Revisiting the real exchange rate misalignment‐economic growth nexus via the across‐sector misallocation channel

IF 1 4区经济学 Q3 ECONOMICS

Review of International Economics Pub Date : 2023-03-20 DOI:10.1111/roie.12669

Claire Giordano

引用次数: 1

Abstract

Abstract This study assesses whether the component of across‐sector labor and capital misallocation induced by real effective exchange rate (REER) misalignments in turn significantly affects economic development. REER imbalances are derived from a Behavioral Equilibrium Exchange Rate model; labor and capital misallocation is measured according to indicators in Ando and Nassar (IMF Working Papers, 2017, 17, 1) and Aoki (Journal of the Japanese and International Economies, 2012, 26, pp. 473–494), on a unique cross‐country cross‐sector national account dataset of 54 countries and 12 sectors over 1980–2015. Both REER over‐ and undervaluations are found to lead to rising across‐sector labor (but not capital) misallocation and, uniquely via this channel, significantly hamper real growth.

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通过跨部门错配渠道重新审视实际汇率失调与经济增长的关系

摘要本研究评估了实际有效汇率(REER)失调导致的跨部门劳动力和资本错配成分是否反过来显著影响经济发展。REER失衡源自行为均衡汇率模型;劳动力和资本错配是根据Ando和Nassar (IMF工作文件，2017,17,1)和Aoki(日本与国际经济杂志，2012,26，第473-494页)的指标来衡量的，这些指标基于1980-2015年间54个国家和12个部门的独特的跨国跨部门国民账户数据集。研究发现，REER的高估和低估都会导致跨部门劳动力(而不是资本)错配的上升，并且通过这一渠道，严重阻碍实际增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of International Economics ECONOMICS-

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The Review of International Economics is devoted to the publication of high-quality articles on a full range of topics in international economics. The Review comprises controversial and innovative thought and detailed contributions from other directly related fields such as economic development; trade and the environment; and political economy. Whether theoretical, empirical or policy-oriented, its relevance to real world problems is of paramount concern.