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This paper provides a review regarding the financing issues of innovative firms in Romania. The financing resources used by innovative firms are closely interdependent with innovation modes adopted by firms (R&D and non-R&D innovations). In the context I highlight the difficulties in attracting external funding resources and the implications for government policy. In this respect, I begin by describing some of the unique features of R&D investments. Then I discuss the various theoretical arguments why external finance for R&D might be more expensive than internal finance, going on to review statistical evidence on the support of this hypothesis and the solutions that have to be developed and adopted by the government. The paper concludes with a discussion of policy options.

THE FINANCING OF R&D: CHALLENGES FOR ROMANIAN FIRMS