How important are capital controls in shaping innovation activity?

被引：6

作者：

Bechlioulis, Alexandros ^{[1
]}

Economidou, Claire ^{[1
]}

Karamanis, Dimitrios ^{[1
]}

Konstantios, Dimitrios ^{[1
]}

机构：

[1] Univ Piraeus, Dept Econ, Piraeus 18534, Greece

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2023年 / 131卷

关键词：

Innovation; R&D; Patents; Capital controls; Financial markets; RESEARCH-AND-DEVELOPMENT; FINANCIAL DEVELOPMENT; CREDIT CONSTRAINTS; STOCK MARKETS; AGENCY COSTS; PANEL-DATA; CASH FLOW; INVESTMENT; GROWTH; GLOBALIZATION;

D O I：

10.1016/j.jimonfin.2022.102768

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the role of capital controls in shaping innovation activity through the finance of R&D investment. The paper offers insights into the real effects of financial sector on the economy. It first asks whether capital controls shape innovation activity, both from the input (R&D) and output (patents) side. Based on a large dataset that includes 53 devel-oped and emerging countries over the period 1996-2016 and a fixed effects identification and appropriate instrumentation strategy, results support a robust inverse U-shaped rela-tionship between capital controls and R&D. Capital restrictions can be beneficial for R&D investment till a certain point and thereafter have detrimental negative effects, particularly for patents. Second, it asks whether the composition of restrictions of individual assets in the aggregate capital control index matters. We find equity-based finance restrictions greatly shape innovation activity, whereas controls on credit (bank) and direct investment assets exert no effect.(c) 2022 Elsevier Ltd. All rights reserved.

引用

页数：24

共 143 条

[1] Patents and innovation counts as measures of regional production of new knowledge [J].