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Nova Economia

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ROCHA, Marcos  and  GALA, Paulo. Câmbio real, poupança doméstica e poupança externa: análise teórica e evidências empíricas. Nova econ. [online]. 2011, vol.21, n.3, pp.351-367. ISSN 0103-6351.

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.

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