Real exchange rate volatility and business cycles in emerging market economies
Gümüş, İnci and Taşpınar, Emine Zeren (2015) Real exchange rate volatility and business cycles in emerging market economies. Economics Letters, 134 . pp. 127-129. ISSN 0165-1765
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Official URL: http://dx.doi.org/10.1016/j.econlet.2015.07.011
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%.
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