Chapter 3: Capitalization of knowledge
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Knowledge - technological and non-technological alike - is a vital ingredient of an innovation-based economic growth. The process of generation and transformation of knowledge leads eventually to productivity growth and innovation outcome. However, the process is usually complex and accompanied by uncertainty, which engenders the desired level or stream of knowledge capitalization to the knowledge creator. At the same time, successful capitalization of knowledge is not only the ultimate incentive of the knowledge creator but also a powerful force of the recombinant knowledge emergence and of the subsequent generation of innovation. To properly capitalise knowledge, efficiently operating and integrated - international and domestic - financial markets are a crucial precondition. Financially developed economic systems, with well-functioning financial institutions and financial markets, assure that promising knowledge-based innovation projects are identified and realized. Moreover, mobilized international financial resources streaming within well-performing and integrated financial systems are deemed to enhance economic growth in general and capitalization of knowledge in particular.

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