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    Financial Deepening and Innovation Efficiency: The Role of Political Institutions

    Ho, Chun-Yu; Huang, Shaoqing; Shi, Hao; Wu, Jun | March 2017
    Abstract
    This study investigates the effects of financial deepening on innovation efficiency for various democratic levels of political institutions using panel data from 69 countries spanning 1970–2010. Banking market deepening is associated with increased innovation efficiency only when political institutions are sufficiently democratic. In contrast, the enhancing effect of stock market deepening on innovation efficiency requires a lower level of political democracy. Furthermore, the results are stronger for countries with lower incomes than for countries with higher incomes. Our results are robust for the use of the instrumental variable approach and alternative measures for financial deepening, democracy, and innovation inputs.
    Citation
    Ho, Chun-Yu; Huang, Shaoqing; Shi, Hao; Wu, Jun. 2017. Financial Deepening and Innovation Efficiency: The Role of Political Institutions. © Asian Development Bank Institute. http://hdl.handle.net/11540/7784.
    Keywords
    Taxation
    Public Debt
    Local Government
    Debt Management
    Pension Funds
    Mutual Funds
    Social Equity
    Financial Aspects
    Fiscal Policy
    Finance
    Public Finance
    Governance
    National Budget
    Budgetary Policy
    Educational Budget
    Public Financial Management
    Financial System
    Financial Statistics
    Local taxation
    Options
    Government
    Local government
    Taxation
    Employee pension trusts
    Investment management
    Investments
    Multiemployer pension plans
    Keogh plans
    Individual retirement accounts
    Pension plans
    Employee pension trusts
    Pension trusts
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    Citable URI
    http://hdl.handle.net/11540/7784
    Metadata
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    Author
    Ho, Chun-Yu
    Huang, Shaoqing
    Shi, Hao
    Wu, Jun
    Theme
    Finance
    Governance
    Small Medium Business
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise