Financial crises harm innovation – BIS paper

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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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