报告题目：Industrialization, Exchange Rate Regimes and Economic Growth

报告人：茅锐博士

报告时间：2015年3月12日（周四）下午2:00-4:00

报告地点：cmp8冠军论坛（3号楼）422会议室

主办单位：cmp8冠军论坛

茅锐简介：

茅锐博士现任浙江大学管理学院和卡特中心讲师，2008年获北京大学经济学院金融学系学士，2013年获北京大学国家发展研究院博士，曾是美国纽约大学和威斯康星大学的访问学者。主要研究领域是开放宏观经济学、结构转型和区域发展、以及发展经济学。在国内外学术期刊发表论文十余篇。获2013年度《金融研究》最佳论文奖。

Industrialization, Exchange Rate Regimes and Economic Growth

Rui Mao

School of Management

Zhejiang University

Yang Yao

National School of Development & China Center for Economic Research

Peking University

Abstract. This paper empirically studies how the fixed exchange rate regime (FERR) can promote economic growth for countries in their industrialization process. When the total factor productivity (TFP) grows faster in the industrial sector than in the service sector and the output share of the industrial sector increases, the FERR dampens the Balassa-Samuelson effect because of the existence of domestic price rigidities or monetary authorities’ intervention to stabilize domestic prices. With WDI data of sectoral value-added, we are able to estimate the industrial sector’s TFP relative to that of the service sector. Our empirical results show that the growth of the relative industrial TFP is not fully absorbed by the Balassa-Samuelson effect under the FERR, so it leads to the overall growth of the whole economy for industrializing countries.

Keywords: Fixed exchange rate regime, real undervaluation, economic growth