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Do Financial Sector Policies Promote Innovative Activity in Developing Countries? Evidence from India

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  • Ang, James

Abstract

This paper attempts to shed some light on the role of financial sector policies in generating new knowledge, drawing on the experience of one of the fastest growing and largest developing countries. Using relatively long time series data, the results in this paper indicate that interest rate restraints help generate knowledge in India’s economy. Other financial repressionist policies, in the form of high reserve and liquidity requirements as well as significant directed credit controls, appear to have a dampening effect on ideas production. The results lend some support to the argument that some form of financial sector reforms may help stimulate economic growth via increasing innovative activity.

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File URL: http://mpra.ub.uni-muenchen.de/14495/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14495.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:14495

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Keywords: financial sector policies; innovative activity; endogenous growth; India;

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References

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  1. Jakob B. Madsen & Shishir Saxena & James B. Ang, 2009. "The Indian Growth Miracle And Endogenous Growth," Development Research Unit Working Paper Series 03-09, Monash University, Department of Economics.
  2. de la Fuente, Angel & Marín Vigueras, José Maria, 1995. "Innovation, 'Bank' Monitoring and Endogenous Financial Development," CEPR Discussion Papers 1276, C.E.P.R. Discussion Papers.
  3. Panicos O. Demetriades & Michael P. Devereux & Kul B. Luintel, 1995. "Productivity and Financial Sector Policies: Evidence from South East Asia," Keele Department of Economics Discussion Papers (1995-2001) 95/14, Department of Economics, Keele University.
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Cited by:
  1. Smruti Ranjan Behera & Pami Dua & Bishwanath Goldar, 2012. "Foreign Direct Investment And Technology Spillover: Evidence Across Indian Manufacturing Industries," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 57(02), pages 1250011-1-1.
  2. Behera, Smruti Ranjan Behera & Dua, Pami Dua & Goldar, Bishwanath Goldar, 2012. "Horizontal and Vertical Technology Spillover of Foreign Direct Investment: An Evaluation across Indian Manufacturing Industries," MPRA Paper 43293, University Library of Munich, Germany.
  3. smruti, Smruti Ranjan Behera, 2012. "Technology Spillover and Determinants of Foreign Direct Investment: An Analysis of Indian Manufacturing Industries," MPRA Paper 42178, University Library of Munich, Germany.
  4. 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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