The Effects of Financial Sector Development on Innovation as an Engine of Sustained Growth
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
The finance-led growth hypothesis states that financial development promotes economic growth by enhancing either efficiency of capital accumulation or technological innovation or both. A typical strategy to test the validity of the hypothesis is to regress measures of financial development on aggregate growth measures such as GDP per capital growth. This type of approach is problematic because of simultaneity. Furthermore, the channel of influence from the financial sector to the real sector is not specified. This paper focuses on the innovation channel of influence and tests whether financial development positively affects the rate of technological innovation. By focusing on a specific channel of influence, simultaneity is ameliorated. Using a panel of patent application data of developing countries as a proxy for technological innovation, this paper provides evidence that financial development seems to be an important determinant of the rate of technological innovation across countries and over time.
Abstract
The finance-led growth hypothesis states that financial development promotes economic growth by enhancing either efficiency of capital accumulation or technological innovation or both. A typical strategy to test the validity of the hypothesis is to regress measures of financial development on aggregate growth measures such as GDP per capital growth. This type of approach is problematic because of simultaneity. Furthermore, the channel of influence from the financial sector to the real sector is not specified. This paper focuses on the innovation channel of influence and tests whether financial development positively affects the rate of technological innovation. By focusing on a specific channel of influence, simultaneity is ameliorated. Using a panel of patent application data of developing countries as a proxy for technological innovation, this paper provides evidence that financial development seems to be an important determinant of the rate of technological innovation across countries and over time.
참고문헌 (33)
- "Comparing Financial Systems" (2001), Cambridge, Massachusetts London, England: The MIT Press
- "Measuring Technological Change through Patents and Innovation Surveys", 16(9), pp.451~468 (1996)
- "International Data on Educational Attainment: Updates and Implications", (42) (2000)
- "A New Database on Financial Development and Structure", (2146) (1999)
- "Review of Economic Studies 58", pp.2~1991
- "The Role of Financial Development in Growth and Investment", 5(4), pp.341~360 (2000)
- "Patent Statistics as a Measure of Technical Change Journal of Political Economy 77", coma(r), pp.3 392~1969 7
- "Financial Development and Economic Growth", 23(3), pp.433~448 (1995)
- "The Economics and Politics of Korean Financial Reforms" (1986), Universitt Kiel
- "Does Financial Development Cause Economic Growth? Time-Series Evidence from 16 Countries", 51(2), pp.387~411 (1996)
- "Journal of Political Economy 91", pp.3 401~1983 19
- "What Have We Learned from a Decade of Empirical Research on Growth? It's Not Factor Accumulation: Stylized Facts and Growth Models", 15(2), pp.177~219 (2001)
- "Trade in Ideas Patenting and Productivity in the OECD", 40(3-4), pp.251~278 (1996)
- "Time Series Evidence on the Causal Relationship between Financial Deepening and Economic Development Journal of Economic Development 9", pp.1 91~1984 112
- "Specialization, Intermediation, and Growth", 38(3), pp.549~559 (1996)
- "Patent Statistics as Economic Indicators Journal of Economic Literature 28", pp.4 1661~1990 707
- "Economic Freedom of the World" (2002), Vancouver: The Fraser Institute
- "Introduction to Economic Growth" (2002), W. W. Norton & Company
- "Journal of Monetary Economics 32", pp.3 513~1993 42
- "Law and Finance", (5661) (1996)
- "Money and Capital in Economic Development" (1973)
- "The Patent System and the Exploitation of Inventions Results of a Statistical Survey Conducted in Italy", tech(vation 10), pp.1 5~1990 16
- "International Evidence on the Effects of Directed Credit Programmes on Efficiency of Resource Allocation in Developing Countries: The Case of Development Bank Lendings", 48(2), pp.449~460 (1996)
- "Financial Development and Economic Growth in Underdeveloped Countries", eco(mic development and cultural change 14), pp.2 174~1966 89
- "Measuring the ＂Ideas＂ Production Function: Evidence from International Patent Output", (7891) (2000)
- "Financial Dependence and Growth", 88(3), pp.559~586 (1998)
- "A Growth Model of Inflation, Tax Evasion and Financial Repression", 35(2), pp.275~301 (1995)
- "and the Output of Patented Innovations", pp.5 1097~1965 123
- "Financial Deepening in Economic Development" (1973), Oxford University Press
- "A Contribution to the Theory of Economic Growth The Quarterly Journal of Economics 70", pp.1 65~1956 94
- "The Determinants of National Innovative Capacity", (7876) (2000)
- "World Development Indicators 2000 CD-ROM" (2000)
- "Finance and Growth: Some Theoretical Considerations, and a Review of the Empirical Literature", (228) (2000)