Title of article
Exchangeratevolatilityandproductivitygrowth:Theroleof financialdevelopment
Author/Authors
Philippe Aghion، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
20
From page
494
To page
513
Abstract
The vastempiricalexchangerateliteraturefindstheeffectofexchangeratevolatilityon
real activitytobesmallorinsignificant.Incontrast,thispaperoffersempiricalevidence
thatrealexchangeratevolatilitycanhaveasignificantimpactonproductivitygrowth.
However,theeffectdependscriticallyonacountry’sleveloffinancialdevelopment.The
results appearrobusttotimewindow,alternativemeasuresoffinancialdevelopment
and exchangeratevolatility,andoutliers.Wealsoofferasimplemonetarygrowth
modelinwhichrealexchangerateuncertaintyexacerbatesthenegativeinvestment
effectsofdomesticcreditmarketconstraints
Keywords
ExchangerateregimeFinancial developmentandgrowth
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846307
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