Impact of real exchange rate volatility on foreign direct investment inflows in Brazil
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/11412 |
Resumo: | This study aims to examine empirically the impact of the real effective exchange rate volatility on Brazilian foreign direct investment inflows from 1976 until 2013. Researches focusing on this relationship have been showing no consensus regarding how significant and what kind of influence (negative or positive) REER volatility has on alluring or keeping away foreign investors from investing in a specific country. It has not been subject of investigation for Brazil using aggregated data and a time series econometric analysis. By including 6 more determinants (GDP growth, population growth, trade openness, inflation, information infrastructure, and financial development) it was possible to conduct a statistical analysis to explain the Brazilian FDI Inflows. The ARDL model was used to estimate both short and long-term effects, given we have a set of variables of order zero and one. Empirical findings revealed that in both short and long-terms, REER volatility has a statistically significant negative impact on Brazilian FDI Inflows. This study also finds, in the long-term, statistical significance as regards to the variables population growth, trade openness, inflation and information infrastructure, and in the short-term, the variables GDP growth, trade openness, inflation and information infrastructure. Keywords: |
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Impact of real exchange rate volatility on foreign direct investment inflows in BrazilForeign direct investmentReal effective exchange rate volatilityBrazilARDL ModelsInvestimento direto estrangeiroVolatilidade da taxa de câmbio real efectivaBrasilModelos ARDLThis study aims to examine empirically the impact of the real effective exchange rate volatility on Brazilian foreign direct investment inflows from 1976 until 2013. Researches focusing on this relationship have been showing no consensus regarding how significant and what kind of influence (negative or positive) REER volatility has on alluring or keeping away foreign investors from investing in a specific country. It has not been subject of investigation for Brazil using aggregated data and a time series econometric analysis. By including 6 more determinants (GDP growth, population growth, trade openness, inflation, information infrastructure, and financial development) it was possible to conduct a statistical analysis to explain the Brazilian FDI Inflows. The ARDL model was used to estimate both short and long-term effects, given we have a set of variables of order zero and one. Empirical findings revealed that in both short and long-terms, REER volatility has a statistically significant negative impact on Brazilian FDI Inflows. This study also finds, in the long-term, statistical significance as regards to the variables population growth, trade openness, inflation and information infrastructure, and in the short-term, the variables GDP growth, trade openness, inflation and information infrastructure. Keywords:Este estudo tem por objetivo analisar empiricamente o impacto da volatilidade da taxa de câmbio real efectiva no investimento direto estrangeiro no Brasil, desde 1976 até 2013. Pesquisas com foco neste relacionamento têm vindo a mostrar que não há consenso a respeito do quão significante e que tipo de influência (volatilidade negativa ou positiva) a TCER tem em atrair ou afastar investidores estrangeiros de investir num determinado país. Não tem sido objeto de investigação para o Brasil usando dados agregados e uma análise econométrica de séries temporais. Ao incluir mais 6 determinantes (crescimento do PIB, crescimento da população, a abertura do comércio, inflação, infra-estruturas de informação e desenvolvimento financeiro) foi possível realizar uma análise estatística para explicar os fluxos de IDE no Brasil. O modelo ARDL foi utilizado para estimar os efeitos de curto e longo prazo, dado que temos um conjunto de variáveis de ordem zero e um. Resultados empíricos revelaram que, em ambos longo e curto prazo, a volatilidade TCER tem um impacto negativo e estatisticamente significativo sobre os fluxos de IDE no Brasil. Este estudo também constata, no longo prazo, significância estatística no que diz respeito às variáveis crescimento do PIB, crescimento da população, a abertura comercial, inflação e infra-estrutura, e, a curto prazo, o crescimento do PIB variáveis, abertura comercial, inflação e infra-estrutura.2016-06-03T19:06:48Z2015-01-01T00:00:00Z20152015-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/11412TID:201191873engMartins, José Filipe de Sousainfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:43:16Zoai:repositorio.iscte-iul.pt:10071/11412Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:20:21.432461Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
title |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
spellingShingle |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil Martins, José Filipe de Sousa Foreign direct investment Real effective exchange rate volatility Brazil ARDL Models Investimento direto estrangeiro Volatilidade da taxa de câmbio real efectiva Brasil Modelos ARDL |
title_short |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
title_full |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
title_fullStr |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
title_full_unstemmed |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
title_sort |
Impact of real exchange rate volatility on foreign direct investment inflows in Brazil |
author |
Martins, José Filipe de Sousa |
author_facet |
Martins, José Filipe de Sousa |
author_role |
author |
dc.contributor.author.fl_str_mv |
Martins, José Filipe de Sousa |
dc.subject.por.fl_str_mv |
Foreign direct investment Real effective exchange rate volatility Brazil ARDL Models Investimento direto estrangeiro Volatilidade da taxa de câmbio real efectiva Brasil Modelos ARDL |
topic |
Foreign direct investment Real effective exchange rate volatility Brazil ARDL Models Investimento direto estrangeiro Volatilidade da taxa de câmbio real efectiva Brasil Modelos ARDL |
description |
This study aims to examine empirically the impact of the real effective exchange rate volatility on Brazilian foreign direct investment inflows from 1976 until 2013. Researches focusing on this relationship have been showing no consensus regarding how significant and what kind of influence (negative or positive) REER volatility has on alluring or keeping away foreign investors from investing in a specific country. It has not been subject of investigation for Brazil using aggregated data and a time series econometric analysis. By including 6 more determinants (GDP growth, population growth, trade openness, inflation, information infrastructure, and financial development) it was possible to conduct a statistical analysis to explain the Brazilian FDI Inflows. The ARDL model was used to estimate both short and long-term effects, given we have a set of variables of order zero and one. Empirical findings revealed that in both short and long-terms, REER volatility has a statistically significant negative impact on Brazilian FDI Inflows. This study also finds, in the long-term, statistical significance as regards to the variables population growth, trade openness, inflation and information infrastructure, and in the short-term, the variables GDP growth, trade openness, inflation and information infrastructure. Keywords: |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z 2015 2015-09 2016-06-03T19:06:48Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/11412 TID:201191873 |
url |
http://hdl.handle.net/10071/11412 |
identifier_str_mv |
TID:201191873 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/octet-stream |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799134763718541312 |