Kandilov, Ivan T.; Leblebicioglu, AslI - In: Journal of Development Economics 94 (2011) 2, pp. 220-230
We estimate the impact of exchange rate volatility on firms' investment decisions in a developing country setting. Employing plant-level panel data from the Colombian Manufacturing Census, we estimate a dynamic investment equation using the system-GMM estimator developed by Arellano and Bover...