(2014), “Importers, Exporters, and Exchange Rate Disconnect”,  American Economic Review, 104(7), pp. 1942–1978; Swarnali, A., Maximiliano, A. and Michele, R. (2017), “Global value chains and the exchange rate elasticity of exports”, The B.E. Journal of Macroeconomics, 17(1), pp. 1-24; Rodnyansky, A. (2018), “(Un)Competitive Devaluations and Firm Dynamics”, mimeo. 25 See Cravino, J. and Levchenko, A.
It is more patient growth, harder won, built on productivity growth and a greater focus on non-traditional (commodity) exports. And while a range of other emerging markets has adopted similar approaches to these common problems, the quality and credibility of our approach sets us apart.