Źródła finansowania innowacji w warunkach zmiennych parametrów polityki monetarnej
Sources of Innovation Financing under Conditions of Variable Monetary Policy Parameters

Summary/Abstract: The article presents a problem of influence of monetary policy on decision concerning sources of innovation financing in enterprises. The analysis was concentrated on the impulses emitted through the interest rate channel, and the structure of sources of innovation financing. The results of the conducted analyzes indicate the important role of monetary policy in shaping the structure of sources of innovation financing. The result of interest rate volotality was the variable use of each financial instruments. Moreover it was confirmed that the increase in interest rate lowers the level of corporate debt, and thus entices entrepreneurs to seek alternative sources of capital. This phenomenon is particularly evident in the area of innovation financing.

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