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Firm Productivity, innovation and Financial Development

  • Geneviève Verdier
  • Erasmus Kersting
  • Era Dabla-Norris

How do firm-specific actions-in particular, innovation-affect firm productivity? And what is the role of the financial sector in facilitating higher productivity? Using a rich firm-level dataset, we find that innovation is crucial for firm performance as it directly and measurably increases productivity. Moreover, its effects on productivity are mediated through the financial sector; firms reap the maximum benefits from innovation in countries with well-developed financial sectors. This effect is particularly important for firms in high-tech sectors, which typically have higher external financing needs.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/49.

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Length: 36
Date of creation: 01 Feb 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/49
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