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This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al. (1991), we set up a...
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rate risk. Depreciation and export revenue are positively related, as expected, for eight countries, but its contribution … to export growth is weak. Exchange rate risk affects export revenue negatively or positively in sample countries except … Korea. It contributes positively to export growth in Malaysia and the Philippines, leading to positive net effects. The risk …
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