Financial system and technological catching-up: an empirical analysis

摘要: This paper explores the role of financial system in technological catching-up expectation that financing mechanisms affect production and exports new or “new to market” commodities. We have developed indices related export variety (REV) unrelated (UEV) by using informational entropy function for a sample 97 countries NBER & UN trade data period 1992–2005. used these sequentially as dependent variables with bank credit ratio stock market capitalization independent variables. In addition, we include education system, natural resources four principal component factors characterizing cost doing business, political quality governance degree openness control our regressions. Our pooled regression models show is an important determinant both types all but that, most successful developers, banking play different roles, former being relatively more appropriate REV latter UEV. Such specialization forms seems confirm markets are likely be fund exploratory type innovations which required increase