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R&D and Non-R&D Innovators During the Global Financial Crisis: The Role of Binding Credit Constraints

Sandra Leitner and Robert Stehrer

Latin American Journal of Economics-formerly Cuadernos de Economía, 2016, vol. 53, issue 1, 1-38

Abstract: This analysis identifies the effects of prevailing credit constraints on efforts of formal R&D innovators and (informal) non-R&D innovators in the manufacturing sector in Latin America and examines whether the global financial crisis aggravated these effects. It demonstrates that formal R&D innovators faced binding credit constraints that severely disturbed their innovative efforts, while non-R&D innovators remained unaffected. Furthermore, the global financial crisis put no additional strain on either R&D or non-R&D innovators. The analysis also identifies characteristics of R&D and non-R&D innovators and points to important differences in size, age, or ownership structure but similarities in international trading activities.

Keywords: credit constraints; R&D and non-R&D innovators; financial crisis; Latin America (search for similar items in EconPapers)
JEL-codes: C35 G01 G32 O31 (search for similar items in EconPapers)
Date: 2016
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Latin American Journal of Economics-formerly Cuadernos de Economía is currently edited by Raimundo Soto

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Handle: RePEc:ioe:cuadec:v:53:y:2016:i:1:p:1-38