But pure research always needs to be complemented by the ability to commercialize, customize, and market the products that result. Service industries will also require increasing numbers of skilled workers. Older people buy relatively more services as a percentage of their overall consumption.
They refer to this relationship between domestic and global financial conditions as the “risk-taking channel of [local] currency appreciation”. For empirical evidence, see: Kearns, J. and Patel, N. (2016), "Does the Financial Channel of Exchange Rates Offset the Trade Channel?