Volatilité Du Taux De Change Et Investissement Direct Etranger A Madagascar

Rajaonson Rindra Tsiferana


This study examines the impact of exchange rate volatility on foreign direct investments (FDI) in Madagascar between 1987 and 2021, using the ARDL model. The results indicate a cointegration relationship between the variables, confirmed by a significant statistical test. In the long term, economic growth positively influences FDI, while greater external openness can initially reduce FDI due to increased competition.

In the short term, an increase in exchange rate volatility can attract FDI, but prolonged volatility tends to reduce it. An immediate increase in external openness also reduces FDI, although greater openness may favor it in the long run. Finally, growth in domestic production enhances Madagascar's attractiveness to foreign investors.



Exchange rate, FDI, Long run, Short run, volatility

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DOI: http://dx.doi.org/10.52155/ijpsat.v45.1.6224


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