英语翻译Foreign Direct Investment and Real Exchange Rate Interli

英语翻译
Foreign Direct Investment and Real Exchange Rate Interlinkages NIKOLINA KOSTELETOU Department of Economics,University of Athens,Greece PANAGIOTIS LIARGOVAS pliargov@cc.uoa.gr Department of International and European Economic Studies,Athens University of Economics and Business,Greece Key words:FDI,real exchange rate JEL Classification Numbers:F31,F21 Abstract This paper examines theoretically and empirically the relationship between Foreign Direct Invest- ment and the real exchange rate.It is found that in large countries with freely floating currencies,such as the USA,the UK and Japan,causality runs from the real exchange rate to FDI.These re- sults are consistent with the predictions of Models of financial behavior.Causality runs both ways in small countries with fixed or “quasi’’ fixed currencies,such as the EU countries.These results are consistent with Models,which emphasize on trade integration.It is shown that a weaker euro will not have uniform effects on FDI inflows across the unified Europe.During the last decade inflows,as well as outflows,of foreign direct investment (FDI) have increased dramatically in Europe,the US and Japan.There is evi- dence that globalization and integration of the markets have taken place through FDI flows rather than through trade.Total world capital outflows in the 1980’s grew at an annual average rate of almost 30%,more than three times the rate of world exports and four times as fast as gross domestic product.1 Implications of FDI movements for the real exchange rate and the opposite,therefore,provide important information for the forces driving the markets.Moreover,decisions about exchange rate policy should take into account the interlinkages between FDI and the real exchange rate.Theoretically,there is no clear-cut distinction concerning the direction of such a relationship.There are at least six competing Models,which can be catego- rized as following:trade integrated Models and Models of financial behavior.Within the first category,we distinguish between the traded and non-traded goods Model as well as the portfolio Model.Within the second category,we distinguish between the monetary-approach-to-the-balance-of-payments,the

外商直接投资与实际汇率的相互NIKOLINA KOSTELETOU大学经济学系的雅典,希腊PANAGIOTIS LIARGOVAS pliargov@cc.uoa.gr部国际和欧洲经济研究,雅典大学的经济学和商业,希腊关键词：外国直接投资,房地产汇率凝胶分类编号：F31 ,F21摘要本文从理论和实证研究的关系,外国直接投资的和实际汇率.结果发现,在大国的货币自由浮动,如美国,英国和日本,因果关系是从实际汇率对外国直接投资.这些重新结果符合预测模型的财务行为.因果同时执行的方式与小国的固定或“准''固定货币,如欧盟国家.这些结果是一致的模式,强调在贸易一体化.结果表明,欧元贬值将不会有统一的影响,外国直接投资流入量在统一的欧洲.在过去十年的流入,以及流出的外国直接投资（ FDI ）显着增加,在欧洲,美国和日本.有证据说,全球化和一体化的市场发生了通过外国直接投资流入,而不是通过贸易.占世界总资本外流在1980年的年均增长速度近30 ％ ,3倍以上的速度在世界出口和4倍的速度是GDP的product.1影响外国直接投资流动的实际汇率和相反的,因此,提供重要资料的驱动力的市场.此外,决定汇率政策应考虑到外国直接投资之间的相互联系和实际汇率.从理论上说,没有明确的区分关于方向这种关系.目前至少有6个相互竞争的模式,它可以catego - rized如下：贸易综合模型和模型的财务行为.在第一类,我们区分贸易和非贸易产品型号,以及投资组合模型.在第二类,我们区分货币方式到的,国际收支的