Domestic investment responses to changes in the real exchange rate: Asymmetries of appreciation versus depreciation
研究了实际汇率变动如何影响私人国内投资，重点考察投资对实际贬值和升值的反应是否不对称，基于1980-2014年6个新兴市场的数据发现考虑不对称效应能更好解释以往混合结果。
Abstract We examine how movements in the real exchange rate impact private domestic investment. Importantly, we consider whether investment responds differently to real depreciations versus real appreciations. Using a sample of 6 emerging markets over 1980 to 2014, we show that considering asymmetric responses provides an important contribution to this literature. Previous mixed results that assume symmetric responses may be better explained by considering such asymmetric effects.