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NBER Working Papers and Publications
|January 1999||Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia |
in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues, Takatoshi Ito and Anne O. Krueger, editors
|March 1997||Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia|
with , : w5979
The paper tests the Balassa-Samuelson hypothesis (rapid economic growth is accompanied by real exchange rate appreciation because of differential productivity growth between tradable and nontradable sectors) using data of the APEC economies. Japan, Korea, Taiwan and, to a lesser extent, Hong Kong and Singapore, were proved to follow the Balassa-Samuelson path. These countries follow a similar industrialization pattern, increasing the weight of high value-added exports. Although Hong Kong and Singapore grew fast, their real exchange rates appreciated only moderately. High productivity growth in service sectors might have been the reason for this. Other fast-growing ASEAN countries, such as Thailand, Indonesia and Malaysia did not experience real appreciation. Closer examinations of va...
Published: Ito, Takatoshi and Krueger, Anne O. 1999. Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues. Chicago: The University of Chicago Press. pp. 109-130.
|January 1990||International Spillovers of Taxation|
in Taxation in the Global Economy, Assaf Razin and Joel Slemrod, editors