FINNOV is a research collaboration between seven European Institutions aimed at understanding the relationship between changing financial markets, innovation dynamics, and economic performance. The project studies how these relationships influence economic growth as it is experienced by individuals, businesses and the wider economy. This will assist policy makers and European industry to understand the sources, implications and management of positive and negative changes in financial markets.
The financial service sector is an important component of modern service-based economies in Europe. Financial innovations have major impacts elsewhere in the economy but as the current financial crisis shows these interactions are poorly understood and difficult to manage. To ensure that European policy is supported by high-quality research, the FINNOV project has been funded through Theme 8 of the Seventh Framework Programme of the European Commission (Socio-Economic Sciences and the Humanities), under the topic "The role of finance in growth, employment and competitiveness in Europe (SSH -2007 - 1.2.3)”. The 3 year project started March 1, 2009 (total EC contribution €1,494,870).
The long-term economic performance of Europe depends on its ability to generate new knowledge and inventions, and then to translate inventions into economic adaptation and growth. Recent research has highlighted the critical role played by the supply of appropriate forms of finance within this process. The research being undertaken within the FINNOV project will improve understanding of the sources and roles of financial innovations within the wider economy, the changing roles of the financial system, and the implications of these changes for the social distribution of risks and rewards. Given the strong negative effect of the current financial crisis on many European economies, a central element of the FINNOV research programme will be to determine how European governments and institutions can ensure that the financial system supports investment in innovation in sustainable and equitable ways.
FINNOV is formed of seven work packages; each led by one of the participating institutions:
- The Open University, UK (Coordinator)
- University of Cambridge, UK
- Sant'Anna School of Advanced Studies, Italy
- Polytechnic University of Marche, Italy
- Economics Institute, Czech Republic
- University of Bordeaux, France
- University of Sussex, UK
Read the FINNOV First Policy Brief
Download the FINNOV brochure
