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Foreign Direct Investment Trade And Exchange Rate Volatility
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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 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 Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment by : Mr.Joshua Aizenman
Download or read book Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment written by Mr.Joshua Aizenman and published by International Monetary Fund. This book was released on 1992-03 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDI). Producers may diversify internationally in order to increase the flexibility of production. We characterize the possible equilibria in a macro model that allows for the presence of a short-run Phillips curve. 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. If the dominant shocks are nominal (real) we will observe a negative (a positive) correlation between exchange rate volatility and the level of investment.
Book Synopsis Trade and Investment Performance Under Floating Exchange Rates by : International Monetary Fund
Download or read book Trade and Investment Performance Under Floating Exchange Rates written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-05-03 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contrary to the arguments of several scholars, we have failed to find either a conclusive theoretical case or clear empirical evidence of an effect, harmful or otherwise, of exchange rate variability (as measured by either short-term volatility or long-run misalignment) on overall levels of international trade. In this paper, after reviewing the theories and evidence on this issue, we go on to consider the impact of exchange rate variability on direct foreign investment. We summarize and amplify upon the scant theoretical literature of this issue, and proceed to test U.S. data for the presence of such an impact. We find none.
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 The Impact of G-3 Exchange Rate Volatility on Developing Countries by : Gerardo Esquivel
Download or read book The Impact of G-3 Exchange Rate Volatility on Developing Countries written by Gerardo Esquivel and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerns the impact of instability of the dollar, yen and deutsche mark on developing countries' exports, foreign direct investment, and exchange rate crises.
Book Synopsis Foreign Direct Investment, Exchange Rate Variability and Demand Uncertainity by : Linda S. Goldberg
Download or read book Foreign Direct Investment, Exchange Rate Variability and Demand Uncertainity written by Linda S. Goldberg and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes by : Joshua Aizenman
Download or read book Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes written by Joshua Aizenman and published by . This book was released on 1991 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to examine the implications of foreign direct investment and endogenous capacity choice on the welfare ranking of exchange rate regimes, and to analyze the linkages between volatility of shocks, the volume of trade and investment. We construct an intertemporal version of a monopolistic competitive framework, where producers may diversify internationally by foreign direct investment. Volatility is shown to induce both higher international trade in goods, as well as higher foreign direct investment, with the possibility of increasing the productive capacity in diversified industries. We apply the above framework to the welfare ranking of exchange rate regimes in the presence of nominal contracts. We show that the volatility of employment in the presence of real shocks is lower under a floating exchange rate regime, but that a by-product of the relative stability of employment is a lower expected GNP in a flexible exchange rate regime. Nominal shocks in a floating exchange rate regime are shown to generate international diversification, which leads to a higher capital cost of diversified industries. This effect implies a lower number of? independent producers and of varieties offered, ultimately leading to a lower expected utility of consumption. We show that attempts to reduce foreign direct investment by capital controls will tend to reduce welfare, without affecting our results regarding the ranking of exchange rate regimes. These observations lead us to conclude that volatility effects reduce the relative attractiveness of floating exchange rates. This conclusion applies to both real and nominal shocks.
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 Foreign Direct Investment, Exchange Rate Pass-through, and Exchange Rate Volatility by : Piriya Pholphirul
Download or read book Foreign Direct Investment, Exchange Rate Pass-through, and Exchange Rate Volatility written by Piriya Pholphirul and published by . This book was released on 2002 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Relationships Among International Trade, Foreign Direct Investment, Real Exchange Rate and Its Volatility by : Daranee Saeju
Download or read book On the Relationships Among International Trade, Foreign Direct Investment, Real Exchange Rate and Its Volatility written by Daranee Saeju and published by . This book was released on 1999 with total page 262 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 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 Rate Movements and Their Impact on Trade and Investment in the APEC Region by : Mr.Tamim Bayoumi
Download or read book Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1996-12-04 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high levels of investment and trade, international linkages, and, in most APEC economies, macroeconomic policies that have sustained growth while not sparking excessive inflation. This study offers insights about how medium and long-term changes in real exchange rates have affected international (and intra-APEC) trade and investment in the region.
Book Synopsis Proposed Strategy for a Regional Exchange Rate Arrangement in Post-crisis East Asia by : Masahiro Kawai
Download or read book Proposed Strategy for a Regional Exchange Rate Arrangement in Post-crisis East Asia written by Masahiro Kawai and published by World Bank Publications. This book was released on 2000 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intraregional exchange rates and effective exchange rates, in a way consistent with the medium-term objective of promoting trade investment and growth in the region.
Book Synopsis Strategic Foreign Investment and Endogenous Market Structure Under Exchange Rate Uncertainty by : David Nickerson
Download or read book Strategic Foreign Investment and Endogenous Market Structure Under Exchange Rate Uncertainty written by David Nickerson and published by . This book was released on 1991 with total page 28 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 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDI). Producers may diversify internationally in order to increase the flexibility of production. We characterize the possible equilibria in a macro model that allows for the presence of a short-run Phillips curve. 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. If the dominant shocks are nominal (real) we will observe a negative (a positive) correlation between exchange rate volatility and the level of investment.
