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|z 9781475530520
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|a 1018-5941
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|c BD-DhAAL
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|a Cevik, Serhan.
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|a Soft Power and Exchange Rate Volatility /
|c Serhan Cevik, Richard Harris, Fatih Yilmaz.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (35 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Standard models-based exclusively on macro-financial variables-have made little progress in explaining the behavior of exchange rates. In this paper, we introduce a neglected set of 'soft power' factors capturing a country's demographic, institutional, political and social underpinnings to uncover the 'missing' determinants of exchange rate volatility over time and across countries. Based on a balanced panel dataset comprising 115 countries during the period 1996-2011, the empirical results are generally robust across different estimation methodologies and show a high degree of persistence in exchange rate volatility, especially in emerging market economies. After controlling for standard macroeconomic factors, we find that the 'soft power' variables-such as an index of voice and accountability, life expectancy, educational attainment, the z-score of banks, and the share of agriculture relative to services-have a statistically significant influence on the level of exchange rate volatility across countries.
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|a Mode of access: Internet
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|a Harris, Richard.
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|a Yilmaz, Fatih.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/063
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/063/001.2015.issue-063-en.xml
|z IMF e-Library
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