摘要：The exchange rate is a key macroeconomic factor that affects international trade and thereal economy of each country. The development of international trade creates conditions wherevolatility comes with the exchange rate. The purpose of this paper is to examine the effect of realeffective exchange rate volatility on economic growth in the Central and Eastern European countries.Additionally, the effect, through three channels of influence on economic growth which vary on themeasurement of exchange rate volatility, is examined. The study uses annual data for fourteen CEEcountries for the period 2002–2018 to examine the nature and extends the impact of such movementson growth. The empirical findings using the fixed effects estimation for panel data reveal that thevolatility of the exchange rate has a significant negative effect on real economic growth. The resultsappear robust with alternative measures of exchange rate volatility such as standard deviation andz-score. This paper suggests that policymakers should adopt different policies to keep the exchangerate stable in order to foster economic growth.
关键词：real effective exchange rate; volatility; economic growth; CEE countries
