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Sectoral R&D intensity and Exchange Rate Volatility: A Panel Study on Economies of the OECD

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  • Prashanth Mahagaonkar

    ()
    (Max Planck Institute of Economics Jena and Schumpeter School of Business and Economics, Wuppertal)

  • Rainer Schweickert

    (Kiel Institute for the World Economics)

  • Aditya S. Chavali

    (Department of Economics, University of Glasgow)

Abstract

A recent literature has pointed at potential negative effects of exchange rate volatility on innovation. In this paper, we propose that there may be a direct effect as well as an indirect effect via export activity. We test these hypotheses for sectoral R&D intensities using OECD panel data for manufacturing and services sectors for 14 OECD economies and the years 1987 - 2003. We find that the direct negative effect of volatility is pronounced in manufacturing sector but is dominated by the indirect effect via the export channel. Services do not face any effects of volatility on R&D intensities. While it is not clear which channel dominates our results confirm that there is a negative volatility affect related to openness on a sectoral level.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2009-056.

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Date of creation: 06 Aug 2009
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Handle: RePEc:jrp:jrpwrp:2009-056

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Keywords: R&D intensity; Innovation; Real Exchange Rate; Volatility; Exports; OECD-Countries;

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