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This study investigates the effects of financial deepening on innovation efficiency for various democratic levels of political institutions using panel data from 69 countries spanning 1970-2010. Banking market deepening is associated with increased innovation efficiency only when political...
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In this paper, we examine the performance of the market mechanism by focusing on whether no one, in the "long-run", can be left behind with technological innovation in the economy. We show that the market mechanism with technological innovation unavoidably leaves some individuals behind. We...
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