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| The Role of Exchange Rate on Middle Income Countries’ Economic Leap |
| DING Zhijie, XIE Feng
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| School of Banking and Finance, University of International Business and Economics |
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Abstract Mainstream economics does not pay enough attention to exchange rate stability. While instability of exchange rate tends to have more significant negative effects on middle income counties due to their peripheral status among the world economy relative to high income countries, deeper participation to the world market relative to low income countries and bidirectional effects between exchange rate and domestic price. This paper examines exchange rate behavior of middle income countries during the process of economic leap since 1980, builds a framework to decompose the effects of exchange rate on economic leap, analyzes the bidirectional pass-through between exchange rate and inflation quantitatively using a panel VAR model, constructs indicator to test the effects of exchange rate instability on economic growth and proposes suggestions on improving exchange rate stability and economic performance of middle income countries.
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Received: 28 November 2016
Published: 18 January 2018
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