"In contrast with a growing literature on the drivers of aggregate volatility in developing countries, its consequences … aggregate volatility has a regressive, asymmetric, and non linear impact, as reflected in the strong influence of extreme output …

exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real … openness to exacerbate or mitigate real exchange rate volatility. The authors collected information on the real effective …) High real exchange rate volatility is the result of highly volatile productivity shocks, and sharp oscillations in monetary …

spectacularly narrowed down, but this effect is dwarfed by that of world-price volatility. A counterfactual analysis based on a …