汇率与企业投资：全球价值链网络的异质效应

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-08-08 DOI:10.1016/j.jimonfin.2024.103159

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引用次数: 0

摘要

本研究通过仔细研究企业的全球价值链（GVC）网络，分析汇率如何影响企业投资。我们分析的一个显著特点是，我们采用新颖的全球价值链数据集和方法来构建特定于上游和下游的汇率。我们将这些整合了全球价值链的实际汇率与全球企业层面的数据结合起来，证明不利的汇率变动会阻碍企业的经营业绩，进而影响企业投资，尤其是在资金紧张的企业中。我们利用巴西和瑞典的两次大规模货币冲击来提供因果证据。研究结果凸显了全球价值链一体化实际汇率对企业投资的不可忽略的摩擦影响。

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Exchange rate and corporate investment: Heterogeneous effects via the global value chain networks

This study analyzes how exchange rates affect corporate investment by scrutinizing firms' global value chain (GVC) networks. A salient feature of our analysis is that we adopt novel GVC datasets and methodologies to construct upstream- and downstream-specific exchange rates. We couple these GVC-integrated real exchange rates with global firm-level data and document that unfavorable exchange rate movements hinder operating performance and, therefore, corporate investment, especially among financially constrained firms. We use two large currency shocks in Brazil and Sweden to provide causal evidence. The results highlight nonnegligible frictions of how GVC-integrated real exchange rates affect corporate investment.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.