13. Abu bakar, M. Loganathan, N. Mursitama tirta nugraha. Golam hassan A. (2021). The effects of interest rate on real effective exchange rate volatility spillover in malaysia and Thailand: empirical evidence. Journal of ASEAN Studies, 9(2), 181-198. https:/doi.org/ 10.21512/jas.v9i2.7517 [DOI:10.21512/jas.v9i2.7517]

14. Adjei, E. (2019). Exchange rate volatility and economic growth in Ghana. International Journal of Business and Social Science, 10(4), 105-118. https://doi.org/10.30845/ijbss.v10n4p13 [DOI:10.30845/ijbss.v10n4p13.]

15. Ball, L. (1999). Policy rules for open economies. in: J.B. Taylor(ed.) Monetary Policy Rules. ChicagoUniversity Press: Chicago, 127-154. [DOI:10.3386/w6760]

16. Beaulieu, J. J., & Miron, J. A. (1993). Seasonal unit roots in aggregate US data. Journal of econometrics, 55(1-2), 305-328. [DOI:10.1016/0304-4076(93)90018-Z]

17. Bhasin, V. K. (2004). Dynamic inter-links among the exchange rate, price level and terms of trade in a managed floating exchange rate system: The case of Ghana. African Economic Research Consortium, Research Paper, No. 141.

18. Branson, W.H. & Halttunen, H. & Masson, P., (1977). Exchange rates in the short run: The dollar-deutschemark rate.Eur. Econ. Rev. 10:303-324. [DOI:10.1016/S0014-2921(77)80002-0]

19. Branson, W.H. & Halttunen, H., (1979). Asset-market determination of exchange rates: Initial empirical and policy results. In: martin, J. P., Smith, A. (eds), trade and payments adjustment under flexible exchange rates. Macmillan, London. [DOI:10.1007/978-1-349-03319-5_3]

20. Branson, W.H. (198۳). Macroeconomic determinants of real exchange rates. In: Herring, R.J. (Ed), managing foreign exchange risk. Cambrige University P-ress, cambrige.

21. Chinn, M. D. & Meredith, G., (2005). Testing uncovered interest parity at short and long horizons during the post-bretton woods era (working paper no. 1077). National. [DOI:10.3386/w11077]

22. Choi, I., Park, D., (2008). Causal relation between interest and exchange rate in the Asia. Bureau of economic research. [DOI:10.1016/j.japwor.2007.01.003]

23. Dorenbusch, R., (1976). Expectations and exchange rate dynamics. J. Political Econ. 84: 1161-1176. [DOI:10.1086/260506]

24. Eichenbaum, E. & Evans, C. L., (1995). Some empirical evidence on the effects of shocks tomonetary policy on exchange rates. Q. J. Econ. 110: 975-1009. [DOI:10.2307/2946646]

25. Engel, C. (2019). Real exchange rate convergence: The roles of price stickiness and monetary policy. Journal of Monetary Economics, 10۳, 21-۳2. https://doi.org/10.1016/j.jmoneco.2018.08.007 [DOI:10.1016/j.jmoneco.2018.08.007.]

26. Gozgor, G. (2014). Causal relation between economic growth and domestic credit in the economic globalization: Evidence from the Hatemi-J's test. The Journal of International Trade & Economic Development, 24(3), 395-408. https://doi.org/10.1080/09638199.2014.908325 [DOI:10.1080/09638199.2014.908325.]

27. Granville, B.& Mallick, S., (2010). Monetary policy in Russian: Identifying exchange rate shocks. Econ. Model. 27:432-444. [DOI:10.1016/j.econmod.2009.10.010]

28. Hacker, R. S.: Karlsson, H. K. &Mansson, K., (2014). An investigation of the causal relations between exchange rates and interest rate differential using wavelets. Int, Rev. Econ. Financ. 29: 321-329. [DOI:10.1016/j.iref.2013.06.004]

29. Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economic, 43, 447-456. [DOI:10.1007/s00181-011-0484-x]

30. Heidarzadeh hanzaee, A., & Farahani, M. (2019). Investigating the impact of oil price and exchange rate uncertainty on stock return using whitening linear transformation and vector autoregressive model. Financial knowledge of securities analysis, 12(43), 131-142. [DOI:10.21002/icmr.v10i2.10828]

31. Karamelikli, H. & Karimi, M. S. (2020). Asymmetric relationship between interest rates and exchange rate: Evidence from Turkey. International Journal of Finance and Economics, 1-11. [DOI:10.1002/ijfe.2213]

32. Oseni, I. O., Adekunle, I. A., & Alabi, M. O. (2019). Exchange rate volatility and industrial output growth in Nigeria. Journal of Economics and Management, 38(4), 129-156. https://doi.org/10.22367/jem.2019.38.07 [DOI:10.22367/jem.2019.38.07.]

33. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289-326. [DOI:10.1002/jae.616]

34. Saraç, T. B. & Karagöz, K. (2016). Impact of short-term interest rate on exchange rate: The case of Turkey. Procedia Economics and Finance, 38, 195-202. https://doi.org/10.1016/S2212-5671(16)30190-3 [DOI:10.1016/S2212-5671(16)۳0190-3.]

35. Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In W. Horrace, & R. Sickles (Eds.), The Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications (pp. 281-314). Springer. [DOI:10.1007/978-1-4899-8008-3_9]

36. Teräsvirta, T.; Van Dijk, D., & Medeiros, M.C. (2005). Linear models, smooth transition auto-regressions, and neural networks for forecasting macroeconomic time series: A reexamination. International Journal of Forecasting, 21(4), 755-774. [DOI:10.1016/j.ijforecast.2005.04.010]

37. Walker, J. S. (2020). A primer on wavelets and their scientific applications.CRC press. [DOI:10.1201/9781420050011]

38. Wu, J. L. & Chen, S. L. (1998). A re-examination of real interest rate parity. The Canadian Journal of Economics, 837-851. [DOI:10.2307/136495]

39. Yakubu, Z., Loganathan, N., Sethi, N., & Golam Hassan, A. A. (2021). Do financial development, trade openness and political stability complement for Egypt's economic growth? Journal of International Commerce, Economics and Policy, 12(1). https://doi.org/10.1142/S1793993321500010 [DOI:10.1142/S179۳99۳۳21500010.]

40. Yakubu, Z., Loganathan, N., Sethi, N., & Golam Hassan, A. A. (2021). Do financial development, trade openness and political stability complement for Egypt's economic growth? Journal of International Commerce, Economics and Policy, 12(1). https://doi.org/10.1142/S1793993321500010 [DOI:10.1142/S179۳99۳۳21500010.]