Real exchange rate and innovation: empirical evidences

ABSTRACT The recent debate on the determinants of the lung-run economic growth highlights the role of a competitive and stable real exchange rate to foster growth. In this debate, the works follow two approaches: theoretical and empirical. In the theoretical approach a considerable portion of the works points towards the innovation as a transmission mechanism of the real exchange rate effects on income. These works emphasize that the real exchange rate affects growth because of its impacts on the determinants of innovation, such as investment. Despite the theoretical debate, the focus of empirical works is on the analysis of the exchange rate effects on income while the relationship between exchange rate and innovation remains untapped. This article seeks to contribute to the literature by providing empirical evidence that supports the link between the real exchange rate and innovation.

摘要：近期关于长期经济增长决定因素的讨论，凸显了富有竞争力且稳定的实际汇率（real exchange rate）对拉动经济增长的重要作用。在该讨论中，相关研究主要采用两类路径：理论路径与实证路径。其中，理论路径下的大量文献均指出，创新是实际汇率影响收入的传导机制。此类研究强调，实际汇率之所以会对经济增长产生影响，是因为其会作用于创新的各类决定因素，例如投资。尽管已存在相关理论探讨，但现有实证研究的焦点仅在于分析汇率对收入的影响，而汇率与创新之间的关联仍未得到充分探索。本文旨在通过提供实证证据以证实实际汇率与创新之间的联系，为该领域的学术文献提供新的研究支撑。