메뉴 건너뛰기




Volumn 71, Issue 2, 2007, Pages 344-372

The endogeneity of the exchange rate as a determinant of FDI: A model of entry and multinational firms

Author keywords

Exchange rate; Foreign direct investment; Heterogeneity; Sunk cost; Volatility

Indexed keywords

CAPITAL FLOW; EXCHANGE RATE; FOREIGN DIRECT INVESTMENT; HETEROGENEITY; MACROECONOMICS; MULTINATIONAL ENTERPRISE;

EID: 33947247423     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2006.04.004     Document Type: Article
Times cited : (95)

References (51)
  • 1
    • 0001018148 scopus 로고
    • Exchange rate flexibility, volatility, and domestic and foreign direct investment
    • Aizenman J. Exchange rate flexibility, volatility, and domestic and foreign direct investment. IMF Staff Papers 39 (1992) 890-922
    • (1992) IMF Staff Papers , vol.39 , pp. 890-922
    • Aizenman, J.1
  • 2
    • 0347660759 scopus 로고    scopus 로고
    • The merits of horizontal versus vertical FDI in the presence of uncertainty
    • Aizenman J., and Marion N. The merits of horizontal versus vertical FDI in the presence of uncertainty. Journal of International Economics 62 (2004) 125-148
    • (2004) Journal of International Economics , vol.62 , pp. 125-148
    • Aizenman, J.1    Marion, N.2
  • 3
    • 0346240204 scopus 로고    scopus 로고
    • Foreign exchange rates and foreign direct investment in the United States
    • Amuedo-Dorantes C., and Pozo S. Foreign exchange rates and foreign direct investment in the United States. International Trade Journal 15 (2001) 323-343
    • (2001) International Trade Journal , vol.15 , pp. 323-343
    • Amuedo-Dorantes, C.1    Pozo, S.2
  • 4
    • 0001497486 scopus 로고    scopus 로고
    • Does exchange-rate stability increase trade and welfare?
    • Bacchetta P., and van Wincoop E. Does exchange-rate stability increase trade and welfare?. American Economic Review 90 (2000) 1093-1109
    • (2000) American Economic Review , vol.90 , pp. 1093-1109
    • Bacchetta, P.1    van Wincoop, E.2
  • 6
    • 0037403616 scopus 로고    scopus 로고
    • Putting the "New Open Economy Macroeconomics" to a test
    • Bergin P.R. Putting the "New Open Economy Macroeconomics" to a test. Journal of International Economics 60 (2003) 3-34
    • (2003) Journal of International Economics , vol.60 , pp. 3-34
    • Bergin, P.R.1
  • 7
    • 33947241118 scopus 로고    scopus 로고
    • Bernard, A.B., Jensen, J.B., Schott, P.K., in press. Trade Costs, Heterogeneous Firms, and Productivity, Journal of Monetary Economics.
  • 8
    • 0001456421 scopus 로고    scopus 로고
    • Firm-specific assets and the link between exchange rates and foreign direct investment
    • Blonigen B.A. Firm-specific assets and the link between exchange rates and foreign direct investment. American Economic Review 87 (1997) 447-465
    • (1997) American Economic Review , vol.87 , pp. 447-465
    • Blonigen, B.A.1
  • 9
    • 0031401502 scopus 로고    scopus 로고
    • An empirical assessment of the proximity-concentration trade-off between multinational sales and trade
    • Brainard S.L. An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. American Economic Review 87 (1997) 520-544
    • (1997) American Economic Review , vol.87 , pp. 520-544
    • Brainard, S.L.1
  • 10
    • 0027706624 scopus 로고
    • Entry by foreign firms in the United States under exchange rate uncertainty
    • Campa J.M. Entry by foreign firms in the United States under exchange rate uncertainty. Review of Economics and Statistics 75 (1993) 614-622
    • (1993) Review of Economics and Statistics , vol.75 , pp. 614-622
    • Campa, J.M.1
  • 11
    • 0036011857 scopus 로고    scopus 로고
    • Exchange rate regimes and foreign direct investment flows
    • Chakrabarti R., and Scholnick B. Exchange rate regimes and foreign direct investment flows. Weltwirtschaftliches Archiv 138 (2002) 1-21
    • (2002) Weltwirtschaftliches Archiv , vol.138 , pp. 1-21
    • Chakrabarti, R.1    Scholnick, B.2
  • 12
    • 0036655918 scopus 로고    scopus 로고
    • Can sticky price models generate volatile and persistent real exchange rates?
    • Chari V.V., Kehoe P.J., and McGrattan E.R. Can sticky price models generate volatile and persistent real exchange rates?. Review of Economic Studies 69 (2002) 533-563
    • (2002) Review of Economic Studies , vol.69 , pp. 533-563
    • Chari, V.V.1    Kehoe, P.J.2    McGrattan, E.R.3
  • 13
    • 0004291281 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, NJ
    • Cochrane J.H. Asset pricing (2001), Princeton University Press, Princeton, NJ
    • (2001) Asset pricing
