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http://hdl.handle.net/10419/19486
  

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dc.contributor.authorvan Pottelsberghe de la Potterie, Brunoen_US
dc.contributor.authorRomain, Astriden_US
dc.coverage.temporal1990-2000en_US
dc.date.accessioned2009-01-28T15:58:54Z-
dc.date.available2009-01-28T15:58:54Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19486-
dc.description.abstractThis paper attempts to identify and evaluate the main determinants of venture capital (VC). We develop a theoretical model where macroeconomic conditions, technological opportunity, and the entrepreneurial environment affect the demand and supply of VC. The quantitative results, based on a panel dataset of 16 OECD countries from 1990 to 2000, show that VC intensity is pro-cyclical. Interest rates affect more the demand side of VC (entrepreneurs) than the supply side. Indicators of technological opportunity, such as the stock of knowledge and the number of triadic patents affect positively and significantly the relative level of VC. Labour market rigidities reduce the impact of the GDP growth rate and of the stock of knowledge, whereas a minimum level of entrepreneurship is required in order to have a positive effect of the available stock of knowledge on VC intensity.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,19en_US
dc.subject.jelO33en_US
dc.subject.jelG24en_US
dc.subject.jelM13en_US
dc.subject.jelC33en_US
dc.subject.ddc330en_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordTechnological Opportuniyen_US
dc.subject.keywordEntrepreneurshipen_US
dc.subject.keywordLabour Market Regiditiesen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwInnovationsdiffusionen_US
dc.subject.stwUnternehmeren_US
dc.subject.stwArbeitsmarktflexibilisierungen_US
dc.subject.stwSch├Ątzungen_US
dc.subject.stwOECD-Staatenen_US
dc.titleThe Determinants of Venture Capital: Additional Evidenceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn392676427en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:2164-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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