It is an undeniable fact that financial inclusion has become a global policy priority. Despite it... more It is an undeniable fact that financial inclusion has become a global policy priority. Despite its popularity in the policy sphere, the concept of financial inclusion lacks a comprehensive measure to monitor and evaluate inclusive financial systems across the globe. To fill this gap, we combine macro-level data from the Financial Access Survey of the International Monetary Fund and the World Bank’s Global Findex database to construct novel indices of financial inclusion. First, we compute new financial inclusion indices that incorporate access to financial services by groups prone to exclusion. Second, we account for the recent upsurge in mobile money adoption in the developing world by computing a novel mobile money inclusion index. We further relate the financial inclusion indices with legal origin to ascertain the role of initial conditions of the regulatory environment in countries’ financial inclusion achievements. We find that whereas developed countries continue to lead in ba...
This paper consists in a detailed robustness investigation of the Crépon, Duguet and Mairesse [19... more This paper consists in a detailed robustness investigation of the Crépon, Duguet and Mairesse [1998] (CDM) econometric framework, which encompasses as a reduced form equation the production function extended to R&D, as pioneered by Zvi Griliches. We focus on the sensitivity of the estimated productivity elasticities of innovation and R&D, with respect to different model specifications and estimation methods, and to the different innovation output quantitative and qualitative indicators available in the 1998-2000 French Community Innovation Survey. The main conclusion we draw is that as long as we properly correct for endogeneity and also, when appropriate, for selectivity, we find again estimates of the productivity elasticities of R&D and of the corresponding median rates of return to R&D, which are close to the usual estimates from the extended Cobb-Douglas production function. We interpret the need to instrument innovation and R&D as revealing important measurement errors in the innovation intensity variables, as well as but to a lesser extent in the innovation binary indicators, the R&D intensity variable and binary indicator. Although innovation surveys unveil interesting information and the CDM model is a good framework, which can both be used to advance our understanding of the firm R&D and innovation activities and performances, much more remains to be done to improve the quality of the data and relevance of the analysis.
... Both correspond to omitted factors of performance such as technological, organiza-tional, cul... more ... Both correspond to omitted factors of performance such as technological, organiza-tional, cultural, or environmental factors (and to other ... They are larger than the differences in the totals of structural effects in two of the seven countries: Italy ... "Research, Innovation and Productivity ...
It is an undeniable fact that financial inclusion has become a global policy priority. Despite it... more It is an undeniable fact that financial inclusion has become a global policy priority. Despite its popularity in the policy sphere, the concept of financial inclusion lacks a comprehensive measure to monitor and evaluate inclusive financial systems across the globe. To fill this gap, we combine macro-level data from the Financial Access Survey of the International Monetary Fund and the World Bank’s Global Findex database to construct novel indices of financial inclusion. First, we compute new financial inclusion indices that incorporate access to financial services by groups prone to exclusion. Second, we account for the recent upsurge in mobile money adoption in the developing world by computing a novel mobile money inclusion index. We further relate the financial inclusion indices with legal origin to ascertain the role of initial conditions of the regulatory environment in countries’ financial inclusion achievements. We find that whereas developed countries continue to lead in ba...
This paper consists in a detailed robustness investigation of the Crépon, Duguet and Mairesse [19... more This paper consists in a detailed robustness investigation of the Crépon, Duguet and Mairesse [1998] (CDM) econometric framework, which encompasses as a reduced form equation the production function extended to R&D, as pioneered by Zvi Griliches. We focus on the sensitivity of the estimated productivity elasticities of innovation and R&D, with respect to different model specifications and estimation methods, and to the different innovation output quantitative and qualitative indicators available in the 1998-2000 French Community Innovation Survey. The main conclusion we draw is that as long as we properly correct for endogeneity and also, when appropriate, for selectivity, we find again estimates of the productivity elasticities of R&D and of the corresponding median rates of return to R&D, which are close to the usual estimates from the extended Cobb-Douglas production function. We interpret the need to instrument innovation and R&D as revealing important measurement errors in the innovation intensity variables, as well as but to a lesser extent in the innovation binary indicators, the R&D intensity variable and binary indicator. Although innovation surveys unveil interesting information and the CDM model is a good framework, which can both be used to advance our understanding of the firm R&D and innovation activities and performances, much more remains to be done to improve the quality of the data and relevance of the analysis.
... Both correspond to omitted factors of performance such as technological, organiza-tional, cul... more ... Both correspond to omitted factors of performance such as technological, organiza-tional, cultural, or environmental factors (and to other ... They are larger than the differences in the totals of structural effects in two of the seven countries: Italy ... "Research, Innovation and Productivity ...
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Papers by P. Mohnen