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220928 ||| eng |
| 020 |
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|a 9781484354834
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| 100 |
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|a Brito, Steve
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| 245 |
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0 |
|a Real Exchange Rates, Economic Complexity, and Investment
|c Steve Brito, Nicolas Magud, Sebastian Sosa
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2018
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| 300 |
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|a 21 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Payment Systems
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| 653 |
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|a Investment
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| 653 |
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|a Finance
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| 653 |
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|a Regimes
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| 653 |
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|a Monetary economics
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| 653 |
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|a Real effective exchange rates
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Corporate Finance and Governance: General
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| 653 |
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|a Currency
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Intangible Capital
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| 653 |
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|a National accounts
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| 653 |
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|a Money
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Financial markets
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| 653 |
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|a Corporate finance
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| 653 |
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|a Saving and investment
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Investments: General
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| 653 |
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|a Currencies
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Financial services industry
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| 653 |
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|a Corporate investment
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Capacity
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| 653 |
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|a Capital
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Finance: General
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| 653 |
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|a Foreign exchange
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| 700 |
1 |
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|a Magud, Nicolas
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| 700 |
1 |
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|a Sosa, Sebastian
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781484354834.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2018/107/001.2018.issue-107-en.xml?cid=45867-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms
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