Il finanziamento degli investimenti in R&S. Gli effetti sulla crescita e sulla struttura finanziaria

Giuseppe Garofalo and Patrizio Morganti

MPRA Paper from University Library of Munich, Germany

Abstract: The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the financial services' supply (financial services view) but also the related legal aspects. In particular, the paper agrees with the thesis that the financial structure of the economy emerges endogenously depending both on the firms’ R&D investment choices and on their initial wealth level. The paper presents also an empirical validation of the financial services and, more specifically, of the law and finance view, carried out over the period 1980-2008. A focus is dedicated to the Chinese case, which shows strong economic growth and increasingly efficient financial sector, in despite of the weakness of the legal system.

Keywords: R&D investment; finance and growth; financial system and institutions (search for similar items in EconPapers)
JEL-codes: D82 E44 G20 K20 O32 P48 (search for similar items in EconPapers)
Date: 2010-03
New Economics Papers: this item is included in nep-ino, nep-law and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:23551

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