This paper studies how the fixed exchange rate regime (FERR) may promote growth when a country experiences faster rates of productivity growth in its tradable sector than its nontradable sector. In a simple two-sector model with money, we show that the FERR can reduce the Balassa-Samuelson effect if wage adjustment is subject to nominal rigidities. The undervaluation thus created suppresses real wage growth but increases the size of the tradable sector and leads to higher growth rates of the entire economy. Using cross-country panel data, our econometric exercises provide robust evidence that supports the results. Meanwhile, other fundamentals, including the external balance position, export share in the tradable sector, and the stage of development, play roles in determining the effects of FERR. Last, we apply the empirical results to run simulations on China from 1994 to 2007 to highlight the role of FERR in the country's export-led growth.

本文研究了当一个国家的可贸易部门的生产率增长率高于非可贸易部门的生产率增长率时，固定汇率制度（FERR）如何促进增长。在一个简单的有钱的两部门模型中，我们证明，如果工资调整受名义刚性约束，则FERR可以减少Balassa-Samuelson效应。由此造成的低估抑制了实际工资的增长，但增加了可交易部门的规模，并导致整个经济的增长率更高。利用跨国的面板数据，我们的计量经济学练习提供了有力的证据来佐证结果。同时，其他基本要素，包括外部平衡状况，可贸易部门中的出口份额以及发展阶段，都在确定FERR的效果方面发挥作用。持续，