Innovation in Times of Financial Crisis

Nina Gorovaia and Stavros A. Zenios
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Stavros A. Zenios: University of Cyprus and Wharton Financial Institutions Centre, University of Pennslyvania

Working Papers from University of Pennsylvania, Wharton School, Weiss Center

Abstract: It is argued that productivity gains should be maintained during times of severe financial and economic crises so that the economy gets back on track and does not get trapped in a state of underperformance. Innovation is an important factor in productivity improvement. We use historical patent data going back to 1883 and standard economic indicators to investigate the impact of major crises on innovation. Data are drawn from the World Intellectual Property Organization on patents in the United States and patents are used as a proxy for innovation. We find that crisis spur innovation with the effect being noticeable for up to three years after the crisis. As a by-product of our analysis we provide empirical evidence that innovation has a positive effect on growth.

Date: 2013-11
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