We examine the relationship between real exchange rate fluctuations and firm-level investment and growth using data for a sample of close to 33,000 firms from 68 advanced and emerging market countries over the 2000–2014 period. We show that real depreciations boost profits, investment, and asset growth of tradable sector firms that have higher labor shares and are relatively more financially constrained. These findings are consistent with an “internal financing channel” whereby depreciations boost profits by reducing real product wages, spurring investment of labor-intensive but financially-constrained firms. Our results are robust to controlling for alternative channels through which real exchange rates affect corporate investment, including via direct competitiveness gains, balance sheet mismatch, costs of imported intermediate inputs, and aggregate credit supply.

我们使用2000年至2014年期间来自68个发达和新兴市场国家的近33,000家公司的样本数据，研究了实际汇率波动与公司水平投资与增长之间的关系。我们表明，实际折旧可以提高劳动份额较高且财务受到限制的可交易行业公司的利润，投资和资产增长。这些发现与“内部融资渠道”是一致的，在该渠道中，折旧通过降低实际产品的工资来增加利润，从而刺激了劳动密集但受到财务约束的公司的投资。我们的结果对于控制实际汇率影响公司投资的其他渠道（包括直接竞争收益，资产负债表不匹配，进口中间投入的成本，