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The impact of financial sector on innovation activity: theoretical background and new evidence from russian banking sector

  • Veysov, Alexander
  • Stolbov, Mikhail

This paper is to summarize the literature on finance-innovation link and produce evidence that the development of banking sector in Russia is to foster innovation process. Financeinnovation link is a new and scarcely covered issue. Nevertheless it is conventional wisdom that stock market institutions are preferable for financing innovation. But researchers claim that in the developing countries banking institution together with thorough government policy can foster innovations. Also they claim that stock market institutions are more suitable for financing breakthrough innovations, while banks are more suitable for incremental innovations. The main contribution of this paper is that is was empirically shown using panel data models that banks can facilitate innovation in Russia.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38747.

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Date of creation: Jan 2011
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Handle: RePEc:pra:mprapa:38747
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  1. Haizhou Huang & Chenggang Xu, 2000. "Financial Institutions, Financial Contagion, and Financial Crises," William Davidson Institute Working Papers Series 316, William Davidson Institute at the University of Michigan.
  2. Jian Tong & Chenggang Xu, 2004. "Financial Institutions and The Wealth of Nations: Tales of Development," William Davidson Institute Working Papers Series 2004-672, William Davidson Institute at the University of Michigan.
  3. João Prates Romero & Frederico G. Jayme Jr, 2010. "Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil," Textos para Discussão Cedeplar-UFMG td412, Cedeplar, Universidade Federal de Minas Gerais.
  4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, March.
  5. Luigi Benfratello & Fabio Schiantarelli & Alessandro Sembenelli, 2005. "Banks and Innovation: Microeconometric Evidence on Italian Firms," Boston College Working Papers in Economics 631, Boston College Department of Economics, revised 13 Jun 2007.
  6. Geneviève Verdier & Erasmus Kersting & Era Dabla-Norris, 2010. "Firm Productivity, innovation and Financial Development," IMF Working Papers 10/49, International Monetary Fund.
  7. Martinsson, Gustav, 2009. "Equity Financing and Innovation: is Europe different from the United States?," Working Paper Series in Economics and Institutions of Innovation 192, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  8. Ang, James, 2009. "Do Financial Sector Policies Promote Innovative Activity in Developing Countries? Evidence from India," MPRA Paper 14495, University Library of Munich, Germany.
  9. Bottazzi, Laura, 2009. "The role of venture capital in alleviating financial constraints of innovative firms," EIB Papers 9/2009, European Investment Bank, Economics Department.
  10. David B. Audretsch & Erik E. Lehmann, 2004. "Financing High-Tech Growth: The Role of Debt or Equity," Papers on Entrepreneurship, Growth and Public Policy 2004-19, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
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