期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We investigate the impact of movements in the real exchange rate on economicgrowth based on ve-year average data for a panel of over 150 countries in the postBretton Woods period. Unlike previous literature, we use external instruments todeal with possible reverse causality from growth to the real exchange rate. Ourcountry-speci c instruments are (i) global capital ows interacted with individualcountries nancial openness and (ii) the growth rate of o¢ cial reserves. We ndthat a real appreciation (depreciation) reduces (raises) signi cantly annual real GDPgrowth, more than in previous estimates in the literature. However, our resultscon rm this e¤ect only for developing countries and for pegs.
