Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/46436
Authors: 
Maskus, Keith E.
Neumann, Rebecca
Seidel, Tobias
Year of Publication: 
2011
Series/Report no.: 
CESifo working paper: Monetary Policy and International Finance 3480
Abstract: 
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990- 2003. We take account of such industry characteristics as the need for external financing and the amount of tangible assets. Multiple forms of domestic financial development are important determinants of R&D intensity but only foreign direct investment is significant among alternative measures of international financial development. We find the strongest effects for private bond-market capitalization, while FDI, private credit by banks, and stockmarket capitalization have similar effects in terms of magnitude.
Subjects: 
R&D
financial systems
financial development
international financial integration
JEL: 
F36
G10
G15
G32
O30
Document Type: 
Working Paper

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