References
- Adediran, I. A. 2021. Can tail risk predict asia-pacific exchange rates out of sample? Asian Economics Letters 2 (3):23501.
- Aizenman, J., S. Edwards, and D. Riera-Crichton. 2012. Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies. Journal of International Money and Finance 31 (8):1990–2016. doi:https://doi.org/10.1016/j.jimonfin.2012.05.003.
- Baek, J., and S. Nam. 2021. The South Korea–China trade and the bilateral real exchange rate: Asymmetric evidence from 33 industries. Economic Analysis and Policy 71:463–75. doi:https://doi.org/10.1016/j.eap.2021.06.007.
- Baker, S. R., N. Bloom, and S. J. Davis. 2016. Measuring economic policy uncertainty*. The Quarterly Journal of Economics 131 (4):1593–636. doi:https://doi.org/10.1093/qje/qjw024.
- Bassanini, A., S. Scarpetta, and P. Hemmings (2001). Economic growth: The role of policies and institutions. Panel data evidence from OECD countries. Working Paper.
- Blundell, R., and S. Bond. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1):115–43.
- Bollen, N. P. B., and R. E. Whaley. 2015. Futures market volatility: What has changed? Journal of Futures Markets 35 (5):426–54. doi:https://doi.org/10.1002/fut.21666.
- Borio, C., and L. Gambacorta. 2017. Monetary policy and bank lending in a low interest rate environment: Diminishing effectiveness? Journal of Macroeconomics 54:217–31. doi:https://doi.org/10.1016/j.jmacro.2017.02.005.
- Broda, C. 2004. Terms of trade and exchange rate regimes in developing countries. Journal of International Economics 63 (1):31–58. doi:https://doi.org/10.1016/S0022-1996(03)00043-6.
- Cergibozan, R., and A. Ari. 2018. The exchange regime and trade balance in Turkey. The International Trade Journal 32 (4):363–87. doi:https://doi.org/10.1080/08853908.2017.1412372.
- Çevik, E. İ., T. Korkmaz, and E. Atukeren. 2012. Business confidence and stock returns in the Usa: A time-varying markov regime-switching model. Applied Financial Economics 22 (4):299–312. doi:https://doi.org/10.1080/09603107.2011.610742.
- Chandra Pati, P., and P. Rajib. 2010. Volatility persistence and trading volume in an emerging futures market. The Journal of Risk Finance 11 (3):296–309. doi:https://doi.org/10.1108/15265941011043666.
- Chang, C.-P., G.-F. Feng, and M. Zheng. 2021. Government fighting pandemic, stock market return, and COVID-19 virus outbreak. Emerging Markets Finance and Trade 57 (8):2389–406. doi:https://doi.org/10.1080/1540496X.2021.1873129.
- Chen, Y.-L., and Y.-F. Gau. 2010. News announcements and price discovery in foreign exchange spot and futures markets. Journal of Banking & Finance 34 (7):1628–36. doi:https://doi.org/10.1016/j.jbankfin.2010.03.009.
- Chit, M. M., M. Rizov, and D. Willenbockel. 2010. Exchange rate volatility and exports: New empirical evidence from the emerging East Asian economies. The World Economy 33 (2):239–63.
- Danmola, R. A. 2013. The impact of exchange rate volatility on the macro economic variables in Nigeria. European Scientific Journal 9 (7):152–65.
- Davis, J. H. 2004. An annual index of U. S. INDUSTRIAL PROduction, 1790–1915*. The Quarterly Journal of Economics 119 (4):1177–215. doi:https://doi.org/10.1162/0033553042476143.
- Ethier, W. 2016. International trade and the forward exchange market. The American Economic Review63:494–503.
- Evans, M. D. D. 2002. FX Trading and exchange rate dynamics. The Journal of Finance 57 (6):2405–47. doi:https://doi.org/10.1111/1540-6261.00501.
- Fatás, A., and I. Mihov. 2003. The case for restricting fiscal policy discretion*. The Quarterly Journal of Economics 118 (4):1419–47. doi:https://doi.org/10.1162/003355303322552838.
- Floros, C., and E. Salvador. 2016. Volatility, trading volume and open interest in futures markets. International Journal of Managerial Finance 12 (5):629–53. doi:https://doi.org/10.1108/IJMF-04-2015-0071.
- Gao, B., and C. Yang. 2018. Investor trading behavior and sentiment in futures markets. Emerging Markets Finance and Trade 54 (3):707–20. doi:https://doi.org/10.1080/1540496X.2016.1262760.
- Ghazali, M. F., O. A. Yee, and M. Z. Muhammad. 2009. Do producer prices cause consumer prices? Some empirical evidence. The International Journal of Business and Management 3 (11). doi: https://doi.org/10.5539/IJBM.V3N11P78.
- Grydaki, M., and S. Fountas. 2009. Exchange rate volatility and output volatility: A theoretical approach*. Review of International Economics 17 (3):552–69. doi:https://doi.org/10.1111/j.1467-9396.2009.00833.x.
- Han, L.-M., and O. Ozocak. 2002. Risk–return relationships in foreign-currency futures following macroeconomic announcements. Journal of Futures Markets 22 (8):729–64. doi:https://doi.org/10.1002/FUT.10030.
- Huang, B., and X. Fang. 2021. Market sentiment, valuation heterogeneity, and corporate investment: Evidence from China’s a-share stock market. Emerging Markets Finance and Trade 57 (8):2230–45. doi:https://doi.org/10.1080/1540496X.2019.1672531.
