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On exchange rates and economic growth

โœ Scribed by Eric O'N. Fisher

Publisher
Elsevier Science
Year
1999
Tongue
English
Weight
200 KB
Volume
23
Category
Article
ISSN
0165-1889

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โœฆ Synopsis

Extending model, this paper analyzes an international economy where cash or credit can be used for payment. Foreign trade credit is more costly than its domestic analog. A depreciation of the real exchange rate is associated with an external surplus and a reduced share of imports purchased with credit. Economic growth slows when foreign trade credit becomes the predominant means of payment for international transactions. A country with high inflation exports its Tobin effect and thus temporarily increases world growth.

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