"Financial Development and International R&D Spillovers Through Trade: " by Thanh Le, Ngoc Vu Bich et al.
This paper examines how financial development affects technological progress of 55 developing countries over the 2003 to 2016 period, with particular attention to the interaction between R&D spillovers and financial development. We find that financial development induces total factor productivity improvement in developing countries both directly and indirectly. While there has been a profound literature on the direct effect of financial development on total factor productivity improvement, the evidence of an indirect effect is relatively new. Specifically, the indirect effect takes place t...
Source: uow.edu.au