[
Abbasi, G.A. and Iqbal, D.J., (2021). The asymmetric impact of RER-Misalignment on economic growth: An application of Hodrick–Prescott filter technique. The Singapore Economic Review, 1-29. https://dx.doi.org/10.1142/S0217590821500375
]Search in Google Scholar
[
Adeniran, J.O., Yusuf, S.A. and Adeyemi, O.A., (2014). The impact of exchange rate fluctuation on the Nigerian economic growth: An empirical investigation. International Journal of Academic Research in Business and Social Sciences, 4(8), 224. http://dx.doi.org/10.6007/IJARBSS/v4-i8/1091
]Search in Google Scholar
[
Adedoyin, L.I., Oluwafunke, A.I., Victor, A. and Asaleye, A., (2016). Exchange rate fluctuation and the Nigeria economic growth. Euro Economica, 35(2). http://hdl.handle.net/11159/411
]Search in Google Scholar
[
Akram, V. and Rath, B.N., (2017). Exchange rate misalignment and economic growth in India. Journal of Financial Economic Policy, 9(4), 414-434. http://dx.doi.org/10.1108/JFEP-12-2016-0093
]Search in Google Scholar
[
Akusta, A. (2024). Comparative Evaluation of Statistical Models and Machine Learning Approaches in Modelling the Energy Dependency of the BIST Industrial Index: Balancing Predictive Performance and Interpretability. Journal of Corporate Governance, Insurance, and Risk Management, 11(3), 160-167. https://doi.org/10.56578/jcgirm110302
]Search in Google Scholar
[
Aliu, F., Hašková, S. and Bajra, U.Q., (2023). Consequences of Russian invasion on Ukraine: Evidence from foreign exchange rates. The Journal of Risk Finance, 24(1), 40-58. https://doi.org/10.1108/JRF-05-2022-0127
]Search in Google Scholar
[
Aliyu, S.U.R., (2009). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. Munich Personal RePEc Archive, MPRA Paper No. 16319, 4-15. https://mpra.ub.uni-muenchen.de/16319/
]Search in Google Scholar
[
Aman, Q., Ullah, I., Khan, M.I. and Khan, S.U.D., (2013). Linkages between exchange rate and economic growth in Pakistan (an econometric approach). European Journal of Law and Economics, 44(1), 157-164. https://link.springer.com/article/10.1007/s10657-013-9395-y
]Search in Google Scholar
[
Ameziane, K. and Benyacoub, B., (2022). Exchange rate volatility effect on economic growth under different exchange rate regimes: New evidence from emerging countries using panel CS-ARDL model. Journal of Risk and Financial Management, 15(11), 499. https://doi.org/10.3390/jrfm15110499
]Search in Google Scholar
[
Anyanwu, F., Ananwude, A. and Okoye, N., (2017). Exchange rate policy and Nigeria’s economic growth: A Granger causality impact assessment. International Journal of Applied Economics, Finance and Accounting, 1(1), 1-13. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2945392
]Search in Google Scholar
[
Asea, P.K. and Corden, W.M., (1994). The Balassa‐Samuelson Model: An Overview. Review of International Economics, 2(3), 191-200. https://econpapers.repec.org/RePEc:bla:reviec:v:2:y:1994:i:3:p:191-200
]Search in Google Scholar
[
Babu Rao, G., (2019). Exchange rate regimes and its impact on growth: An empirical analysis of BRICS countries. Theoretical and Applied Economics, 26(2), 157-172. https://www.ebsco.ectap.ro/Theoretical_&_Applied_Economics_2019_Summer.pdf#page=157
]Search in Google Scholar
[
Balassa, B., (1964). The purchasing-power parity doctrine: A reappraisal. Journal of Political Economy, 72(6), 584-596. https://www.jstor.org/stable/1829464
]Search in Google Scholar
[
Barguellil, A., (2021). The asymmetric indirect impact of real exchange rate on economic growth through foreign trade: An asymmetric ARDL panel model. Asian Economic and Financial Review, 11(8), 658. http://www.aessweb.com/
