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

Citations

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Cited by:

  1. Claudia M. Buch & Jörn Kleinert, 2008. "Exchange Rates and FDI: Goods versus Capital Market Frictions," The World Economy, Wiley Blackwell, vol. 31(9), pages 1185-1207, September.
  2. Claudia M. Buch & Alexander Lipponer, 2005. "Business Cycles and FDI: Evidence from German Sectoral Data," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(4), pages 732-759, December.
  3. Fabio Ghironi & Marc J. Melitz, 2005. "International Trade and Macroeconomic Dynamics with Heterogeneous Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 865-915.
  4. Thomas A. Lubik & Katheryn N. Russ, 2012. "Exchange rate volatility in a simple model of firm entry and FDI," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 98(1Q), pages 51-76.
  5. José L. Fillat & Stefania Garetto, 2015. "Risk, Returns, and Multinational Production," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(4), pages 2027-2073.
  6. Chupryhin, Radzivon, 2021. "Determinants of Foreign Direct Investment in Europe: Bayesian Model Averaging in the Presence of Weak Exogeneity," MPRA Paper 107197, University Library of Munich, Germany.
  7. Sarah Guillou & Stefano Schiavo, 2014. "Exchange rate exposure under liquidity constraints," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(6), pages 1541-1561.
  8. Vithessonthi, Chaiporn, 2016. "Capital investment, internationalization, and firm performance: Evidence from Southeast Asian countries," Research in International Business and Finance, Elsevier, vol. 38(C), pages 393-403.
  9. Wataru Johdo, 2013. "Corporate Tax Reductions, Cross-Border Ownership and Welfare," The Japanese Economic Review, Japanese Economic Association, vol. 64(4), pages 484-503, December.
  10. Jinjarak, Yothin, 2007. "Foreign direct investment and macroeconomic risk," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 509-519, September.
  11. Cavallari, Lilia, 2015. "Entry costs and the dynamics of business formation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 312-326.
  12. Guo, Yan, 2013. "Strategic trade policy, cost uncertainty and FDI determinants," ISU General Staff Papers 201301010800004464, Iowa State University, Department of Economics.
  13. Katheryn Russ, 2012. "Exchange rate volatility and first-time entry by multinational firms," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(2), pages 269-295, June.
  14. Ellalee, Haider & Alali, Walid Y., 2018. "The Brexit Impact on Inward FDI in the UK," MPRA Paper 117510, University Library of Munich, Germany, revised 20 May 2018.
  15. Dorn, Sabrina & Egger, Peter, 2015. "On the distribution of exchange rate regime treatment effects on international trade," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 75-94.
  16. Michał Brzozowski & Grzegorz Tchorek, 2017. "Exchange Rate Risk as an Obstacle to Export Activity," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 115-141.
  17. Sourafel Girma & Sandra Lancheros & Alejandro Riaño, 2016. "Global Engagement and Returns Volatility," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(6), pages 814-833, December.
  18. Lewis, Logan T., 2014. "Exports versus multinational production under nominal uncertainty," Journal of International Economics, Elsevier, vol. 94(2), pages 371-386.
  19. Zhongjun Qu & Denis Tkachenko, 2017. "Global Identification in DSGE Models Allowing for Indeterminacy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(3), pages 1306-1345.
  20. Demidova, Svetlana & Kee, Hiau Looi & Krishna, Kala, 2012. "Do trade policy differences induce sorting? Theory and evidence from Bangladeshi apparel exporters," Journal of International Economics, Elsevier, vol. 87(2), pages 247-261.
  21. Beatriz de Blas & Katheryn Russ, 2010. "FDI in the Banking Sector," Working Papers 25, University of California, Davis, Department of Economics.
  22. Claudia M. Buch & Iris Kesternich & Alexander Lipponer, 2009. "Financial Constraints and the Margins of FDI," IAW Discussion Papers 54, Institut für Angewandte Wirtschaftsforschung (IAW).
  23. Tolentino, Paz Estrella, 2010. "Home country macroeconomic factors and outward FDI of China and India," Journal of International Management, Elsevier, vol. 16(2), pages 102-120, June.
  24. Tian, Wei & Yu, Miaojie, 2020. "Distribution, outward FDI, and productivity heterogeneity: China and cross-countries’ evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 67(C).
  25. Hayato Kato & Toshihiro Okubo, 2017. "The Impact of a Natural Disaster on Foreign Direct Investment and Vertical Linkages," Keio-IES Discussion Paper Series 2017-018, Institute for Economics Studies, Keio University.
