Browsing by Subject "innovaatiot"

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  • Kortelainen, Mika (2007)
    Bank of Finland Research Discussion Papers 9/2007
    We present a two country DGE model and estimate it using Bayesian techniques and euro area and US quarterly data for 1977 2004. In analysing the current accounts we find that a lower US rate of time preference or a higher dollar risk premium could render the deficit sustainable, but that these could push the interest rate to the zero bound. Secondly, we find that fiscal policy is not sufficiently effective to improve the current account although the zero bound is not hit. Key words: current account, zero bound, policy coordination JEL classification numbers: E61, F32
  • Takalo, Tuomas; Tanayama, Tanja (2008)
    Bank of Finland Research Discussion Papers 19/2008
    Published in Journal of Technology Transfer, Volume 35, Number 1, February 2010: 16-41
    We study the interaction between private and public funding of innovative projects in the presence of adverse-selection based financing constraints. Government programmes allocating direct subsidies are based on ex-ante screening of the subsidy applications. This selection scheme may yield valuable information to market-based financiers. We find that under certain conditions, public R&D subsidies can reduce the financing constraints of technology-based entrepreneurial firms. Firstly, the subsidy itself reduces the capital costs related to innovation projects by reducing the amount of market-based capital required. Secondly, the observation that an entrepreneur has received a subsidy for an innovation project provides an informative signal to market-based financiers. We also find that public screening works more efficiently if it is accompanied by subsidy allocation. Keywords: adverse selection, innovation finance, financial constraints, R&D subsidies, certification JEL classification numbers: D82, G28, H20, O30, O38
  • Carlino, Gerald; Kerr, William R. (2015)
    Bank of Finland Research Discussion Papers 27/2015
    This paper reviews academic research on the connections between agglomeration and innovation. We first describe the conceptual distinctions between invention and innovation. We then discuss how these factors are frequently measured in the data and note some resulting empirical regularities. Innovative activity tends to be more concentrated than industrial activity, and we discuss important findings from the literature about why this is so. We highlight the traits of cities (e.g., size, industrial diversity) that theoretical and empirical work link to innovation, and we discuss factors that help sustain these features (e.g., the localization of entrepreneurial finance).
  • Jantunen, Lauri (2019)
    Bank of Finland Bulletin. Blog
    Artificial intelligence (AI) and massive data are quickly becoming an integral part of finance. These advanced technologies are being deployed in all different stages of business ranging from risk management to portfolio optimization. While these technologies have the potential to improve existing processes and create totally new products, services and distribution channels, these innovation may also contain features that can form new type of vulnerabilities in financial markets.
  • Fang, Yiwei; Francis, Bill; Hasan, Iftekhar (2018)
    Journal of Corporate Finance February ; 2018
    Prior research has demonstrated that CEOs learn privileged information from their social connections. Going beyond the importance of the number of social ties in a CEO's social network, this paper studies the value generated from a diverse social environment. We construct an index of social-network heterogeneity (SNH) that captures the extent to which CEOs are connected to people of different demographic attributes and skill sets. We find that higher CEO SNH leads to greater firm value through the channels of better corporate innovation and diversified M&As. Overall, the evidence suggests that CEOs' exposure to human diversity enhances social learning and creates greater growth opportunities for firms.
  • Komulainen, Mari; Takalo, Tuomas (2009)
    Bank of Finland Research Discussion Papers 22/2009
    Published in European Financial Management, Volume 19, Issue 3, June 2013: 521-557
    We study whether and to what extent financial exchange innovations are in practice patentable in Europe. We find that exchange-related applications initially increased significantly after the State Street decision but subsequently decreased. The clear majority (65%) of applications come from the U.S. investment banks and exchanges themselves being among the most active innovators. But patents were not easly granted in response to these applications (only 3% of them led to valid patent). The high post-grant opposition rate (41%) for granted patents indicated that competitors tightly monitored each other s patents. The evidence, as augmented with clinical case studies, supports the notion that, for an invention to pass the inventive step requirement for obtaining a European patent, it should have technical features for solving a sufficiently challenging technical problem. Our evidence suggests that patentability standards for financial methods have not weakened in Europe in the aftermath of the State Street decision and that the inventive step requirement constitutes a major obstacle for applicants to overcome in order to obtain a financial exchange patent in Europe.
