期刊名称：Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
印刷版ISSN：1300-3747
出版年度：2015
卷号：19
期号：1
页码：1-26
语种：English
出版社：Çukurova University
摘要：Concerns about sustained adverse growth effects of real appreciation have been explored for many years. The debate continues today, including with related recent literature that proposes further links between the real exchange rate and growth. Empirical studies of Dutch Disease have focused mainly on how shocks that cause real appreciation may affect the level of traded goods production rather than on whether this sector has a special role in economic growth, or whether it is permanently damaged by temporary episodes of real appreciation. Moreover, although the literature on real exchange rate and growth suggests that an overvalued exchange rate hinders growth, Dutch disease is in principle an equilibrium phenomenon reflecting changes in fundamentals, and not necessarily imlying an overvaluation. This study shows that, on the one hand, Dutch disease does exist; on the other hand, exchange rate volatility hampers economic growth. Misalignment of the real exchange rate from its fundamental value also lowers growth. Overvaluations are always negative for economic growth, whereas the evidence on undervaluation is inconclusive. In this context, the challange for policymakers is to adequately manage the boom and its accompanying risks. Therefore, the optimal policy response would consist of taking advantage of the boom, while at the same time dealing with its undesired consequences.
其他摘要：Reel değerlenmenin büyümeye olan negatif etkileri uzun yıllardır tartışılmaktadır. Tartışma, reel döviz kuru ve büyüme arasındaki bağlantıyı farklı bir boyutta ele alan yeni bir literatürle devam etmektedir. Hollanda hastalığı üzerine yapılan ampirik çalı
