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Year: 2023 Publisher: Washington, D.C. : The World Bank,
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This paper studies the effect of bank ownership on product innovation by borrowing firms, highlighting the role of the state, foreign, and combined foreign-state bank ownership. It uses Enterprise Survey data for more than 22,000 firms in 49 countries from 2016 to 2020, linked to Fitchconnect data on banks: their ownership, soundness indicators, and legal origins. The paper confirms that a firm's access to bank credit is associated with a greater probability of product innovation, even when adjusting for possible reverse causality. If the credit is provided by a state-owned bank, the probability that the borrowing firm will innovate increases. The analysis does not find a similarly positive effect for foreign bank ownership. But when considering the combined effect of foreign state ownership, the results are most statistically and economically significant. Although the results may not be extendable to research and development spending (a key input to innovation), the findings show that foreign state banks can serve as an additional financing vehicle to stimulate radical innovation alongside equity financiers.
Book
Year: 2023 Publisher: Washington DC : World Bank,
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Like many other countries, Kazakhstan's economic growth has slowed since the 2007-09 global financial crisis. Although the slowdown reflected weaknesses in expanding labor and capital, the most striking reduction has been in productivity growth. In more recent years, total factor productivity growth has started to bounce back, albeit at a modest pace, possibly driven by the recovery in commodity prices. Although slower expansion in productivity has been a global phenomenon, Kazakhstan's subdued productivity performance for a decade reflects more structural problems. Against this backdrop, Boosting Productivity in Kazakhstan with Micro-Level Tools: Analysis and Policy Lessons examines barriers and policy gaps that hinder productivity growth in Kazakhstan. The detailed analysis is uniquely based on first-time access to administrative firm-level data; the data for the period of 2009-18 covered 70,000 business establishments annually, corresponding to total employment of 1.6 million people. The unprecedented access to firm-level data deepened the understanding of the microeconomic dynamics and drivers of aggregate productivity growth and enabled identification of a wide-ranging set of policy recommendations to boost aggregate productivity growth.
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