Does the Nominal Exchange Rate Regime Matter for Investment?

This paper analyses the impact of exchange rate uncertainty upon the pattern of investment in different exchange rate regimes (very hard pegs, intermediate regimes, and floats) by means of a unified approach. The comparison of different exchange rate regimes indicates that currency volatility exerts only a small influence upon the level of investment spending. On the other hand, firms turn out to be more cautious about responding to exchange rate shocks in a credible target zone model than in a flexible exchange rate regime or in a target zone model with stochastic realignments.investment, uncertainty, irreversibility, exchange rate regimes

Does the Nominal Exchange Rate Regime Matter for Investment?

This paper analyses the impact of exchange rate uncertainty upon the pattern of investment in different exchange rate regimes (very hard pegs, intermediate regimes, and floats) by means of a unified approach. The comparison of different exchange rate regimes indicates that currency volatility exerts only a small influence upon the level of investment spending. On the other hand, firms turn out to be more cautious about responding to exchange rate shocks in a credible target zone model than in a flexible exchange rate regime or in a target zone model with stochastic realignments

Конструкторская модернизация средств измерения предельной частоты СВЧ умножительных полупроводниковых диодов

Целью работы является конструкторская модернизация установки измерения предельной частоты СВЧ умножительных диодов с целью повышения точности средств измерений и автоматической обработки результатов. В результате исследований был проведен анализ средств измерений метрологических характеристик диодов. На основе ГОСТ 19656.9-79 была разработана методика измерения предельной частоты СВЧ умножительных полупроводниковых диодов с применением современного измерительного оборудования. Было разработано программное обеспечение, которое позволило значительно сократить время измерения параметров диодов, увеличить функционал и повысить производительность средства измерений.The purpose of work is design modernization of installation of measurement of the cut-off frequency of the microwave of multiplier diodes for the purpose of increase in accuracy of measuring instruments and automatic processing of results. As a result of researches the analysis of measuring instruments of metrological characteristics of diodes was carried out. On the basis of GOST 19656.9-79 the measuring technique of the cut-off frequency of the microwave of multiplier crystal diodes with use of the modern measuring equipment was developed. The software which allowed to reduce considerably time of measurement of parameters of diodes, to increase a functional and to increase efficiency of a measuring instrument was developed

Does the Nominal Exchange Rate Regime Matter for Investment?

This paper analyses the impact of exchange rate unertainty upon the pattern of investment in different exchange rate regimes (very hard pegs, intermediate regimes and floats) by means of a unified approach. The comparison of different exchange rate regimes indicates that currency volatility exerts only a small influence upon the level of investment spending. On the other hand, firms turn out to be more cautious about responding to exchange rate shocks in a credible target zone model than in a flexible exchange rate regime or in a target zone model with stochastic realignment.Investment, Uncertainty, Irreversibility, Exchange Rate Regimes

The Uncertainty-Investment Relationship

Recent theoretical developments have highlighted the importance of irreversibility and uncertainty for investment demand. This paper presents a review of this literature with some new aspects. A structural q-type investment model is derived, which contains the information on the uncertainty effects of random variables that affect future profitability of firms. A general conclusion is that the effect of uncertainty upon investment and uncertainty is ambiguous. A necessary condition for any irreversibility-driven negative relationship between investment and uncertainty is the existence of imperfect competition.

Discovering the Link between Uncertainty and Investment - Microeconometric Evidence from Germany

We analyse empirically the effect of uncertainty on the investment decisions of a sample of quoted German firms. The uncertainty measures are constructed by employing two procedures: the conventional formula of standard deviation, and the GARCH methodology. We find that uncertainty exerts a significantly negative effect on investment, i.e. uncertainty slows down capital accumulation. We also find that this negative relationship is closely related to the degree of market power of the firm.

Investigating the Link between Uncertainty and Investment - Microeconometric Evidence from Germany

We analyse empirically the effect of uncertainty on the investment decisions of a sample of quoted German firms. The uncertainty measures are constructed by employing two procedures: the conventional formula of standard deviation, and the GARCH methodology. In the econometric estimates the investment rate is shown to depend negatively on a variable that results from the interaction between uncertainty and market concentration.