Questioning the effect of the real exchange rate on growth: new evidence from Mexico

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-04-01 DOI:10.4337/ROKE.2021.02.05

Florencia Medici, Augustín Mario, Alejandro Fiorito

引用次数: 2

Abstract

This study provides new evidence showing that the real exchange rate (RER) does not play an important role in the growth of Mexican GDP. Economic growth is not an automatically predetermined result of relative price correction, and it is important to consider distinctive aspects of national institutional arrangements (fiscal and monetary, for example) for understanding theoretical causality of demand. The empirical results show public expenditure is an overlooked variable in regressions where the exchange rate affects product growth. After incorporating public expenditure, the RER impact on growth becomes insignificant. For its part, public expenditure has a positive and significant effect on GDP in the long term. The RER does not lead to greater GDP since exports are not stimulated through price.

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质疑实际汇率对经济增长的影响:来自墨西哥的新证据

本研究提供了新的证据，表明实际汇率(RER)在墨西哥GDP增长中没有发挥重要作用。经济增长不是相对价格调整自动预定的结果，重要的是要考虑国家制度安排的不同方面(例如财政和货币)，以理解需求的理论因果关系。实证结果表明，在汇率影响产品增长的回归中，公共支出是一个被忽视的变量。在纳入公共支出后，RER对增长的影响变得微不足道。就公共支出而言，从长期来看，它对GDP有积极而显著的影响。RER不会带来更高的GDP，因为价格不会刺激出口。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.