Currency misalignments and growth: a new look using nonlinear panel data methods

被引：51

作者：

Bereau, Sophie ^{[1
]}

Villavicencio, Antonia Lopez ^{[2
]}

Mignon, Valerie ^{[1
,3
]}

机构：

[1] Univ Paris Ouest, EconomiX CNRS, F-92001 Nanterre, France

[2] Univ Paris 13, CEPN CNRS, F-93430 Villetaneuse, France

[3] CEPII, Paris, France

来源：

APPLIED ECONOMICS | 2012年 / 44卷 / 27期

关键词：

growth; exchange rate misalignments; nonlinearity; PSTR models; COINTEGRATION; TESTS;

D O I：

10.1080/00036846.2011.577022

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The aim of this article is to investigate the link between currency misalignments and economic growth. Relying on panel cointegration techniques, we calculate Real Exchange Rate (RER) misalignments as deviations of actual RERs from their equilibrium values for a set of advanced and emerging economies. Estimating Panel Smooth Transition Regression (PSTR) models, we show that RER misalignments have a differentiated impact on economic growth depending on their sign: whereas overvaluations negatively affect economic growth, RER undervaluations significantly enhance it. This result indicates that undervaluations may drive the exchange rate to a level that encourages exports and promotes growth.

引用

页码：3503 / 3511

页数：9

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