Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries

Andrew J. Abbott · David O. Cushman · Glauco De Vita

64 citations0/0 files storedReview of International Economics

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Global Financial Crisis and Policies Monetary Policy and Economic Impact International Business and FDI

Abstract

Abstract Drawing on recent advances in exchange rate regime classifications, the paper examines empirically the effect of exchange rate regimes on foreign direct investment (FDI) flows to developing countries. Using system generalized methods of moments estimation on a panel of 70 developing countries for the period 1985–2004, we find that developing countries adopting de facto fixed or intermediate regimes significantly outperform those opting for a flexible exchange rate system in attracting FDI flows. No statistically significant differences in the FDI‐inducing properties of fixes, intermediates and floats are found using the International Monetary Fund official classification.

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References

1998Initial conditions and moment restrictions in dynamic panel data models 1995Initial conditions and moment restrictions in dynamic panel data models 1994Investment Under Uncertainty.1994Investment under Uncertainty 2008A New Measure of Financial Openness 2004The Modern History of Exchange Rate Arrangements: A Reinterpretation 2002On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?2002An Estimate of the Effect of Common Currencies on Trade and Income

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