]Search in Google Scholar
[
Barguellil, A., Ben-Salha, O. and Zmami, M., (2018). Exchange rate volatility and economic growth. Journal of Economic Integration, 33(2), 1302-1336. https://www.jstor.org/stable/10.2307/26431809
]Search in Google Scholar
[
Bishop, M., (2022). The BRICS countries: Where next and what impact on the global economy? Economics Observatory. https://www.economicsobservatory.com/the-brics-countries-where-next-and-what-impact-on-the-global-economy
]Search in Google Scholar
[
Carletti, E., Claessens, S., Fatás, A. and Vives, X. (2020). Post-Covid-19 World. London: Centre for Economic Policy Research. http://www.cepr.org/
]Search in Google Scholar
[
Caselli, F.G. and Roitman, A., (2019). Nonlinear exchange‐rate pass‐through in emerging markets. International Finance, 22(3), 279-306. https://doi.org/10.1111/infi.12344
]Search in Google Scholar
[
Chan, K.S., (1993). Consistency and limiting distribution of the least squares estimator of a threshold autoregressive model. The annals of statistics, 520-533. https://www.jstor.org/stable/3035605
]Search in Google Scholar
[
Collins, C., (2018). The Effect of Exchange Rate Volatility on Aggregate Trade Flows for the BRICS Nations. The Park Place Economist, 26(1), 12. https://digitalcommons.iwu.edu/parkplace?utm_source=digitalcommons.iwu.edu%2Fparkplace%2Fvol26%2Fiss1%2F12&utm_medium=PDF&utm_campaign=PDFCoverPages
]Search in Google Scholar
[
Conrad, D., and Jagessar, J. (2018). Real exchange rate misalignment and economic growth: The case of Trinidad and Tobago. Economies, 6(4), 52. https://doi.org/10.3390/economies6040052
]Search in Google Scholar
[
Diniz-Maganini, N., Rasheed, A.A. and Sheng, H.H., (2023). Price efficiency of the foreign exchange rates of BRICS countries: A comparative analysis. Latin American Journal of Central Banking, 4(1), 100081. https://doi.org/10.1016/j.latcb.2022.100081
]Search in Google Scholar
[
Dubas, J., (2012), Exchange rate misalignment and economic growth, Southwest Business and Economic Review, 39, 121-137. https://ideas.repec.org/p/pra/mprapa/63417.html#:~:text=https%3A//mpra.ub.uni%2Dmuenchen.de/63417/1/SWER%2520Paper.pdf
]Search in Google Scholar
[
Duval, R. and Furceri, D., (2019). How to Reignite Growth in Emerging Market and Developing Economies. IMFBlog, October 9. https://www.imf.org/en/Blogs/Articles/2019/10/09/blog-reigniting-growth-in-ems-and-lics
]Search in Google Scholar
[
El-Khadrawi, A.F., (2023). Unraveling Exchange Rate Volatility Impact on Economic Growth: A Study of developing Countries through the Lens of Exchange Rate Regimes and financial openness., 43(4), مجلة التجارة والتمويل 115-142. https://caf.journals.ekb.eg/
]Search in Google Scholar
[
García-Solanes, J. and Torrejón-Flores, F., (2009). The Balassa–Samuelson hypothesis in developed countries and emerging market economies: Different outcomes explained. Economics, 3(1), 20090002. https://doi.org/10.5018/economics-ejournal.ja.2009-2
]Search in Google Scholar
[
Genberg, H., (1978). Purchasing power parity under fixed and flexible exchange rates. Journal of International Economics, 8(2), 247-276. https://doi.org/10.1016/0022-1996(78)90023-5
]Search in Google Scholar
[
Gnagne, P.X. and Bonga-Bonga, L., (2020). The impact of exchange rate volatility on the security markets in BRICS economies. International Economics/Economia Internazionale, 73(1). http://www.iei1946.it/upload/rivista_articoli/allegati/304_gnagne-bongabongaricfinalx.pdf
