This paper shows that real exchange rate undervaluation through the accumulation of foreign reserves may improve welfare in economies with learning-by-investing externalities that arise disproportionately from the tradable sector. In the presence of targeting problems or when policy choices are restricted by multilateral agreements, first-best policies such as subsidies to capital accumulation, or subsidies to tradable production are not feasible...
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INFORMATION
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2010/03/01
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Document de travail de recherche sur les politiques
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WPS5250
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1
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1
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2010/07/01
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Disclosed
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Undervaluation through foreign reserve accumulation : static losses, dynamic gains
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tradable good
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