Mazzucato, M;
Penna, CCR;
(2016)
Beyond market failures: the market creating and shaping roles of state investment banks.
Journal of Economic Policy Reform
, 19
(4)
pp. 305-326.
10.1080/17487870.2016.1216416.
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Abstract
The paper develops a typological framework of the roles of state investment banks (SIBs) in the economy. The typology identifies four different roles: countercyclical; developmental; venture capitalist; and challenge-led. The paper conceptually elaborates the typology by first providing a historical overview of SIBs, and then discussing how the mainstream “market failure theory” justifies them. It then advances a different conceptualization based on insights from heterodox economics, showing that all roles of SIBs are more about market creating/shaping rather than market-failure fixing. The paper concludes with a proposal of a new agenda for research on SIBs based on our typological framework.
| Type: | Article |
|---|---|
| Title: | Beyond market failures: the market creating and shaping roles of state investment banks |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/17487870.2016.1216416 |
| Publisher version: | http://doi.org/10.1080/17487870.2016.1216416 |
| Language: | English |
| Additional information: | © 2016 Informa UK Limited, trading as Taylor & Francis Group. This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Social Sciences, Economics, Planning & Development, Business & Economics, Public Administration, state investment banks, public investment policy, market failure, development banking, mission-oriented policy, RESEARCH-AND-DEVELOPMENT, INDUSTRIAL-DEVELOPMENT, POLICY INSTRUMENTS, TECHNOLOGY POLICY, INNOVATION, ENTREPRENEURSHIP, CHALLENGES, MODELS |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10045674 |
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