利率、汇率与外商直接投资:一个理论模型

本模型将沉没成本和影响汇率的更深层次宏观经济变量-利率纳入分析框架。本文将利率水平和利率波动作为影响汇率水平和汇率波动的因素,分析了利率水平和利率波动如何通过汇率影响外商直接投资。本文的分析表明,风险厌恶的跨国公司的对外直接投资受一定规模限制,东道国的利率水平和利率波动的增加均会使外商直接投资受到抑制,尤其是那些劳动密集型的投资项目。

This model takes into account sunk cost as well as an important underlying c variable that determines exchange rate--interest rate. It is assumed that interest rate level and interest rate volatility will affect exchange rate level and exchange rate volatility and this paper discusses how the interest rate level and interest rate volatility will affect FDI through exchange rate. The conclusions of this paper reveal that the foreign direct investment of risk-averse multinational enterprises is confined to a certain amount of investment. And An increase in either the interest rate level or the interest rate volatility of the host country will deter foreign direct investment, especially for those labor--intense projects.