Financial crises harm innovation – BIS paper
Loss of access to bank credit can harm research spending for more than 10 years, study finds
Financial crises can lead to persistent drops in companies’ spending on research and development (R&D), a working paper published by the Bank for International Settlements finds.
Authors Bryan Hardy and Can Sever say their results shed light on the widely-documented evidence that financial crises can have lasting impacts on economic output, investment and productivity. As firms face disruption to financing, they cut back on their R&D spending, which is often more difficult to finance than other
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