Financial Development Threshold, R&D Input and Capital Transnational Flows

Abstract

Abstract:

Using the annual data of 73 economies and quantile dynamic panel, this paper explores the relationship among capital transnational flows, financial development threshold and R&D investment. The findings are as follows:(1) financial scale that reaches a critical value could promote financial capital inflows, the less or more in financial scale could be against the equity outflows, featuring an inverted U shape. The credit market is significant for equity outflows in developing countries and the stock market is significant for those in developed countries. (2) the improvement in financial efficiency and function could promote capital flows, featuring a J shape. Financial efficiency is an important way of overcoming the influence of scale threshold. (3) R&D investment and its cross term with financial development could only influence capital flows in developed countries, showing that a highly efficient financial market and financial instrument innovation could absorb the capital inflows and at the same time ensure the ownership and controlling right. The key of optimizing capital flows in China is to improve domestic financial efficiency and the level of R&D investment.

Key words: financial development threshold, R&D input, capital flow, quantile panel

Wang Yu, Wang Hao. Financial Development Threshold, R&D Input and Capital Transnational Flows[J]. , 2016, 28(4): 30-40.

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