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Technology and Finance
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Author/Editor: |
Ilyina, Anna | Samaniego, Roberto |
| Authorized for Distribution: |
July 1, 2008 |
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Electronic Access: |
Free Full Text (PDF file size is 786KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.
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Series: |
Working Paper No. 08/182 |
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Subject(s): |
Technology transfer | External financing | Industrial investment | Investment policy | Development | Production growth |
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Author's keyword(s): |
Technology
| financial development
| external finance dependence
| industry growth
| R&D intensity
| investment lumpiness.
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Published: |
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July 1, 2008 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2008182 |
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Pages: |
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42 |
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Price: |
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US$18.00 (Academic Rate: US$18.00 )
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