Earticle

초록

영어

I provide evidence on the effect of monetary policy shocks on research and development (R&D) in setting with and without firm-specific variables. I identify monetary shocks by orthogonalizing policy rate change with respect to economic forecast information. Using the shock, I examine the responses of the R&D expenses to increase in the short-term interest rate changes. My empirical results prove that R&D investment gradually decreases in response to monetary policy shock. However, this trend becomes less apparent for chaebols, which are unique form of conglomerate in Korea, due to their access to internal financing within affiliates, while the R&D investment of non-chaebols to monetary policy shock decrease at statistically significant level. In particular, non-chaebols with a high Tobin’s-Q and firm size are more responsive to monetary tightening shocks than those with low ones, which are in consistence with previous researches.

목차

ABSTRACT
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅱ-1. Monetary policy and R&D
Ⅱ-2. Monetary policy, R&D and Korean firms
Ⅲ. Data summary and Empirical Model
Ⅲ-1. Financial and macroeconomic variable
Ⅲ-2. Estimating Monetary policy shock
Ⅲ-3. Estimating Impulse response to Monetary policy shock
Ⅳ. Empirical Analysis
Ⅴ. Conclusion
Ⅵ. References

키워드

저자

• Jin-Hyung Cho [ Research Fellow (Ph.D.), Kakao ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330