Stevens, Guy V.G. - Federal Reserve Board (Board of Governors of the … - 1993
In "Exchange Rates and Direct Investment: An Imperfect Capital Markets Approach," Kenneth Froot and Jeremy Stein [1991 … investment and the exchange rate. Their theory, based on the possibility that a foreign firm's borrowing opportunities for … appreciation and direct investment inflows into the United States. Empirically, the authors find statistically significant evidence …