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Real exchange-rate uncertainty and US foreign direct investment: an empirical analysis


Schmidt, Christian W.; Broll, Udo


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Abstract This paper empirically analyzes the impact of exchange-rate uncertainty, exchange-rate movements, and expectations on foreign direct investment (FDI). Using data on US outward FDI for the period 1984–2004 we examine two competing measures of exchange-rate volatility. While the standard measure yields a discouraging effect on FDI outflows in all industries the alternative risk specification reveals a clear distinction between manufacturing and non-manufacturing industries, with the latter showing a positive correlation with increased exchange risk. A real appreciation of host-country currency was associated with higher FDI flows, while expectations about an appreciation showed a negative result.
Klassifikation Volkswirtschaftslehre
Freie Schlagwörter Foreign direct investment; Real exchange-rate risk; Volatility; F21; F23
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 513-530
Zeitschriftentitel Review of World Economics, 145 (2009) 3
DOI http://dx.doi.org/10.1007/s10290-009-0024-3
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)