The Nexus Between Monetary Policy, Innovation Efficiency, and Total Factor Productivity-Evidence from Global Panel Data

被引：4

作者：

Yang, Hao-Chang ^{[1
]}

Chang, Chun-Ping ^{[2
]}

Sahminan, Arnita ^{[3
]}

Rishanty, Arnita ^{[3
]}

Wang, Quan-Jing ^{[4
]}

机构：

[1] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian, Shaanxi, Peoples R China

[2] Shih Chien Univ, Dept Mkt Management, Kaohsiung, Taiwan

[3] Bank Indonesia, Dept Macroprudential Policy, Jakarta, Indonesia

[4] Zhengzhou Univ, Business Sch, 100 Science Ave, Zhengzhou, Henan, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2024年 / 60卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Monetary policy; innovation efficiency; TFP; government efficiency; ECONOMIC-GROWTH; FINANCIAL DEVELOPMENT; ENERGY INTENSITY; FDI; INVESTMENT; IMPACT; TRADE; FIRMS; TECHNOLOGY; CHINA;

D O I：

10.1080/1540496X.2023.2218964

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This research explores the impact of monetary policy on the growth rate of total factor productivity (TFPG) and innovation efficiency (IE) through panel data of 30 countries from 1983 to 2018 by the bias-corrected fixed-effect dynamic (BCFE) model. We find that tight monetary policy negatively impacts the growth rate of total factor productivity (TFPG) and innovation efficiency (IE), which is still valid after a series of robustness tests. We then perform sub-sample regressions, and the results show that countries with higher government efficiency, higher financial development, and stricter environmental policy can reduce the negative impact of tightening monetary policy on total factor productivity and innovation efficiency. Our research illustrates that a tightening monetary policy not only adversely impacts total factor productivity but also influences the main driving force of its growth-innovation efficiency.

引用

页码：292 / 309

页数：18

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