  26. Yongliang Zhang & Md. Qamruzzaman & Salma Karim & Ishrat Jahan, 2021. "Nexus between Economic Policy Uncertainty and Renewable Energy Consumption in BRIC Nations: The Mediating Role of Foreign Direct Investment and Financial Development," Energies, MDPI, vol. 14(15), pages 1-29, August.
  27. Wataru Johdo, 2010. "Profit Tax And Firm Mobility In A Three‐Country Model," Australian Economic Papers, Wiley Blackwell, vol. 49(2), pages 111-126, June.
  28. Andrew Ojede & Ruby Kishan, 2017. "External Macroeconomic Imbalances And Foreign Direct Investment Inflows To Developing Countries," Contemporary Economic Policy, Western Economic Association International, vol. 35(3), pages 484-504, July.
  29. Hsieh, Hui-Ching & Boarelli, Sofia & Vu, Thi Huyen Chi, 2019. "The effects of economic policy uncertainty on outward foreign direct investment," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 377-392.
  30. Udo Broll & Soumyatanu Mukherjee, 2018. "The attitude of multinationals towards risks," Discussion Papers 2018-02, University of Nottingham, GEP.
  31. Matthias Busse & Carsten Hefeker & Signe Nelgen, 2013. "Foreign Direct Investment and Exchange Rate Regimes," Economics Bulletin, AccessEcon, vol. 33(1), pages 843-858.
  32. Cavallari, Lilia & D'Addona, Stefano, 2013. "Trade margins and exchange rate regimes: new evidence from a panel VAR," MPRA Paper 51585, University Library of Munich, Germany.
  33. Aray, Henry & Gardeazabal, Javier, 2010. "Going multinational under exchange rate uncertainty," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 1171-1191, October.
  34. Degong, Prof. Ma & Ullah, Farid & Ullah, Raza & Arif, Muhammad, 2023. "An empirical nexus between exchange rate and China's outward foreign direct investment: Implications for Pakistan under the China Pakistan economic corridor project," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 224-234.
  35. Works, Richard Floyd, 2016. "Econometric modeling of exchange rate determinants by market classification: An empirical analysis of Japan and South Korea using the sticky-price monetary theory," MPRA Paper 76382, University Library of Munich, Germany.
  36. Contessi, Silvio, 2015. "Multinational firms׳ entry and productivity: Some aggregate implications of firm-level heterogeneity," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 61-80.
  37. Tolentino, Paz Estrella, 2008. "The determinants of the outward foreign direct investment of China and India: Whither the home country?," MERIT Working Papers 2008-049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  38. repec:fip:fedreq:y:2012:i:1q:p:51-76:n:vol.98no.1 is not listed on IDEAS
  39. Li, Chang & Wang, Chu & Yang, Lianxing & Chu, Baoju, 2023. "Impact of cultural trade on foreign direct investment: Evidence from China," Emerging Markets Review, Elsevier, vol. 55(C).
  40. Hayato Kato & Toshihiro Okubo, 2022. "The Resilience of FDI to Natural Disasters Through Industrial Linkages," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(1), pages 177-225, May.
  41. Xie, Qin & Li, Shuo, 2024. "Minimum wage and corporate OFDI," Finance Research Letters, Elsevier, vol. 61(C).
  42. Cavallari, Lilia, 2010. "Exports and foreign direct investments in an endogenous-entry model with real and nominal uncertainty," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 300-313, March.
  43. René Cabral & André Varella Mollick & Eduardo Saucedo, 2019. "Foreign Direct Investment In Mexico, Crime, And Economic Forces," Contemporary Economic Policy, Western Economic Association International, vol. 37(1), pages 68-85, January.
  44. Wing Leong Teo, 2009. "Estimated Dynamic Stochastic General Equilibrium Model Of The Taiwanese Economy," Pacific Economic Review, Wiley Blackwell, vol. 14(2), pages 194-231, May.
  45. Beatriz de Blas & Katheryn Russ, 2010. "FDI in the Banking Sector," Working Papers 108, University of California, Davis, Department of Economics.
  46. Eicher, Theo S. & Helfman, Lindy & Lenkoski, Alex, 2012. "Robust FDI determinants: Bayesian Model Averaging in the presence of selection bias," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 637-651.
