汇率失调与经济增长：全球价值链的作用

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-02-01 DOI:10.1016/j.jimonfin.2024.103252

Shiu-Sheng Chen , Yao-Ting Huang , Tzu-Yu Lin

{"title":"汇率失调与经济增长：全球价值链的作用","authors":"Shiu-Sheng Chen , Yao-Ting Huang , Tzu-Yu Lin","doi":"10.1016/j.jimonfin.2024.103252","DOIUrl":null,"url":null,"abstract":"<div><div>We investigate the impact of global value chain (GVC) participation on the relationship between real exchange rate misalignment and economic growth. Employing a panel framework encompassing 183 countries from 1990 to 2019, we find that an undervalued real exchange rate is associated with higher economic growth. However, our analysis also reveals that increased GVC participation diminishes the positive effect of undervaluation on economic growth with moderate statistical significance. Consequently, the potential competitiveness gains from an undervalued currency might be offset by deeper integration into global production networks. It is worth noting that the empirical findings are most prominent for advanced economies.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"151 ","pages":"Article 103252"},"PeriodicalIF":2.8000,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Misaligned currencies and economic growth: The role of global value chains\",\"authors\":\"Shiu-Sheng Chen , Yao-Ting Huang , Tzu-Yu Lin\",\"doi\":\"10.1016/j.jimonfin.2024.103252\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We investigate the impact of global value chain (GVC) participation on the relationship between real exchange rate misalignment and economic growth. Employing a panel framework encompassing 183 countries from 1990 to 2019, we find that an undervalued real exchange rate is associated with higher economic growth. However, our analysis also reveals that increased GVC participation diminishes the positive effect of undervaluation on economic growth with moderate statistical significance. Consequently, the potential competitiveness gains from an undervalued currency might be offset by deeper integration into global production networks. It is worth noting that the empirical findings are most prominent for advanced economies.</div></div>\",\"PeriodicalId\":48331,\"journal\":{\"name\":\"Journal of International Money and Finance\",\"volume\":\"151 \",\"pages\":\"Article 103252\"},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2025-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Money and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0261560624002390\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Money and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0261560624002390","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了全球价值链（GVC）参与对实际汇率失调与经济增长之间关系的影响。采用涵盖1990年至2019年183个国家的面板框架，我们发现低估的实际汇率与较高的经济增长有关。然而，我们的分析也表明，全球价值链参与的增加减少了价值低估对经济增长的积极影响，且具有中等统计学意义。因此，货币低估带来的潜在竞争力收益可能会被更深程度地融入全球生产网络所抵消。值得注意的是，实证结果在发达经济体中最为突出。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Misaligned currencies and economic growth: The role of global value chains

We investigate the impact of global value chain (GVC) participation on the relationship between real exchange rate misalignment and economic growth. Employing a panel framework encompassing 183 countries from 1990 to 2019, we find that an undervalued real exchange rate is associated with higher economic growth. However, our analysis also reveals that increased GVC participation diminishes the positive effect of undervaluation on economic growth with moderate statistical significance. Consequently, the potential competitiveness gains from an undervalued currency might be offset by deeper integration into global production networks. It is worth noting that the empirical findings are most prominent for advanced economies.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.