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Exchange Rate Volatility And Export Oriented Fdi
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Book Synopsis Exchange Rate Volatility and Export-Oriented FDI. by : Hisham S. Foad
Download or read book Exchange Rate Volatility and Export-Oriented FDI. written by Hisham S. Foad and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: No clear consensus exists in the existing literature on the effects of exchange rate volatility on Foreign Direct Investment (FDI). A survey of past studies on this topic yields negative, positive, and indeterminate effects. Furthermore, the impact of currency risk appears to vary across both time and location. One possible explanation for these conflicting results is that they ignore the importance of export oriented FDI. A multinational's foreign affiliate is likely to operate in both the host country and local export markets. This tendency is magnified when considering FDI within a customs union such as the EU. Ignoring local export markets creates an omitted variable bias, which could overestimate or underestimate the effects of exchange rate volatility on FDI. Using detailed data on the operations of foreign affiliates of US multinationals across seventeen European countries from 1983 - 2002, we approach this issue in two stages. In the first stage, we obtain a measure of exports from foreign affiliates that is filtered from bilateral exchange rate volatility between the host and local export markets. This export series is then included in a dynamic panel with US to host market exchange rate volatility and a host of other FDI determinants to explain inflows of FDI from the US to European countries. Potential endogeneity issues are addressed using a GMM procedure suggested by Arellano and Bond (1991). We find that the ability to export has a positive and significant effect on inflows of FDI, estimating that a 1% increase in exports as a share of total affiliate sales is associated with a $96 million increase in FDI inflows. Once foreign affiliate exports have been accounted for, we find that exchange rate volatility between the US and the host country has a significantly negative effect on the level of FDI, but an insignificant effect on inflows. Additionally, it appears that there are some unobserved features of membership in the European Monetary Union that have a significantly positive effect on inflows. Finally, we run a counterfactual experiment in which we assume that the UK had adopted the euro in 1999. Re-estimating the trade and FDI relations, we estimate that by not joining the EMU, the UK has "lost" approximately $12 billion worth of FDI from the US. While not a large loss (less that 0.1% of UK GDP), it does imply that with regard to FDI from the US, the formation of the EMU has benefited the euro-zone countries at the expense of those outside the EMU.
Book Synopsis Exchange Rates and Competition for FDI by : Yuqing Xing
Download or read book Exchange Rates and Competition for FDI written by Yuqing Xing and published by . This book was released on 2004 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment by : Joshua Aizenman
Download or read book Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment written by Joshua Aizenman and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this paper is to investigate the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDI), and the correlation between exchange rate volatility and investment. We assume that producers may diversify internationally in order to increase the flexibility of production: being a multinational enables producers to reallocate employment and production towards the more efficient or the cheaper plant. We characterize the possible equilibria in a macro model that allows for the presence of a short-run Phillips curve, under a fixed and a flexible exchange rate regime. It is shown that a fixed exchange rate regime is more conducive to FDI relative to a flexible exchange rate, and this conclusion applies for both real and nominal shocks. The correlation between investment and exchange rate volatility under a flexible exchange rate is shown to depend on the nature of the shocks. If the dominant shocks are nominal, we will observe a negative correlation, whereas if the dominant shocks are real, we will observe a positive correlation between exchange rate volatility and the level of investment.
Book Synopsis The Impact of Exchange Rate Volatility on U.S. Foreign Direct Investment in Latin America by : Callye R. M. Masten
Download or read book The Impact of Exchange Rate Volatility on U.S. Foreign Direct Investment in Latin America written by Callye R. M. Masten and published by ProQuest. This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The determinants of foreign direct investment (FDI) have been widely examined. Previous studies have shown that exchange rates play a vital role in the analysis and are a major determinant in the flow of FDI. Most research has focused on examining how exchange rate volatility affects the economies of developed nations. However, little research has been done in understanding the impact of exchange rate volatility on FDI flows to Latin America. Developing countries lack the capital that is needed for further growth. Therefore, FDI is important to developing countries, because it allows them to gain the necessary capital. This paper examines the relationship between exchange rate volatility, political institutions and FDI flows into Latin America across two sectors: food processing, and industrial manufacturing. Empirical results show that exchange rate volatility significantly deters the flow of U.S. FDI into Latin America. Other significant economic factors are U.S. interest rates and openness to trade. Conflict and corruption are the political risk factors that have significant impacts on FDI flows. Conclusions from the paper recommend governments in Latin America to implement macroeconomic polices that promote stability, which could help reduce exchange rate volatility and lower inflation.
