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The impact of financial sector on innovation activity: theoretical background and new evidence from russian banking sector

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  • Veysov, Alexander
  • Stolbov, Mikhail

Abstract

This paper is to summarize the literature on finance-innovation link and produce evidence that the development of banking sector in Russia is to foster innovation process. Financeinnovation link is a new and scarcely covered issue. Nevertheless it is conventional wisdom that stock market institutions are preferable for financing innovation. But researchers claim that in the developing countries banking institution together with thorough government policy can foster innovations. Also they claim that stock market institutions are more suitable for financing breakthrough innovations, while banks are more suitable for incremental innovations. The main contribution of this paper is that is was empirically shown using panel data models that banks can facilitate innovation in Russia.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38747.

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Date of creation: Jan 2011
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Handle: RePEc:pra:mprapa:38747

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Keywords: Finance; innovation; banking system; panel data; Russia; financial system. 1;

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  1. João Prates Romero & Frederico G. Jayme Jr, 2010. "Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil," Textos para Discussão Cedeplar-UFMG td412, Cedeplar, Universidade Federal de Minas Gerais.
  2. Huang, H. & Xu, C., 2000. "Financial Institutions, Financial Contagion, and Financial Crises," Papers 21, Chicago - Graduate School of Business.
  3. Tong, Jian & Xu, Chenggang, 2003. "Financial institutions and the wealth of nations: tales of development," Discussion Paper Series In Economics And Econometrics 0404, Economics Division, School of Social Sciences, University of Southampton.
  4. Geneviève Verdier & Erasmus Kersting & Era Dabla-Norris, 2010. "Firm Productivity, innovation and Financial Development," IMF Working Papers 10/49, International Monetary Fund.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  6. Ang, James, 2009. "Do Financial Sector Policies Promote Innovative Activity in Developing Countries? Evidence from India," MPRA Paper 14495, University Library of Munich, Germany.
  7. Bottazzi, Laura, 2009. "The role of venture capital in alleviating financial constraints of innovative firms," EIB Papers 9/2009, European Investment Bank, Economics Department.
  8. Benfratello, Luigi & Schiantarelli, Fabio & Sembenelli, Alessandro, 2008. "Banks and innovation: Microeconometric evidence on Italian firms," Journal of Financial Economics, Elsevier, vol. 90(2), pages 197-217, November.
  9. David B. Audretsch & Erik E. Lehmann, 2004. "Financing High-Tech Growth: The Role of Debt or Equity," Papers on Entrepreneurship, Growth and Public Policy 2004-19, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
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