The paper analyzes the existence and impact of …financing constraints as a possiblyserious obstacle to innovation by …firms. Direct measures of fi…nancing constraints areemployed using survey data collected by the Banque de France and Eurostat, whichovercomes the problems with the traditional...

The paper analyzes the existence and impact of financing constraints as a possibly serious obstacle to innovation by .rms. Direct measures of financing constraints are employed using survey data collected by the Banque de France and the European Commission, which overcomes the problems with the...