Exchange Rates and Foreign Direct Investment: Theoretical Models and Empirical Evidence
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Over the past decades, growth in foreign direct investment (FDI) has stimulated
significant attempts at developing theories that explain this trend. One line of this
research explores the relationship between exchange rates and FDI. There is no
consensus about the nature of this relationship in either the theoretical or empirical
work. In this article, we critically appraise this body of work, and find the theoretical
studies to be making ground in exploring the complexities of FDI, but the empirical
evidence to be constrained by data problems.