The value of the exchange rate and the Dutch disease

This paper revisits the original (2008) paper on the Dutch disease, which defined it by the existence of two exchange rate equilibriums (the current and the industrial exchange rate equilibriums). Its novelty is in claiming that, as we have a value and a market price for each good or service, we als...

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Detalhes bibliográficos
Autor: Bresser-Pereira, Luiz Carlos
Tipo de documento: artigo
Estado:Versão publicada
Data de publicação:2013
País:Brasil
Recursos:EDITORA 34
Repositório:Revista de Economia Política
Idioma:inglês
OAI Identifier:oai:ojs2.centrodeeconomiapolitica.org:article/318
Acesso em linha:https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318
Access Level:Acceso aberto
Palavra-chave:Doença Holandesa
taxa de câmbio
valor
preço de mercado
Dutch disease
exchange rate
value
market price
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spelling The value of the exchange rate and the Dutch diseaseO valor da taxa de câmbio e a doença HolandesaDoença Holandesataxa de câmbiovalorpreço de mercadoDutch diseaseexchange ratevaluemarket priceThis paper revisits the original (2008) paper on the Dutch disease, which defined it by the existence of two exchange rate equilibriums (the current and the industrial exchange rate equilibriums). Its novelty is in claiming that, as we have a value and a market price for each good or service, we also have a value and a market price for foreign money. The value is the cost plus reasonable profit corresponding to the exchange rate that makes competitive the country’s competent business enterprises; the nominal exchange rates floats around the value according to the demand and supply of foreign money. This basic distinction of the exchange rate in terms of value and in terms of price allows us to understand that the two equilibriums are defined in value terms, and opens room for a clear distinction of the policies that affect the value from the ones that affect the market price of the exchange rate. JEL Classification: D46; F31.Este artigo revisita o artigo original (2008) sobre a doença holandesa, que o definiu pela existência de dois equilíbrios cambiais (o atual e o industrial). Sua novidade é afirmar que, como temos um valor e um preço de mercado para cada bem ou serviço, também temos um valor e um preço de mercado para o dinheiro estrangeiro. O valor é o custo mais o lucro razoável correspondente à taxa de câmbio que torna competitivas as empresas comerciais competentes do país; as taxas de câmbio nominais flutuam em torno do valor de acordo com a demanda e a oferta de moeda estrangeira. Essa distinção básica da taxa de câmbio em termos de valor e em preço nos permite entender que os dois equilíbrios são definidos em termos de valor e abre espaço para uma clara distinção entre as políticas que afetam o valor e as políticas que afetam o valor. preço de mercado da taxa de câmbio. Classificação JEL: D46; F31.Center of Political Economy2013-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318Brazilian Journal of Political Economy; Vol. 33 No. 3 (2013): Jul-Sep / 2013; 371-387Brazilian Journal of Political Economy; v. 33 n. 3 (2013): Jul-Set / 2013; 371-3871809-45380101-3157reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_34enghttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318/309info:eu-repo/semantics/openAccessBresser-Pereira, Luiz Carlos2020-10-07T18:33:08Zoai:ojs2.centrodeeconomiapolitica.org:article/318Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2020-10-07T18:33:08Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv The value of the exchange rate and the Dutch disease
O valor da taxa de câmbio e a doença Holandesa
title The value of the exchange rate and the Dutch disease
spellingShingle The value of the exchange rate and the Dutch disease
Bresser-Pereira, Luiz Carlos
Doença Holandesa
taxa de câmbio
valor
preço de mercado
Dutch disease
exchange rate
value
market price
title_short The value of the exchange rate and the Dutch disease
title_full The value of the exchange rate and the Dutch disease
title_fullStr The value of the exchange rate and the Dutch disease
title_full_unstemmed The value of the exchange rate and the Dutch disease
title_sort The value of the exchange rate and the Dutch disease
dc.creator.none.fl_str_mv Bresser-Pereira, Luiz Carlos
author Bresser-Pereira, Luiz Carlos
author_facet Bresser-Pereira, Luiz Carlos
author_role author
dc.subject.por.fl_str_mv Doença Holandesa
taxa de câmbio
valor
preço de mercado
Dutch disease
exchange rate
value
market price
topic Doença Holandesa
taxa de câmbio
valor
preço de mercado
Dutch disease
exchange rate
value
market price
description This paper revisits the original (2008) paper on the Dutch disease, which defined it by the existence of two exchange rate equilibriums (the current and the industrial exchange rate equilibriums). Its novelty is in claiming that, as we have a value and a market price for each good or service, we also have a value and a market price for foreign money. The value is the cost plus reasonable profit corresponding to the exchange rate that makes competitive the country’s competent business enterprises; the nominal exchange rates floats around the value according to the demand and supply of foreign money. This basic distinction of the exchange rate in terms of value and in terms of price allows us to understand that the two equilibriums are defined in value terms, and opens room for a clear distinction of the policies that affect the value from the ones that affect the market price of the exchange rate. JEL Classification: D46; F31.
publishDate 2013
dc.date.none.fl_str_mv 2013-07-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318
url https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/318/309
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Center of Political Economy
publisher.none.fl_str_mv Center of Political Economy
dc.source.none.fl_str_mv Brazilian Journal of Political Economy; Vol. 33 No. 3 (2013): Jul-Sep / 2013; 371-387
Brazilian Journal of Political Economy; v. 33 n. 3 (2013): Jul-Set / 2013; 371-387
1809-4538
0101-3157
reponame:Revista de Economia Política
instname:EDITORA 34
instacron:EDITORA_34
instname_str EDITORA 34
instacron_str EDITORA_34
institution EDITORA_34
reponame_str Revista de Economia Política
collection Revista de Economia Política
repository.name.fl_str_mv Revista de Economia Política - EDITORA 34
repository.mail.fl_str_mv ||cecilia.heise@bjpe.org.br
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