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East Asian Financial Systems And The Transition From Investment-Driven To Innovation-Driven Economic Development

Author

Listed:
  • MICHAEL CARNEY

    (Concordia University, 1455 de Maisonneuve Blvd. West, Montreal, Quebec, Canada H3G 1M8, Canada)

  • ERIC GEDAJLOVIC

    (Erasmus University & The Rotterdam School of Management, Postbus 1738, 3000 DR, Rotterdam, The Netherlands)

Abstract

Many of today's high growth and high value-added businesses are concentrated in the knowledge- and innovation-based industries of information technology, telecommunications, biotechnology, media, software and entertainment. Though the governments of Hong Kong, Singapore & Taiwan (Asian NIEs) have invested heavily in promoting these sectors, they have largely failed to produce internationally competitive firms. We argue that government-led initiatives that were appropriate for economies in the investment-driven stage of industrialisation need to be reformed. As some economic sectors approach the technology frontier, diverse financing arrangements are needed to direct capital to high technology start-ups. To complement existing government-related technology initiatives, a more varied financial infrastructure must be developed.

Suggested Citation

  • Michael Carney & Eric Gedajlovic, 2000. "East Asian Financial Systems And The Transition From Investment-Driven To Innovation-Driven Economic Development," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 253-276.
    • Handle: RePEc:wsi:ijimxx:v:04:y:2000:i:03:n:s1363919600000160
    DOI: 10.1142/S1363919600000160
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    Citations

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    Cited by:

    1. Yoo, Taeyoung & Sung, Taeyoon, 2015. "How outside directors facilitate corporate R&D investment? Evidence from large Korean firms," Journal of Business Research, Elsevier, vol. 68(6), pages 1251-1260.
    2. Gedajlovic, Eric & Cao, Qing & Zhang, Hongping, 2012. "Corporate shareholdings and organizational ambidexterity in high-tech SMEs: Evidence from a transitional economy," Journal of Business Venturing, Elsevier, vol. 27(6), pages 652-665.
    3. Majid Ghorbani & Michael Carney, 2016. "The changing face of China’s billionaire-entrepreneurs," Asia Pacific Journal of Management, Springer, vol. 33(4), pages 881-902, December.
    4. Martin Wielemaker & Eric Gedajlovic, 2011. "Governance and capabilities: Asia’s entrepreneurial performance and stock of venture forms," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 157-185, March.
    5. Siri Terjesen & Jolanda Hessels, 2009. "Varieties of export-oriented entrepreneurship in Asia," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 537-561, September.

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