Competitiveness anddynamiccumulative causation in an export-led growing economy
构建了一个出口导向增长模型，研究实际汇率水平和变动如何通过价格与非价格竞争力影响长期增长，并用战后东亚和拉美的历史经验验证了模型对关键典型事实的拟合。
Abstract The role of the real exchange rate (RER) in explaining long-run processes of catching-up and falling-behind continues to be a question of central importance among alternative theories of growth and distribution. Existing empirical evidence suggests a positive association between exchange rates in levels and growth, especially in developing countries, though a currency depreciation has adverse effects. While these two elements have been separately incorporated into demand-led growth theories, a comprehensive assessment of the dynamic interaction between them is still missing. This article attempts to fill such a gap in the literature by developing an export-led growth model in which price and non-price competitiveness respond to the level and variation of the RER. In equilibrium, relative prices and the fundamentals of the productive structure are simultaneously determined. A more depreciated exchange rate and higher non-price competitiveness are associated with a higher rate of growth. It is shown that the interplay between a destabilizing force from the goods market, and a stabilizing mechanism from the labor market, might give rise to persistent and endogenous long-run cycles of structural change. The model is used to revisit the historical experience of East Asia (EA) and Latin America (LA) in the post-war period. We show our system fits crucial stylized facts, particularly the tendency of LA to have a more appreciated RER, its lower non-price competitiveness and dynamic economies of scale, and stronger distributive conflict, resulting in less growth and greater volatility.