“…The majority of studies about er volatility and trade flows is based on cross-country analysis (Clark et al, 2004;Cushman, 1988;Dell' Ariccia, 1999, Rose, 2000Silva, Freitas, & Mattos, 2016;Thursby & Thursby, 1987, among others), while a much smaller number of country-specific studies are available (Arize, 1995;Aurangzeb, Stengos, & Mohammad, 2005;Bittencourt & Campos, 2014;Bittencourt & Correa, 2021;Koray & Lastrapes, 1989;Kumar & Dhawan, 1991;Thi Thuy & Thi Thuy, 2019), from which there are only few studies about er volatility and trade for South American countries, most of them for Argentina, Brazil and Chile, and only one was found for Colombia (Kandilov & Leblebicioglu, 2015).…”