Abstract This study investigates the impacts of patents and financial development on economic complexity in a sample of 52 economies (including 32 high-income economies (HIEs) and 20 middle-income economies (MIEs)). Specifically, nine indices of financial development and three variables related to patents are mobilized to identify the major determinants of the economic complexity index captured through two indicators ECI and ECI+. Several econometric techniques are applied for our panel data estimations. Our study firstly documents the existence of a bi-directional causality but also a long-run co-integration between patents, financial development and ECI/ECI+. Our estimations show that the patents have a significant positive impact on the economic complexity of a country but for the financial development, the results are more diversified. Beyond these dissimilarities, our study emphasize some common conclusions: Patents (especially resident patents) directly contribute to the complexity of a country; a too large financial sector does not contribute to the diversification and sophistication of a national economy but the efficiency of financial markets appear to have a positive influence of such processes probably because financial markets offers alternative way of funding patents and knowledge.

中文翻译：

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经济复杂性的驱动力：来自金融发展和专利的国际证据

摘要这项研究在52个经济体（包括32个高收入经济体（HIEs）和20个中等收入经济体（MIEs））的样本中调查了专利和金融发展对经济复杂性的影响。具体而言，动员了九个金融发展指数和三个与专利有关的变量，以确定通过两个指标ECI和ECI +捕获的经济复杂性指标的主要决定因素。几种计量经济学技术被应用于我们的面板数据估计。我们的研究首先证明了双向因果关系的存在，但专利，金融发展与ECI / ECI +之间也存在长期的协整关系。我们的估计表明，专利对一个国家的经济复杂性具有显着的积极影响，但对于金融发展而言，其结果更加多样化。除了这些差异之外，我们的研究还强调了一些共同的结论：专利（尤其是居民专利）直接导致一个国家的复杂性；过大的金融部门不会促进国民经济的多样化和复杂化，但是金融市场的效率似乎对此类过程产生积极影响，这可能是因为金融市场提供了专利和知识的另类融资方式。