Innovation, Information, and Financial Architecture
研究银行主导与市场主导的金融体系对技术创新的影响，发现市场体系普遍促进创新，而银行体系在信息密集型产业中效果更显著，说明金融架构的作用因产业而异。
Abstract Does a financial system architecture anchored on banks perform better than one centered on markets in fostering technological innovations as engines of growth? In a panel of industrial sectors across a large cross section of countries, I find that while market-based systems have a general positive effect on innovations in all economic sectors, bank-based systems foster more rapid technological progress in more information-intensive industrial sectors, suggesting a heterogeneous impact of financial architecture. Thus, the relative performance of bank-based systems vis-à-vis market-based systems depends on the industrial structure of the economy.