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International R&D spillovers: the role of financial markets

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  • Isabell Koske

Abstract

This article examines the role of financial markets as a catalyst for international technology diffusion using a panel data set on 72 countries over the period 1981 to 2005. The results suggest that countries with better developed financial markets benefit more from foreign R&D stocks to promote domestic productivity growth. This finding is robust to the inclusion of proxies for human capital and domestic R&D stocks as alternative measures of absorptive capacity.

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  • Isabell Koske, 2009. "International R&D spillovers: the role of financial markets," Applied Economics Letters, Taylor & Francis Journals, vol. 16(15), pages 1533-1536.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:15:p:1533-1536
    DOI: 10.1080/13504850701748917
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