The programme investigates the links between the financial sector and the development of the real economy. The first area of research focuses on the effect of banking sector reform and the introduction of innovations in the bank financing of corporations and start-up firms, including through fintech solutions. A second area studies the role that financial markets play in developing large public projects, including in the greening of the economy and during large economic downturns. The third area focuses on the challenges surrounding firm dynamics, such as skills and traits of successful entrepreneurs, the environment conducive to their development, and the importance of different financial options available to finance innovation (bank finance, angel finance, private equity, crowdsourcing, and venture capital).

Person-in-charge: Simeon Djankov