期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2008
卷号：2008
出版社：Sydney
摘要：Empirical evidence suggests that real exchange rates (RER) behave di
erently in developed
and developing countries. We develop an exogenous 2-sector growth model in which
RER determination depends on the country's capacity to borrow from international capital
markets. The country faces a constraint on capital inows. With high domestic savings,
the country converges to the world per capita income and RER only depends on productivity
spread between sectors (Balassa-Samuelson e
ect). If the constraint is too tight and/or
domestic savings too low, RER depends on both net foreign assets (transfer e
ect) and
productivity. We then analyze the empirical implications of the model and nd that, in
accordance with the theory, RER is mainly driven by productivity and net foreign assets in
constrained countries and exclusively by productivity in unconstrained countries.
关键词：Real exchange rate; capital inows constraint; overlapping generations
