Real exchange rate volatility and business cycles in emerging market economies

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7 Citations (Scopus)

Abstract

This paper analyzes how real exchange rate volatility affects business cycles through the cost of foreign currency borrowing. The results show that output volatility increases by up to 22% as the share foreign-denominated debt increases from 0 to 100%.

Original languageEnglish
Pages (from-to)127-129
Number of pages3
JournalEconomics Letters
Volume134
DOIs
Publication statusPublished - 1 Sept 2015
Externally publishedYes

Keywords

  • Business cycles
  • Denomination of debt
  • Real exchange rate

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