    • Cochrane, J.H.1
  • 15
    • 48749145425 scopus 로고
    • The effects of exchange rate risk on international trade
    • Cushman D.O. The effects of exchange rate risk on international trade. Journal of International Economics 15 (1983) 45-63
    • (1983) Journal of International Economics , vol.15 , pp. 45-63
    • Cushman, D.O.1
  • 16
    • 0000076097 scopus 로고
    • Real exchange rate risk, expectations, and the level of direct investment
    • Cushman D.O. Real exchange rate risk, expectations, and the level of direct investment. Review of Economics and Statistics 67 (1985) 297-308
    • (1985) Review of Economics and Statistics , vol.67 , pp. 297-308
    • Cushman, D.O.1
  • 17
    • 51249175509 scopus 로고
    • Exchange-rate uncertainty and foreign direct investment in the United States
    • Cushman D.O. Exchange-rate uncertainty and foreign direct investment in the United States. Weltwirtschaftliches Archiv 124 (1988) 322-335
    • (1988) Weltwirtschaftliches Archiv , vol.124 , pp. 322-335
    • Cushman, D.O.1
  • 19
    • 0010648514 scopus 로고    scopus 로고
    • Exchange rate fluctuations and trade flows: evidence from the European Union
    • Dell'Ariccia G. Exchange rate fluctuations and trade flows: evidence from the European Union. IMF Staff Papers 46 (1999) 315-334
    • (1999) IMF Staff Papers , vol.46 , pp. 315-334
    • Dell'Ariccia, G.1
  • 20
    • 33947264542 scopus 로고    scopus 로고
    • Devereux, M.B., Engel, C., 1999, 2001. The Optimal Choice of Exchange Rate Regime: Price-Setting Rules and Internationalized Production, in Topics in Blomstrom, M. and Goldberg, L. (Eds.), Empirical International Research: A Festschrift in Honor of Robert E. Lipsey, University of Chicago Press, Chicago (also NBER Working Paper No. 6992).
  • 21
    • 33947289825 scopus 로고    scopus 로고
    • Devereux, M.B., Lane, P., Xu, J., in press. Exchange Rates and Monetary Policy in Emerging Market Economies. Economic Journal.
  • 23
    • 77957181674 scopus 로고
    • The determinants of international production
    • Dunning J.H. The determinants of international production. Oxford Economic Papers 25 (1973) 289-336
    • (1973) Oxford Economic Papers , vol.25 , pp. 289-336
    • Dunning, J.H.1
  • 24
    • 0001208067 scopus 로고
    • Exchange rates and foreign direct investment: an imperfect capital markets approach
    • Froot K.A., and Stein J.C. Exchange rates and foreign direct investment: an imperfect capital markets approach. Quarterly Journal of Economics 106 (1991) 1191-1217
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 1191-1217
    • Froot, K.A.1    Stein, J.C.2
  • 25
    • 33947285268 scopus 로고    scopus 로고
    • The impact of the single market on foreign direct investment in the European Union
    • Michelis L., and Lovewell M. (Eds), APF Press, Toronto
    • Galgau O., and Sekkat K. The impact of the single market on foreign direct investment in the European Union. In: Michelis L., and Lovewell M. (Eds). Exchange Rates, Economic Integration and the International Economy (2004), APF Press, Toronto
    • (2004) Exchange Rates, Economic Integration and the International Economy
    • Galgau, O.1    Sekkat, K.2
  • 26
    • 26444489007 scopus 로고    scopus 로고
    • International trade and macroeconomic dynamics with heterogeneous firms
    • (also NBER Working Paper, No.10540)
    • Ghironi F., and Melitz M.J. International trade and macroeconomic dynamics with heterogeneous firms. Quarterly Journal of Economics 120 (2005) 865-915 (also NBER Working Paper, No.10540)
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 865-915
    • Ghironi, F.1    Melitz, M.J.2
  • 27
    • 0029499908 scopus 로고
    • Foreign direct investment, exchange rate variability, and demand uncertainty
    • Goldberg L.S., and Kolstad C.D. Foreign direct investment, exchange rate variability, and demand uncertainty. International Economic Review 36 (1995) 855-873
    • (1995) International Economic Review , vol.36 , pp. 855-873
    • Goldberg, L.S.1    Kolstad, C.D.2
  • 28
    • 0041087712 scopus 로고
    • Direct foreign investment and the choice of technique under uncertainty
    • Grossman G.M., and Razin A. Direct foreign investment and the choice of technique under uncertainty. Oxford Economic Papers 37 (1985) 606-620
    • (1985) Oxford Economic Papers , vol.37 , pp. 606-620
    • Grossman, G.M.1    Razin, A.2
  • 31
    • 0001273360 scopus 로고
    • Endogenous market structures in international trade (natura facit saltum)
