The article investigates what factors affect exchange rate stability in 30 countries from 1977 to 2017. They used different methods to analyze the data. The main factors that influence the exchange rate in the long term are things like money supply, interest rates, government spending, trade, inflation, GDP, oil prices, and education levels. In the short term, factors like interest rates, government spending, inflation, taxes, and expected exchange rates play a bigger role. For real exchange rates, factors like trade balance, investments, oil prices, education levels, and government policies have a significant impact in the long term, while in the short term, trade, unemployment rates, and expected exchange rates are key.