Title of article :
Exchangeratevolatilityandproductivitygrowth:Theroleof
financialdevelopment
Author/Authors :
Philippe Aghion، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
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
Journal title :
Journal of Monetary Economics
