Financial System And Technological Catching Up A Quantitative And Qualitative Analysis Of The Wealth Of Nations
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Financial System and Technological Catching-up
This study explores the role of the financial system in technological catching-up in the expectation that financing mechanisms affect the production and the exports of new or "new to the market" commodities. We have developed indices of overall export variety (OEV), of related export variety (REV) and of unrelated export variety (UEV) by using the entropy function for a sample of 152 countries using NBER & UN trade data for the period 1962-2004. Panel data regression models confirm that REV in the short-run and UEV in the long-run significantly and positively determine the growth performance of the countries. Furthermore, we used these indices, for a shorter period (1992 to 2004) and for a smaller sample (97 countries), sequentially as dependent variables with bank credit ratio and stock market capitalization ratio as independent variables in our regressions, including several dimensions of the countries constructed through principal component factor analysis. Our findings show that the financial system is an important determinant of all types of export variety for all countries but that for the most successful developers the banking system and the stock market start playing different roles, with the former being relatively more appropriate for REV and the latter for UEV. Such specialization of different forms of the financial system seems to confirm that stock markets are likely to be relatively more appropriate to fund the more exploratory, long range, types of innovations which are required to increase UEV. Qualitative analysis of South-Korea and of Brazil provides a more realistic representation of the financial institutions which support innovation in both countries and confirms that the financial system's flexibility and resilience is a necessary condition for catching-up in addition to the development of a well coordinated national system of innovation.
Innovation, Economic Development and Policy
Author: Jan Fagerberg
language: en
Publisher: Edward Elgar Publishing
Release Date: 2018-04-27
This authoritative and enlightening book focuses on fundamental questions such as what is innovation, who is it relevant for, what are the effects, and what is the role of (innovation) policy in supporting innovation-diffusion? The first two sections present a comprehensive overview of our current knowledge on the phenomenon and analyse how this knowledge (and the scholarly community underpinning it) has evolved towards its present state. The third part explores the role of innovation for growth and development, while section four is concerned with the national innovation system and the role of (innovation) policy in influencing its dynamics and responding to the important challenges facing contemporary societies.
How Nations Learn
Author: Arkebe Oqubay
language: en
Publisher: Oxford University Press
Release Date: 2019-06-19
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. What are the prospects for successful learning and catch-up for nations in the twenty-first century? Why have some nations succeeded while others failed? The World Bank states that out of over one hundred middle-income economies in 1960, only thirteen became high income by 2008. How Nations Learn: Technological Learning, Industrial Policy, and Catch-up examines how nations learn by reviewing key structural and contingent factors that contribute to dynamic learning and catch-up. Rejecting both the 'one-size-fits-all' approach and the agnosticism that all nations are unique and different, it uses historical as well as firm-, industry-, and country-level evidence and experiences to identify the sources and drivers of successful learning and catch-up and the lessons for late-latecomer countries. Authored by eminent scholars, the volume aims to generate interest and debate among policy makers, practitioners, and researchers on the complexity of learning and catch-up. It explores technological learning at the firm level, policy learning by the state, and the cumulative and multifaceted nature of the learning process, which encompasses learning by doing, by experiment, emulation, innovation, and leapfrogging.