Christian Keuschnigg and Michael Kogler, (2019), “Trade and innovation: The Schumpeterian role of banks”, VoxEU, 4 Μαρτίου
Only strong banks can fulfil their Schumpeterian role by efficiently reallocating credit. The column argues that high capital standards, efficient bankruptcy laws, and a lower cost of bank equity improve credit reallocation and thereby support the productive specialisation of the economy. An efficient banking sector also magnifies the gains from trade liberalisation by easing the process of capital reallocation.
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