期刊
JOURNAL OF DEVELOPMENT ECONOMICS
卷 138, 期 -, 页码 274-293出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jdeveco.2019.01.004
关键词
Foreign direct investment; Exchange rates; Gains from openness
类别
It has long been observed that a country tends to receive increased net foreign direct investment (FDI) inflow when its currency depreciates. We build an open-economy macroeconomic model that accounts for the positive correlation, and re-examine the welfare implications of FDI, focusing mainly on the short run. We show that short-run FDI fluctuations exacerbate utility loss over business cycles in an environment with monetary shocks, but have little impact on welfare over business cycles caused by productivity shocks. The best outcome occurs when the economy retains long-run FDI, but restricts short-run movements in the production location of firms.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据