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A multi-industry model of growth with financing constraints /
This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R & D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over t...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, DC] :
International Monetary Fund,
©2009.
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| Colección: | IMF working paper ;
WP/09/119. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R & D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over time, a financially constrained economy may converge to the growth path of a frictionless economy, so long as an industry with the fastest expanding technological frontier does not permanently fall behind due to low R & D. The model's industry dynamics map into a differences-in-differences regression, in whi. |
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| Descripción Física: | 1 online resource (52 pages) : illustrations |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1451916965 9781451916966 1462301282 9781462301287 1282843346 9781282843349 9786612843341 6612843349 1451990294 9781451990294 |
| ISSN: | 2227-8885 ; |