Prague Economic Papers 2014, 23(2):162-180 | DOI: 10.18267/j.pep.478
Financial Development and Innovation Activity: Evidence from Selected East Asian Countries
- The National University of Malaysia, 436 UKM Bangi, Selangor (swlow@ukm.edu.my).
This paper examines the role of financial development in promoting innovation-related activity using panel data for seven East Asian countries for the period from 1998-2009. On overall financial development, we find that, financial sector size and the overall activity of banks and stock market exert positive influences on patent applications. In particular, our results show that all measures of banking development are positively and significantly related to the number of patent applications after controlling for variables known to affect innovative activities. Interestingly, we find no evidence that variation in patent applications is affected by a country's stock market development. The findings suggest that banking sector plays important roles in supporting innovation activity in East Asian countries.
Klíčová slova: financial development, patents, banking development, stock market development, innovative activities
JEL classification: G10, G15, G20
Zveřejněno: 1. leden 2014 Zobrazit citaci
Reference
- Acemoglu, D., Aghion, P., Zilibotti, F. (2006), "Distance to Frontier, Selection, and Economic Growth." Journal of European Economic Association, Vol. 4, pp. 37-74.
Přejít k původnímu zdroji...
- Acs, Z. J., Anselin, L., Varga, A. (2002), "Patents and Innovation Counts as Measures of Regional Production of New Knowledge." Research Policy, Vol. 31, No. 7, pp. 1069-1085.
Přejít k původnímu zdroji...
- Allen, F., Gale, D. (1999), "Diversity of Opinion and Financing of New Technologies." Journal of Financial Intermediation, Vol. 8, No. 1-2, pp. 68-89.
Přejít k původnímu zdroji...
- Allen, F., Gale, D. (2000), Comparing Financial Systems. Cambridge, Massachusetts: MIT Press, 2000.
- Aghion, P., Howitt, P. (2009), The Economics of Growth. Cambridge, Massachusetts: MIT Press, 2009.
- Aghion, P., Howitt, P., Mayer-Foulkes, D. (2005), "The Effect of Financial Development on Convergence: Theory and Evidence." Quarterly Journal of Economics, Vol. 120, No. 1, pp. 173-222.
Přejít k původnímu zdroji...
- Amihud, Y. (2002), "Illiquidity and Stock Returns: Cross-section and Time-series effects." Journal of Financial Markets, Vol. 5, No. 1, pp. 31-56.
Přejít k původnímu zdroji...
- Ang, J. B. (2010), "Financial Reforms, Patent Protection, and Knowledge Accumulation in India." World Development, Vol. 38, No. 8, pp. 1070-1081.
Přejít k původnímu zdroji...
- Ang, J. B. (2011), "Financial Development, Liberalization and Technological Deepening." European Economic Review, Vol. 55, No. 5, pp. 688-701.
Přejít k původnímu zdroji...
- Barbosa, N., Faria, A. P. (2011), "Innovation across Europe: How Important Are Institutional Differences?" Research Policy, Vol. 40, No. 9, pp. 1157-1169.
Přejít k původnímu zdroji...
- Beck, T., Levine, R. (2004), "Stock Markets, Banks, and Growth: Panel Evidence." Journal of Banking and Finance, Vol. 28, No. 3, pp. 423-442.
Přejít k původnímu zdroji...
- Beck, T., Demirguc-Kunt, A., Levine, R. (2010), "Financial Institutions and Markets across Countries and over Time: The Updated Financial Development and Structure Database." World Economic Review, Vol. 24, No. 1, pp. 77-92.
Přejít k původnímu zdroji...
- Boot, A. W., Thakor, A. V. (1997), "Financial System Architecture." Review of Financial Studies, Vol. 10, No. 3, pp. 693-733.
Přejít k původnímu zdroji...
- Buesa, M., Heijs, J., Baumert, T. (2010), "The Determinants of Regional Innovation in Europe: A Combined Factorial and Regression Knowledge Production Function Approach." Research Policy, Vol. 39, No. 6, pp. 722-735.
Přejít k původnímu zdroji...
- Cabral, L., Mata, J. (2003), "On the Evolution of the Firm Size Distribution: Facts and Theory." American Economic Review, Vol. 93, No. 4, pp. 1075-1090.
Přejít k původnímu zdroji...
- Daouk, H., Lee, C. M. C., Ng, D. (2006), "Capital Market Governance: How Do Security Laws Affect Market Performance?" Journal of Corporate Finance, Vol. 12, No. 3, pp. 560-593.
Přejít k původnímu zdroji...
- Diamond, D. W. (1984), "Financial Intermediation and Delegated Monitoring." Review of Economic Studies, Vol. 51, No. 3, pp. 393-414.
Přejít k původnímu zdroji...
- Dosi, G. (1990), "Finance, Innovation, and Industrial Change." Journal of Economic Behavior and Organization, Vol. 13, No. 3, pp. 299-319.
Přejít k původnímu zdroji...
- Fu, X. (2008), "Foreign Direct Investment, Absorptive Capacity and Regional Innovation Capabilities: Evidence from China." Oxford Development Studies, Vol. 36, No. 1, pp. 89-110.
Přejít k původnímu zdroji...
- Furman, J., Porter, M., Stern, S. (2002), "The Determinants of National Innovative Capacity." Research Policy, Vol. 31, No. 6, pp. 899-933.
Přejít k původnímu zdroji...
- Ginarte, J., Park, W. (1997), "Determinants of Patent Rights: A Cross-national Study." Research Policy, Vol. 26, No. 3, pp. 283-301.
