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Capital de risque, crédit privé et production innovante .
Author(s) -
Ang James B.,
Madsen Jakob B.
Publication year - 2012
Publication title -
canadian journal of economics/revue canadienne d'économique
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.773
H-Index - 69
eISSN - 1540-5982
pISSN - 0008-4085
DOI - 10.1111/j.1540-5982.2012.01740.x
Subject(s) - production (economics) , private capital , capital (architecture) , panel data , knowledge production , economics , finance , business , financial system , macroeconomics , archaeology , knowledge management , computer science , econometrics , history
Although ideas production plays a critical role for growth, there has been only a modicum of research on the role played by financial forces in fostering new inventions. Drawing on Schumpeterian growth theory, this paper tests the roles of risk capital and private credit in stimulating knowledge production. Using panel data for 77 countries over the period 1965–2009, we find that countries with more developed financial systems are more innovative. A stronger patent protection framework, on the other hand, curbs innovative production.