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Risk capital, private credit, and innovative production

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  • James B. Ang
  • Jakob B. Madsen

Abstract

Although ideas production plays a critical role for growth, there has been only a modicum of research on the role played by financial forces in fostering new inventions. Drawing on Schumpeterian growth theory, this paper tests the roles of risk capital and private credit in stimulating knowledge production. Using panel data for 77 countries over the period 1965–2009, we find that countries with more developed financial systems are more innovative. A stronger patent protection framework, on the other hand, curbs innovative production. Même si la production d’idées joue un rôle critique dans la croissance, il y a eu peu de recherche sur le rôle joué par les forces financières dans la promotion de nouvelles inventions. En se basant sur la théorie schumpéterienne de la croissance, ce texte calibre les rôles du capital de risque et du crédit privé dan s la stimulation de la production de connaissance. Utilisant des données de panel pour 77 pays pour la période 1965–2009, on découvre que les pays qui ont des systèmes financiers plus développés sont plus innovateurs. Un cadre plus robuste de protection des brevets, d’autre part, ralentit la production innovante.

Suggested Citation

  • James B. Ang & Jakob B. Madsen, 2012. "Risk capital, private credit, and innovative production," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 45(4), pages 1608-1639, November.
  • Handle: RePEc:wly:canjec:v:45:y:2012:i:4:p:1608-1639
    DOI: 10.1111/j.1540-5982.2012.01740.x
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    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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