]Search in Google Scholar
[
Gottschalk, J., Miller, C., Rauqeuqe, L., Wainiqolo, I. and Yang, Y., 2016. The Real Exchange Rate: Assessment and Trade Impact in the Context of Fiji and Samoa. International Monetary Fund. https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/wp/2016/_wp16168.ashx
]Search in Google Scholar
[
Gubler, M. and Sax, C., (2019). The Balassa-Samuelson effect reversed: New evidence from OECD countries. Swiss Journal of Economics and Statistics, 155, 1-21. https://doi.org/10.1186/s41937-019-0029-3
]Search in Google Scholar
[
Guzman, M., Ocampo, J.A. and Stiglitz, J.E., (2018). Real exchange rate policies for economic development. World development, 110, 51-62. https://doi.org/10.1016/j.worlddev.2018.05.017
]Search in Google Scholar
[
Hansen, B.E., (1996). Inference when a nuisance parameter is not identified under the null hypothesis. Econometrica: Journal of the econometric society, 413-430. https://doi.org/10.2307/2171789
]Search in Google Scholar
[
Hansen, B.E., (1999). Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of econometrics, 93(2), 345-368. https://doi.org/10.1016/S0304-4076(99)00025-1
]Search in Google Scholar
[
Hansen, B.E., (2000). Sample splitting and threshold estimation. Econometrica, 68(3), 575-603. https://doi.org/10.1111/1468-0262.00124
]Search in Google Scholar
[
Hua, P., (2012). Real exchange rate and economic growth in China. Journal of Reviews on Global Economics, 1, 89-105. https://ideas.repec.org/a/lif/jrgelg/v1y2012p89-105.html
]Search in Google Scholar
[
Idris, M. (2019). Assessing the impact of real exchange rate on economic growth in Nigeria: A cointegration analysis. International Journal of Social Sciences and Management Review, 2(4), 93-110. http://www.ijssmr.org/
]Search in Google Scholar
[
Ito, T., Isard, P. and Symansky, S., (1999). Economic growth and real exchange rate: An overview of the Balassa-Samuelson hypothesis in Asia. Changes in exchange rates in rapidly developing countries: Theory, practice, and policy issues, 109-132. http://www.nber.org/books/ito_99-1
]Search in Google Scholar
[
Kandil, M. and Mirzaie, A., (2002). Exchange rate fluctuations and disaggregated economic activity in the US: theory and evidence. Journal of International Money and Finance, 21(1), 1-31. https://doi.org/10.1016/S0261-5606(01)00016-X
]Search in Google Scholar
[
Kamel, H., and Kalai, M., (2021). Panel threshold regression model analysis of real effective exchange rate impact on the Arab Maghreb Union economic growth. Journal of Quantitative Methods, 5(1), 51-78. https://doi.org/10.29145/2021/jqm/050103
]Search in Google Scholar
[
Kannaiah, D. and Murty, T.N., (2017). Exchange rate intervention and trade openness on the global economy with reference to Brazil, Russia, India, China and South Africa (BRICS) countries. Investment Management and Financial Innovations, 14(3), pp.339-352. http://dx.doi.org/10.21511/imfi.14(3-2).2017.05
]Search in Google Scholar
[
Khandare, V.B., (2017). The impact of exchange rate fluctuations on the economic growth of India. International Journal of Academic Research and Development, 2(2), 80-84. https://allstudiesjournal.com/assets/archives/2017/vol2issue2/2-2-23-325.pdf
]Search in Google Scholar
[
Khalid, W., Civcir, I., Özdeşer, H. and Iqbal, J., (2023). The Asymmetric Impact of Real Exchange Rate Misalignment on Growth Dynamics in Turkey. Journal of Policy Modeling, 45(2024) pp 1184-1203. https://doi.org/10.1016/j.jpolmod.2023.10.003
]Search in Google Scholar
[
