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... first discuss our estimated coefficient functions for our bivariate exchange rate-FDI system, and then analyze the marginal effects on these coefficients from an increase in government stability. Since our semiparametric systems estimator provides observation-specific estimates and standard errors, we summarize these estimates using kernel density plots and 45 degree gradient plots that are depicted by Figure 1, and the 25th, 50th (median), and 75th percentiles that are in Table 2. The 45 degree gradient plots found in the lower panels of the figures show the observation specific function estimates plotted on the 45 degree line, with 95 percent observation specific confidence intervals plotted above and below each point estimate. ...
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... Rate Equation The top-left panel of Figure 1 presents the kernel density of the FDI coefficient estimates. It is clear from the kernel density that the effect of FDI on the exchange rate is heterogeneous, though largely positive. ...
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... is clear from the kernel density that the effect of FDI on the exchange rate is heterogeneous, though largely positive. The corresponding 45 degree gradient plot (bottom-left of Figure 1) shows that the majority of these estimates are statistically significant at the 5 percent level; this is evident from the clustering of estimates in the first quadrant with point-wise confidence bounds that exclude zero. ...
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... top-right panel of Figure 1 reveals that the distribution of the exchange rate coefficient estimates is generally positive, and the corresponding 45 degree plot (bottom right of Figure 1) reveals that most of these positive estimates are statistically significant. In Table 2, we see that the change in the exchange rate has a statistically significant causal effect on FDI inflows at each reported quartile. ...
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... top-right panel of Figure 1 reveals that the distribution of the exchange rate coefficient estimates is generally positive, and the corresponding 45 degree plot (bottom right of Figure 1) reveals that most of these positive estimates are statistically significant. In Table 2, we see that the change in the exchange rate has a statistically significant causal effect on FDI inflows at each reported quartile. ...
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... investigate the effect of a marginal change in the government stability index on the FDI and ∆Exchange coefficients, we once again use nonparametric methods to regress the FDI and ∆Exchange rate coefficients on the index of government stability (separately). These plots are shown in Figure 10. It is clear from the figure that across most of the estimated models, government stability has a significantly positive relationship with the FDI inflows coefficients, indicating that the effect of FDI inflows on the exchange rate is stronger at higher levels of government stability. ...

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