EconPapers    
Economics at your fingertips  
 

Financial Systems and Private Innovation Activity. A Research for OECD Countries

Alberto Mendez-Morales () and Carlos Yanes-Guerra ()
Additional contact information
Alberto Mendez-Morales: Universidad Militar Nueva Granada
Carlos Yanes-Guerra: Universidad Militar Nueva Granada

No 02AM, Working papers from Research Association for Interdisciplinary Studies

Abstract: This research shows the effect that financial markets development has on R and D private investment of OECD countries. The main porpoise of this research is to help policy makers to generate effective policies to spur innovation, especially in underdeveloped countries. Data used on this research comes from World Bank and Unesco for the period 2000-2016. Used methodology is a dynamic panel data in which macroeconomic, financial, innovation and structural variables are included. It was found that stock markets development is positively related with private expenditure on R and D, but bond markets are negatively related with it. Simultaneously, low inflation and stable exchange rates are positively related with R and D. This is a novel research given that we show that an effective innovation policy for private firms, should be accompanied of policies aimed to deepening financial markets as a way to spur investments on R and D.

Keywords: Financial systems; stock markets; credit markets; R and D; innovation (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-ino and nep-sbm
Date: 2018-11
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Published in Proceedings of the 11th International RAIS Conference on Social Sciences and Humanities, November 19-20, 2018, pages 8-14

Downloads: (external link)
http://rais.education/wp-content/uploads/2018/11/02AM.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:smo:jpaper:02am

Access Statistics for this paper

More papers in Working papers from Research Association for Interdisciplinary Studies
Bibliographic data for series maintained by Eduard Burcea ().

 
Page updated 2019-02-18
Handle: RePEc:smo:jpaper:02am