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Technology and Finance

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Author Info

  • Anna Ilyina
  • Roberto M. Samaniego

Abstract

The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/182.

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Length: 59
Date of creation: 01 Jul 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/182

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Related research

Keywords: Technology transfer; Industrial investment; Investment policy; Production growth;

This paper has been announced in the following NEP Reports:

References

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Citations

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Cited by:
  1. Roberto M. Samaniego, 2010. "Entry, Exit, and Investment-Specific Technical Change," American Economic Review, American Economic Association, vol. 100(1), pages 164-92, March.
  2. Roberto Samaniego & Anna Ilyina, 2009. "A Multi-industry Model of Growth with Financing Constraints," 2009 Meeting Papers 467, Society for Economic Dynamics.
  3. Venturini, Francesco, 2012. "Looking into the black box of Schumpeterian growth theories: An empirical assessment of R&D races," European Economic Review, Elsevier, vol. 56(8), pages 1530-1545.
  4. Yu Sun, 2011. "Recent Developments in European Bank Competition," IMF Working Papers 11/146, International Monetary Fund.
  5. Jan Bena & Peter Ondko, 2009. "Financial Development and Allocation of External Finance," CERGE-EI Working Papers wp398, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  6. Maria Cipollina & Giorgia Giovannetti & Filomena Pietrovito & Alberto F. Pozzolo, 2012. "FDI and Growth: What Cross-country Industry Data Say," The World Economy, Wiley Blackwell, vol. 35(11), pages 1599-1629, November.
  7. Samaniego, Roberto, 2009. "Financing Creative Destruction," MPRA Paper 22348, University Library of Munich, Germany.
  8. L. Rachel Ngai & Roberto M. Samaniego, 2009. "Accounting for Research and Productivity Growth Across Industries," CEP Discussion Papers dp0914, Centre for Economic Performance, LSE.
  9. Toni Beutler & Mathieu Grobéty, 2011. "The Collateral Channel under Imperfect Debt Enforcement," Working Papers 11.11, Swiss National Bank, Study Center Gerzensee.

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