点击头像下方的“+加关注”并订阅【Shibor文库】可以第一时间了解我的资料更新 Abstract. This paper studies how the fixed exchange rate regime (FERR) may promote economic growth. In a simple two-sector model, we show that when the tradable sector has faster productivity growth than the nontradable sector, the FERR can undermine the Balassa-Samuelson effect if the adjustment of domestic prices is subject to nominal rigidities. The undervaluation suppresses wage growth but increases the size of the tradable sector and leads to higher growth rates for the entire economy. Using cross-country panel data, our econometric exercises provide robust evidence that supports the results. Meanwhile, other fundamentals, including the external balance position, export share in the tradable sector, and the stage of development, play roles in determining the effects of FERR. Last, we apply the empirical results to run simulations on China from 1994 to 2007 to highlight the role FERR played in the country’s export-led growth. 本帖隐藏的内容 2017040510557128.pdf 大小:(1.25 MB)  马上下载