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Real Exchange Rate, Distribution And Macro Fluctuations In Export‐Oriented Economies

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  • Massimiliano La Marca

Abstract

The paper investigates the emergence of alternative growth, distribution and real exchange rate patterns as outcomes of institutional and socio‐economic interactions between broadly defined actors in an export‐oriented economy. The focus is on both the long‐run configuration and short‐run dynamics of the real exchange rate, the profit and wage shares, output growth, capacity utilization, and net foreign asset accumulation in a stock‐flow consistent framework with fiscal polices affecting the internal and external equilibrium. Fluctuations in output and distribution between income shares and the real exchange rate are obtained via Structuralist‐Goodwin dynamics.

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  • Massimiliano La Marca, 2010. "Real Exchange Rate, Distribution And Macro Fluctuations In Export‐Oriented Economies," Metroeconomica, Wiley Blackwell, vol. 61(1), pages 124-151, February.
    • Handle: RePEc:bla:metroe:v:61:y:2010:i:1:p:124-151
    DOI: 10.1111/j.1467-999X.2009.04067.x
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    Cited by:

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    2. Spinola, Danilo, 2020. "Uneven development and the balance of payments constrained model: Terms of trade, economic cycles, and productivity catching-up," Structural Change and Economic Dynamics, Elsevier, vol. 54(C), pages 220-232.
    3. Fabrício J. Missio & Frederico G. Jayme Jr. & Gustavo Britto & José Luis Oreiro, 2015. "Real Exchange Rate and Economic Growth: New Empirical Evidence," Metroeconomica, Wiley Blackwell, vol. 66(4), pages 686-714, November.
    4. Robert A. Blecker, 2022. "New advances and controversies in the framework of balance‐of‐payments‐constrained growth," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 429-467, April.
    5. Danilo Spinola, 2021. "The La Marca model revisited: Structuralist goodwin cycles with evolutionary supply side and balance of payments constraints," Metroeconomica, Wiley Blackwell, vol. 72(1), pages 189-212, February.
    6. Armon Rezai, 2015. "Demand and distribution in integrated economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(5), pages 1399-1414.
    7. Hiroaki Sasaki & Ryunosuke Sonoda & Shinya Fujita, 2013. "International Competition and Distributive Class Conflict in an Open Economy Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 683-715, November.
    8. Hiroaki Sasaki & Shinya Fujita, 2015. "Demand and Income Distribution in a Two-Country Kaleckian Model," Discussion papers e-14-017, Graduate School of Economics Project Center, Kyoto University.
    9. Bortz Pablo Gabriel & Michelena Gabriel & Toledo Fernando, 2018. "Foreign debt, conflicting claims and income policies in a Kaleckian model of growth and distribution," Journal of Globalization and Development, De Gruyter, vol. 9(1), pages 1-22, June.

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