This study examines the moderating effects of the real exchange rate and its volatility on the finance-growth nexus in … levels of the real exchange rates and its volatility. The findings show that financial development has a long-term positive … impact on economic growth, but this impact is weakened by real exchange rate and its volatility. The marginal effects of …

, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human … on growth is swamped by the indirect negative effect through volatility. Third, with well developed financial sectors …, the resource curse is less pronounced. Fourth, landlocked countries with ethnic tensions have higher volatility and lower …