Financial Development and Innovation: The Role of Market Structure<SUP/>

被引：0

作者：

Zhu, Xiaoyang ^{[1
]}

Kim, Jaebeom ^{[2
]}

机构：

[1] Wichita State Univ, Dept Econ, Wichita, KS 67260 USA

[2] Oklahoma State Univ, Dept Econ, Stillwater, OK USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2023年

关键词：

financial development; innovation; nonlinear effect; market competition; GROWTH; PRODUCTIVITY; INTERMEDIATION; COMPETITION; INVESTMENT; DEPENDENCE; BANKS; FIRMS; POWER;

D O I：

10.1111/jmcb.13125

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We assess how financial development affects innovation. For this purpose, we employ a unique Research Quotient data set from 1980 to 2018, and observe significant inverted-U effects of financial development on innovation for equity and credit markets. Specifically, the effects of the markets are sector-specific, implying that the inverted-U effect of the equity market on innovation is mainly driven by its diminishing effect on innovation in high-technology industries, while credit markets mostly affect innovation in non-high-technology industries. Regarding the mechanism, we posit that the inverted-U shape between finance and innovation may be explained by the disproportionate funds allocation-induced market concentration.

引用

页数：24

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