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This research empirically analyzes the impact of foreign exchange futures volatility on macroeconomic variables by using data of ten trading markets from 2011 to 2020.1 Our findings illustrate that the volatility of foreign exchange futures significantly affects various macroeconomic indicators. In particular, as the volatility of foreign exchange futures increases, it reduces government budget revenue, increases the inflation rate, and has a positive impact on net exports and total reserves. Moreover, this research conducted robustness tests by replacing independent variables and conducting a sub-sample regression to ensure the reliability of the regression results.
Yang et al. (Mon,) studied this question.