Real exchange rate volatility and investment in manufacturing industries: Empirical evidence from European countries and the United States
Başlık çevirisi mevcut değil.
- Tez No: 509192
- Danışmanlar: Dr. STACIE BECK
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: İngilizce
- Üniversite: University of Delaware
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 142
Özet
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Özet (Çeviri)
This thesis analyzes the effects of reai exchange rate volatility on investment in manufacturing industries for countries under quasi-fıxed (i.e., the EMS) and flexible exchange rate systems, by answering the question,“In which system does real exchange rate volatility have significant effects on industrial investment?”This thesis can help to determine vvhether adopting an exchange rate system like the ERM of the EMS is worthwhi!e for non-EMS countries. In the theoretical part, using option pricing techniques, it is proved that real exchange rate volatility causes the break-even real exchange rate to get higher for export-oriented industries, and lower for import-oriented industries. Thus the zone of Ltinaction" increases and real investment falls as volatility increases regardless of whether the industry is an export- or import-oriented industry. In the empirical part, the hypothesis is tested by using annual time-series data pooled across industries for each country separately. The estimation results support the hypothesis that real exchange rate volatility has depressing effects on real investment of the countries in the flexible exchange rate system, while it has no depressing effects on investment of the countries in the EMS.
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