How to define the competitive exchange rate? Why is it determinant of economic growth?

Luiz Carlos Bresser-Pereira

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Note defining the concept of competitive exchange rate, summarizing the theory that makes the exchange rate determinant of investment and growth, and explaining why New Developmentalism was able to arrive at this idea while other schools of thought did not; because only this school affirms that the exchange rate tends to remain appreciable in the long run in developing countries.
  

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