The Impact of Financial Innovation on the Level of Economic Development

Student: Plyatsevaya Maria

Supervisor: Egor Krivosheya

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2018

This research discusses the role of financial innovations for the economic development of the country. Using sample of 147 countries we find significant evidence in favor of positive correlation between new financial products or services and the development of the country, moreover this research deals with reversed causality and shows that it is the innovation that impact the level of development of the country and not vice versa. Additionally, we show that our results does not depend on the proxy chosen for the level of economic development: both cases give the same results of positive dependence. We also proved that obtained results remain the same regardless the year (considering only years after financial crises in 2007-2009). These results favor the existence of many theories of economic development.

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