کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5066996 | 1372561 | 2012 | 12 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: How national and international financial development affect industrial R&D How national and international financial development affect industrial R&D](/preview/png/5066996.png)
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990-2003. We take account of such industry characteristics as the need for external financing and the amount of tangible assets. Multiple forms of domestic financial development are important determinants of R&D intensity but only foreign direct investment is significant among alternative measures of international financial development. We find the strongest effects for private bond-market capitalization, while FDI, private credit by banks, and stock-market capitalization have similar effects in terms of magnitude.
⺠We examine the impacts of both domestic and international financial market development on R&D intensities in OECD manufacturing industries. ⺠We take account of such industry characteristics as the need for external financing and the amount of tangible assets. ⺠Many forms of domestic financial development are important determinants of R&D intensity, with a particularly strong effect of bond-market capitalization. ⺠Only foreign direct investment is significant among alternative measures of international financial development. ⺠We relate these results to theories of investment monitoring with uncertain outcomes.
Journal: European Economic Review - Volume 56, Issue 1, January 2012, Pages 72-83