Exchange Rates and Outward Foreign Direct Investment: US FDI in Emerging Economies

This paper investigates the effect of exchange rates on US foreign direct investment (FDI) flows to a sample of 16 emerging market countries using annual panel data for the period 1990–2002. Three separate exchange rate effects are considered: the value of the local currency (a cheaper currency attracts FDI); expected changes in the exchange rate (expected devaluation implies FDI is postponed); and exchange rate volatility (discourages FDI). The results reveal a negative relationship between FDI and more expensive local currency, the expectation of local currency depreciation, and volatile exchange rates. Stable exchange rate management can be important in attracting FDI.     

巨额投资计划效果显现需等到2010年

【法国里昂证券11月10日】虽然对中国最新公布的巨额经济刺激计划的效果存在争议，但无可争议的是，4万亿元资金总额相当于中国今年GDP总量的14％。无论实施效果如何，Manop Sangiambut认为，遭受重创的中国股市无疑将会受到提振，尽管其对中国上市企业财务状况的影响要直到2010年才能显现，而建筑、工程机械和水泥等行业将成为直接受益者。