EAST ASIAN FINANCIAL SYSTEMS AND THE TRANSITION FROM INVESTMENT-DRIVEN TO INNOVATION-DRIVEN ECONOMIC DEVELOPMENT

Michael Carney () and Eric Gedajlovic ()
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Michael Carney: Concordia University, 1455 de Maisonneuve Blvd. West, Montreal, Quebec, Canada H3G 1M8, Canada
Eric Gedajlovic: Erasmus University & The Rotterdam School of Management, Postbus 1738, 3000 DR, Rotterdam, The Netherlands

International Journal of Innovation Management (ijim), 2000, vol. 04, issue 03, 253-276

Abstract: Many of today's high growth and high value-added businesses are concentrated in the knowledge- and innovation-based industries of information technology, telecommunications, biotechnology, media, software and entertainment. Though the governments of Hong Kong, Singapore & Taiwan (Asian NIEs) have invested heavily in promoting these sectors, they have largely failed to produce internationally competitive firms. We argue that government-led initiatives that were appropriate for economies in the investment-driven stage of industrialisation need to be reformed. As some economic sectors approach the technology frontier, diverse financing arrangements are needed to direct capital to high technology start-ups. To complement existing government-related technology initiatives, a more varied financial infrastructure must be developed.

Keywords: corporate finance; organisation learning; newly industrialising economies; East Asia (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1142/S1363919600000160

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