Real Exchange Rate Uncertainty            and Private Investment in Developing Countries

Servén, Luis

Real Exchange Rate Uncertainty and Private Investment in Developing Countries

The author examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems.

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Bibliographic Details
Main Author:	Servén, Luis
Language:	English en_US
Published:	World Bank, Washington, D.C. 2002-04
Subjects:	ACCELERATOR, ADVERSE EFFECTS, AGGREGATE VOLATILITY, AVERAGE LEVEL, CAPITAL ACCUMULATION, CAPITAL FORMATION, CAPITAL GOODS, COAL, CROSS COUNTRY, CROSS-COUNTRY SAMPLE, CURRENCY BOARDS, CURRENCY RISK, DECENTRALIZATION, DEPENDENT VARIABLE, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT ECONOMICS, DYNAMIC PANEL, ECONOMETRIC ANALYSIS, ECONOMETRICS, ECONOMIC DYNAMICS, ECONOMIC INSTABILITY, ECONOMIC REVIEW, ECONOMIC STATISTICS, ECONOMIC STUDIES, ECONOMIC SURVEYS, ECONOMIC THEORY, ELASTICITY, ELASTICITY OF SUBSTITUTION, EMERGING MARKETS, EMPIRICAL LITERATURE, EMPIRICAL RESULTS, EMPIRICAL STUDIES, EMPLOYMENT, EMPLOYMENT EQUATIONS, ESTIMATION RESULTS, EXPLANATORY VARIABLES, EXPORTS, FINANCIAL DEPTH, FINANCIAL DEVELOPMENT, FINANCIAL INTERMEDIATION, FINANCIAL MARKETS, FINANCIAL SYSTEMS, GDP, GDP DEFLATOR, GROWTH LITERATURE, GROWTH VOLATILITY, IMPERFECT COMPETITION, IMPORTS, INCOME, INCOME COUNTRIES, INCOME DEVELOPING COUNTRIES, INCOME LEVELS, INDUSTRIAL ECONOMIES, INFLATION, INFLATION RATE, INFLATION RATES, INTEREST RATES, INVESTMENT-UNCERTAINTY RELATIONSHIP, IRREVERSIBILITY, LAGGED DEPENDENT, LAGGED LEVELS, LAGGED VALUES, LDCS, LIQUID LIABILITIES, MACROECONOMIC STABILITY, MACROECONOMIC VARIABLES, MACROECONOMIC VOLATILITY, MARGINAL COST, MARGINAL REVENUE, MONETARY ECONOMICS, NATURAL RESOURCES, NEGATIVE EFFECT, NEGATIVE IMPACT, 0 HYPOTHESIS, OPEN ECONOMIES, PER CAPITA INCOME, POLICY RESEARCH, POLITICAL ECONOMY, POOR COUNTRIES, POOR PEOPLE, PRIVATE INVESTMENT, PRIVATE SECTOR, PROFITABILITY, PURCHASING POWER, REAL EXCHANGE, REAL EXCHANGE RATE, REAL EXCHANGE RATE UNCERTAINTY, REAL EXCHANGE RATE VOLATILITY, REAL EXCHANGE RATES, REAL INTEREST, REAL INTEREST RATE, REAL OPTIONS MODEL, RELATIVE PRICE, RETURNS TO SCALE, RICH COUNTRIES, RISK AVERSE, RISK AVERSION, RISK DIVERSIFICATION, SERIAL CORRELATION, SIGNIFICANT EFFECT, SIGNIFICANT IMPACT, TAX REFORM, TECHNOLOGICAL FACTORS, TELECOMMUNICATIONS, TERMS OF TRADE, TIME SERIES, TRADE OPENNESS, TRADE SHOCKS, VALUE ADDED, VARIABLE INPUTS, WEALTH EXCHANGE RATES, PRIVATE INVESTMENTS, ENDOGENOUS VARIABLES, UNCERTAINTY,
Online Access:	http://documents.worldbank.org/curated/en/2002/04/1769432/real-exchange-rate-uncertainty-private-investment-developing-countries https://hdl.handle.net/10986/14809
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spelling	dig-okr-10986148092024-08-08T17:54:41Z Real Exchange Rate Uncertainty and Private Investment in Developing Countries Servén, Luis ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS The author examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems. 2013-08-06T14:07:22Z 2013-08-06T14:07:22Z 2002-04 http://documents.worldbank.org/curated/en/2002/04/1769432/real-exchange-rate-uncertainty-private-investment-developing-countries https://hdl.handle.net/10986/14809 English en_US Policy Research Working Paper;No.2823 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank, Washington, D.C.
institution	Banco Mundial
collection	DSpace
country	Estados Unidos
countrycode	US
component	Bibliográfico
access	En linea
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tag	biblioteca
region	America del Norte
libraryname	Biblioteca del Banco Mundial
language	English en_US
topic	ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS
