Eichengreen, BarryGupta, Poonam2014-02-032014-02-032013-09https://hdl.handle.net/10986/16846This paper considers the determinants of exports of modern services and traditional services. It considers the growth of export volumes as well as export surges, that is, the periods of rapid sustained export growth. It asks whether the determinants of export growth rates and export surges differ between merchandise, traditional services, and modern services and whether developing countries are different. It confirm the importance of the real exchange rate for export growth. The paper finds that the effect of the real exchange rate is even stronger for exports of services than for exports of goods and that it is especially strong for exports of modern services. The results suggest that in the course of their development, as developing countries shift from exporting commodities and merchandise to exporting traditional and modern services, appropriate policies toward the real exchange rate become even more important.en-USCC BY 3.0 IGOADVANCED COUNTRIESADVANCED ECONOMIESAVERAGE GROWTHAVERAGE GROWTH RATECOMMODITIESCOMMUNICATION TECHNOLOGIESCOMMUNICATIONS INFRASTRUCTURECOMMUNICATIONS TECHNOLOGYCOMPARATIVE ADVANTAGECOMPETITION POLICYCOMPETITIVENESSCONSUMER PRICE INDEXCONTRACT ENFORCEMENTCOUNTRY DUMMYCOUNTRY FIXED EFFECTSCOUNTRY LEVELCURRENCYCURRENCY CRASHESCURRENCY CRISESDATA AVAILABILITYDEPENDENT VARIABLEDEVELOPED COUNTRIESDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING ECONOMIESDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDOMESTIC CREDIT/GDPDOMESTIC SAVINGSECONOMETRICSECONOMIC ACTIVITYECONOMIC GROWTHECONOMIC OUTLOOKECONOMIC REFORMSECONOMIC RESEARCHECONOMIC REVIEWEXCHANGE RATE DEPRECIATIONEXCHANGE RATE FLUCTUATIONSEXCHANGE RATE MISALIGNMENTEXCHANGE RATE MOVEMENTEXCHANGE RATESEXPLANATORY VARIABLESEXPORT GROWTHEXPORT PROMOTIONEXPORTSEXTERNAL DEBTEXTERNALITIESFACTOR ENDOWMENTSFINANCIAL CRISESFINANCIAL INTEGRATIONFINANCIAL REFORMFINANCIAL REFORMSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFIXED COSTSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFUTURE RESEARCHGDPGDP PER CAPITAGROWTH PERFORMANCEGROWTH RATEGROWTH RATESHIGH GROWTHHIGH INCOME COUNTRIESHUMAN CAPITALINCOME COUNTRIESINCOME GROUPSINCREASING RETURNSINDEPENDENT VARIABLESINDUSTRIAL COUNTRIESINFORMATION ASYMMETRIESINSURANCEINTERNATIONAL MONETARY FUNDINTERNATIONAL TRADELABOR FORCELAGGED CHANGESLDCSMACROECONOMIC POLICIESMARGINAL PRODUCTMIDDLE INCOME COUNTRIESNATIONAL INCOMENATURAL MONOPOLYNEGATIVE EFFECTNOMINAL EXCHANGE RATE0 HYPOTHESISOUTPUTPER CAPITA INCOMEPER CAPITA INCOMESPOLICY RESEARCHPOLITICAL RISKPRIVATE INVESTMENTPUBLIC FINANCEREAL EXCHANGEREAL EXCHANGE RATEREAL EXCHANGE RATE UNCERTAINTYREAL EXCHANGE RATE VOLATILITYREGIONAL INTEGRATIONREGULATORY REQUIREMENTSRELATIVE PRICERELATIVE PRICESRESERVE BANKSAVING RATESAVINGSSIGNIFICANT EFFECTSTANDARD DEVIATIONSTRUCTURAL BREAKSTRUCTURAL CHANGESUSTAINED GROWTHSYSTEMIC BANKING CRISESTELECOMMUNICATIONSTELECOMMUNICATIONS INFRASTRUCTURETRADE LIBERALIZATIONTRADE REFORMSUNDERVALUATIONUNDERVALUED EXCHANGE RATEWAGESWHOLESALE PRICE INDICESWORLD DEVELOPMENT INDICATORSWORLD TRADEWORLD TRADE ORGANIZATIONWTOWorld Bank10.1596/1813-9450-6629