Innovation et mondialisation financière

This paper examines the links between international financial integration and the level of innovation activity. If financial globalization boosts innovation, this helps to explain the empirical evidence indicating that increased financial integration conditionally raises the level of productivity and long-run living standards. The paper finds that, conditional on the level of development, more integrated economies do exhibit higher levels of innovation activity, but the impact differs across equity-type and debt-type dimensions of international financial integration. Moreover, the gains from equity-type integration kick in for countries at relatively low income levels, whereas the gains from debt-type integration are only found for high-income countries.