spellingShingle	ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS Servén, Luis Real Exchange Rate Uncertainty and Private Investment in Developing Countries
description	The author examines empirically the link between real exchange rate uncertainty and private investment in developing countries using a large cross country-time series data set. He builds a GARCH-based measure of real exchange rate volatility and finds that it has a strong negative impact on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The impact of uncertainty is not uniform, however. There is some evidence of threshold effects, so that uncertainty only matters when it exceeds some critical level. In addition, the negative impact of real exchange rate uncertainty on investment is significantly larger in economies that are highly open and in those with less developed financial systems.
topic_facet	ACCELERATOR ADVERSE EFFECTS AGGREGATE VOLATILITY AVERAGE LEVEL CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS COAL CROSS COUNTRY CROSS-COUNTRY SAMPLE CURRENCY BOARDS CURRENCY RISK DECENTRALIZATION DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC DYNAMICS ECONOMIC INSTABILITY ECONOMIC REVIEW ECONOMIC STATISTICS ECONOMIC STUDIES ECONOMIC SURVEYS ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING MARKETS EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPLOYMENT EMPLOYMENT EQUATIONS ESTIMATION RESULTS EXPLANATORY VARIABLES EXPORTS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS GDP GDP DEFLATOR GROWTH LITERATURE GROWTH VOLATILITY IMPERFECT COMPETITION IMPORTS INCOME INCOME COUNTRIES INCOME DEVELOPING COUNTRIES INCOME LEVELS INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INTEREST RATES INVESTMENT-UNCERTAINTY RELATIONSHIP IRREVERSIBILITY LAGGED DEPENDENT LAGGED LEVELS LAGGED VALUES LDCS LIQUID LIABILITIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MARGINAL COST MARGINAL REVENUE MONETARY ECONOMICS NATURAL RESOURCES NEGATIVE EFFECT NEGATIVE IMPACT 0 HYPOTHESIS OPEN ECONOMIES PER CAPITA INCOME POLICY RESEARCH POLITICAL ECONOMY POOR COUNTRIES POOR PEOPLE PRIVATE INVESTMENT PRIVATE SECTOR PROFITABILITY PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE UNCERTAINTY REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL OPTIONS MODEL RELATIVE PRICE RETURNS TO SCALE RICH COUNTRIES RISK AVERSE RISK AVERSION RISK DIVERSIFICATION SERIAL CORRELATION SIGNIFICANT EFFECT SIGNIFICANT IMPACT TAX REFORM TECHNOLOGICAL FACTORS TELECOMMUNICATIONS TERMS OF TRADE TIME SERIES TRADE OPENNESS TRADE SHOCKS VALUE ADDED VARIABLE INPUTS WEALTH EXCHANGE RATES REAL EXCHANGE RATE PRIVATE INVESTMENTS ENDOGENOUS VARIABLES UNCERTAINTY FINANCIAL SYSTEMS
author	Servén, Luis
author_facet	Servén, Luis
author_sort	Servén, Luis
title	Real Exchange Rate Uncertainty and Private Investment in Developing Countries
title_short	Real Exchange Rate Uncertainty and Private Investment in Developing Countries
title_full	Real Exchange Rate Uncertainty and Private Investment in Developing Countries
title_fullStr	Real Exchange Rate Uncertainty and Private Investment in Developing Countries
title_full_unstemmed	Real Exchange Rate Uncertainty and Private Investment in Developing Countries
title_sort	real exchange rate uncertainty and private investment in developing countries
publisher	World Bank, Washington, D.C.
publishDate	2002-04
url	http://documents.worldbank.org/curated/en/2002/04/1769432/real-exchange-rate-uncertainty-private-investment-developing-countries https://hdl.handle.net/10986/14809
work_keys_str_mv	AT servenluis realexchangerateuncertaintyandprivateinvestmentindevelopingcountries
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Real Exchange Rate Uncertainty and Private Investment in Developing Countries

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