The real exchange rate matters, but why? A new developmentalist assessment

New Developmentalism doctrine defends the central role played by acompetitive real exchange rate in promoting catch-up in developing economies. Recently,this theory has been questioned by critics; the main criticism has been that an outwardgrowth strategy based on a competitive real exchange rate wo...

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Detalles Bibliográficos
Autores: Iasco-Pereira, Hugo C., J. Missio, Fabrício
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2023
País:Brasil
Institución:EDITORA 34
Repositorio:Revista de Economia Política
Idioma:inglés
OAI Identifier:oai:ojs2.centrodeeconomiapolitica.org:article/2430
Acceso en línea:https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2430
Access Level:acceso abierto
Palabra clave:Real exchange rate
economic development
new developmentalism
Taxa de câmbio real
desenvolvimento econômico
novo desenvolvimentismo
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spelling The real exchange rate matters, but why? A new developmentalist assessmentA taxa de câmbio real é importante, mas por quê? Uma nova avaliação desenvolvimentistaReal exchange rateeconomic developmentnew developmentalismTaxa de câmbio realdesenvolvimento econômiconovo desenvolvimentismoNew Developmentalism doctrine defends the central role played by acompetitive real exchange rate in promoting catch-up in developing economies. Recently,this theory has been questioned by critics; the main criticism has been that an outwardgrowth strategy based on a competitive real exchange rate would harm income/real wagedistribution and have a negative effect on the economy. This study discusses how the realexchange rate influences growth in light of the new developmentalist doctrine and the contrasting experiences of Asian and Latin American countries. Its main contribution isto document the influence of the real exchange rate on economic performance, specificallythrough certain transmission channels. The article’s findings suggest that a competitiveRER is an important aspect in a country’s growth path, insofar as it favors profits, capitalaccumulation, net exports, and gains in social capabilities. JEL Classification: O1; O11; O19.A doutrina do Novo Desenvolvimentismo defende o papel central desempenhadopor uma taxa de câmbio real competitiva na promoção do catch-up nas economias emdesenvolvimento. Recentemente, essa teoria foi questionada pelos críticos; a principalcrítica tem sido a de que uma estratégia de crescimento externo baseada em uma taxa decâmbio real competitiva prejudicaria a distribuição de renda/salários reais e teria um efeitonegativo sobre a economia. Este estudo discute como a taxa de câmbio real influencia ocrescimento à luz da nova doutrina desenvolvimentista e das experiências contrastantes dospaíses asiáticos e latino-americanos. Sua principal contribuição é documentar a influência dataxa de câmbio real no desempenho econômico, especificamente por meio de determinadoscanais de transmissão. As conclusões do artigo sugerem que uma RER competitiva é umaspecto importante na trajetória de crescimento de um país, na medida em que favorecelucros, acumulação de capital, exportações líquidas e ganhos em capacidades sociais. Classificação JEL: O1; O11; O19.Center of Political Economy2023-11-16info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/243010.1590/0101-31572023-3482Brazilian Journal of Political Economy; Vol. 43 No. 4 (2023): Oct-Dez / 2023; 789-812Brazilian Journal of Political Economy; v. 43 n. 4 (2023): Out-Dez / 2023; 789-8121809-45380101-3157reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_34enghttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2430/2363Copyright (c) 2023 Brazilian Journal of Political Economyinfo:eu-repo/semantics/openAccessIasco-Pereira, Hugo C.J. Missio, Fabrício2023-11-16T14:50:14Zoai:ojs2.centrodeeconomiapolitica.org:article/2430Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2023-11-16T14:50:14Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv The real exchange rate matters, but why? A new developmentalist assessment
A taxa de câmbio real é importante, mas por quê? Uma nova avaliação desenvolvimentista
title The real exchange rate matters, but why? A new developmentalist assessment
spellingShingle The real exchange rate matters, but why? A new developmentalist assessment
Iasco-Pereira, Hugo C.
Real exchange rate
economic development
new developmentalism
Taxa de câmbio real
desenvolvimento econômico
novo desenvolvimentismo
title_short The real exchange rate matters, but why? A new developmentalist assessment
title_full The real exchange rate matters, but why? A new developmentalist assessment
title_fullStr The real exchange rate matters, but why? A new developmentalist assessment
title_full_unstemmed The real exchange rate matters, but why? A new developmentalist assessment
title_sort The real exchange rate matters, but why? A new developmentalist assessment
dc.creator.none.fl_str_mv Iasco-Pereira, Hugo C.
J. Missio, Fabrício
author Iasco-Pereira, Hugo C.
author_facet Iasco-Pereira, Hugo C.
J. Missio, Fabrício
author_role author
author2 J. Missio, Fabrício
author2_role author
dc.subject.por.fl_str_mv Real exchange rate
economic development
new developmentalism
Taxa de câmbio real
desenvolvimento econômico
novo desenvolvimentismo
topic Real exchange rate
economic development
new developmentalism
Taxa de câmbio real
desenvolvimento econômico
novo desenvolvimentismo
description New Developmentalism doctrine defends the central role played by acompetitive real exchange rate in promoting catch-up in developing economies. Recently,this theory has been questioned by critics; the main criticism has been that an outwardgrowth strategy based on a competitive real exchange rate would harm income/real wagedistribution and have a negative effect on the economy. This study discusses how the realexchange rate influences growth in light of the new developmentalist doctrine and the contrasting experiences of Asian and Latin American countries. Its main contribution isto document the influence of the real exchange rate on economic performance, specificallythrough certain transmission channels. The article’s findings suggest that a competitiveRER is an important aspect in a country’s growth path, insofar as it favors profits, capitalaccumulation, net exports, and gains in social capabilities. JEL Classification: O1; O11; O19.
publishDate 2023
dc.date.none.fl_str_mv 2023-11-16
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/2430
10.1590/0101-31572023-3482
url https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2430
identifier_str_mv 10.1590/0101-31572023-3482
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/2430/2363
dc.rights.driver.fl_str_mv Copyright (c) 2023 Brazilian Journal of Political Economy
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Brazilian Journal of Political Economy
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. 43 No. 4 (2023): Oct-Dez / 2023; 789-812
Brazilian Journal of Political Economy; v. 43 n. 4 (2023): Out-Dez / 2023; 789-812
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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