Přejít k původnímu zdroji...
- Griliches, Z. (1990), "Patent Statistics as Economic Indicators: A Survey." Journal of Economic Literature, Vol. 28, No. 4, pp. 1661-1707.
Přejít k původnímu zdroji...
- Holmstrom, B., Tirole, J. (1993), "Market Liquidity and Performance Monitoring." Journal of Political Economy, Vol. 101, No. 4, pp. 678-709.
Přejít k původnímu zdroji...
- Hyytinen, A., Toivanen, O. (2005), "Do Financial Constraints Hold back Innovation and Growth? Evidence on the Role of Public Policy." Research Policy, Vol. 34, No. 9, pp. 1385-1403.
Přejít k původnímu zdroji...
- Jensen, M. C., Murphy, K. (1990), "Performance Pay and Top Management Incentives." Journal of Political Economy, Vol. 98, No. 2, pp. 225-264.
Přejít k původnímu zdroji...
- Kaufmann, D., Kraay, A., Mastruzzi, M. (2010), "The Worldwide Governance Indicators: Methodology and Analytical Issues. World Bank Policy Research Working Paper No. 5430.
- King R. G., Levine R. (1993), "Finance, Entrepreneurship, and Growth: Theory and Evidence." Journal of Monetary Economics, Vol. 32, pp. 513-542.
Přejít k původnímu zdroji...
- Kortum, S. (1993), "Equilibrium R&D and the Patent-R&D Ratio: U.S. Evidence." American Economic Review, Vol. 83, No. 2, pp. 450-457.
- Levine, R. (1991), "Stock Markets, Growth, and Tax Policy." Journal of Finance, Vol. 46, No. 4, pp. 1445-1465.
Přejít k původnímu zdroji...
- Levine, R. (1997), "Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature, Vol. 35, No. 2, pp. 688-726.
- Levine, R. (2002), "Bank-based or Market-based Financial Systems: Which Is Better?" Journal of Financial Intermediation, Vol. 11, No. 4, 398-428.
Přejít k původnímu zdroji...
- Levine, R., Zervos, S. (1998), "Stock Markets, Banks, and Economic Growth." American Economic Review, Vol. 88, No. 3, pp. 537-558.
- Maskus, K. E., Neumann, R., Seidel, T. (2012), "How National and International Financial Development Affect Industrial R&D." European Economic Review, Vol. 56, No. 1, pp. 72-83.
Přejít k původnímu zdroji...
- Merton, R. C., Bodie, Z. (1995), "A Conceptual Framework for Analyzing the Financial Environment." In Crane et al. (eds.), The Global Financial System: A Functional Perspective, pp. 3-32. Cambridge, MA: Harvard Business School Press, 1995.
- Morales, M. F. (2003), "Financial Intermediation in a Model of Growth through Creative Destruction." Macroeconomic Dynamics, Vol. 7, pp. 363-393.
Přejít k původnímu zdroji...
- Rajan, R. G., Zingales, G. (1998), "Financial Dependence and Growth." American Economic Review, Vol. 88, No. 3, pp. 559-586.
- Ramakrishnan, R., Thakor, A. (1984), "Information Reliability and Theory of Financial Intermediation." Review of Economic Studies, Vol. 51, No. 3, pp. 415-432.
Přejít k původnímu zdroji...
- Romer, P. M. (1994), "The Origins of Endogenous Growth." Journal of Economic Perspectives, Vol. 8, No. 1, pp. 3-22.
Přejít k původnímu zdroji...
- Schumpeter, J. A. (1912), Theories der Wirtschaftlichen Entwicklung. (The Theory of Economic Development), Leipzig: Dunker and Humblot; translated by Redvers Opie, Cambridge, MA: Harvard University Press, 1934.
- Spielman, D. J., Ekboir, J., Davis, K., Ochieng, C. (2008), "An Innovation Systems Perspective on Strengthening Agricultural Education and Training in Sub-Saharan Africa." Agricultural Systems, Vol. 98, No. 1, pp. 1-9.
Přejít k původnímu zdroji...
- Teitel, S. (1994), "Patents, R&D Expenditures, Country Size, and per-capita Income: An International Comparison." Scientometrics, Vol. 29, No. 1, pp. 137-159.
Přejít k původnímu zdroji...
- Varsakelis, N. (2001), "The Impact of Patent Protection, Economy Openness and National Culture on R&D Investment: A Cross-country Empirical Investigation." Research Policy, Vol. 30, No. 7, pp. 1059-1068.
Přejít k původnímu zdroji...
- Varsakelis, N. (2006), "Education, Political Institutions and Innovative Activity: A Cross-country Empirical Investigation." Research Policy, Vol. 35, No. 7, pp. 1083-1090.
Přejít k původnímu zdroji...
- Wang, E. C. (2010), "Determinants of R&D Investment: The Extreme-bounds-analysis Approach Applied to 26 OECD Countries." Research Policy, Vol. 39, No. 1, pp. 103-116.
Přejít k původnímu zdroji...
- World Bank (X), "World Bank's Financial Development and Financial Structure Dataset." Available at http://econ.worldbank.org. Accessed on July 12, 2011.
- World Bank (X), "World Bank's Worldwide Governance Indicators." Available at www.govindicators.org. Accessed on July 12, 2011.
- Youtie, J., Shapira, P. (2008), "Building an Innovation Hub: A Case Study of the Transformation of University Roles in Regional Technological and Economic Development." Research Policy, Vol. 37, No. 8, pp. 1188-1204.
Přejít k původnímu zdroji...
Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.