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The Effects of Financial Sector Development on Innovation as an Engine of Sustained Growth

DC Field Value Language
dc.contributor.authorKim, Pilhyun-
dc.date.accessioned2009-01-30T05:45:03Z-
dc.date.available2009-01-30T05:45:03Z-
dc.date.issued2007-01-
dc.identifier.citationSeoul Journal of Economics, Vol.20 No.1, pp. 129-164-
dc.identifier.issn1225-0279-
dc.identifier.urihttps://hdl.handle.net/10371/1377-
dc.description.abstractThe finance-led growth hypothesis states that financial

development promotes economic growth by enhancing either

efficiency of capital accumulation or technological innovation or

both. A typical strategy to test the validity of the hypothesis is

to regress measures of financial development on aggregate

growth measures such as GDP per capital growth. This type of

approach is problematic because of simultaneity. Furthermore,

the channel of influence from the financial sector to the real

sector is not specified. This paper focuses on the innovation

channel of influence and tests whether financial development

positively affects the rate of technological innovation. By

focusing on a specific channel of influence, simultaneity is

ameliorated. Using a panel of patent application data of

developing countries as a proxy for technological innovation, this

paper provides evidence that financial development seems to be

an important determinant of the rate of technological innovation

across countries and over time.
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dc.language.isoen-
dc.publisherInstitute of Economic Research, Seoul National University-
dc.subjectThe finance-led growth-
dc.subjectInnovation-
dc.subjectSimultaneity-
dc.titleThe Effects of Financial Sector Development on Innovation as an Engine of Sustained Growth-
dc.typeSNU Journal-
dc.contributor.AlternativeAuthor김필현-
dc.citation.journaltitleSeoul Journal of Economics-
dc.citation.endpage164-
dc.citation.number1-
dc.citation.pages129-164-
dc.citation.startpage129-
dc.citation.volume20-
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.20(1) (Spring 2007)
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