Innovation, competition and financial vulnerability in economic development

Revista de Economia Política

Leonardo Burlamaqui²  Jan Kregel¹ 

[1] ,Candido Mendes University

关键词: business organization;    competition in finance;    financial innovation;    financial fragility;    development policies;   

DOI  :  10.1590/S0101-31572005000200002

来源: SciELO

【 摘 要 】

The financial sector has been viewed traditionally as either providing the "oil" for the "wheels of commerce" or as a parasite on the real sector of the economy where real productivity gains provide for increasing real wages and per capita incomes. The present paper takes a different route and attempts to an analysis of financial institutions on a par with the production sector of the economy. It also develops a link which amalgamates "the knowledge-based" perspective on firms' operations with Schumpeterian financial leverage to exploit productivity enhancing innovations, and Minsky's tendency towards financial fragility. The analysis also leads to some policy recommendations concerning financial regulation, risk management and financial institution's building.

【 授权许可】

CC BY   
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