Book Synopsis Essays on the Relationships Between Foreign Direct Investment, International Trade, and Exchange Rate Volatility by : Bedassa Tadesse Ayele
Download or read book Essays on the Relationships Between Foreign Direct Investment, International Trade, and Exchange Rate Volatility written by Bedassa Tadesse Ayele and published by . This book was released on 2003 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Direct Investment, Trade and Exchange Rate Volatility by : Bedassa Tadesse
Download or read book Foreign Direct Investment, Trade and Exchange Rate Volatility written by Bedassa Tadesse and published by LAP Lambert Academic Publishing. This book was released on 2009-10 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The desire of firms' to enhance their global presence, diversify their production and the interest of policymakers to augment domestic production with more efficient foreign technology has contributed to a surge in the cross border flow of capital. By taking into account market characteristics such as market maturity and export platform status of Japanese FDI hosts during the 1990s, this dissertation examines the link between FDI, trade and exchange rate volatility. More specifically, the following questions are addressed: What induces multinational firms to reach diverse destinations? Which of the host country characteristics attract investing firms most? Are trade flows among partners related to the volume of FDI flows between them? What does the geographical distribution of FDI reflect: efficiency, technological advances, or liberalization of trade and FDI policies? Given the diminishing role of the traditional FDI driving factors (such as factor abundance and cheap labor), to what extent do market maturity, export platform status and size of the host nations matter in determining the inflow of FDI?
Book Synopsis The Impact of Exchange Rate Volatility on Export and FDI Inflows by : Aklilu Gebrehiwot
Download or read book The Impact of Exchange Rate Volatility on Export and FDI Inflows written by Aklilu Gebrehiwot and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Volatility and the Timing of Foreign Direct Investment by : Chia-Ching Lin
Download or read book Exchange Rate Volatility and the Timing of Foreign Direct Investment written by Chia-Ching Lin and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of exchange rate uncertainty on the timing of foreign direct investment (FDI) with heterogeneous investing motives. We first extend Dixit-Pindyck's real options model to show that while an increase in exchange rate volatility tends to delay FDI of a market-seeking firm, it might accelerate FDI of an export-substituting firm if the firm's degree of risk aversion is high enough. The rationale behind this finding is that a market-seeking FDI might increase the exposure of the firm's profits to exchange rate risk, while an export-substituting FDI might reduce it. Empirical evidence from a survival analysis based on firm-level data on the entry by Taiwanese firms into China over the period between 1987 and 2002 is consistent with the theory. These results reveal that the relationship between exchange rate uncertainty and FDI is crucially dependent on the motives of the investing firms.
Book Synopsis Exchange Rate Volatility and FDI Inflows by : Marek Hanusch
Download or read book Exchange Rate Volatility and FDI Inflows written by Marek Hanusch and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a panel of 80 developing and developed countries for the period 1990-2015, this studyanalyses the relationship between exchange rate volatility and foreign direct investment (FDI)inflows. The results reveal a negative relationship between de facto exchange rate volatility andFDI. Reducing exchange rate volatility by 10 percent over one-year can boost FDI inflows-ceterisparibus-by an estimated 0.48 percentage points of GDP while the same reduction over the pastfive years can boost FDI inflows by 0.27 percentage points over the long-run. The results areapplied to the case of South Africa, which has been experiencing high volatility of the rand inrecent years. Reducing the rand's volatility to that of developing country peers, South Africa could boost FDI inflows by a potential of 0.25 percentage points of GDP.
Book Synopsis The Impact of Exchange Rate Volatility on Foreign Direct Investment (FDI) in BRIC Countries by : Danqing Wang
Download or read book The Impact of Exchange Rate Volatility on Foreign Direct Investment (FDI) in BRIC Countries written by Danqing Wang and published by . This book was released on 2013 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rates and Outward Foreign Direct Investment by :
Download or read book Exchange Rates and Outward Foreign Direct Investment written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Development in Central America: Growth and internationalization by : Felipe Larraín B.
Download or read book Economic Development in Central America: Growth and internationalization written by Felipe Larraín B. and published by . This book was released on 2001 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498330282 Total Pages :132 pages Book Rating :4.4/5 (983 download)
Book Synopsis Exchange Rate Volatility and Trade Flows--Some New Evidence by : International Monetary Fund
Download or read book Exchange Rate Volatility and Trade Flows--Some New Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Economic Development in Central America by : Felipe Larraín B.
