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Effect of Financial Liberalization on Exchange Rate Pass-Through Volatilities in the Selected Developing Countries

The purpose of this paper is to evaluate the effect of financial liberalization on the volatility of exchange rate pass-through for a group of 43 developing countries which have experienced financial liberalization during the recent decades. Accordingly, the effect is examined through estimating a panel regression model using random effects method, for period of 1996-2005. The empirical results indicate that financial liberalization has had expectedly a significant and negative effect on price changes, particularly on exchange rate pass-through.