全球智库信息集成服务系统(G2TT): DP12943 The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12943
	DP12943 The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis
	Harald Fadinger; Alejandro Cuñat; Laura Alfaro; Yanping Liu
发表日期	2018-05-19
出版年	2018
语种	英语
摘要	We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts: In export-oriented emerging Asia, real depreciations are associated with higher firm-level probabilities to engage in R\&D, faster growth of firm-level productivity and cash-flow and higher export entry rates. We find negative effects for firms in other emerging economies, which are relatively more import dependent, and no significant effects for firms in industrialized economies. Motivated by these facts, we build a dynamic model in which real depreciations raise the cost of importing intermediates, affect export demand, borrowing-constraints and the profitability of engaging in innovation (R&D). We decompose the effects of RER changes on firm-level productivity growth across regions into these channels. We estimate the model and quantitatively evaluate the different mechanisms by providing counterfactual simulations of temporary RER movements and conduct several robustness analyses. Effects on physical TFP growth, while different across regions, are non-linear and asymmetric.
主题	Development Economics ; Industrial Organization ; International Macroeconomics and Finance ; International Trade and Regional Economics ; Macroeconomics and Growth
关键词	Real exchange rate Innovation Productivity Exporting Importing Financial constraints Firm-level data
URL	https://cepr.org/publications/dp12943-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541754
推荐引用方式 GB/T 7714	Harald Fadinger,Alejandro Cuñat,Laura Alfaro,et al. DP12943 The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis. 2018.