Investigating the Asymmetric Effects of Exchange Rate Fluctuations on Investment in Manufacturing and Mining: Approach NARDL

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TAGHAVI AMIR; PAHLAVANI MOSAYEB; ZAMANIAN GHOLAMREZA; BASHIRI SAHAR

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Journal Paper

Paper Information

Journal: JOURNAL OF IRANIAN ECONOMIC ISSUES Year:2020 | Volume:7 | Issue:1 Page(s): 29-52

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Title

Investigating the Asymmetric Effects of Exchange Rate Fluctuations on Investment in Manufacturing and Mining: Approach NARDL

Author(s)

TAGHAVI AMIR | PAHLAVANI MOSAYEB | ZAMANIAN GHOLAMREZA | BASHIRI SAHAR

Keywords

Gross Fixed Capital Formation

Exchange rate fluctuations

Manfacturing and Mining Sector

NARDL

Abstract

Manufacturing investment due to the strong backward and forward linkages with other sectors plays an important role in determining the business cycles. In this regard, the purpose of this study is to investigate the asymmetric effect of exchange rate volatility on Gross Fixed Capital Formation in manufacturing ang mining sector by applying the NARDL approach and in terms of structural breaks in annual time series data of the Iranian economy during the period 1974-2018. The results show that the estimated model is non linear. Additionally, the effect of exchange rate shocks on the investment in manufacturing and mining in the short term and long term are asymmetric. It is worth mentioning that one percent increase in positive and negative shocks, in Exchange rate fluctuations with coefficients of 1. 62 and 0. 84, respectively, have the negative and significant effects on investment. In addition, the real rate of returns on facilities with a coefficient of 2. 71 has a negative and significant effect on investment. Also, manufacturing value-added growth with a cofficient of 1. 6 and outstanding facilities by banks and credit institutions to manufacturing and mining sector with a cofficient of 0. 31 have positive and significant effects on investment.

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APA: Copy

TAGHAVI, AMIR, PAHLAVANI, MOSAYEB, ZAMANIAN, GHOLAMREZA, & BASHIRI, SAHAR. (2020). Investigating the Asymmetric Effects of Exchange Rate Fluctuations on Investment in Manufacturing and Mining: Approach NARDL. JOURNAL OF IRANIAN ECONOMIC ISSUES, 7(1 ), 29-52. SID. https://sid.ir/paper/1042704/en

Vancouver: Copy

TAGHAVI AMIR, PAHLAVANI MOSAYEB, ZAMANIAN GHOLAMREZA, BASHIRI SAHAR. Investigating the Asymmetric Effects of Exchange Rate Fluctuations on Investment in Manufacturing and Mining: Approach NARDL. JOURNAL OF IRANIAN ECONOMIC ISSUES[Internet]. 2020;7(1 ):29-52. Available from: https://sid.ir/paper/1042704/en

IEEE: Copy

AMIR TAGHAVI, MOSAYEB PAHLAVANI, GHOLAMREZA ZAMANIAN, and SAHAR BASHIRI, “Investigating the Asymmetric Effects of Exchange Rate Fluctuations on Investment in Manufacturing and Mining: Approach NARDL,” JOURNAL OF IRANIAN ECONOMIC ISSUES, vol. 7, no. 1 , pp. 29–52, 2020, [Online]. Available: https://sid.ir/paper/1042704/en

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