Política cambial e macroeconomia do desenvolvimento

• Ano de defesa: 2006
• Autor(a) principal: Gala, Paulo
• Orientador(a): Bresser-Pereira, Luiz Carlos
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Sobrevalorizações; Crises cambiais
• Link de acesso: http://hdl.handle.net/10438/1782

Some authors argue in favor of a real exchange rate targeting strategy for developing countries in what could be called a development approach to exchange rates. By stimulating the export sector, a relatively undervalued currency may help to avert financial crises and put the economy in a more sustained developmental path. Exchange rate management may also have strong impacts on capital accumulation as it determines paths of consumption, savings and investment via real wage determination. An overvalued currency could cause savings displacement. Exchange rate policy is also important to avoid Dutch Disease and promote the development of a non traditional tradeable sector, which is usually very dynamic and contributes to innovations and productivity increases. Numerous studies have argued that most balance of payments crises are related to overvalued or misaligned currencies. Following this so-called development approach, the objective of the work is to study the impacts of real exchange rate levels on development. The main hypothesis to be analyzed is that a competitive currency contributes to per capita income growth. Overvalued currencies would be an important obstacle to development whereas undervalued currencies would stimulate it.