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Do Exchange Rate Changes Drive Foreign Direct Investment?

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Author Info
Dewenter, Kathryn L
Abstract

This article uses transaction-specific data on foreign acquisitions of U.S. targets during 1975-89 to explore the relationship between the value of the dollar and the flow and prices of cross-border acquisitions. The article examines the robustness of prior test results with respect to the foreign investment measure, the exchange rate measure, and inclusion of a relative wealth proxy. The results uncover several new findings. For example, there is no statistically significant relationship between the level of the exchange rate and foreign investment relative to domestic investment after controlling for relative corporate wealth and the overall level of investment. Copyright 1995 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 68 (1995)
Issue (Month): 3 (July)
Pages: 405-33
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Handle: RePEc:ucp:jnlbus:v:68:y:1995:i:3:p:405-33

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Postal: The University of Chicago Press, Journals Division, P.O. Box 37005 Chicago, IL 60637
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  1. Ele Reiljan, 2001. "Determinants of foreign direct investment inflows in Estonia," University of Tartu - Faculty of Economics and Business Administration, in: Foreign Direct Investments in the Estonian Economy, volume 9, chapter 2, pages 31-90 Faculty of Economics and Business Administration, University of Tartu (Estonia). [Downloadable!]
  2. Cletus C. Coughlin & Eran Segev, 1997. "Location determinants of new foreign-owned manufacturing plants," Working Papers 1997-018, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  3. Robert E. Lipsey & Zadia Feliciano, 2002. "Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms," NBER Working Papers 9122, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Xing, Yuqing & Wan, Guanghua, 2004. "Exchange Rates and Competition for FDI," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  5. Xing, Yuqing, 2006. "Exchange rate policy and the relative distribution of FDI among host countries," BOFIT Discussion Papers 15/2006, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  6. Malcolm Baker & C. Fritz Foley & Jeffrey Wurgler, 2004. "The Stock Market and Investment: Evidence from FDI Flows," NBER Working Papers 10559, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Linda S. Goldberg & Michael W. Klein, 1997. "Foreign Direct Investment, Trade and Real Exchange Rate Linkages in Developing Countries," NBER Working Papers 6344, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Cuyvers L. & Plasmans J. & Soeng R. & Van den Bulcke D., 2008. "Determinants of Foreign Direct Investment in Cambodia: Country-Specific Factor Differentials," Working Papers 2008003, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
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