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Real exchange rate uncertainty and private investment in developing countries / Luis Serven
Bib ID 2079930
Format BookBook, OnlineOnline
Author
Serven, Luis
 
Online Access
Description Washington, D.C. : World Bank, Latin America and the Caribbean Region, Office of the Chief Economist, [2002] 
18 p. ; 28 cm. 
Series

Policy research working papers ; 2823.

Summary

Serven examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems.

Notes

"April 2002"--Cover.

Includes bibliographical references (p. 15-16).

Also available on the Internet.

Subjects Foreign exchange rates -- Developing countries.  |  Investments -- Developing countries.
Other authors/contributors World Bank. Latin America and the Caribbean Regional Office. Office of the Chief Economist

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