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Foreign direct investment and exchange rate uncertainty in South-East Asia

✍ Scribed by Sylvia Gottschalk; Stephen Hall

Publisher
John Wiley and Sons
Year
2008
Tongue
English
Weight
138 KB
Volume
13
Category
Article
ISSN
1076-9307

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✦ Synopsis

Abstract

We investigate the relationship between exchange rate volatility, exchange rate risk diversification and the location of foreign direct investment in the manufacturing industries of Indonesia, Malaysia, Philippines and Thailand. We found a strong role for the yen/dollar exchange rate in location decisions of the US and Japanese investors. There is evidence in the literature that Japanese firms invest in Asia to circumvent the appreciation of the yen. Our results show that the volatility of the yen and the correlation between local exchange rates and the yen are significant determinants of the US and Japanese investments in the region. Copyright Β© 2007 John Wiley & Sons, Ltd.

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