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Beyond market failures: the market creating and shaping roles of state investment banks

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. Green open access

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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.ucl.ac.uk/id/eprint/10045674
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