Kondratov, D.I., (2021). Internationalization of the Currencies of BRICS Countries. Herald of the Russian Academy of Sciences, 91, 37-50. https://link.springer.com/article/10.1134/S1019331621010044
]Search in Google Scholar
[
Kuzu, S. & Arslan, M. (2023). Effect of High-Tech Exports and R&D Expenditures on Sustainable Economic Growth-Case Study of BRICS Countries and Turkey. Opportunities and Challenges in Sustainability, 2(1), 18-22. https://doi.org/10.56578/ocs020102
]Search in Google Scholar
[
Lowe, P., (2016). The rise of the BRICS in the global economy. Teaching Geography, 41(2), 50-53. https://www.jstor.org/stable/26455170
]Search in Google Scholar
[
Maradiaga, D.I., Zapata, H.O. and Pujula, A.L., (2012). Exchange rate volatility in BRICS countries (No. 1372-2016-109029). http://dx.doi.org/10.22004/ag.econ.119726
]Search in Google Scholar
[
McKinnon, R. I. (1963). Optimum currency areas. The American economic review, 53(4), 717-725. https://www.jstor.org/stable/1811021
]Search in Google Scholar
[
Mehrhoff, J., (2009). A solution to the problem of too many instruments in dynamic panel data GMM. https://dx.doi.org/10.2139/ssrn.2785360
]Search in Google Scholar
[
Mercereau, B., (2006). Stock markets and the real exchange rate: An intertemporal approach. Journal of International Money and Finance, 25(7), 1130-1145. https://doi.org/10.1016/j.jimonfin.2006.08.006
]Search in Google Scholar
[
Meriem, L. & Henchiri, J. E. (2024). The Influence of National Economic and Financial Systems on the Performance of Initial Coin Offerings. Journal of Corporate Governance, Insurance, and Risk Management, 11(2), 138-147. https://doi.org/10.56578/jcgirm110205
]Search in Google Scholar
[
Mihaljek, D. and Klau, M., (2004). The Balassa–Samuelson effect in central Europe: A disaggregated analysis. Comparative Economic Studies, 46, 63-94. https://link.springer.com/article/10.1057/palgrave.ces.8100041
]Search in Google Scholar
[
Moosa, I. (2012). The US–China trade dispute: Facts, figures and myths. In The US–China Trade Dispute. Edward Elgar Publishing. https://doi.org/10.4337/9781781001554
]Search in Google Scholar
[
Mundell, R. A. (1961). A theory of optimum currency areas. The American economic review, 51(4), 657-665. https://www.jstor.org/stable/1812792
]Search in Google Scholar
[
Musyoki, D., Pokhariyal, G.P. and Pundo, M., (2012). The impact of real exchange rate volatility on economic growth: Kenyan evidence. Business and Economic Horizons (BEH), 7(1232-2016-101104), 59-75. https://www.ceeol.com/search/article-detail?id=7653
]Search in Google Scholar
[
Oladipupo, A.O., (2011). Impact of exchange rate on balance of payment in Nigeria. African Research Review, 5(4). https://doi.org/10.4314/afrrev.v5i4.69260
]Search in Google Scholar
[
Ozata, E., (2020). The effect of exchange rate volatility on economic growth in Turkey. Journal of Business, Economics and Finance (JBEF), V.9(1), 42-51. https://doi.org/10.17261/Pressacademia.2020.1191
]Search in Google Scholar
[
Pedroni, P. (2004). Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis, Econometric Theory, 20, 597–625. https://doi.org/10.1017/S0266466604203073
]Search in Google Scholar
[
Pesaran, M.H., (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
]Search in Google Scholar
[
Ruzima, M. and Boachie, M.K., (2018). Exchange rate uncertainty and private investment in BRICS economies. Asia-Pacific Journal of Regional Science, 2(1), 65-77. https://doi.org/10.1007/s41685-017-0062-0
]Search in Google Scholar
[
