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Innovative Infrastructure, Financial Development and Innovative Activity in Developing Economies: Cross Country Empirical Investigation

机译:发展中经济体的创新基础设施,金融发展和创新活动:跨国实证研究

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Over the last decades, technological advances have been the most important determinant of growth rate for many countries. Recent studies have been focused on explaining growth rates of countries through endogenous technological change. However there is limited number of papers aimed to explain innovative activity in developing countries. The purpose of the paper is to test the impact of banking sector and innovative infrastructure (patent protection and industrial clusterization) on innovative activity of developing economies. This paper provides empirical evidence on effects of banking system development and innovation infrastructure on innovative activity based on the sample of 51 developing economies. For example, an improvement in innovative cluster development and increase domestic credit to private sector of Russia from existing level (catching up countries) to the level of Brazil (foregoing ahead), is associated with 4.8 percent increase in high tech exports, ceteris paribus. Most of the variables in our paper are public policy variables (quality of banking system, sophistication of innovative infrastructure). Our empirical discoveries ought to be of high interest to policy makers in developing economies intended to achieve sustained economic growth through technical and technological advance.
机译:在过去的几十年中,技术进步一直是许多国家增长率最重要的决定因素。最近的研究集中在通过内源性技术变革来解释国家的增长率。但是,旨在解释发展中国家创新活动的论文数量有限。本文的目的是检验银行业和创新基础设施(专利保护和产业集群)对发展中经济体创新活动的影响。本文以51个发展中经济体为样本,提供了银行体系发展和创新基础设施对创新活动的影响的经验证据。例如,创新型集群发展的改善和对俄罗斯私营部门的国内信贷从现有水平(赶超国家)增加到巴西水平(向前迈进),与高科技出口(ceteris paribus)增加了4.8%。本文中的大多数变量是公共政策变量(银行系统的质量,创新基础设施的复杂程度)。我们的经验发现应该对旨在通过技术进步实现持续经济增长的发展中经济体的决策者高度重视。

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