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Technology and Finance

  • Anna Ilyina
  • Roberto M. Samaniego

The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/182.

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Length: 42
Date of creation: 01 Jul 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/182
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