The main objective of this paper was to measure the importance of labor market distortions in explaining the marked tendency to real exchange rate overvaluation and the relatively low effectiveness of devaluation in Latin America. The main finding is that distortions in the formal labor market are a major factor explaining wage rigidity and the diminished responsiveness of the real exchange rate to devaluation. The implication is that greater liberalization...
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INFORMATION
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1990/08/31
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Document de travail de recherche sur les politiques
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WPS485
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1
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1
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2010/07/01
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Do labor market distortions cause overvaluation and rigidity of the real exchange rate?
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real exchange rate
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