| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12117 |
| 来源ID | Working Paper 12117 |
| Exchange Rate Volatility and Productivity Growth: The Role of Financial Development | |
| Philippe Aghion; Philippe Bacchetta; Romain Ranciere; Kenneth Rogoff | |
| 发表日期 | 2006-05-01 |
| 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%u2019s 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 83country 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. |
| URL | https://www.nber.org/papers/w12117 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569830 |
| 推荐引用方式 GB/T 7714 | Philippe Aghion,Philippe Bacchetta,Romain Ranciere,et al. Exchange Rate Volatility and Productivity Growth: The Role of Financial Development. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12117.pdf（903KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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