  • Funke, Michael; Yu, Hao (2009)
    BOFIT Discussion Papers 10/2009
    In this paper we analyse the impact of R&D on total factor productivity across Chinese provinces. We introduce innovations explicitly into a production function and evaluate their contribution to economic growth in 1993 - 2006. The empirical results highlight the importance and the interaction between local and external research. The evidence indicates that growth in China is not explained simply by factor input accumulation. Keywords: China, R&D, R&D Spillovers, patents, regional economic growth, semiparametric estimators JEL-Classification: C14, O47, R11, R12
  • Ikonen, Pasi (2010)
    Bank of Finland Research Discussion Papers 21/2010
    This paper models the effects of financial development on economic growth through better or more efficient utilization of technological innovations. The model is based on the endogenous growth theory of Aghion and Howitt and its derivatives, especially the growth model of Aghion, Howitt and Mayer-Foulkes, which covers the effect of financial development on convergence. The main contribution of this paper is to model the innovation channel of finance explicitly. The paper focuses particularly on the interaction term between the measure of own innovation and financial development. As countries approach the technological frontier, own innovation becomes more important to sustain a high growth rate. An adequate level of financial development is needed to realize the full potential of own innovation for economic growth. The data covers the period 1960 2007 for anvanced economies, emerging markets and some other countries for which data are available. In estimation of the model, different regression specifications for the data panel are applied. The robustness of the results is also tested in several ways. The results show a significant and positive sign for the interaction term between the measure of own innovation and financial development in the most important configurations. This suggests that the innovation channel of finance is likely to have a positive role to play in economic growth.
  • Grönqvist, Charlotta (2009)
    Suomen Pankki. E 41
    Tiivistelmä 4 Acknowledgements 5 Introduction 9 Essay 1: The private value of patents by patent characteristics: evidence from Finland 43 Essay 2: Why does the private patent value differ by assignee? 61 Essay 3: Do the assignee's characteristics affect the private value of patents? 97 Essay 4: The optimal patent length is shorter than 18 years 131
  • Yin, Desheng; Hasan, Iftekhar; Kobeissi, Nada; Wang, Haizhi (2017)
    Innovation: Organization & Management 2
    In this study, we examine how noncompetition agreements and the mobility of human capital – a core asset of any firm – affect innovations of publicly traded firms in the United States. We find that firms in states with stricter noncompetition enforcement have fewer patent applications. We also examine patent forward citations and find that tougher enforcement of such contracts is associated with less innovative patents. Notably, we find that stronger enforcement of noncompetition agreements impedes innovation for firms facing intense industry labor mobility. High-powered, equity-based compensation positively moderates the relationship between noncompetition enforcement and innovation, but only for the quality of innovation.
  • Kinnunen, Helvi (2005)
    EURO & TALOUS 2
    Euroopan kilpailuasema Yhdysvaltoihin nähden on heikentynyt 1990-luvun puolivälin jälkeen.Työn tuottavuuserojen taustalla on se, että tietotekniikkaa hyödynnetään EU:ssa kapea-alaisemmin kuin Yhdysvalloissa.Kilpailukykyongelmat liittyvät siten EU:n heikkoon innovatiivisuuteen ja kapea-alaisuuteen innovaatioiden hyödyntämisessä.
  • Schmöller, Michaela (2019)
    Bank of Finland. Bulletin 4/2019
    The euro area productivity slowdown in the early 2000s can mainly be attributed to weakening innovation. However, since 2008 productivity growth has slowed due to a crisis-induced drop in technology adoption. This implies that a shortfall in aggregate demand may spill over to the supply side, as weak demand depresses technology investments and thus makes recessions deep and long-lasting. These findings contrast with conventional macroeconomics, which assumes that cyclical fluctuations do not affect technology growth. Policies which support sound economic conditions are therefore also key for productivity growth.
