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Caetano Penna

By this expert

Beyond Market Failures The Market Creating and Shaping Roles of State Investment Banks

Paper Working Paper Series | By Mariana Mazzucato and Caetano Penna | Jan 2015

Recent work has highlighted the need for innovation investments to be understood through a mission oriented approach rather than a market failure one (Foray et al. 2012). However, this work has only focused on state agencies, such as DARPA, overlooking the role of public financial institutions such as state investment banks.