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O trabalho tem por objetivo analisar, sob o ponto de vista teórico, a relação entre nível da taxa de câmbio e desenvolvimento econômico. A hipótese principal segue a literatura de "doença holandesa" e baseia-se na ideia de que câmbios competitivos contribuem para a formação e manutenção do setor manufatureiro da economia. A existência de retornos crescentes nesse setor influencia fortemente o aumento da produtividade no longo prazo. Discute-se, também, como a manutenção de uma taxa de câmbio competitiva poderá estimular a formação de poupança doméstica ao evitar aumentos artificiais do salário real pela via da sobrevalorização cambial. The objective of this paper is to analyze, from a theoretical point of view, the relation between real exchange rates and economic development. The main hypothesis is very much in line with the Dutch disease literature and states that competitive currencies contribute to the existence and maintenance of the manufacturing sector in the economy. This, in turn, brings about higher growth rates in the long run, given the existence of increasing returns in the industrial sector and its importance in generating technological change and increasing productivity in the overall economy. We also show from a theoretical perspective how a competitive exchange rate can stimulate domestic savings by avoiding consumption booms based on currency overvaluation

Taxa de câmbio, poupança e produtividade: impactos de curto e longo prazo