File Download
  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Financial development and innovation: Cross-country evidence

TitleFinancial development and innovation: Cross-country evidence
Authors
Issue Date2014
Citation
Journal of Financial Economics, 2014, v. 112, p. 116–135 How to Cite?
AbstractWe examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we identify economic mechanisms through which the development of equity markets and credit markets affects technological innovation. We show that industries that are more dependent on external finance and that are more high-tech intensive exhibit a disproportionally higher innovation level in countries with better developed equity markets. However, the development of credit markets appears to discourage innovation in industries with these characteristics. Our paper provides new insights into the real effects of financial market development on the economy.
Persistent Identifierhttp://hdl.handle.net/10722/201019
SSRN
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorXu, Yen_US
dc.contributor.authorTian, Xen_US
dc.date.accessioned2014-08-21T07:09:56Z-
dc.date.available2014-08-21T07:09:56Z-
dc.date.issued2014en_US
dc.identifier.citationJournal of Financial Economics, 2014, v. 112, p. 116–135en_US
dc.identifier.urihttp://hdl.handle.net/10722/201019-
dc.description.abstractWe examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we identify economic mechanisms through which the development of equity markets and credit markets affects technological innovation. We show that industries that are more dependent on external finance and that are more high-tech intensive exhibit a disproportionally higher innovation level in countries with better developed equity markets. However, the development of credit markets appears to discourage innovation in industries with these characteristics. Our paper provides new insights into the real effects of financial market development on the economy.en_US
dc.languageengen_US
dc.relation.ispartofJournal of Financial Economicsen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Financial Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 112, ISSUE 1, (2014)] DOI 10.1016/j.jfineco.2013.12.002-
dc.titleFinancial development and innovation: Cross-country evidenceen_US
dc.typeArticleen_US
dc.identifier.emailXu, Y: yanxuj@hku.hken_US
dc.identifier.authorityXu, Y=rp01799en_US
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.jfineco.2013.12.002en_US
dc.identifier.hkuros234307en_US
dc.identifier.volume112en_US
dc.identifier.spage116–135en_US
dc.identifier.epage116–135en_US
dc.identifier.isiWOS:000333232100006-
dc.identifier.ssrn1745682-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats