Proč ICT v Evropě není produktivní: finanční struktura a investice do organizačního kapitálu

Rusnok, Petr

Why ICT Matters Less in Europe: Financial Structure and Organizational Investment Bc. Petr Rusnok 2026 Abstract After 1995, frontier economies with developed equity markets pulled ahead in pro- ductivity while economies dependent on bank lending fell behind. I argue financial structure shapes which firms take on a class of investment I call risky innovation, where the firm's expected cash flow rises but so does risk. A risk-averse owner financed by debt absorbs the worst states herself. Under equity the investor shares every state, and the partial insurance lets her take on riskier projects with higher productivity gains. I prove that the optimal contract for such an owner is a call option, the mirror image of debt. From these theoretical foundations I test three predictions. First, I revisit Levine's canonical result that financial structure does not matter for aggregate growth (β = +0.019, p = 0.97). I extend it into a two-period model and show that the canonical result misses transitional dynamics to a technology shock (β = +5.56, p < 0.0001 post-1995). For H2 and H3 I use EU KLEMS & INTANProd data on thirteen Western economies, twelve of them in a Rajan-Zingales style identification with the United States serving as a benchmark country. H2 relates the labour productivity contribution of intangible...

guest :: login Digital Repository
		Search		Submit		Help		About