Bhanupong Nidhiprabha: The paper's main hypothesis is based on the notion that exchange rate fluctuations can affect economic growth. The impact of exchange rate changes on output growth can help or hamper economic growth, depending on the level of the country's degree of financial openness. The main conclusion of the paper is derived from Table 2, which reports the regression result from estimating equation (1). The authors focus on the impact of exchange rate flexibility on per capita output, which varies with the degree of financial market openness. This implies that the volatile exchange rates hamper economic growth when the financial market openness is low, due to capital control. In other words, a country with limited capital mobility would not be able to grow fast if it is under a flexible exchange rate regime. On the other hand, a country whose domestic financial market is more integrated to the world...

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