Technology and Finance

44 Pages Posted: 12 Sep 2008

See all articles by A. Ilyina

A. Ilyina

International Monetary Fund (IMF)

Roberto M. Samaniego

George Washington University - Department of Economics

Date Written: July 2008

Abstract

The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.

Keywords: Technology transfer, External financing, Industrial investment, Investment policy, Development, Production growth

Suggested Citation

Ilyina, A. and Samaniego, Roberto M., Technology and Finance (July 2008). Available at SSRN: https://ssrn.com/abstract=1266515 or http://dx.doi.org/10.2139/ssrn.1266515

A. Ilyina

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Roberto M. Samaniego (Contact Author)

George Washington University - Department of Economics ( email )

2115 G St NW Suite 340
Washington, DC 20052
United States

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