Quantum-chemical Calculations of the Antioxidant Properties of trans-p-coumaric Acid and trans-sinapinic Acid

Abstract

We investigate the impact of movements in the real exchange rate on economic growth based on …ve-year average data for a panel of over 150 countries in the post Bretton Woods period. Unlike previous literature, we use external instruments to deal with possible reverse causality from growth to the real exchange rate. Our country-speci…c instruments are (i) global capital ows interacted with individual countries' …nancial openness and (ii) the growth rate of o¢ cial reserves. We …nd that a real appreciation (depreciation) reduces (raises) signi…cantly annual real GDP growth, more than in previous estimates in the literature. However, our results con…rm this e¤ect only for developing countries and for pegs.