| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16611 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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