Union (EU). The persistence of different wage, price and productivity dynamics among the Economic and Monetary Union (EMU) countries or EU members with a fixed exchange regime with the euro,...
Persistent link: https://www.econbiz.de/10011261695
The euro zone crisis illustrates the deficiencies of adjustment mechanisms in a monetary union characterized by a large heterogeneity. Exchange rate adjustments being impossible, they are very few alternative mechanisms. At the level of the whole euro zone the euro is close to its equilibrium...
Persistent link: https://www.econbiz.de/10011146223
In this study, we examine both stochastic and deterministic convergence in the logarithm of the relative per capita income of eighteen EU countries. The panel stationary test developed by Carrion-i Silvestre et al. (2005) is employed over the period 1950-2010. The univariate results attained...
Persistent link: https://www.econbiz.de/10010938021
of the Asian financial crisis. Moreover, in order to confirm the coexistence of the different growth patterns within the …
Persistent link: https://www.econbiz.de/10005260211
Undervaluation of the currency is generally believed to affect growth through two main transmission channels: the … “capital accumulation channel” and the “total factor productivity (TFP) growth channel”. This paper carries out the first … empirical investigation on the TFP growth channel. More specifically, we provide answers to the three following questions: Does …
Persistent link: https://www.econbiz.de/10011260337
Undervaluation of the currency is generally believed to affect growth through two main transmission channels: the … “capital accumulation channel” and the “total factor productivity (TFP) growth channel”. This paper carries out the first … empirical investigation on the TFP growth channel. More specifically, we provide answers to the three following questions: Does …
Persistent link: https://www.econbiz.de/10010736766
Undervaluation of the currency is generally believed to affect growth through two main transmission channels: the … “capital accumulation channel” and the “total factor productivity (TFP) growth channel”. This paper carries out the first … empirical investigation on the TFP growth channel. More specifically, we provide answers to the three following questions: does …
Persistent link: https://www.econbiz.de/10010700465