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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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File URL: http://mpra.ub.uni-muenchen.de/38747/1/MPRA_paper_38747.pdf
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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. Ang, James, 2009. "Do Financial Sector Policies Promote Innovative Activity in Developing Countries? Evidence from India," MPRA Paper 14495, University Library of Munich, Germany.
  2. Benfratello, Luigi & Schiantarelli, Fabio & Sembenelli, Alessandro, 2008. "Banks and innovation: Microeconometric evidence on Italian firms," Journal of Financial Economics, Elsevier, vol. 90(2), pages 197-217, November.
  3. Jian Tong & Xu Chenggang, 2004. "Financial institutions and the wealth of nations: tales of development," LSE Research Online Documents on Economics 3745, London School of Economics and Political Science, LSE Library.
  4. 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.
  5. 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.
  6. Bottazzi, Laura, 2009. "The role of venture capital in alleviating financial constraints of innovative firms," EIB Papers 9/2009, European Investment Bank, Economics Department.
  7. João Prates Romero & Frederico G. Jayme Jr., 2009. "Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil," Textos para Discussão Cedeplar-UFMG td357, Cedeplar, Universidade Federal de Minas Gerais.
  8. Era Dabla-Norris & Erasmus K. Kersting & Geneviève Verdier, 2012. "Firm Productivity, Innovation, and Financial Development," Southern Economic Journal, Southern Economic Association, vol. 79(2), pages 422-449, October.
  9. Tong, Jian & Xu, Cheng-Gang, 2004. "Financial Institutions and the Wealth of Nations: Tales of Development," CEPR Discussion Papers 4348, C.E.P.R. Discussion Papers.
  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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