that of the previous downturn. To control for a possible endogeneity bias as part of innovation decisions a Recursive … considerably less than the performance of non-innovative ones. Changes in the innovation patterns are also observed. Possible …

We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial … sector produces a straightforward result: a decrease in lending rates which stimulates R&D investment and economic growth … suggests that whilst micro reforms boost innovation, macro reforms may appear negative. We test and find empirical support for …