, that productivity is positively related to credit market access. Additionally, we find that while export-oriented firms …We investigate the level and volatility effects of real exchange rates on productivity growth of manufacturing firms … productivity growth negatively, having access to foreign or domestic equity, or debt markets does not alleviate these effects …

We investigate the level and volatility effects of exchange rates on the productivity growth of manufacturing firms … volatility affects productivity growth negatively, having access to foreign or domestic equity, or debt markets does not … than the rest. We detect, however, that firm productivity is positively related to having access to external credit …

We investigate the level and volatility effects of real exchange rates on the productivity growth of manufacturing … volatility affects productivity growth negatively, having access to foreign or domestic equity, or debt markets does not … than the rest. We detect, however, that rm productivity is positively related to having access to external credit …