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"The role of the exchange rate in economic growth: a euro-zone perspective"

MacDonald, Ronald (2000) "The role of the exchange rate in economic growth: a euro-zone perspective". In: UNSPECIFIED, Brussels, Belgium.

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    Abstract

    In this paper we consider a range of topics which connect exchange rates to the economic growth process. In particular, we first of all outline the basic properties of exchange rates when they are flexible. One key feature of flexible exchange rates is that they are highly volatile and such volatility may affect growth through the channels of trade and investment. These channels are considered in some detail in this paper. We also consider the links between sectoral and aggregate growth and the exchange rate, using the Balassa-Samuelson and Houthakker-Magee-Krugman hypotheses. The main conclusion of the paper is that the current exchange rate arrangements for the euro-zone area, both internal and external, are likely to stimulate economic growth.

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    Item Type: Conference or Workshop Item (UNSPECIFIED)
    Additional Information: Also published as NBB Working Paper Nr. 9, May 2000
    Uncontrolled Keywords: Exchange rates.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Conference: National Bank of Belgium > How to Promote Economic Growth in the Euro Area, Brussels, May 11-12, 2000
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 23 Jun 2003
    Page Range: p. 73
    Last Modified: 15 Feb 2011 17:15
    URI: http://aei.pitt.edu/id/eprint/625

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