FDI to Africa: The Role of Price Stability and Currency Instability
FDI to Africa: The Role of Price Stability and Currency Instability
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对非洲的外国直接投资：价格稳定和货币不稳定的作用
DOI：
10.5089/9781451842715.001.a001
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Carmen M. Reinhart
中科院分区：
文献类型：
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作者：
Kenneth Rogoff;Carmen M. Reinhart
非洲在吸引外国直接投资方面落后于其他区域。在某些情况下，缺乏外国直接投资有明显的原因，例如战争频繁。在本文中，我们研究了货币和汇率政策在解释这一结果中可能发挥的作用。具体而言，我们记录了通货膨胀和货币崩溃的发生率，以比较该地区的国家以及与其他地区的比较。此外，由于货币政策可以从非常透明到非常不透明，我们评估了非洲在双重和平行市场方面的记录。我们使用平行市场溢价作为扭曲程度和透明度的指标。我们的研究结果表明，这是一条很有希望的调查路线，因为非洲在这一透明度方面确实与其他地区不同。我们还讨论了非洲高通货膨胀的一些财政基础。
Africa lags behind other regions in attracting foreign direct investment (FDI). In some circumstances, there are obvious explanations for the absence of FDI, such as a high incidence of war. In this paper, we examine the role that monetary and exchange rate policy may have played in explaining this outcome. Specifically, we document the incidence of inflationary episodes and currency crashes in order to compare countries within the region as well as to make comparisons with other regions. Furthermore, since monetary policy can range from very transparent to very opaque, we assess Africa’s track record with dual and parallel markets. We use the parallel market premia as an indicator of the degree of distortions and extent of transparency. Our findings, suggest that this is a promising line of inquiry because Africa does stand apart from other regions in this measure of transparency. We also discuss some of the fiscal underpinnings of Africa’s bouts with high inflation.