| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15053 |
| DP15053 The Real Effects of Exchange Rate Risk on Corporate Investment: International Evidence | |
| Mark Taylor; Zigan Wang; Qi Xu | |
| 发表日期 | 2020-07-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We empirically investigate the real effects of exchange rate risk on investment activities of international firms. We provide cross-country, firm-level evidence that greater unexpected currency volatility leads to significantly lower capital expenditures. The effect is stronger for countries with higher economic openness and for firms that do not use currency derivatives to hedge. We empirically test the implications of two potential mechanisms: Real options and precautionary savings. Our findings are consistent with both explanations. Two historical events in the FX markets strengthen the identification of our results. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | exchange rate Uncertainty Corporate investment |
| URL | https://cepr.org/publications/dp15053 |
| 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/544006 |
| 推荐引用方式 GB/T 7714 | Mark Taylor,Zigan Wang,Qi Xu. DP15053 The Real Effects of Exchange Rate Risk on Corporate Investment: International Evidence. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
