Implications of the recent financial crisis for firm innovation

被引：15

作者：

Milberg, William ^{[1
]}

Shapiro, Nina ^{[2
]}

机构：

[1] New Sch Social Res, New York, NY 10011 USA

[2] St Peters Univ, Madras, Tamil Nadu, India

来源：

JOURNAL OF POST KEYNESIAN ECONOMICS | 2013年 / 36卷 / 02期

关键词：

financial crisis; firm innovation; stock markets; financialization; STOCK-MARKET; ECONOMY;

D O I：

10.2753/PKE0160-3477360202

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper shifts the focus of discussion on the 2008 financial crisis from the problems of the financial sector to its effects on the real economy. We step back from the immediate facts of the crisis to consider the reason for finance and its importance in firm innovation, both theoretically and historically, and argue that (1) innovation has special financing requirements, being dependent on equity finance, and (2) while stock markets have promoted innovation in the past, the financialization of enterprises has changed the relation between stock prices and innovation, with adverse consequences for the growth of economies.

引用

页码：207 / 229

页数：23