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The Effect of the Exchange Rates on Investment in Mexican Manufacturing Industry

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Author Info
Caglayan, Mustafa (University of Sheffield)
Muñoz Torres, Rebeca I. (Department of Economics, University of Warwick)

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Abstract

This paper, considering revenue and cost exposure channels, investigates the effects of exchange rate behaviour on fixed capital investment in Mexican manufacturing sector over 1994-2002. We find that i) currency depreciation has a positive (negative) effect on fixed investment through the export (import) channel; ii) exchange rate volatility impacts mostly export oriented sectors ; iii) the sensitivity of investment to exchange rate movements is stronger in non-durable goods sectors and industries with low mark-up ratios.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/publications/twerp_846.pdf
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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 846.

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Length: 20 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:wrk:warwec:846

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Related research
Keywords: Exchange rate volatility ; investment ; external exposure ; market structure;

Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

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