Anticipated Real Exchange-rate Changes and the Dynamics of Investment: Volume 562
Luis Serven
Jan 1990 · World Bank Publications
Ebook
50
Pages
About this ebook
Unanticipated changes in the real exchange rate affect investment through their impact on the desired capital stock, whose direction depends on a number of factors and is in general ambiguous. In contrast, anticipated changes can also have an important effect on the optimal timing of investment, in a direction that depends on the financial openness of the economy and on the important content of capital goods. This issue is explored using a simple macroeconomic model.
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