Exchange rate volatility and productivity growth: The role of financial development

被引：365

作者：

Aghion, Philippe ^{[3
,4
]}

Bacchetta, Philippe ^{[1
,2
]}

Ranciere, Romain ^{[2
]}

Rogoff, Kenneth ^{[3
,4
]}

机构：

[1] Univ Lausanne, Fac Business & Econ, Swiss Finance Inst, CH-1015 Lausanne, Switzerland

[2] CEPR, CH-1015 Lausanne, Switzerland

[3] Harvard Univ, Cambridge, MA 02138 USA

[4] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2009年 / 56卷 / 04期

关键词：

Exchange rate regime; Financial development and growth; BUSINESS CYCLES; RATE STABILITY; RATE REGIMES; PANEL-DATA; TRADE; TERMS;

D O I：

10.1016/j.jmoneco.2009.03.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The vast empirical exchange rate literature finds the effect of exchange rate volatility on real activity to be small or insignificant. In contrast, this paper offers empirical evidence that real exchange rate volatility can have a significant impact on productivity growth. However, the effect depends critically on a country's level of financial development. The results appear robust to time window, alternative measures of financial development and exchange rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty exacerbates the negative investment effects of domestic credit market constraints. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：494 / 513

页数：20

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[3]

[Anonymous], INT FIN STAT

[4]

[Anonymous], 1992, GOLDEN FETTERS GOLD