The article describes estimating method of innovation impact on welfare of country Applied within the method model represents the translog function for GDP per capita, which describing parameters contain, along with «clas-sic» macro-indicators, innovative development indicators of country...

Due to the unobservability of the new credit production, most of the empirical loan market studies use, instead, the observable credit stock. This substitution has been pointed out to be likely to generate biases (e.g. see Lown and Peristiani (1996)). In this paper, we show that under quite...