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How important is foreign knowledge for domestic innovation outcomes? How is this relation shaped by globalization and the attendant intensification of international competition? Our empirical approach extends the previous literature by analyzing a large panel comprising industries in both advanced and emerging economies over the past two decades. We find that barriers to the domestic diffusion of foreign knowledge have fallen significantly for emerging economies. For all countries, and especially for emerging economies, inflows of foreign knowledge have a growing and quantitatively important impact on domestic innovation. Controlling for the amount of domestic R&D, we find evidence that increases in international competitive pressure at the industry level had a positive effect on domestic innovation outcomes.

Technological innovations --- Economic aspects. --- Exports and Imports --- Finance: General --- Investments: Stocks --- Production and Operations Management --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Macroeconomics: Production --- Trade: General --- Finance --- Investment & securities --- Macroeconomics --- International economics --- Competition --- Stocks --- Emerging and frontier financial markets --- Productivity --- Imports --- Financial markets --- Financial institutions --- Production --- International trade --- Financial services industry --- Industrial productivity --- China, People's Republic of