  • Heiskanen, Hanna (2018)
    Finanssivalvonta. Blogi 15.3.2018
    Fintech tarkoittaa teknologian mahdollistamia innovaatioita rahoituspalvelujen alalla. Euroopan komissio on julkistanut maaliskuussa suunnitelmiaan fintechin suhteen. Suunnitelmissa esitetyt toimenpiteet tulevat näkymään tänä ja ensi vuonna paljon eurooppalaisten finanssivalvojien työssä. Toimenpiteillä pyritään fintechin tarjoamien mahdollisuuksien laajaan hyödyntämiseen, ja Euroopasta halutaan fintechin maailmanlaajuinen keskus.
  • Takalo, Tuomas; Tanayama, Tanja; Toivanen, Otto (2008)
    Bank of Finland Research Discussion Papers 7/2008
    Published in Review of Economics and Statistics, March 2013, Vol. 95, No. 1, Pages 255-272
    This paper studies the welfare effects of R&D subsidies. We develop a model of continuous optimal treatment with outcome heterogeneity where the treatment outcome depends on applicant investment. The model takes into account heterogeneous application costs and identifies the treatment effect on the public agency running the programme. Under the assumption of a welfare-maximizing agency, we identify general equilibrium treatment effects. Applyiing our model to R&D project-level data we find substantial treatment effect heterogeneity. Agency-specific treatment effects are smaller than private treatment effects. We find that the rate of return on subsidies for the agency is 30-50%. Keywords: applications, effort, investment, R&D, selection, subsidies, treatment programme, treatment effects, welfare JEL classification numbers: 038, 031, L53, C31
  • Izhak, Olena; Saxell, Tanja; Takalo, Tuomas (2021)
    Bank of Finland Research Discussion Papers 16/2021
    The debate on whether COVID-19 vaccine patents are slowing down the pace of vaccination and the recovery from the crisis has brought the optimal design of pharmaceutical patent policy to the fore. In this paper we evaluate patent policy in the US pharmaceutical industry. We estimate the effect of patent length and scope on generic entry prior to the expiration of new drug patents using two quasi-experimental approaches: one based on changes in patent laws and another on the allocation of patent applications to examiners. We find that extending effective patent length increases generic entry whereas broadening protection reduces it. To assess the welfare effects of patent policy, we match these empirical results with a model of new drug development, generic entry, and patent length and scope. Optimal policy calls for shorter but broader pharmaceutical patents.
  • Ikonen, Pasi (2017)
    Bank of Finland. Scientific monographs. E 51
    This thesis applies several econometric methods to a selection of country panels to study how growth is influenced by financial development and government debt. The first part presents the thesis discussion, including a synthesis on financial development, government debt, money supply, and economic growth. The second part deepens the discussion with three stand-alone essays. The first essay models how financial development affects growth through utilization of technological innovation. Based on explicit modeling of the innovation channel of finance, the results show a significant and positive sign for the interaction term between the measure of a country’s own innovation and financial development in the most important specifications. This suggests that the innovation channel of finance is likely to be positively relevant to growth. The second essay examines effects of venture capital investment on economic growth in a similar framework. The findings demonstrate that the interaction of venture capital with innovation has a positive and statistically significant coefficient. Further, the joint impact related to venture capital and its interactions is positive in most specifications, suggesting that venture capital is probably a relevant factor for growth. The third essay delves deeply in the effects of general government debt and general government external debt on growth of real GDP. It explores the long-standing endogeneity problem, includes other relevant debt concepts besides government total debt, revisits the issue whether there are threshold values for the government debt ratio, examines the effect of debt on GDP components and structure, uses timely and extensive datasets and extensive robustness analysis, and runs meta-regressions of the results of this and a many of other studies. Even with correction for endogeneity, the study finds modest evidence of a negative and significant growth impact for government debt. The evidence is not robust over all samples and specifications. The final essay also reports evidence of a negative and significant effect of government external debt in the sample of developed economies. The findings overall comport with those of recent papers that conclude that there is no universal threshold value for a government debt ratio that would hold across all countries. Further, government debt appears to decrease the private-investment-to-GDP ratio, but increases the GDP ratio for household consumption. The meta-regression analysis shows that the study’s results on how specification features affect the estimate of the government debt coefficient are broadly in line with those of other studies.
  • Kerr, William R.; Nanda, Ramana (2015)
    Bank of Finland Research Discussion Papers 28/2015
    We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and how this impacts optimal financing design. We further highlight the strong interaction between financing choices for innovation and changing external conditions, especially reduced experimentation costs.
