Brazilian industrial growth financing: are the sources adequate to the sectoral technological regimes?

• Autor(a) principal: Yonamini, Fernanda Marie
• Data de Publicação: 2010
• Outros Autores: Gonçalves, Flávio de Oliveira
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Brasileira de Inovação (Online)
• Texto Completo: https://periodicos.sbu.unicamp.br/ojs/index.php/rbi/article/view/8648994
• topic: financing; technological regime; sectoral systems of innovation; L60; C33; G20; O31; Financiamento. Regime tecnológico. Sistemas setoriais de inovação.; L60; C33; G20; O31

This work aims to analyzing the relationship between the type of financing resources and growth of the manufacturing sectors, grouped according to technological regimes, and to relate this relationship to its degree of adequacy of the sources to the sectoral technological opportunities. Thus, panel data analysis was performed in order to asses the relationship between financial deepening and innovation. We gathered detailed data for each industrial sector, grouped according to its technological regimes, and ran a Granger causality test in panels. Results found report that more innovation-intense sectors, which boosted aggregated economic growth rather steeply, present inadequate financing dynamic to its own growth. Therefore, considering sectors with high technological opportunities and strong innovation persistence, it was observed a bank-based type of financing, whilst the ideal for its growth would be the market-based one. On the other hand, less innovative sectors are found in better situation of financing and better growth conditions. These (non-)satisfactory requirements present themselves in (higher) lower growth rates and industrial production share.