The relationship between financial development and economic growth is the crucial issues which could grab economists and policy makers' attention to it. Financial market plays an essential role on each economy, because it conducts funds to those individuals or firms which have productive investment opportunities. If the financial system does not perform this role efficiently, the economic effic...

Innovation management focuses too much on processes and tools, whereas entrepreneurship is pre-occupied with individual personal traits. However, many of the most successful innovations were co-created by multiple entrepreneurs, and it is this interaction of talent that is at the core of radical innovation, what we call Conjoint Innovation. We examine 15 cases, historical and contemporary, to i...

We propose and analyze a two-country model of endogenous innovation cycles. In autarky, innovation fluctuations in the two countries are decoupled. As the trade cost falls and intra-industry trade rises, they become synchronized. This is because globalization leads to the alignment of innovation incentives across firms based in different countries, as they operate in the increasingly global (he...

I estimate the effect of uncertainty on risky innovation using a panel of 11,417 manufacturing firms. I find that an increase in uncertainty has a large negative effect on the risky innovation of entrepreneurial firms, while it does not have any significant impact on other firms. This negative effect is stronger for the less diversified entrepreneurial firms in the sample. The estimation result...

Corporacion Andina de Fomento (CAF) is a multilateral financial institution which supports the sustainable development and integration efforts of its shareholder countries of the Latin American region. Its shareholder countries include Bolivia, Colombia, Ecuador, Peru, Venezuela, Brazil, Chile, Mexico, Paraguay, and Trinidad and Tobago. Shares of CAF are also held by 22 private banks in the reg...

always, financial sector has a central role in development and economic growth. hence the relationship between financial development and economic growth appears to be essential. this article examines the impact of financial development on economic growth, with consider other variables affecting the economic growth, such as ratio of commercial, domestic investment and interest rate. this study e...

The identification of technologically innovating firms is related to the development of indicators of their innovation activity. In this study, we carry out a review of indicators of firms’ technological innovation activity and then classify them according to whether they are based on inputs or outputs of the innovation process, and to the sources of the information they consider, whether prima...