Salvatore, D., (2007). International Economics. Ninth Edition. United States of America: John Wiley & Sons, Inc. https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=Salvatore%2C+D.+2007.+International+Economics.+Ninth+Edition.+United+States+of+America%3A+John+Wiley+%26+Sons%2C+Inc.&btnG=
]Search in Google Scholar
[
Samuelson, P.A., (1964). Theoretical notes on trade problems. The Review of Economics and Statistics, 145-154. https://doi.org/10.2307/1928178
]Search in Google Scholar
[
Shahrokhi, M., Cheng, H., Dandapani, K., Figueiredo, A., Parhizgari, A.M. and Shachmurove, Y., (2017). The evolution and future of the BRICS: Unbundling politics from economics. Global Finance Journal, 32, 1-15. https://doi.org/10.1016/j.gfj.2017.03.002
]Search in Google Scholar
[
Sherman, H., (2011). Portrait of a Crisis. Journal of Economic Issues, 45(3), 703-716. https://doi.org/10.2753/JEI0021-3624450310
]Search in Google Scholar
[
Shevchenko, I. (2023). A Methodical Approach to Determining the Level of Development of Digital Trade in Global Markets. Collection of papers new economy, 1, 196-216. https://doi.org/10.61432/CPNE0101196s
]Search in Google Scholar
[
Sokhanvar, A. and Lee, C.C., (2023). How do energy price hikes affect exchange rates during the war in Ukraine? Empirical Economics, 64(5), 2151-2164. https://doi.org/10.1007/s00181-022-02320-7
]Search in Google Scholar
[
Solow, R.M., (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
]Search in Google Scholar
[
Tang, B., 2015. Real exchange rate and economic growth in China: A cointegrated VAR approach. China economic review, 34, 293-310. https://doi.org/10.1016/j.chieco.2014.12.002
]Search in Google Scholar
[
Thirlwall, A. P. (2011). The balance of payments constraint as an explanation of international growth rate differences. PSL Quarterly Review, 64(259), 429-438. https://ssrn.com/abstract=2049757
]Search in Google Scholar
[
Thirlwall, A. P. (2012). Balance of payments constrained growth models: history and overview. Models of balance of payments constrained growth: History, theory and empirical evidence, 11-49. https://ssrn.com/abstract=2049740
]Search in Google Scholar
[
Topić – Pavković, B. (2024). Challenges to Global Monetary and Financial Stability. Collection of papers new economy, 2, 31-45. https://doi.org/10.61432/CPNE0201031t
]Search in Google Scholar
[
Ucar, N. and Omay, T., (2009). Testing for unit root in nonlinear heterogeneous panels. Economics Letters, 104(1), 5-8. https://doi.org/10.1016/j.econlet.2009.03.018
]Search in Google Scholar
[
Umaru, H., Aguda, N.A. and Davies, N.O., (2019). The effects of exchange rate volatility on economic growth of West African English-speaking countries. International Journal of Academic Research in Accounting, Finance and Management Sciences, 8(4), 131-143. http://dx.doi.org/10.6007/IJARAFMS/v8-i4/5470
]Search in Google Scholar
[
Wang, D., (2013). The impact of exchange rate volatility on foreign direct investment (FDI) in BRIC countries. https://library2.smu.ca/handle/01/25188
]Search in Google Scholar
[
Wang, S., YE, S. and LI, X., (2017). The impact of real effective exchange rate volatility on economic growth in the process of renminbi internationalization an empirical study based on VAR model. 2017 4th international conference on industrial economics system and industrial security engineering (IEIS), 2017. IEEE, 1-7. https://doi.org/10.1109/IEIS.2017.8078569
]Search in Google Scholar
[
Westerlund, J., (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and statistics, 69(6), 709-748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
]Search in Google Scholar