  47. Yang Li & Erick W. Rengifo, 2018. "The Impact of Institutions and Exchange Rate Volatility on China’s Outward FDI," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(12), pages 2778-2798, September.
  48. Claudia Busl & Marcus Kappler, 2013. "Does Foreign Direct Investment Synchronise Business Cycles? Results from a Panel Approach. WWWforEurope Working Paper No. 23," WIFO Studies, WIFO, number 46884.
  49. Ding, Haoyuan & Fan, Haichao & Jin, Yuying & Qi, Tong, 2022. "Talented overseas returnees and outward foreign direct investment," European Economic Review, Elsevier, vol. 148(C).
  50. Katheryn N. Russ & Thomas A. Lubik, 2006. "Entry, Multinational Firms, and Exchange Rate Volatility," Working Papers 622, University of California, Davis, Department of Economics.
  51. Andrew Abbott & David O. Cushman & Glauco De Vita, 2012. "Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries," Review of International Economics, Wiley Blackwell, vol. 20(1), pages 95-107, February.
  52. Vithessonthi, Chaiporn, 2017. "Capital investment and internationalization," Journal of Economics and Business, Elsevier, vol. 90(C), pages 31-48.
  53. Osei-Fosu & Baba Insah Anthony & Ofori-Boateng Kenneth, 2015. "Real Exchange Rate Volatility and Foreign Direct Investment Inflows: The Ghanaian Experience," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 4(6), pages 336-344.
  54. Cavallari, Lilia, 2013. "Firms' entry, monetary policy and the international business cycle," Journal of International Economics, Elsevier, vol. 91(2), pages 263-274.
  55. Dohwa, Kohjiro, 2018. "The role of local currency pricing in international transmission effects of corporate tax reduction in an economy with vertical production linkage and foreign direct investment," MPRA Paper 86394, University Library of Munich, Germany.
  56. repec:spo:wpmain:info:hdl:2441/17o1b2tj1o9vqae31ao13vabec is not listed on IDEAS
  57. Fan, Haichao & Lin, Faqin & Tang, Lixin, 2018. "Minimum Wage and Outward FDI from China," Journal of Development Economics, Elsevier, vol. 135(C), pages 1-19.
  58. Eva Barteková & Thomas H. W Ziesemer, 2019. "The impact of electricity prices on foreign direct investment: evidence from the European Union," Applied Economics, Taylor & Francis Journals, vol. 51(11), pages 1183-1198, March.
  59. Jiancai Pi & Xinyi Liu, 2023. "Urban bias and multinational firms," Scottish Journal of Political Economy, Scottish Economic Society, vol. 70(1), pages 101-114, February.
  60. Balaban, Suzana & Živkov, Dejan & Milenković, Ivan, 2019. "Impact of an unexplained component of real exchange rate volatility on FDI: Evidence from transition countries," Economic Systems, Elsevier, vol. 43(3).
  61. Shi Li & Hironobu Nakagawa, 2022. "Exchange rates and foreign direct investment: Evidence from Chinese firm‐level data," The World Economy, Wiley Blackwell, vol. 45(9), pages 2902-2923, September.
  62. Balázs Murakozy & Katheryn Niles Russ, 2015. "Competition with Multinational Firms: Theory and Evidence," CERS-IE WORKING PAPERS 1534, Institute of Economics, Centre for Economic and Regional Studies.
  63. Luman Zhao & Yabin Zhang & Yuefeng Xie, 2023. "Does the Aging of the Chinese Population Have an Impact on Outward Foreign Direct Investment?," Sustainability, MDPI, vol. 15(18), pages 1-24, September.
  64. de Blas, Beatriz & Russ, Katheryn Niles, 2013. "Hymer's multinationals," Journal of Economic Behavior & Organization, Elsevier, vol. 94(C), pages 381-392.
  65. Vikrant KULKARNI, 2018. "Exploring the FDI Impact on Currency Devaluation," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 73-77.
  66. Demir, Firat, 2013. "Growth under exchange rate volatility: Does access to foreign or domestic equity markets matter?," Journal of Development Economics, Elsevier, vol. 100(1), pages 74-88.
  67. Hornstein, Abigail S. & Naknoi, Kanda, 2023. "FDI commitments increase when uncertainty is resolved: Evidence from Asia," Journal of Asian Economics, Elsevier, vol. 87(C).
