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EXCHANGE RATE CHANGES, INFLATION, AND THE VALUE OF THE MULTINATIONAL CORPORATION
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EXCHANGE RATE CHANGES, INFLATION, AND THE VALUE OF THE MULTINATIONAL CORPORATION
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Journal Article
EXCHANGE RATE CHANGES, INFLATION, AND THE VALUE OF THE MULTINATIONAL CORPORATION
1975
Overview
AN ECONOMIC DEFINITION OF EXPOSURE TO EXCHANGE RATE GAINS OR LOSSES IS PRESENTED. IT IS SHOWN THAT THE SECTOR OF THE ECONOMY IN WHICH THE SUBSIDIARY OF A MULTINATIONAL CORPORATION OPERATES HAS FAR GREATER CONSEQUENCES FOR THE IMPACT OF INFLATION OR DEVALUATION ON THE FIRM'S DOLLAR VALUE THAN THE ACCOUNTING DEFINITION OF NET CURRENT ASSETS. THE IMPORTANCE OF DISTINGUISHING BETWEEN INCREASING AND DECREASING COST TECHNOLOGIES IN INVESTIGATING THE IMPACT OF INFLATION OR EXCHANGE-RATE CHANGES ON THE DIRECTION AND VOLUME OF TRADE IS UNDERLINED. THE EXISTENCE OF SIGNIFICANT ECONOMIES OF SCALE COULD LEAD TO UNANTICIPATED BALANCE-OF-PAYMENTS CONSEQUENCES. IT WILL BE INCREASINGLY IMPORTANT TO HOST GOVERNMENTS TO RECOGNIZE THE PRODUCTION AND THE INVESTMENT DECISIONS WHICH ARE LIKE CONSEQUENCES OF THEIR DOMESTIC ECONOMIC POLICIES. REFERENCES.
Publisher
Blackwell Publishing Ltd,American Finance Association,Blackwell Publishers Inc
Subject
