Financial deepening and innovation: The role of political institutions

被引：58

作者：

Ho, Chun-Yu ^{[1
]}

Huang, Shaoqing ^{[2
]}

Shi, Hao ^{[2
]}

Wu, Jun ^{[2
]}

机构：

[1] SUNY Albany, Dept Econ, Albany, NY 12222 USA

[2] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai 200030, Peoples R China

来源：

WORLD DEVELOPMENT | 2018年 / 109卷

基金：

美国国家科学基金会;

关键词：

Innovation; Financial development; Political institutions; GOVERNMENT OWNERSHIP; ENDOGENOUS GROWTH; PANEL-DATA; MARKETS; INCOME;

D O I：

10.1016/j.worlddev.2018.02.022

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This study investigates the effects of financial deepening on innovation for various democratic levels of political institutions using panel data from 74 countries spanning 1970-2010. Our results show that banking market deepening is associated with increased innovation only when political institutions are sufficiently democratic. In contrast, the enhancing effect of stock market deepening on innovation requires a lower level of political democracy. Further, we find that increasing the state's openness and competitiveness in the executive recruitment of leaders is the main channel through which political democratization promotes the role of banking and stock markets for financing innovation. Our results are robust to the use of the instrumental variable approach; alternative measures for financial deepening, democracy and innovation input; long-differenced variables; and alternative specifications. (C) 2018 Elsevier Ltd. All rights reserved.

引用

页码：1 / 13

页数：13

共 60 条

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