View this email in your browser [https://wiiw.ac.at/files/mailings/event-201804180908-en.html]   Dear colleague, we cordially invite you to the following event: INVESTMENT ACCELERATIONS: THE ROLE OF THE REAL EXCHANGE RATE AMONG OTHER FACTORS PROF. ARSLAN RAZMI University of Massachusetts at Amherst THURSDAY, 19 APRIL 2018, 4:00 PM (16:00 CEST) wiiw, Rahlgasse 3, 1060 Vienna Existing empirical studies have mainly focused on determinants of average investment levels. We investigate instead episodes of accelerated capital stock growth that last eight years or longer. We find that episodes are relatively common, even in low growth regions, but more so in middle income and Asian countries. After identifying 175 such episodes between 1950-2014, we employ probit analysis to explore their characteristics. Turning points in investment tend to be preceded by undervalued real exchange rates, macroeconomic stability, and net capital outflows (especially portfolio outflows). We also find strong evidence for a negative correlation with the capital to output ratio and per capita GDP, and a positive correlation with a human capital index. Investment surges appear to be associated with structural change in the economy and the trade balance. ...more [https://wiiw.ac.at/investment-accelerations-the-role-of-the-real-exchange-ra...] WE KINDLY ASK YOU TO REGISTER [https://wiiw.ac.at/bc-e-er-384.html] for the event. Participation is free of charge. Best regards, Mario Holzner [https://wiiw.ac.at/mario-holzner-s-6.html] _Organiser_            Robert Stehrer [https://wiiw.ac.at/robert-stehrer-s-16.html] _Scientific Director_ wiiw The Vienna Institute for International Economic Studies Rahlgasse 3, 1060 Vienna, Austria wiiw@wiiw.ac.at, wiiw.ac.at [https://wiiw.ac.at] T: +43 1 533 66 10 [tel:+4315336610] [http://www.facebook.com/wiiw.economic.studies] [http://www.twitter.com/wiiw_news] [http://www.linkedin.com/company/vienna-institute-for-international-economic-...] [http://www.youtube.com/channel/UCyNuSfsgzgBsIf7AaH8Vk-Q] [https://wiiw.ac.at/rss.php] Copyright ©2018 wiiw, all rights reserved.