| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1877 |
| DP1877 Determinants of Attitudes Towards Immigration: A Trade-Theoretic Approach | |
| Charles Ettinger; Jaime de Melo | |
| 发表日期 | 1998-05-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Conventional wisdom has it that increasing price or exchange rate uncertainty will depress investment. Using the Dixit-Pindyck model, we find that there are situations where this does happen; and situations where it does not ? i.e. increasing uncertainty leads to more investment. It depends first on the risk of being stuck with (ex-post) unwanted investments, then on the ratio of that risk to the opportunity cost of waiting, and finally on the initial level of uncertainty. There are important threshold effects as you switch from one determinant to another. That allows us to identify when rising volatility would increase or decrease investment; and also to identify which types of industries would gain, and which would suffer, from a move to fixed exchange rates. This is important for monetary union in Europe since it is likely that, even if trade is insensitive to exchange rate volatility, investment with its longer horizon (beyond insurance on the futures markets) is sensitive to such volatility. Our empirical results confirm that. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange-rate uncertainty investment |
| URL | https://cepr.org/publications/dp1877 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531018 |
| 推荐引用方式 GB/T 7714 | Charles Ettinger,Jaime de Melo. DP1877 Determinants of Attitudes Towards Immigration: A Trade-Theoretic Approach. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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