Efeitos de varia？？es cambiais em uma abordagem de dinamica de mudan？a estrutural à teoria do crescimento restrito pelo balan？o de pagamentos

in this paper it is shown that once-for-all variations at the level of the exchange rate can play an important role in the sectoral composition of the economy. this fact has important implications in terms of a disaggregated version of thirlwall's law, even when the argument of the quantitative unimportance of relative price movements holds. the growth rate of a country is therefore shown to be affected by once-for-all movements at the level of nominal exchange rates and the concept of a natural exchange rate is introduced.