The real exchange rate and industrial investment: new evidence for Brazil

IF 4.6 Q2 MATERIALS SCIENCE, BIOMATERIALS
Hugo C. IASCO-PEREIRA, Gilberto Libânio, Fabrício José Missio
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引用次数: 0

Abstract

This study empirically investigates the influence exerted by the real exchange rate (RER) on investments in 81 sectors of Brazil’s manufacturing industry, between 2007 and 2018. The work has a number of novel features. First, a more disaggregated database is employed than that commonly found in the existing literature. Second, the article’s empirical findings indicate the existence of two competing channels through which a competitive RER may influence sectoral investments, that is: (i) positively, by enhanced exports and (ii) negatively, via more expensive imported inputs. Third, our empirical results also indicate that the RER’s influence is more significant in sectors with a lower mark-up, which means that a competitive RER—caused by expanding revenues from exports, offsets a lack of internal funds to finance new investments. Fourth, we tested the existence of an import penetration channel. The results reveal that a competitive RER increases investments as consumers substitute imported goods with domestic ones.
实际汇率与工业投资:巴西的新证据
本研究对 2007 年至 2018 年间实际汇率对巴西制造业 81 个行业投资的影响进行了实证调查。这项工作有许多新颖之处。首先,与现有文献中常见的数据库相比,本文采用了更为细分的数据库。其次,文章的实证研究结果表明,存在两种相互竞争的渠道,具有竞争力的汇率可能会通过这两种渠道影响部门投资,即:(i) 正向渠道,通过增加出口;(ii) 负向渠道,通过更昂贵的进口投入。第三,我们的实证结果还表明,汇率对加价幅度较低的部门的影响更为显著,这意味着因出口收入增加而导致的竞争性汇率可以抵消内部资金的不足,为新投资提供资金。第四,我们检验了进口渗透渠道的存在。结果显示,随着消费者用国内商品替代进口商品,具有竞争力的汇率会增加投资。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
ACS Applied Bio Materials
ACS Applied Bio Materials Chemistry-Chemistry (all)
CiteScore
9.40
自引率
2.10%
发文量
464
期刊介绍: ACS Applied Bio Materials is an interdisciplinary journal publishing original research covering all aspects of biomaterials and biointerfaces including and beyond the traditional biosensing, biomedical and therapeutic applications. The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrates knowledge in the areas of materials, engineering, physics, bioscience, and chemistry into important bio applications. The journal is specifically interested in work that addresses the relationship between structure and function and assesses the stability and degradation of materials under relevant environmental and biological conditions.
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