    • Horstmann I.J., and Markusen J.R. Endogenous market structures in international trade (natura facit saltum). Journal of International Economics 32 (1992) 109-129
    • (1992) Journal of International Economics , vol.32 , pp. 109-129
    • Horstmann, I.J.1    Markusen, J.R.2
  • 35
    • 0000379978 scopus 로고
    • The theory of the multinational firm under exchange rate uncertainty
    • Itagaki T. The theory of the multinational firm under exchange rate uncertainty. Canadian Journal of Economics 14 (1981) 276-297
    • (1981) Canadian Journal of Economics , vol.14 , pp. 276-297
    • Itagaki, T.1
  • 37
    • 0040928723 scopus 로고    scopus 로고
    • Internationalized production in developed and developing countries and in industry sectors
    • Lipsey R.E. Internationalized production in developed and developing countries and in industry sectors. NBER Working Paper vol. 6405 (1998)
    • (1998) NBER Working Paper , vol.6405
    • Lipsey, R.E.1
  • 38
    • 0033680487 scopus 로고    scopus 로고
    • The theory of endowment, intra-industry and multinational trade
    • Markusen J.R., and Venables A. The theory of endowment, intra-industry and multinational trade. Journal of International Economics 52 (2000) 209-234
    • (2000) Journal of International Economics , vol.52 , pp. 209-234
    • Markusen, J.R.1    Venables, A.2
  • 39
    • 0242583203 scopus 로고    scopus 로고
    • The impact of trade on intra-industry reallocations and aggregate industry productivity
    • (also NBER Working Paper, vol. 8881)
    • Melitz M.J. The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 71 (2002, 2003) 1695-1725 (also NBER Working Paper, vol. 8881)
    • (2002) Econometrica , vol.71 , pp. 1695-1725
    • Melitz, M.J.1
  • 40
    • 0001624582 scopus 로고
    • International trade and factor mobility
    • Mundell R.A. International trade and factor mobility. American Economic Review 47 (1957) 321-355
    • (1957) American Economic Review , vol.47 , pp. 321-355
    • Mundell, R.A.1
  • 42
    • 0000888844 scopus 로고    scopus 로고
    • Irreversible investment, capacity choice, and the value of the firm
    • Pindyck R.S. Irreversible investment, capacity choice, and the value of the firm. American Economic Review 78 (1998) 969-985
    • (1998) American Economic Review , vol.78 , pp. 969-985
    • Pindyck, R.S.1
  • 43
    • 0030489379 scopus 로고    scopus 로고
    • Foreign direct investment under uncertainty
    • (Second Quarter)
    • Rivoli P., and Salorio E. Foreign direct investment under uncertainty. Journal of Business Studies (1996) 335-357 (Second Quarter)
    • (1996) Journal of Business Studies , pp. 335-357
    • Rivoli, P.1    Salorio, E.2
  • 44
    • 33947252584 scopus 로고    scopus 로고
    • Exchange rate regimes and foreign direct investment
    • Michelis L., and Lovewell M. (Eds), APF Press, Toronto
    • Russ K.N. Exchange rate regimes and foreign direct investment. In: Michelis L., and Lovewell M. (Eds). Exchange Rates, Economic Integration and the International Economy (2004), APF Press, Toronto
    • (2004) Exchange Rates, Economic Integration and the International Economy
    • Russ, K.N.1
  • 45
    • 33947199068 scopus 로고    scopus 로고
    • Russ, K.N., 2004b. Exchange Rate Variability and Foreign Direct Investment. Doctoral Thesis, Johns Hopkins University, Baltimore, Maryland.
  • 46
    • 0042737053 scopus 로고    scopus 로고
    • Exchange rates and foreign direct investment: a note
    • Stevens G.V.G. Exchange rates and foreign direct investment: a note. Journal of Policy Modeling 20 (1998) 301-393
    • (1998) Journal of Policy Modeling , vol.20 , pp. 301-393
    • Stevens, G.V.G.1
  • 47
    • 0039594550 scopus 로고    scopus 로고
    • Strategic foreign direct investment and exchange-rate uncertainty
    • Sung H., and Lapan H.E. Strategic foreign direct investment and exchange-rate uncertainty. International Economic Review 41 (2000) 411-423
    • (2000) International Economic Review , vol.41 , pp. 411-423
    • Sung, H.1    Lapan, H.E.2
  • 48
    • 33947243189 scopus 로고    scopus 로고
    • Tenreyro, S., in press. On the Trade Impact of Nominal Exchange Rate Volatility. Journal of Development Economics.
  • 49
    • 0034357101 scopus 로고    scopus 로고
    • The effects of model specification on foreign direct investment models: an application of count data models
    • Tomlin K.M. The effects of model specification on foreign direct investment models: an application of count data models. Southern Economic Journal 67 (2000) 460-468
    • (2000) Southern Economic Journal , vol.67 , pp. 460-468
    • Tomlin, K.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.