Currency volatility and global technological innovation

被引：4

作者：

Hsu, Po-Hsuan ^{[1
]}

Taylor, Mark P. ^{[2
]}

Wang, Zigan ^{[3
]}

Xu, Qi ^{[4
]}

机构：

[1] Natl Tsing Hua Univ, Coll Technol Management, 101,Sect 2,Kuang Fu Rd,Hsinchu, Hsinchu 300044, Taiwan

[2] Washington Univ St Louis, John M Olin Sch Business, St Louis, WA USA

[3] Univ Hong Kong, HKU Business Sch, Pok Fu Lam, Peoples R China

[4] Zhejiang Univ, Acad Financial Res, Sch Econ, Hangzhou 310058, Peoples R China

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2022年 / 137卷

关键词：

Foreign exchange volatility; Technological innovation; Patents; R&D; EXCHANGE-RATE EXPOSURE; POLITICAL UNCERTAINTY; INTERNATIONAL-TRADE; CREDIT CONSTRAINTS; TECHNICAL CHANGE; MARKET VALUE; RATE MODELS; CASH FLOW; INVESTMENT; RATES;

D O I：

10.1016/j.jinteco.2022.103607

中图分类号：

F [经济];

学科分类号：

02 ;

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.(c) 2022 Published by Elsevier B.V.

引用

页数：25

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