| Titre : | How Does Exchange Rate Policy Affect Manufactured Exports in the MENA countries |
| in : | |
| Auteurs : | Marie-Ange Veganzones-Varoudakis, Auteur ; Mustapha Kamel Nabli, Auteur |
| Type de document : | Chapitre d'ouvrage |
| Editeur : | Washington : World Bank, 2007 |
| Format : | pp. 381-398 |
| Langues: | Anglais |
| Catégories : |
[Eurovoc] ÉCHANGES ÉCONOMIQUES ET COMMERCIAUX > politique commerciale > politique des exportations [Eurovoc] FINANCES > économie monétaire > politique des changes > taux de change |
| Tags : | real exchange rate ; economic policies ; developing countries ; equilibrium real exchange rate ; overvaluation ; export performance |
| Résumé : |
Recent assessments of economic policies and performance in developing countries have underlined the crucial issue of the management of the real exchange rate (RER). It has been shown that the best performers are countries that have maintained an “appropriate” RER—that is, one close to the equilibrium real exchange rate (ERER) (Williamson, 1985; Harberger, 1986; Razin and Collins, 1997). In particular, all countries that have been successful in promoting manufactured exports have avoided real exchange rate overvaluation.
In fact, RER misalignment—especially overvaluation—is damaging to economic performance because it decreases the profitability of production and the export of tradable goods. In this way, RER misalignment leads to a reduction in economic efficiency and a misallocation of resources. In addition, by increasing uncertainty and raising the risk of macroeconomic collapse, RER misalignment can also hinder growth by deterring domestic and foreign investment and contributing to capital flight. These negative effects of misalignment on growth and export performance have been shown by Edwards (1988), Cottani et al. (1990), and Ghura and Grennes (1993) for different groups of developing countries. [...] |
| Axe de recherche : | Intégration des pays en développement dans l'économie mondialisée |
| En ligne : | https://hal.archives-ouvertes.fr/hal-00204789 |
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