Incertitude sur le change et multinationalisation en concurrence imparfaite
[eng] Exchange rate uncertainty and multinationalization in an imperfect framework This paper shows how, in a duopoly framework, uncertainty may provide an incentive for multinational production. Given its sequential nature, foreign direct investment can play a strategic role because, by establishing plants in more than one country, it enables the firm to relocate production once these costs are known. Owing to the asymmetry between a multinational enterprise and a single nation firm, production flexibility affects the outcomes of the competition between these firms. [fre] Incertitude sur le change et multinationalisation en concurrence imparfaite Face à l'incertitude sur le change, nous montrons que la multinationalisation peut être motivée par la recherche d'avantages stratégiques associés à la plus grande flexibilité de production dont bénéficie une firme multinationale par rapport à un concurrent domestique déjà installé sur le marché. Le rôle stratégique de l'investissement direct à l'étranger est mis en évidence en tenant compte de la nature séquentielle de cette décision, ce qui suppose une définition de la flexibilité en termes d'ensemble d'actes.
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