Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries
Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries
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DOI：
10.1111/j.1467-9396.2011.01010.x
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发表时间：
2012-02-01
影响因子：
1
通讯作者：
De Vita, Glauco
中科院分区：
文献类型：
--
作者：
Abbott, Andrew;Cushman, David O.;De Vita, Glauco
根据汇率制度分类的最新进展，本文实证地考察了汇率制度对流入发展中国家的外国直接投资（FDI）的影响。在1985年至2004年期间对70个发展中国家的面板使用系统广义矩估计方法，我们发现采用事实上的固定或中间汇率制度的发展中国家在吸引外国直接投资流动方面明显优于选择灵活汇率制度的发展中国家。根据国际货币基金组织（imf）的官方分类，固定汇率、中间汇率和浮动汇率在吸引外国直接投资的性质上没有统计学上的显著差异。
Drawing on recent advances in exchange rate regime classifications, the paper examines empirically the effect of exchange rate regimes on foreign direct investment (FDI) flows to developing countries. Using system generalized methods of moments estimation on a panel of 70 developing countries for the period 19852004, we find that developing countries adopting de facto fixed or intermediate regimes significantly outperform those opting for a flexible exchange rate system in attracting FDI flows. No statistically significant differences in the FDI-inducing properties of fixes, intermediates and floats are found using the International Monetary Fund official classification.