El efecto Harrod Balassa Samuelson y el papel de la demanda: evidencia internacional de datos de panel

e study jointly analyzes the impact of labor productivity and demand factors in determining the real exchange rate. For this, the formalization of the Harrod-Balassa-Samuelson effect (HBS) is taken as a starting point, and the demand factors are analyzed from the point of view of government spending and per capita income. e empirical analysis is carried out for the period 1970-2010 using fixed-effect panel data regression models and the Generalized Moment Model (GMM) for a sample of 40 countries from different regions. e results provide evidence in favor of the HBS effect and the importance of demand factors in determining the real exchange rate. e results have important policy implications to help countries improve competitiveness