Download or read book Economic Development in Central America written by Felipe Larraín B. and published by . This book was released on 2001 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 2017 Impact Estimation Of Exchange Rate On Foreign Direct Investment Inflows And Annual Update Of Competitiveness Analysis For 34 Greater China Economies by : Khee Giap Tan
Download or read book 2017 Impact Estimation Of Exchange Rate On Foreign Direct Investment Inflows And Annual Update Of Competitiveness Analysis For 34 Greater China Economies written by Khee Giap Tan and published by World Scientific. This book was released on 2018-11-30 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the fifth annual project of the Asia Competitiveness Institute studying competitiveness at the sub-national level of Greater China. ACI's flagship competitiveness study adopts a comprehensive framework to measure competitiveness by incorporating 102 indicators under four environments and 11 sub-environments. By undertaking the study at the sub-national level, it accounts for the considerable disparities within a large economy like Greater China. The study's unique methodology incorporates comparative strengths and weaknesses, and what-if policy simulations aimed at policy suggestions for each sub-national economy and region.A new feature of this competitiveness study introduces the concept of Shapley value for the assignment of weights to the various indicators that constitute competitiveness. This methodological innovation not only adds an element of objectivity in terms of the assignment of weights, but also validates the robustness of results obtained from the competitiveness studies over the past years.Moreover, the empirical research featured in this book attempts to understand the drivers of FDI inflows to Mainland China, with a specific focus on exchange rate movements and volatility. Nowadays with the international flows of goods and capital becoming ubiquitous and comprising an important aspect of national competitiveness, the role of exchange rate is drawing much more policy attention. In view of this, the research findings presented in this book make an important academic and policy contribution by empirically examining the relationship between FDI inflows and exchange rate.Finally, the timing of this publication makes it indispensable to include the interpretation and reconciliation of policy development of China after the 19th National Congress of the Communist Party of China held in October 2017. With the growing prosperity of its people and the improvement of its international status, China would 'realise the Chinese Dream of national rejuvenation and see the people realise their aspirations for a better life.' As such, China has achieved the transformation from regaining dignity to becoming prosperous and growing strong to be a great modern socialist country visualised by President Xi Jinping. This book attempts to investigate the vision of 'growing strong to be a great modern socialist country' from different aspects.
Book Synopsis Foreign Direct Investment in Latin America and the Caribbean 2010 by : United Nations
Download or read book Foreign Direct Investment in Latin America and the Caribbean 2010 written by United Nations and published by UN. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2010, the Latin American and Caribbean region showed great resilience to the international financial crisis and became the world region with the fastest-growing flows of both inward and outward foreign direct investment (FDI). The upswing in FDI in the region has occurred in a context in which developing countries in general have taken on a greater share in both inward and outward FDI flows. This briefing paper is divided into five sections. The first offers a regional overview of FDI in 2010. The second examines FDI trends in Central America, Panama and the Dominican Republic. The third describes the presence China is beginning to build up as an investor in the region. Lastly, the fourth and fifth sections analyze the main foreign investments and business strategies in the telecommunications and software sectors, respectively.
Book Synopsis Financial Econometrics: Bayesian Analysis, Quantum Uncertainty, and Related Topics by : Nguyen Ngoc Thach
Download or read book Financial Econometrics: Bayesian Analysis, Quantum Uncertainty, and Related Topics written by Nguyen Ngoc Thach and published by Springer Nature. This book was released on 2022-05-28 with total page 865 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book overviews latest ideas and developments in financial econometrics, with an emphasis on how to best use prior knowledge (e.g., Bayesian way) and how to best use successful data processing techniques from other application areas (e.g., from quantum physics). The book also covers applications to economy-related phenomena ranging from traditionally analyzed phenomena such as manufacturing, food industry, and taxes, to newer-to-analyze phenomena such as cryptocurrencies, influencer marketing, COVID-19 pandemic, financial fraud detection, corruption, and shadow economy. This book will inspire practitioners to learn how to apply state-of-the-art Bayesian, quantum, and related techniques to economic and financial problems and inspire researchers to further improve the existing techniques and come up with new techniques for studying economic and financial phenomena. The book will also be of interest to students interested in latest ideas and results.
