The impact of US monetary policy on Chinese enterprises’ R&D investment

Dongyang Zhang · Yumei Guo · Zhaorui Wang · Yanbin Chen

16 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Firm Innovation and Growth Innovation Policy and R&D

Abstract

With economic globalization, the behavior of a domestic enterprise is significantly affected by foreign economic policy. This paper investigates the relationship between the US monetary policy and the R&D investment of Chinese enterprises from 2015 to 2018. Ultimately, we find that the Federal Reserve's interest rate hike has a positive and significant impact on R&D investment by Chinese enterprises, particularly for the small-scaled and low-innovative enterprises. Furthermore, other innovation proxies, including the intensification of new products and patents, are also driven by Federal Reserve's interest rate hike.

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