Aghion, Philippe; Bacchetta, Philippe; Rancière, Romain G. - 2006
its medium-term rate of productivity growth. Moreover, the impact depends critically on the country's level of financial … these channels may operate in a simple stylized growth model in which real exchange rate uncertainty exacerbates the … negative investment effects of domestic credit market constraints. The empirical analysis is based on an 83 country data set …