THE EFFECT OF FINANCIAL DEVELOPMENT IN THE RELATIONSHIP BETWEEN THE EXCHANGE RATE FLUCTUATIONS AND ECONOMIC GROWTH

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KHATAEI M.; MOUSAVINIK S.H.

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Journal: Iranian Journal of Economic Research Year:2009 | Volume:10 | Issue:37 Page(s): 1-19

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Title

THE EFFECT OF FINANCIAL DEVELOPMENT IN THE RELATIONSHIP BETWEEN THE EXCHANGE RATE FLUCTUATIONS AND ECONOMIC GROWTH

Author(s)

KHATAEI M. | MOUSAVINIK S.H. | Issue Writer Certificate

Keywords

EXCHANGE RATE VOLATILITIESQ2

ECONOMIC GROWTHQ2

FINANCIAL DEVELOPMENTQ2

Abstract

There are different and sometimes contradictory views on the effects of exchange rate fluctuations on the ECONOMIC GROWTH. Having studied the views on the subject, it seems the cause of the ambiguity is to a great extent, depends on how considering the role of FINANCIAL DEVELOPMENT in the analysis. Aghion et al. consider explicitly the role of FINANCIAL DEVELOPMENT in their study of the effects of exchange rate fluctuations on the ECONOMIC GROWTH. They conclude the recommended type of exchange rate regime depends more on the level of FINANCIAL DEVELOPMENT of the related economy. The effect of EXCHANGE RATE VOLATILITIES on ECONOMIC GROWTH is negative in the low level of FINANCIAL DEVELOPMENT and is positive in the high level of FINANCIAL DEVELOPMENT. In our paper, we test their theory by using five-year average annual data of 69 selected countries and by using the panel data method. The results confirm the Aghion et al.'s view. So, for the less developed economies, usually with low level of FINANCIAL DEVELOPMENT, the recommended policy is try to minimize the exchange rate fluctuations.

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APA: Copy

KHATAEI, M., & MOUSAVINIK, S.H.. (2009). THE EFFECT OF FINANCIAL DEVELOPMENT IN THE RELATIONSHIP BETWEEN THE EXCHANGE RATE FLUCTUATIONS AND ECONOMIC GROWTH. IRANIAN ECONOMIC RESEARCH, 10(37), 1-19. SID. https://sid.ir/paper/2596/en

Vancouver: Copy

KHATAEI M., MOUSAVINIK S.H.. THE EFFECT OF FINANCIAL DEVELOPMENT IN THE RELATIONSHIP BETWEEN THE EXCHANGE RATE FLUCTUATIONS AND ECONOMIC GROWTH. IRANIAN ECONOMIC RESEARCH[Internet]. 2009;10(37):1-19. Available from: https://sid.ir/paper/2596/en

IEEE: Copy

M. KHATAEI, and S.H. MOUSAVINIK, “THE EFFECT OF FINANCIAL DEVELOPMENT IN THE RELATIONSHIP BETWEEN THE EXCHANGE RATE FLUCTUATIONS AND ECONOMIC GROWTH,” IRANIAN ECONOMIC RESEARCH, vol. 10, no. 37, pp. 1–19, 2009, [Online]. Available: https://sid.ir/paper/2596/en

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