Exchange Rates and Capital Flows
研究组合投资和外国直接投资能否追踪欧元和日元兑美元汇率变动，发现欧元区对美股票净组合投资与欧元汇率紧密相关，而净FDI作用较小。
Abstract This paper explores the ability of portfolio and foreign direct investment flows to track movements in the euro and the yen against the dollar. Net portfolio flows from the euro area into US stocks – possibly reflecting differences in expected productivity growth – track movements in the euro against the dollar closely. Net FDI flows, which capture the recent burst in cross‐border M&A activity, appear less important in tracking movements in the euro‐dollar rate, possibly because many M&A transactions consist of share swaps. Movements in the yen versus the dollar remain more closely tied to conventional variables such as the current account and interest differential.