The Federal Reserve's interest rate hike will have a broad impact on emerging economies,and existing literature pays less attention to the im-pact of the Fed's interest rate hike on the research and development of firms in emerging economies.This paper first empirically tests the impact of the Federal Reserve's interest rate hike on the research and development of emerging economy firms,and identifies the channels of influence.After-wards,this paper constructed a small open economy model with endogenous productivity changes to explore the impact of the Federal Reserve's in-terest rate hikes on the research,development of emerging economy firms.Numerical simulations show that the Federal Reserve's interest rate hike will significantly increase the risk premium for businesses,raise financing costs and lead to a decrease in expected returns on research,development of new technologies,a decrease in the probability of knowledge being converted into technology,ultimately a decrease in the utilization of new tech-nologies.Counterfactual simulations indicate that the degree of financial friction and the scale of external debt will amplify the negative impact of the Federal Reserve's interest rate hikes on the research and development of emerging economy enterprises.Finally,we provide relevant policy recom-mendations regarding the impact of the Federal Reserve's interest rate hike on the research and development of firms in emerging economies.
维普
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