| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5640 |
| DP5640 Does Propitious Selection Explain Why Riskier People Buy Less Insurance? | |
| Philippe De Donder; Jean Hindriks | |
| 发表日期 | 2006-04-19 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level of financial development. For countries with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for financially advanced countries, there is no significant effect. Our empirical analysis is based on an 83 country data set spanning the years 1960-2000; our 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. Our approach delivers results that are in striking contrast to the vast existing empirical exchange rate literature, which largely finds the effects of exchange rate volatility on real activity to be relatively small and insignificant. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate regime Financial development Growth |
| URL | https://cepr.org/publications/dp5640 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534482 |
| 推荐引用方式 GB/T 7714 | Philippe De Donder,Jean Hindriks. DP5640 Does Propitious Selection Explain Why Riskier People Buy Less Insurance?. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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