Suchergebnisse

Canada has long suffered from weak investment rates in capital goods relative to the United States. We study the relationship between exchange rate fluctuations and investment by using a rich panel data set at the level of the plant. Results show that all else being equal, Canadian firms on average tend to reduce their investment activity following an appreciation of the Canadian dollar. Moreover, the most affected firms are those that export a larger share of their output. This supports the hypothesis that following an appreciation of the currency, the negative impact on the competitiveness of domestic firms outweighs the benefits through increased purchasing power.

Depuis déjà plusieurs années, le Canada accuse un retard par rapport aux États-Unis en ce qui touche l'intensité des investissements. Dans cette étude, nous utilisons des données longitudinales recueillies au niveau des emplacements afin d'analyser le lien entre le taux de change et la décision d'investir. Les résultats montrent que, toutes autres choses étant égales par ailleurs, les entreprises canadiennes tendent à réduire leurs activités d'investissement quand le dollar canadien s'apprécie. De plus, les entreprises les plus touchées sont celles qui exportent une large part de leur production. Ces résultats démontrent que l'effet négatif d'une appréciation du taux de change sur la compétitivité des entreprises du pays surpasse les bénéfices induits par un pouvoir d'achat accru.

This deliverable consists of an introduction and two main parts. Each part consists of two sections:Data exchange and interoperability and Demand-side flexibility. The two main topics of this interim deliverable, data exchange and interoperability and Demand-Side Flexibility (DSF), were identified as relevant research domains in the regulatory gap analysis performed in INTERRFACE Deliverable D2.4 Completed Regulatory Framework (Schittekatte et al. 2019).1 These two topics have been listed as European priority legislations. The relevance of the network code on Demand-Side Flexibility (DSF) has been confirmed in the priority list for new network codes for 2020-2023 published on 14 October 2020 by the European Commission. The implementing act on interoperability is described as a priority action in the European Energy System Integration Strategy published in July 2020 by the European Commission. Please note that our work around flexibility market design as part of D2.4 is also very relevant with regards to the planned new network code on DSF. We chose not to include that research in this deliverable as it is already published as part of D2.4 but we plan to integrate it, possibly including some updates, in the final deliverable of T9.4. The research results have a two-fold purpose. First, the research results feed into the ongoing discussions at national and European level around the new European legislations. Second, the research results are of direct use for the project partners who are involved in the INTERRFACE demonstrators. ; This project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 824330