Regional economies in emerging countries vary greatly in terms of their global integration. External shocks, therefore, require adjustment mechanisms that reflect local conditions. This paper focuses on the role of real exchange rates (RER) in the economic performance of regions. In particular, we use monthly data to construct RER for 77 Russian regions over the period 2000–2016. The results validate the adoption of a regional perspective by showing nontrivial differences across regions. Oil-producing and resource-based regional economies experienced much larger RER movements and higher volatility. Overall, RER appreciated steadily until a major drop in 2008, and then, again in 2014. Growth regressions show that RER depreciations have a stimulating effect on regional performance but only in the short run. These results confirm previous findings indicating that RER are a key facilitating factor but not a major determinant of growth and are thus unlikely to produce sustainable development.

中文翻译：

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区域实际汇率和增长：来自资源型区域经济的证据

新兴国家的区域经济在全球一体化方面差异很大。因此，外部冲击需要反映当地条件的调整机制。本文侧重于实际汇率 (RER) 在区域经济表现中的作用。特别是，我们使用月度数据构建了 2000 年至 2016 年期间俄罗斯 77 个地区的 RER。结果通过显示区域间的重大差异来验证区域视角的采用。石油生产和资源型区域经济经历了更大的 RER 变动和更高的波动性。总体而言，RER 稳步升值，直到 2008 年大幅下降，然后在 2014 年再次下降。增长回归表明，RER 贬值对区域表现有刺激作用，但仅限于短期。