FINANCIAL ARCHITECTURE and TECHNOLOGY
نویسنده
چکیده
Is market-based or bank-based financial system better for fostering technological innovation as an engine of growth? I present evidence that bank-based systems promote rapid technological progress in those industrial sectors that depend heavily on external finance for funding innovation by facilitating credit access to younger firms. On the other hand, I also find evidence of a general positive effect on technical innovation associated with market-oriented financial systems, which impacts all sectors and all firms homogeneously. Hence, contrary to previous research, I find that financial system architecture is not a matter of indifference to economic growth. JEL Classification: G1, G21, G32, E44, O14, O31, O34, O4
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