  • Dahlberg, Tomi; Öörni, Anssi (2006)
    Bank of Finland Research Discussion Papers 32/2006
    Suomen Pankin projekti "Suomalaiset maksutavat 2010" ennakoi suomalaisten maksutottumusten olevan suurten muutosten edessä. Muutosten syitä ovat muun muassa eurooppalaisten maksujärjestelmien integroituminen ja standardoituminen, maksupalveluja koskevan lainsäädännön ja sääntelyn EU-tasoinen kehittäminen, maksupalvelujen kustannustekijöiden ja hinnoittelukäytäntöjen muutokset sekä tekniikan kehityksen tarjoamat uudet mahdollisuudet. Viime vuosina on kehitetty paljon uusia maksuvälineitä ja -palveluita, joille on tunnusomaista tieto- ja viestintätekniikan käyttöön perustuvan automaation lisääntyminen.Harva uusi palvelu on menestynyt.Maksamisen muutoksia koskevan ymmärryksen lisäämiseksi tässä tutkimusraportissa selvitetään kuluttajien tarpeiden, mieltymysten ja tottumusten vaikutusta uusien maksutapojen käyttöönottoon.Tutkimusaineisto kerättiin syyskuussa 2005 postikyselyllä, jossa käytiin läpi keskeiset maksutavat. Kysely lähetettiin 2000:lle satunnaisotannalla poimitulle suomalaiselle kuluttajalle.Tutkimuksen tulosten mukaan maksuvälineen turvallisuus ja luotettavuus koetaan tärkeimmiksi uuden maksutavan ominaisuuksiksi.Muita tärkeiksi koettuja maksuvälineen ominaisuuksia ovat tiedon saanti maksutapahtumasta, yhteensopivuus ostamis- ja maksutottumuksiin, laajakäyttöisyys, helppokäyttöisyys, ajan tai rahan säästö sekä riippumattomuus ajasta ja paikasta.Uudet maksutavat - sähköinen lasku ja ostosten maksaminen matkapuhelimella - eivät vuoteen 2010 mennessä syrjäytä vakiintuneita maksutapoja arvioituna sen perusteella, mitkä ovat kuluttajille tärkeimpiä ominaisuuksia.Luotettavuus tai hinnoittelu ei erottele tärkeimpien uusien maksutapojen - sähköinen lasku ja matkapuhelimella maksaminen - käyttöön myönteisesti ja kielteisesti suhtautuvia.Suppea joukko tekijöitä erottelee maksutapojaan muuttavat maksutapojaan muut4 tamattomista.Maksutavan helppokäyttöisyys vaikuttaa aikeisiin maksaa sekä sähköisellä laskulla että matkapuhelimella.Yhteensopivuus (laajakäyttöisyys) ja helppokäyttöisyys ovat matkapuhelimella maksamiseen vaikuttavia erottelevia tekijöitä.Asiasanat: maksutavat, kuluttajille suunnatut maksupalvelut, kuluttajakäyttäytyminen, innovaatioiden diffuusio, theory of planned behavior (TPB) JEL-luokittelu: A14, D14, L81,O33
  • Pekkala Kerr, Sari; Kerr, William R. (2017)
    Bank of Finland Research Discussion Papers 3/2017
    We study the prevalence and traits of global collaborative patents for U.S. public companies, where the inventor team is located both within and outside of the United States. Collaborative patents are frequently observed when a corporation is entering into a new foreign region for innovative work, especially in settings where intellectual property protection is weak. We also connect collaborative patents to the ethnic composition of the firm s U.S. inventors and cross-border mobility of inventors within the firm. The inventor team composition has important consequences for how the new knowledge is exploited within and outside of the firm.
  • Akcigit, Ufuk; Kerr, William R. (2013)
    Bank of Finland Research Discussion Papers 28/2013
    We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with firm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and growth differences across the firm size distribution. We also incorporate patent citations into our theoretical framework. The framework generates a simple test using patent citations that indicates that entrants and small firms have relatively higher growth spillover effects. JEL Classification: O31, O33, O41, L16 Keywords: Endogenous Growth, Innovation, Exploration, Exploitation, Research and Development, Patents, Citations, Scientists, Entrepreneurs