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Innovation, competition and financial vulnerability in economic development

Author

Listed:
  • Leonardo Burlamaqui
  • Jan Kregel

Abstract

The financial sector has been viewed traditionally as either providing the “oil” for the “wheels of commerce” or as a parasite on the real sector of the economy where real productivity gains provide for increasing real wages and per capita incomes. The present paper takes a different route and attempts to an analysis of financial institutions on a par with the production sector of the economy. It also develops a link which amalgamates “the knowledge-based” perspective on firms’ operations with Schumpeterian financial leverage to exploit productivity enhancing innovations, and Minsky’s tendency towards financial fragility. The analysis also leads to some policy recommendations concerning financial regulation, risk management and financial institution’s building. JEL Classification: F, F02, F37, F4, O20.

Suggested Citation

  • Leonardo Burlamaqui & Jan Kregel, 2005. "Innovation, competition and financial vulnerability in economic development," Brazilian Journal of Political Economy, Center of Political Economy, vol. 25(2), pages 5-22.
    • Handle: RePEc:ekm:repojs:v:25:y:2005:i:2:p:5-22:id:628
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/628/626
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    Citations

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    Cited by:

    1. Hasan Gungor & Angela Uzoamaka Simon, 2017. "Energy Consumption, Finance and Growth: The Role of Urbanization and Industrialization in South Africa," International Journal of Energy Economics and Policy, Econjournals, vol. 7(3), pages 268-276.
    2. Faruk ÜLGEN, 2022. "Renewal of Public Action: Co-Production and Financial Regulation," CIRIEC Studies Series, in: Philippe BANCE & Marie-J. BOUCHARD & Dorothea GREILING & CIRIEC (ed.), New perspectives in the co-production of public policies, public services and common goods, volume 3, chapter 9, pages 181-205, CIRIEC - Université de Liège.

    More about this item

    Keywords

    Business Organization; Competition in Finance; financial Innovation; Financial Fragility; Development Policies;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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