Abstract

One strand of the literature in exchange rate economics argues and demonstrates that exchange rate uncertainty could affect domestic investment in either direction. In this paper, we argue and demonstrate that the effects of exchange rate volatility on domestic investment could be asymmetric, meaning that increased uncertainty may have different effect in size or direction than decreased uncertainty. We use data from each of the G7 countries and how those effects are asymmetric in the short run in almost all seven countries. However, short-run asymmetric effects translate into the long-run only in Germany and the U.S. While in the U.S., long-run effects are asymmetric, in Germany they are not.

中文翻译：

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七国集团中的汇率波动和国内投资：这种影响是否不对称？

摘要

汇率经济学中有大量文献提出并证明，汇率不确定性可能会在两个方向上影响国内投资。在本文中，我们争论并证明，汇率波动对国内投资的影响可能是不对称的，这意味着不确定性增加与不确定性降低可能在大小或方向上产生不同的影响。我们使用来自七国集团（G7）每个国家的数据，以及短期内几乎所有七个国家的影响如何不对称。但是，短期不对称效应仅在德国和美国转化为长期效应，而在美国，长期效应是不对称的，而在德国则不是。