Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil
This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Regional Development in Brazil. In the post-Keynesian literature, money is considered endogenous to the economic system, introduced in the economic activity through the credit provided by banks. Taken as non-neutral, banks are economic agents which can present lower or higher liquidity preference. Because of that, banks are also particularly important to the development process. Precisely, we tested the influence of credit and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states’ number of patents, aiming at testing the importance of the bank system to technological progress and regional development. Conclusions confirm both hypotheses.
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- Marco Crocco & Anderson Cavalcante & Cláudio Barra, 2006. "The behavior of liquidity preference of banks and public and regional development: the case of Brazil," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(2), pages 217-240, January.
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- Almeida, Daniel B. de Castro & Jayme Jr., Frederico G., 2008. "Bank consolidation and credit concentration in Brazil (1995-2004)," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
- Eduardo da Motta e Albuquerque, 2007. "Inadequacy of technology and innovation systems at the periphery," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 669-690, September.
- Sheila Dow & Carlos Rodriguez-Fuentes, 1997. "Regional Finance: A Survey," Regional Studies, Taylor & Francis Journals, vol. 31(9), pages 903-920. Full references (including those not matched with items on IDEAS)
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