دانلود مقاله ISI انگلیسی شماره 8889
ترجمه فارسی عنوان مقاله

جریان سرمایه و نرخ ارز واقعی در کشورهای در حال ظهور آسیا

عنوان انگلیسی
Capital flows and real exchange rates in emerging Asian countries
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
8889 2013 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Asian Economics, Volume 24, February 2013, Pages 138–146

ترجمه کلمات کلیدی
تحرک سرمایه - نرخ ارز واقعی و کشورهای در حال ظهور آسیا
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  جریان سرمایه و نرخ ارز واقعی در کشورهای در حال ظهور آسیا

چکیده انگلیسی

This paper examines the impact of capital flows on real exchange rates in emerging Asian countries during 2000–2009 using a dynamic panel-data model. The estimation results show that the composition of capital flow matters in determining the impact of the flows on real exchange rates. Other forms of capital flow, especially portfolio investment, bring in a faster speed of real exchange rate appreciation than foreign direct investment (FDI). However, the magnitude of appreciation among capital flows is close to each other. The increasing importance of merger and acquisition (M&A) activities in FDI in the region makes these flows behave closer to other forms of capital flow. The estimation results also show that during the estimation period, capital outflows bring about a greater degree of exchange rate adjustment than capital inflows. This evidence is found for all types of capital flow. All in all, the results indicate that the swift rebound of capital inflows into the region could result in excessive appreciation of (real) currencies, especially when capital inflows are in the form of portfolio investment.