G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16611
DP16611 Currency Volatility and Global Technological Innovation
Po-Hsuan Hsu; Mark Taylor; Zigan Wang; Qi Xu
发表日期2021-10-05
出版年2021
语种英语
摘要We investigate the real effects of foreign exchange (FX) volatility on technological innovation. Using a 32-market, three-decade sample, we show that heightened FX volatility associates with significantly lower firm-level R&D expenditures, patents granted, and forward citations. The negative FX volatility-innovation relation can be attributed to precautionary savings needs and trade slowdown. The relationship is stronger for firms with financial constraints, with the use of foreign debt, and in more open economies; it is weaker for firms with derivatives hedging, with higher sales, and in countries with better financial development. We also use FX regime changes and the collapse of the European Exchange Rate Mechanism to support a causal interpretation
主题Financial Economics ; International Macroeconomics and Finance
关键词Foreign exchange volatility Technological innovation Patents R&d
URLhttps://cepr.org/publications/dp16611
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/545559
推荐引用方式
GB/T 7714
Po-Hsuan Hsu,Mark Taylor,Zigan Wang,et al. DP16611 Currency Volatility and Global Technological Innovation. 2021.
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