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International Trade and Investment by Multinational Firms under Uncertainty

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  • Itagaki, Takao

Abstract

This paper investigates the consequences of exchange-rate uncertainty on international trade, investment, employments of labor, and product ion by competitive multinational firms. It is shown to be important w hether and how international trade is undertaken. The paper demonstra tes that uncertainty may stimulate the foreign activities by risk-ave rse multinational firms, if international trade is undertaken only by these firms. It also shows that uncertainty may or may not discourag e foreign production in the absence of trade, while it definitely dis courages foreign production if international trade is undertaken by c ompetitive risk-neutral arbitragers. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Itagaki, Takao, 1987. "International Trade and Investment by Multinational Firms under Uncertainty," The Manchester School of Economic & Social Studies, University of Manchester, vol. 55(4), pages 392-406, December.
    • Handle: RePEc:bla:manch2:v:55:y:1987:i:4:p:392-406
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    Cited by:

    1. Gao, Lu & Zhao, Xuan, 2015. "Determining intra-company transfer pricing for multinational corporations," International Journal of Production Economics, Elsevier, vol. 168(C), pages 340-350.

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