Maurel, Mathilde; Schnabl, Gunther - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2011
exchange rate as an adjustment tool to asymmetric economic development. This paper approaches the question from a theoretical … perspective by confronting exchange rate based adjustment with crisis adjustment via price and wage cuts. Econometric estimations … yield a negative impact of exchange rate flexibility/ volatility on growth, which is found to be particularly strong for …