How Different Exchange Rate Regimes affect Foreign Direct Investment Flows, 1980-2003

This ESRC-funded project empirically investigated the impact of different exchange rate regimes upon bilateral foreign direct investment (FDI) flows. Using panel data from 27 Organisation for Economic Co-operation and Development (OECD) and non-­OECD high income countries for the period 1980 through to 2003, and drawing from three different classifications of exchange rate regimes, the researchers found that a currency union is the policy framework most conducive to cross-border investment. Being a member of European Economic and Monetary Union (EMU) also appeared to spur greater FDI flows with countries floating their currency vis-à-vis the default regime of a ‘double-float’. For country-pairs fixing or pegging their currency to each other, the impact on FDI flows was found to be negative in most specifications and so was the effect on FDI flows of country-pairs’ regime combinations involving one country fixing its currency and the other floating or being a member of EMU.<br> <br> The dataset includes 35 series and 8,016 observations. The data are presented in the form used for estimation. A full description of the variables used and the sources from which they are taken is available in the documentation. The dataset consists of series for the total level of real-bi-lateral FDI flows between two countries, a large set of economic determinants and three datasets that are used to classify the bi-lateral exchange rate regime. <br> <br> Further information can be found on the ESRC <a href="http://www.esrc.ac.uk/my-esrc/grants/RES-000-22-2350/read" title ="How do different exchange rate regimes affect foreign direct investment flows?">How do different exchange rate regimes affect foreign direct investment flows?</a> award webpage.<br> <br>

这个由ESRC资助的项目实证研究了不同汇率制度对双边外国直接投资（FDI）流量的影响。研究使用1980年至2003年期间27个经济合作与发展组织（OECD）及非OECD高收入国家的面板数据，并参考三种不同的汇率制度分类，发现货币联盟是最有利于跨境投资的政策框架。作为欧洲经济与货币联盟（EMU）成员，相较于“双重浮动”默认制度下两国均实行浮动汇率的情况，似乎也能促进更多FDI流量。对于货币相互固定或钉住的国家对，其对FDI流量的影响在大多数模型设定中为负；而一国固定货币、另一国实行浮动汇率或加入EMU的国家对制度组合，对FDI流量的影响同样为负。<br> <br>该数据集包含35个序列和8016个观测值，数据按估计所用形式呈现。变量的完整说明及其来源可在文档中查阅。数据集包括两国间实际双边FDI流量总额序列、一系列经济决定因素，以及用于分类双边汇率制度的三个数据集。<br> <br>更多信息可在ESRC <a href="http://www.esrc.ac.uk/my-esrc/grants/RES-000-22-2350/read" title ="How do different exchange rate regimes affect foreign direct investment flows?">不同汇率制度如何影响外国直接投资流量？</a> 资助项目网页上查询。<br> <br>