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Summary: The main objective of this paper is to explore the impact of financial sector reforms, financial deepening, and intellectual property protection on the accumulation of knowledge for one of the world’s largest developing countries. The findings indicate that increased intellectual property rights protection is associated with higher knowledge accumulation. While financial deepening facilitates the accumulation of ideas, the implementation of a series of financial liberalization policies is found to have a non-linear effect. The results show that financial liberalization will exert a beneficial impact on technological deepening only if the financial system is sufficiently liberalized. [Copyright &y& Elsevier]