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Exchange Rate Regimes in the Modern Era$
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Michael W. Klein and Jay C. Shambaugh

Print publication date: 2009

Print ISBN-13: 9780262013659

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262013659.001.0001

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Exchange Rate Regimes and Economic Growth

Exchange Rate Regimes and Economic Growth

(p.185) 11 Exchange Rate Regimes and Economic Growth
Exchange Rate Regimes in the Modern Era

Michael W. Klein

Jay C. Shambaugh

The MIT Press

This chapter presents an empirical analysis of the effect of exchange rate regimes on long-run economic growth, demonstrating that empirics rather than theory can best judge growth. The chapter aims to show that exchange rate regimes per se affect long-run economic growth, and that this is influenced by other variables as well. The chapter presents both theories and an empirical analysis in order to draw conclusion on the relationship between growth and regimes. The conclusion arrived at by the analysis states that real variables such as savings rate, population growth and initial income are what long-run economic growth is dependent on. Drawing on the same conclusion that Ghosh, Gulde, and Wolf came upon, the chapter makes an argument that exchange rate regimes are not necessarily vital for growth.

Keywords:   exchange rate regimes, long-run economic growth, savings rate, population growth, initial income, Ghosh, Gulde, Wolf

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