摘要：Exchange rate changes are said to affect the level of domestic direct investment in eitherdirection. In this paper we consider the experience of each of the 18 countries in Africa.When a linear model is used, we find that the real effective exchange rate has significantshort-run effects on domestic investment in three countries and long-run effects in fivecountries. However, when a nonlinear model was used, the number of countries rose to 13and seven respectively. Furthermore, in almost all countries, the short-run and long-runeffects were asymmetric.
关键词：Domestic investment; Real exchange rate; Asymmetry analysis; Africa
