Although ideas production plays a critical role for growth, there has been only a modicum of research on the role played by financial forces in fostering new inventions. Drawing on Schumpeterian growth theory, this paper tests the roles of risk capital and private credit in stimulating knowledge...

Using data for 55 developing and developed countries, this research examines the roles of technology transfer, research intensity, educational attainment, and the ability to absorb foreign technology in explaining cross-country differences in productivity growth. The results show that innovation...