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Full-Text Articles in Social and Behavioral Sciences
The Real Exchange Rate And Economic Growth: Are Developing Countries Different?, Martin Rapetti, Peter Skott, Arslan Razmi
The Real Exchange Rate And Economic Growth: Are Developing Countries Different?, Martin Rapetti, Peter Skott, Arslan Razmi
Economics Department Working Paper Series
Recent research has found a positive relationship between real exchange rate (RER) undervaluation and economic growth. Different rationales for this association have been offered, but they all imply that the mechanisms involved should be stronger in developing countries. Rodrik (2008) explicitly analyzed and found evidence that the RER-growth relationship is more prevalent in developing countries. We show that his finding is very sensitive to the criterion used to divide the sample between developed and developing countries. We then use alternative classification criteria and empirical strategies to evaluate the existence of asymmetries between groups of countries and find that the effect …
Why China Grew: Understanding The Financial Structure Of Late Development, Adam S. Hersh
Why China Grew: Understanding The Financial Structure Of Late Development, Adam S. Hersh
Open Access Dissertations
This dissertation explores how economic institutions governing finance and investment have con- tributed to growth in reform-era China. Economic and political reforms greatly transformed China's prior centrally-planned economy. Although reforms incorporated elements of market institutions and private enterprise, China's state institutions exercising extensive authority over a wide range of eco- nomic affairs critically and fundamentally played a central role in transforming this economy from one of the world's poorest to the world's second largest in the span of one generation. I explain the emergence of a unique configuration of institutions supportive of industrial policy implemented by largely autonomous local government …