- Kapetanios, G., and M. Marcellino. 2010. Factor-gmm estimation with large sets of possibly weak instruments. Computational Statistics & Data Analysis 54 (11):2655–75. doi:https://doi.org/10.1016/J.CSDA.2010.04.008.
- Keefe, H. G. 2020. The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies. International Finance 23 (3):417–33. doi:https://doi.org/10.1111/infi.12368.
- Kurov, A. 2008. Investor sentiment, trading behavior and informational efficiency in index futures markets. Financial Review 43 (1):107–27. doi:https://doi.org/10.1111/j.1540-6288.2007.00188.x.
- Mala, R., and M. Reddy. 2007. Measuring stock market volatility in an emerging economy. International Research Journal of Finance and Economics 2007 (8):126–33.
- Moosa, I. A., P. Silvapulle, and M. Silvapulle. 2003. Testing for temporal asymmetry in the price-volume relationship. Bulletin of Economic Research 55 (4):373–89. doi:https://doi.org/10.1111/1467-8586.00182.
- Narayan, P. K. 2020. Oil price news and COVID-19—is there any connection? Energy Research Letters 1 (1):13176.
- Narayan, P. K. 2021a. COVID-19 research outcomes: an agenda for future research. Economic Analysis and Policy 71:439–45. doi:https://doi.org/10.1016/j.eap.2021.06.006.
- Narayan, P. K. 2021b. Understanding exchange rate shocks during COVID-19. Finance Research Letters 102181. doi:https://doi.org/10.1016/j.frl.2021.102181.
- Narayan, P. K., B. N. Iyke, and S. S. Sharma. 2021. New measures of the COVID-19 pandemic: A new time-series dataset. Asian Economics Letters 2 (2):23491.
- Narayan, P. K., D. Bannigidadmath, and S. Narayan. 2021. How much does economic news influence bilateral exchange rates? Journal of International Money and Finance 115:102410. doi:https://doi.org/10.1016/j.jimonfin.2021.102410.
- Olayungbo, D., O. Yinusa, and A. Akinlo. 2011. Effects of exchange rate volatility on trade in some selected Sub-Saharan African countries. Modern Economy 2 (4):538–45. doi:https://doi.org/10.4236/ME.2011.24059.
- Pehnelt, G. (2007). Globalization and inflation in OECD countries. Jena Economic Research Paper(2007-055).
- Poirson, H. (2001). How do countries choose their exchange rate regime? IMF Working Papers, 1–33.
- Pozo, S. 1992. Conditional exchange-rate volatility and the volume of international trade: Evidence from the early 1900s. The Review of Economics and Statistics 74 (2):325–29. doi:https://doi.org/10.2307/2109665.
- Salisu, A. A., J. Cuñado, K. Isah, and R. Gupta. 2021. Oil price and exchange rate behaviour of the BRICS. Emerging Markets Finance and Trade 57 (7):2042–51. doi:https://doi.org/10.1080/1540496X.2020.1850440.
- Sauer, C., and A. K. Bohara. 2001. Exchange rate volatility and exports: regional differences between developing and industrialized countries. Review of International Economics 9(1):133–152. doi:https://doi.org/10.1111/1467-9396.00269
- Secu, P. 1992. Exchange risk, exposure, and the option to trade. Journal of International Money and Finance 11 (6):579–93. doi:https://doi.org/10.1016/0261-5606(92)90005-I.
- Syarifuddin, F. (2020). Macroeconomic consequences of foreign exchange futures market for inflation targeting economies. Working Paper.
- Tobin, J. 1965. Money and economic growth. Econometrica: Journal of the Econometric Society 33 (4):671–84.
- Vieira, F. V., and R. MacDonald. 2012. A panel data investigation of real exchange rate misalignment and growth. Estudos Econômicos 42 (3):433–56.
- Vieira, F. V., and R. MacDonald. 2016. Exchange rate volatility and exports: A panel data analysis. Journal of Economic Studies 43 (2):203–21. doi:https://doi.org/10.1108/JES-05-2014-0083.
- Wang, Y., J. Tsai, and X. Chen. 2021. The impact of RMB internationalization and international situations on China’s foreign exchange market: Dynamic linkages between USD/CNY and SDR/CNY. Emerging Markets Finance and Trade 57 (5):1437–54. doi:https://doi.org/10.1080/1540496X.2019.1624521.
- Wang, Y., K. Wang, and C.-P. Chang. 2019. The impacts of economic sanctions on exchange rate volatility. Economic Modelling 82:58–65.
- Wen, J., -X.-X. Zhao, and C.-P. Chang. 2021. The impact of extreme events on energy price risk. Energy Economics 99:105308.
- Wen, J., Y. Hao, G.-F. Feng, and C.-P. Chang. 2016. Does Government ideology influence environmental performance? Evidence based on a new dataset. Economic Systems 40 (2):232–46. doi:https://doi.org/10.1016/j.ecosys.2016.04.001.
- Wu, J.-W., and J.-L. Wu. 2018. Does a flexible exchange rate regime increase inflation persistence? Journal of International Money and Finance 86:244–63. doi:https://doi.org/10.1016/j.jimonfin.2018.05.002.
- Zhang, Y., F. Derrien, X. Wu, and Q. Zeng. 2021. The unintended consequences of regulations in emerging financial markets: Evidence from the chinese ipo market. Emerging Markets Finance and Trade 57 (9):2583–603. doi:https://doi.org/10.1080/1540496X.2019.1689118.