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The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.

Industries --- Technology --- Industrialization --- Finance --- Econometric models. --- Economic aspects --- Industrial development --- Applied science --- Arts, Useful --- Science, Applied --- Useful arts --- Industrial production --- Industry --- Economic development --- Economic policy --- Deindustrialization --- Science --- Industrial arts --- Material culture --- Economics --- Industries, Primitive --- Finance: General --- Labor --- Public Finance --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Labour --- income economics --- general issues --- Public finance & taxation --- Financial sector development --- Human capital --- Collateral --- Capital spending --- Financial services industry --- Loans --- Capital investments --- United States --- General issues --- Income economics

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• Reference Manager
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• EndNote
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In this paper, the authors: (i) study wage-experience profiles and obtain measures of returns to potential work experience using data from about 24 million individuals in 1,084 household surveys and census samples across 145 countries; (ii) show that returns to work experience are strongly correlated with economic development-workers in developed countries appear to accumulate twice more human capital at work than workers in developing countries; (iii) use a simple accounting framework to find that the contribution of work experience to human capital accumulation and economic development might be as important as the contribution of education itself; and (iv) employ panel regressions to investigate how changes in the returns over time correlate with several factors such as economic recessions, transitions, and human capital stocks.

Development Accounting --- Economic Development --- Economics of Education --- Education --- Educational Sciences --- Employment and Unemployment --- Human Capital --- Labor Market --- Returns To Education --- Returns To Experience --- Social Protections and Labor