Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil
João Romero () and
Frederico Jayme Jr ()
Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais
This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Regional Development in Brazil. In the post-Keynesian literature, money is considered endogenous to the economic system, introduced in the economic activity through the credit provided by banks. Taken as non-neutral, banks are economic agents which can present lower or higher liquidity preference. Because of that, banks are also particularly important to the development process. Precisely, we tested the influence of credit and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states’ number of patents, aiming at testing the importance of the bank system to technological progress and regional development. Conclusions confirm both hypotheses.
Keywords: Monetary System; National Innovation System; Credit; Brazil (search for similar items in EconPapers)
JEL-codes: G21 O30 R10 (search for similar items in EconPapers)
Pages: 25 pages
New Economics Papers: this item is included in nep-geo, nep-ino and nep-mon
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Working Paper: Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil (2009)
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