Exchange-Rate Regime and Economic Growth: A Review of the Theoretical and Empirical Literature

The aim of this paper is to examine the theoretical and empirical arguments for the relationship between the exchange-rate regime and economic growth. As a nominal variable, the exchange rate (regime) might not affect the long-run economic growth. However, there is no unambiguous theoretical evidence what impacts the exchange-rate target exhibits on growth. The channel through which the regime might influence growth is trade, investment and productivity. Theoretical considerations relate the exchange-rate effect on growth to the level of uncertainty imposed by flexible option of the rate. However, while reduced policy uncertainty under a peg promotes an environment which is conductive to production factor growth, trade and hence to output, such targets do not provide an adjustment mechanism in times of shocks, thus stimulating protectionist behaviour, price distortion signals and therefore misallocation of resources in the economy. Consequently, the relationship remains blurred and requires in-depth empirical investigation. The empirical research offers divergent result though. A big part of the studies focuses on the parameter of the exchange-rate dummy, but does not appropriately control for other country-characteristics nor apply appropriate growth framework. Also, the issue of endogeneity is not treated at all or inappropriate instruments are repeatedly used. Very few studies disgracedly pay small attention to the capital controls, an issue closely related to the exchange-rate regime and only one study puts the issue in the context of monetary regimes. Overall, the empirical evidence is condemned because of growth-framework, endogeneity, sample-selection bias and the so-called peso problem. An empirical investigation which will consider all those aspects might reveal clear and robust suggestion of the relationship between exchange-rate regime and growth

Sex and age-biased exploitation and metric characterization of medium-sized deer in the lower Paraná wetland, South America

In this paper, we present an analysis of the exploitation of medium-sized deer in the lower Paraná wetland by pre-Columbian hunter-gatherers. To achieve this goal, we developed an osteometric frame of reference for the proper identification of hunted medium-sized deer, and the sex and age of captured individuals. An analysis of 13 archaeofaunal assemblages showed that Ozotoceros bezoarticus (“pampas deer”) was the medium-sized deer that was hunted with exclusivity. The presence of Mazama gouazoubira (“brown brocket deer”; “gray brocket deer”), which could have been another potentially hunted medium-sized deer, is absent from the record, although this area is indicated as being its southernmost distribution range in South America. These results restrict the distribution of this species to a more northern sector of this large wetland. The hunted individuals of O. bezoarticus are all older than 2 years of age, and preferentially males, although some methodological bias could be influencing these results. Issues related to sex-age selectivity in capturing these animals are discussed according to the development of conservation strategies for local resources.Fil: Loponte, Daniel Marcelo. Secretaría de Cultura de la Nación. Dirección Nacional de Cultura y Museos. Instituto Nacional de Antropología y Pensamiento Latinoamericano; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Corriale, Maria Jose. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Biodiversidad y Biología Experimental; ArgentinaFil: Mucciolo, Leonardo. Secretaría de Cultura de la Nación. Dirección Nacional de Cultura y Museos. Instituto Nacional de Antropología y Pensamiento Latinoamericano; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Acosta, Alejandro Alberto. Secretaría de Cultura de la Nación. Dirección Nacional de Cultura y Museos. Instituto Nacional de Antropología y Pensamiento Latinoamericano; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin