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Venture capital and innovation in Latin America

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  • Jiménez, Luis Felipe

Abstract

One of the drivers of economic growth is innovation, which raisesproductivity by creating new production methods, technologies, productsand firms. This article examines an instrument that supports this process,venture capital, and highlights the need for a financing system coveringeach phase of innovation. It starts by illustrating Latin America's innovationdeficit. It then proceeds to a general analysis of the difficulties affecting thefinancing of innovation and the provision of venture capital to overcomethese. It goes on to examine the form taken by these obstacles in theregion and, considering the experience of Brazil and Chile, the methodsused to deal with them. In relation to a number of the subjects addressed,the article discusses issues connected with major problems of financialsystem development.

Suggested Citation

  • Jiménez, Luis Felipe, 2008. "Venture capital and innovation in Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:11345
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    1. Ocampo, José Antonio, 2005. "La búsqueda de la eficiencia dinámica: dinámica estructural y crecimiento económico en los países en desarrollo," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1876, September.
    2. Zervos, Sara, 2004. "The transactions costs of primary market issuance : the case of Brazil, Chile, and Mexico," Policy Research Working Paper Series 3424, The World Bank.
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