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Do real exchange rate changes matter for industrial policy in emerging markets?

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  • Nabil Alimi
  • Radhouan Garbaa
  • Mouna Soussi

Abstract

The purpose of this paper is to investigate the impact of real exchange rate (RER) changes on the growth rate of the agriculture, industrial, services, and extractive sectors. To this end, a panel autoregressive distributed lag (ARDL) model, for 19 emerging economies over the period 1992–2020, was employed. Our findings reveal that first; the currencies of these economies are overvalued, furthermore, in the long run, to stimulate agriculture, industry, services, and extractive activities, these economies have to undervalue the RER, which is not currently the case.

Suggested Citation

  • Nabil Alimi & Radhouan Garbaa & Mouna Soussi, 2025. "Do real exchange rate changes matter for industrial policy in emerging markets?," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 18(3), pages 695-708, September.
    • Handle: RePEc:taf:macfem:v:18:y:2025:i:3:p:695-708
    DOI: 10.1080/17520843.2023.2213031
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