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Real Exchange Rates and economic development

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  • Giersch, Herbert
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    Abstract

    It is the purpose of this paper to correct some of these shortcomings and to lengthen the time horizon in the public debate about exchange rates, notably about the dollar/DM rate. Long-term interest rates, most of all the real rate of interest and the profitability of investment, will be brought into focus. The hypothesis emerging from this paper is that the dollar is likely to remain strong for fundamental reasons, i.e. for reasons rooted in the real sectors of the American and European economies. Temporary declines for short-term reasons are, of course, not excluded. They should, therefore, not be viewed as disproving the central thesis: what matters in the longer run are the vitality of an economy and its place and role in world economic development.

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    File URL: http://econstor.eu/bitstream/10419/47232/1/016457242.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 218.

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    Date of creation: 1984
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    Handle: RePEc:kie:kieliw:218

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Giersch, Herbert, 1979. "Aspects of growth, structural change, and employment: A Schumpeterian perspective," Kiel Working Papers 89, Kiel Institute for the World Economy.
    2. Mascaro, Angelo & Meltzer, Allan H., 1983. "Long- and short-term interest rates in a risky world," Journal of Monetary Economics, Elsevier, vol. 12(4), pages 485-518, November.
    3. Samuelson, Paul A, 1984. "Second Thoughts on Analytical Income Comparisons," Economic Journal, Royal Economic Society, vol. 94(374), pages 267-78, June.
    4. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    5. Herbert Giersch, 1979. "Aspects of growth, structural change, and employment A schumpeterian perspective," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 115(4), pages 629-652, December.
    6. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
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    Cited by:
    1. Siebert, Horst, 1985. "Wirtschaftliche Zwänge für offene Volkswirtschaften," Discussion Papers, Series 1 198, University of Konstanz, Department of Economics.

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