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NBER WORKING PAPER SERIES THE REAL EXCHANGE RATE, MERCANTILISM AND THE LEARNING BY DOING EXTERNALITY Joshua Aizenman Jaewoo Lee Working Paper 13853 /papers/w13853 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2008 Any views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Joshua Aizenman and Jaewoo Lee. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Real Exchange Rate, Mercantilism and the Learning by Doing Externality Joshua Aizenman and Jaewoo Lee NBER Working Paper No. 13853 March 2008 JEL No. F13,F15,F31,F43 ABSTRACT This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD externality operates in the traded sector, real exchange rate undervaluation may be used in order