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Innovation and Financial Globalisation

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Author Info
Philip R. Lane IIIS, Trinity College Dublin and CEPR

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Abstract

This paper examines the links between international financial integration and the level of innovation activity. If financial globalisation boosts innovation, this helps to explain the empirical evidence that indicates that increased financial integration conditionally raises the level of productivity and long-run living standards. Our analysis finds that, conditional on the level of development, more integrated economies do exhibit higher levels of innovation activity but that the impact differs across equity-type and debt-type dimensions of international financial integration. Moreover, the gains from equity-type integration kick in at relatively low income levels, whereas the gains from debt-type integration are only found for high-income countries.

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp299.

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Date of creation: 09 2009
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Handle: RePEc:iis:dispap:iiisdp299

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  19. Philip R. Lane & Gian Maria Milesi-Ferretti, 2008. "International Investment Patterns," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 538-549, 03. [Downloadable!] (restricted)
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  20. Philippe Aghion & Peter Howitt & David Mayer-Foulkes, 2005. "The Effect of Financial Development on Convergence: Theory and Evidence," The Quarterly Journal of Economics, MIT Press, vol. 120(1), pages 173-222, January.
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  27. Laura Alfaro & Sebnem Kalemli-Ozcan & Selin Sayek, 2009. "FDI, Productivity and Financial Development," The World Economy, Blackwell Publishing, vol. 32(1), pages 111-135, 01. [Downloadable!] (restricted)
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  31. Chang-Tai Hsieh & Peter Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," Working Papers 09-04, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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