Financial Development and Technology Diffusion
Financial Development and Technology Diffusion
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DOI：
10.1057/s41308-019-00078-0
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发表时间：
2019-06-01
影响因子：
4.3
通讯作者：
Nanda, Ramana
中科院分区：
文献类型：
--
作者：
Comin, Diego;Nanda, Ramana
从1870年到2000年，我们考察了17个国家的金融市场发展对16种主要技术扩散的影响程度。我们发现，金融市场深度越深，资本密集型技术的技术扩散速度越快，但这只发生在接近技术发明的时期。事实上，我们没有发现金融深度对资本密集型技术在扩散后期或后期采用者扩散的差异效应。我们的研究结果与一种观点是一致的，即当地金融市场在促进技术最初商业化和扩散所需的实验过程中起着关键作用。
We examine the extent to which financial market development impacts the diffusion of 16 major technologies, looking across 17 countries, from 1870 to 2000. We find that greater depth in financial markets leads to faster technology diffusion for more capital-intensive technologies, but only in periods closer to the invention of the technology. In fact, we find no differential effect of financial depth on the diffusion of capital-intensive technologies in the late stages of diffusion or in late adopters. Our results are consistent with a view that local financial markets play a critical role in facilitating the process of experimentation that is required for the initial commercialization and diffusion of technologies.