Financial crises are accompanied by permanent drops in economic growth and output. Technological progress and innovation are important drivers of economic growth. This paper studies how financial crises affect innovative activities. Using cross-country panel data on patenting at the...

We document high economy-wide correlations between the Equity Risk Premium (ERP) and the aggregate volume (rho=-0.69) and value (rho=-0.75) of patenting activity by public firms in the United States over the 1977-2018 period, contradicting Schumpeter's (1939) opportunity-costs hypothesis of...

Research in development economics reveals that the bulk of cross-country differences in economic growth is attributable to differences in productivity. By some accounts, productivity contributes to more than 60 percent of countries’ growth in per capita GDP. I examine a particular channel...

Does a financial system architecture anchored on banks better than one centered on markets in fostering technological innovations as engine of growth? In a panel of industrial sectors across a large cross section of countries, I find that while market-based systems have a general positive effect...

Research in development economics reveals that the bulk of cross-country differences in economic growth is attributable to differences in productivity. By some accounts, productivity contributes to more than 60 percent of countries’ growth in per capita GDP. I examine a particular channel...

Pundits have been predicting the death of cash for as long as the plastic card has been in existence – more than 60 years. This perception has been intensified of late by the rapid acceleration in payments innovation, driven in large part by the mobile phone, in both developed and developing...

Bitcoin represents one of the most interesting technological breakthroughs and socio-economic experiments of the last decades. In this paper, we examine the role of speculative bubbles in the process of Bitcoin's technological adoption by analyzing its social dynamics. We trace Bitcoin's genesis...

The aim of this paper is to analyze the effects of technological opportunities on the innovation activities of firms, depending on their absorptive capacities. The importance and impacts of the ability of firms to use external knowledge sources were inquired especially for external knowledge...

Recent econometric studies only emphasize the role of long-term demand expectations and technological capability. They neglect the impact of buyer market structure on innovative efforts of input suppliers. This paper deals with the effects of supplier and buyer market concentration, and...