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Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil

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Author Info

  • João Prates Romero

    (Cedeplar-UFMG)

  • Frederico G. Jayme Jr

    (Cedeplar-UFMG)

Abstract

This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Regional Development in Brazil. In the post-Keynesian literature, money is considered endogenous to the economic system, introduced in the economic activity through the credit provided by banks. Taken as non-neutral, banks are economic agents which can present lower or higher liquidity preference. Because of that, banks are also particularly important to the development process. Precisely, we tested the influence of credit and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states’ number of patents, aiming at testing the importance of the bank system to technological progress and regional development. Conclusions confirm both hypotheses.

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Bibliographic Info

Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td412.

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Length: 25 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:cdp:texdis:td412

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Keywords: Monetary System; National Innovation System; Credit; Brazil;

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  1. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
  2. Sheila Dow & Carlos Rodriguez-Fuentes, 1997. "Regional Finance: A Survey," Regional Studies, Taylor & Francis Journals, vol. 31(9), pages 903-920.
  3. Marco Crocco & Anderson Cavalcante & Cláudio Barra, 2006. "The behavior of liquidity preference of banks and public and regional development: the case of Brazil," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(2), pages 217-240, January.
  4. Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 55-68, Winter.
  5. Eduardo da Motta e Albuquerque, 2007. "Inadequacy of technology and innovation systems at the periphery," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 669-690, September.
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Cited by:
  1. Veysov, Alexander & Stolbov, Mikhail, 2011. "The impact of financial sector on innovation activity: theoretical background and new evidence from russian banking sector," MPRA Paper 38747, University Library of Munich, Germany.

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