  68. repec:hal:spmain:info:hdl:2441/17o1b2tj1o9vqae31ao13vabec is not listed on IDEAS
  69. Fries, Claudia & Kappler, Marcus, 2015. "Does foreign direct investment synchronise business cycles? Results from a panel approach," ZEW Discussion Papers 15-031, ZEW - Leibniz Centre for European Economic Research.
  70. Buchanan, Bonnie G. & Le, Quan V. & Rishi, Meenakshi, 2012. "Foreign direct investment and institutional quality: Some empirical evidence," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 81-89.
  71. Lilia Cavallari & Stefano D'Addona, 2013. "Business cycle determinants of US foreign direct investments," Applied Economics Letters, Taylor & Francis Journals, vol. 20(10), pages 966-970, July.
  72. Haichao Fan & Yu Liu & Suhua Tian & Xuan Wang, 2023. "Firm outward direct investment and multinational activity under domestic taxes," Economic Inquiry, Western Economic Association International, vol. 61(3), pages 605-628, July.
  73. Udo Broll & Peter Welzel & Kit Wong, 2015. "Exchange Rate Risk and the Impact of Regret on Trade," Open Economies Review, Springer, vol. 26(1), pages 109-119, February.
  74. Cabral Torres René & Mollick André V. & Saucedo Eduardo, 2018. "The Impact of Crime and Other Economic Forces on Mexico's Foreign Direct Investment Inflows," Working Papers 2018-24, Banco de México.
  75. Shi, Jiao, 2019. "Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI," Journal of Development Economics, Elsevier, vol. 138(C), pages 274-293.
  76. Dohwa, Kohjiro, 2018. "The role of local currency pricing in international transmission effects of monetary and productivity shocks in an economy with vertical production linkage and firm entry," MPRA Paper 86351, University Library of Munich, Germany.
  77. Alali, Walid Y. & Ellalee, Haider, 2018. "The Brexit Impact on Inward FDI in the UK," EconStor Preprints 274655, ZBW - Leibniz Information Centre for Economics.
  78. Stefano D’Addona & Lilia Cavallari, 2020. "External Shocks, Trade Margins, and Macroeconomic Dynamics," Economies, MDPI, vol. 8(1), pages 1-26, January.
  79. Ding, Haoyuan & Ni, Bei & Xue, Chang & Zhang, Xiaoyu, 2022. "Land holdings and outward foreign direct investment: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 124(C).
  80. Dohwa, Kohjiro, 2024. "The role of local currency pricing in the international transmission effects of a government spending shock in an economy with vertical production linkage and foreign direct investment," Journal of Macroeconomics, Elsevier, vol. 80(C).
  81. Claudia Buch & Iris Kesternich & Alexander Lipponer & Monika Schnitzer, 2014. "Financial constraints and foreign direct investment: firm-level evidence," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 150(2), pages 393-420, May.
  82. Shauna Phillips & Fredoun Z. Ahmadi-Esfahani, 2008. "Exchange rates and foreign direct investment: theoretical models and empirical evidence ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(4), pages 505-525, December.
  83. Lee, Bong-Soo & Min, Byung S., 2011. "Exchange rates and FDI strategies of multinational enterprises," Pacific-Basin Finance Journal, Elsevier, vol. 19(5), pages 586-603, November.
  84. Lilia Cavallari, 2008. "Macroeconomic Interdependence with Trade and Multinational Activities," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 537-558, August.
  85. Lilia Cavallari, 2012. "Modelling Entry Costs: Does It Matter For Business Cycle Transmission?," Working Papers 0712, CREI Università degli Studi Roma Tre, revised 2012.
  86. Lin Ching-Yi, 2012. "Exchange Rate Uncertainty and Trade," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-37, April.
  87. Phillips, Shauna & Ahmadi-Esfahani, Fredoun Z., 2008. "Exchange Rates and Foreign Direct Investment: Theoretical Models and Empirical Evidence," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(4), pages 1-21.
  88. Cooke, Dudley, 2014. "Monetary shocks, exchange rates, and the extensive margin of exports," Journal of International Money and Finance, Elsevier, vol. 41(C), pages 128-145.
  89. A. Can Inci & Bong Soo Lee, 2014. "Dynamic Relations between Stock Returns and Exchange Rate Changes," European Financial Management, European Financial Management Association, vol. 20(1), pages 71-106, January.
  90. Zhang, Wenyue & Li, Jianan & Sun, Chuanwang, 2022. "The impact of OFDI reverse technology spillovers on China's energy intensity: Analysis of provincial panel data," Energy Economics, Elsevier, vol. 116(C).
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