R&d and non-r&d innovators during the global financial crisis: The role of binding credit constraints

• Autores: Samdra M. Leitner, Robert Stehrer
• Localización: Latin American Journal of Economics: formerly Cuadernos de Economía, ISSN-e 0719-0433, Vol. 53, Nº. 1 (Final Issue), 2016, págs. 1-38
• Idioma: inglés
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• Resumen

  • This analysis identifies the effects of prevailing credit constraints on efforts of formal R&D innovators and (informal) non-R&D innovators in the manufacturing sector in Latin America and examines whether the global financial crisis aggravated these effects. It demonstrates that formal R&D innovators faced binding credit constraints that severely disturbed their innovative efforts, while non-R&D innovators remained unaffected. Furthermore, the global financial crisis put no additional strain on either R&D or non-R&D innovators. The analysis also identifies characteristics of R&D and non-R&D innovators and points to important differences in size, age, or ownership structure but similarities in international trading activities.