HOW DOES COUNTRY RISK AFFECT INNOVATION? AN APPLICATION TO FOREIGN PATENTS REGISTERED IN THE USA
首次考察了经济、金融和政治国家风险评级与创新（以注册专利衡量）之间的关系，分析了1975至1997年在美国注册专利最多的12个外国国家的月度数据，发现国家风险显著影响这些国家的创新活动。
Abstract Innovation can occur at the national level under a wide range of settings. However, the leading innovative countries internationally have several common traits, including economic, financial and political stability, which are reflected in various measures of country risk. The purpose of the paper is to examine, for the first time, the relationship between the economic, financial and political country risk ratings, on the one hand, and innovation, as measured by a country's registered patents, on the other. The relationships between various monthly country risk ratings and registered patents are analyzed for the leading 12 foreign patenting countries in the USA from 1975 to 1997. The empirical results show that economic, financial and political risk ratings have a considerable impact on the innovative activities of the 12 countries. Total US patent applications are also influential in inducing innovation in the 12 countries. Such issues have not previously been addressed in the literature on country risk and innovation.