Tornar a Working Papers

Paper #850

Títol:
Productivity growth and the exchange rate regime: The role of financial development
Autors:
Philippe Aghion, Philippe Bacchetta, Romain Rancičre i Kenneth Rogoff
Data:
Maig 2005
Resum:
This paper offers empirical evidence that a country's choice of exchange rate regime can have a signifficant impact on its medium-term rate of productivity growth. Moreover, the impact depends critically on the country's level of financial development, its degree of market regulation, and its distance from the global technology frontier. We illustrate how each of these channels may operate in a simple stylized growth model in which real exchange rate uncertainty exacerbates the negative investment e¤ects of domestic credit market constraints. The empirical analysis is based on an 83 country data set spanning the years 1960-2000. Our approach delivers results that are in striking contrast to the vast existing empirical exchange rate literature, which largely finds the effects of exchange rate volatility on real activity to be relatively small and insignificant.
Paraules clau:
Productivity growth; exchange rate
Codis JEL:
O42, F30, F31, F43
Àrea de Recerca:
Macroeconomia i Economia Internacional

Descarregar el paper en format PDF (465 Kb)

Cercar Working Papers


Per data:
-cal seleccionar un valor a les quatre llistes desplegables-



Consultes Predefinides