ICT Innovation and Economic Performance: The Role of Financial Intermediation
研究了金融体系如何影响信息通信技术（ICT）对宏观经济的贡献，发现市场导向的金融体系和发达的风险投资市场是推动新经济的关键，解释了1990年代后期美欧生产率增长差距。
This article considers the relationship between finance and the contribution of Information and Communication Technologies (ICT) to macroeconomic performance. The general characteristics of ICT firms, especially their often ‘high risk, high return’ nature, suggest equity finance is more appropriate than debt finance. Also, the prevalence of information asymmetries tends to favour internal finance and venture capital with management participation. For a group of countries, we analyse correlations between financial structure and the ICT contribution to economic growth. Our results support the view that a market–oriented financial system and a well–developed venture capital market are key factors stimulating the emergence of the so–called ‘New Economy’. This helps explain the considerable gap in productivity growth between the United States and Europe in the second half of the 1990s.