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The Impact of Exchange Rate Uncertainty on the Level of Investment

Darby, Julia; Hughes Hallett, Andrew; Ireland, Jonathan; … - C.E.P.R. Discussion Papers - 1998

Conventional wisdom has it that increasing price or exchange rate uncertainty will depress investment. Using the Dixit-Pindyck model, we find that there are situations where this does happen; and situations where it does not – i.e. increasing uncertainty leads to more investment. It depends...

Persistent link: https://www.econbiz.de/10005123604

FDI and Domestic Investment: An Industry-Level View

Arndt, Christian; Buch, Claudia M.; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2007

investment (FDI) cannot be gauged using firm-level data. Aggregated data, in turn, miss channels through which domestic and … investment. We theoretically show that the effects of FDI on the domestic capital stock depend on the structure of industries and … inter-sector linkage effects. We test the model using data on German FDI. Using panel cointegration methods, we find …

Persistent link: https://www.econbiz.de/10005504317

The Demand for Liquid Assets, Corporate Saving, and Global Imbalances

Bacchetta, Philippe; Benhima, Kenza - C.E.P.R. Discussion Papers - 2012

In the recent decade, capital outflows from emerging economies, in the form of a demand for liquid assets, have played a key role in the context of global imbalances. In this paper, we model the demand for liquid assets by firms in a dynamic open-economy macroeconomic model. We find that the...

Persistent link: https://www.econbiz.de/10011084493

Corporate Saving in Global Rebalancing

Bacchetta, Philippe; Benhima, Kenza - C.E.P.R. Discussion Papers - 2014

In this paper, we examine theoretically how corporate saving in emerging markets is contributing to global rebalancing. We consider a two-country dynamic general equilibrium model, based on Bacchetta and Benhima (2014), with a Developed and an Emerging country. Firms need to save in liquid...

Persistent link: https://www.econbiz.de/10011084689

Population Ageing and International Capital Flows

Domeij, David; Flodén, Martin - C.E.P.R. Discussion Papers - 2004

We use the neoclassical growth framework to model international capital flows in a world with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in...

Persistent link: https://www.econbiz.de/10005661601

Institutions, Volatility and Investment

Besley, Timothy J.; Mueller, Hannes Felix - C.E.P.R. Discussion Papers - 2015

Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak constraints. This paper argues that this may explain a strong reduced-form correlation between executive constraints and inflows of foreign investment. It uses a novel dataset...

Persistent link: https://www.econbiz.de/10011145416

Foreign Direct Investment and Politics: The Swedish Model

Blomström, Magnus; Kokko, Ari - C.E.P.R. Discussion Papers - 1995

Sweden is home to a remarkably large number of prosperous multinationals. We argue that this is partly the result of industrial policies that have been biased in favour of large firms, and partly the result of an institutional setting where regulations and controls have facilitated investment...

Persistent link: https://www.econbiz.de/10005123621

Cross-Border Trade and FDI in Services

Fillat Castejón, Carmen; Francois, Joseph; Woerz, Julia - C.E.P.R. Discussion Papers - 2008

-border trade and FDI in the service sectors. We first develop a consistent analytical framework for the application of the gravity … model jointly to services trade and commercial presence (i.e. FDI), using a composite model of delivery that offers testable …-border imports based on previous FDI inflows. A detailed analysis by individual service sectors highlights business, communication …

Persistent link: https://www.econbiz.de/10005136664

Cross-Border Mergers & Acquisitions and the Role of Trade Costs

Görg, Holger; Hijzen, Alexander; Manchin, Miriam - C.E.P.R. Discussion Papers - 2007

Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in the number of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-horizontal M&As and...

Persistent link: https://www.econbiz.de/10005067607

A Touch of Sophistication: FDI and Unit Values of Exports

Harding, Torfinn; Javorcik, Beata - C.E.P.R. Discussion Papers - 2009

many countries. This study presents evidence suggesting that attracting inflows of FDI offers potential for upgrading a … sectors treated by investment promotion agencies as priority in their efforts to attract FDI. The sample covers 116 countries … over the period 1984-2000. The findings are consistent with a positive effect of FDI on unit values of exports in …

Persistent link: https://www.econbiz.de/10008557016

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