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EfeitosRecíprocos entre Finanças eInovação


  • Bernard Herskovic
  • Leonardo Costa Ribeiro
  • Eduardo da Motta eAlbuquerque


The relationship between finance and innovation is key for economic development. Both classical economists and economic historians highlight the importance of these connections for successful capitalist economies. This paper investigates the relationship between finance and innovation in a cross-country comparison. This comparison uses three sets of data for 187 countries (science and technology, banks and credit and GDP per capita). For 86 countries that produce patents and papers and have banks and stock-exchanges, these data show a strong correlation among these three dimensions. Clustering techniques divide these 86 countries in three subsets, suggesting reciprocal effects between finance and innovation.
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  • Bernard Herskovic & Leonardo Costa Ribeiro & Eduardo da Motta eAlbuquerque, 2011. "EfeitosRecíprocos entre Finanças eInovação," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 153, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2009:153

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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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