Câmbio real, poupança doméstica e poupança externa: análise teórica e evidências empíricas [Real exchange rate, domestic savings and external savings: theoretical analysis and empirical evidence]

Marcos Rocha and Paulo Gala

Nova Economia, 2011, vol. 21, issue 3, 351-367

Abstract: This paper provides theoretical and empirical elements to analyze the relation between real exchange rates and domestic savings. We show from a theoretical perspective how a competitive exchange rate may stimulate domestic savings by avoiding consumption booms based on currency overvaluation and by increasing profits in the tradable sector. Our baseline model shows from a short run perspective how a competitive exchange rate may stimulate investment, exports, profits and thus domestic savings. We also present econometric evidence based on a panel with developing countries which shows a robust connection between real exchange rates and domestic savings as a share of GDP.

Keywords: real exchange rate; savings; investment and economic development; savings displacement (search for similar items in EconPapers)
JEL-codes: F3 F4 O2 (search for similar items in EconPapers)
Date: 2011
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