Premature deindustrialization in most emerging and developing economies is one of the most striking stylized facts ofthe recent decades. In this paper, we provide solid empirical evidence supporting that the choice of a fixed exchangerate regime accelerates this phenomenon. Relying on a panel of 146 developed, emerging, and developing countriesover the 1974-2019 period, we show that fixed exchange rate regimes have had a negative, significant, and robusteffect on the size of the manufactu
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