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O objetivo deste trabalho é apresentar considerações preliminares da relação entre nível da taxa real de câmbio, restrição externa e crescimento econômico a partir de um modelo formal que considera duas regiões, uma desenvolvida e outra em desenvolvimento, que interagem via comércio internacional. Admite-se que a restrição externa atue sobre a economia em desenvolvimento e que esta é afetada por variações no nível da taxa real de câmbio, uma vez que essas variações alteram a distribuição funcional da renda e, com isso, as decisões planejadas dos gastos em investimento e inovação das empresas. As conclusões caminham no sentido de mostrar que variações no nível da taxa real de câmbio têm efeitos sobre o crescimento econômico de longo prazo dos países em desenvolvimento
Abstract
The aim of this paper is to present some considerations about the relationship among exchange rates, external constraints and economic growth in a formal model that considers two regions, one of developed and the other of developing countries, which interact via international trade. It is assumed that the external constraint acts on the developing economy, which is affected by variations in level of the real exchange rate to the extent that changes in these policies affect the functional distribution of income and, therefore, the decisions of the planned spending on business innovation. The findings show that variations in the real exchange rate alter the external constraint in this region and allow it to reach a higher rate of long-term output growth.
Keywords: External constraints; Real exchange rate; Economic growth.
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