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dc.contributor.author
Rapetti, Martín Gervasio
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dc.contributor.author
Palazzo, Gabriel Martín
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dc.date.available
2024-08-02T11:23:56Z
dc.date.issued
2023-06
dc.identifier.citation
Rapetti, Martín Gervasio; Palazzo, Gabriel Martín; From macro to micro and macro back: Macroeconomic trade elasticities in a developing economy; Elsevier; Structural Change And Economic Dynamics; 65; 6-2023; 223-252
dc.identifier.issn
0954-349X
dc.identifier.uri
http://hdl.handle.net/11336/241560
dc.description.abstract
A long tradition in economic theory has seen the real exchange rate (RER) as a key determinant of trade performance. Several empirical studies, however, have found low estimates of macro trade elasticities and, as a result, questioned this argument. In this paper, we show that to understand and estimate the effect of RER on trade performance, it is crucial to explore the existence of heterogeneous responses of individual products to RER movements. Using trade data from Argentina, we employ the Mean Group method to estimate macro trade elasticities by individual products disaggregated at four digits of the SITC; rev.2. We find a wide range of heterogeneous responses of exports and imports to RER movements at the individual product level. We find that the estimated RER-elasticities in differentiated products and labor-intensive manufacturing goods are substantially larger than those of primary and homogeneous products. Based on the estimated elasticities at the product level, we obtain a “low” aggregate RER-elasticity of exports when we weigh them by the country’s trade basket. We show that this result is a consequence of Argentina’s economic structure, a country whose exports are heavily specialized in primary and homogeneous products. Our results are important because they help build a bridge between two conflicting views in the RER-economic development literature. Even in countries with “low” aggregate macro RER-elasticities, the real exchange rate may be an important variable for economic performance. An undervalued RER may facilitate economic growth by stimulating investment in activities producing more complex/differentiated goods in countries that specialize in the production of primary and homogeneous goods and, as a result, have “low” trade elasticities. This seems to be the case of several countries in Latin America, including Argentina.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Elsevier
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dc.rights
info:eu-repo/semantics/restrictedAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
Real exchange rate
dc.subject
Trade elasticities
dc.subject
Economic growth
dc.subject
Argentina
dc.subject.classification
Economía, Econometría
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dc.subject.classification
Economía y Negocios
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dc.subject.classification
CIENCIAS SOCIALES
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dc.title
From macro to micro and macro back: Macroeconomic trade elasticities in a developing economy
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2024-07-31T13:59:50Z
dc.journal.volume
65
dc.journal.pagination
223-252
dc.journal.pais
Países Bajos
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dc.journal.ciudad
Amsterdam
dc.description.fil
Fil: Rapetti, Martín Gervasio. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Saavedra 15. Instituto Interdisciplinario de Economía Política de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto Interdisciplinario de Economía Política de Buenos Aires; Argentina. Centro de Estudios de Estado y Sociedad; Argentina
dc.description.fil
Fil: Palazzo, Gabriel Martín. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Centro de Estudios de Estado y Sociedad; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Económicas; Argentina
dc.journal.title
Structural Change And Economic Dynamics
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dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.sciencedirect.com/science/article/abs/pii/S0954349X23000292
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/https://doi.org/10.1016/j.strueco.2023.02.015
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