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首页> 外文期刊>The quarterly review of economics and finance >The impact of deviation from relative purchasing power parity equilibrium on U.S. foreign direct investment
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The impact of deviation from relative purchasing power parity equilibrium on U.S. foreign direct investment

机译：相对购买力平价均衡偏离对美国外国直接投资的影响

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摘要

Analyzing inbound and outbound foreign direct investment (FDI) between the U.S. and seven developed countries over the period from 1994 to 2004, this study provides strong evidence for a positive relationship between aggregate FDI flows and a strengthening of a home currency. Further, taking exchange rate disequilibrium into account, we find that an increase in U.S. inbound FDI is related to a strengthening of an undervalued and overvalued U.S. dollar, while an increase in U.S. outbound FDI (foreign inbound FDI) is mainly related to a strengthening of an overvalued foreign currency. Disaggregate FDI flow data show that these findings hold mainly for the manufacturing (food and machinery) and the wholesale industry. We argue that our findings may provide evidence for a co-existence of the wealth-effect hypothesis and a more profit and production oriented hypothesis, once the U.S. dollar is undervalued. Additionally, the results support the argument that the profit and production oriented hypothesis dominates the wealth effect in developed countries, especially in the manufacturing and wholesale industry. Moreover, the results support the view that foreign investors are interested in how overvalued or undervalued a currency is, rather than being interested only in the recent direction of change in the exchange rate. Finally, all findings are robust with respect to several estimation procedures.
机译：该研究分析了1994年至2004年期间美国与七个发达国家之间的流入和流出的外国直接投资（FDI），该研究提供了强有力的证据，证明总FDI流量与本币升值之间存在正相关关系。此外，考虑到汇率不平衡，我们发现美国入境FDI的增加与美元被低估和高估美元的增强有关，而美国对外FDI（外国入境FDI）的增加主要与美元贬值的增强有关。高估的外币。分列的外国直接投资流量数据表明，这些发现主要适用于制造业（食品和机械）和批发行业。我们认为，一旦美元被低估，我们的发现可能提供财富效应假说与利润和生产假说并存的证据。此外，结果支持这样一个论点，即以利润和生产为导向的假设支配着发达国家的财富效应，特别是在制造业和批发业。此外，结果支持以下观点：外国投资者对货币的高估或低估感兴趣，而不是仅对汇率的近期变化方向感兴趣。最后，相对于几种估计程序，所有发现都是可靠的。

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