FINANCIAL CONSTRAINTS AND INNOVATION: WHY POOR COUNTRIES DON'T CATCH UP

• 成果类型: Article
• 署名作者: Gorodnichenko, Yuriy; Schnitzer, Monika
• 署名单位: University of California System; University of California Berkeley; University of Munich
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12033
• 发表日期: 2013
• 页码: 1115-1152
• 关键词: direct foreign-investment; research-and-development; internal finance; domestic firms; cash flow; panel; PRODUCTIVITY; privatization; COMPETITION; distance

摘要

Abstract This paper examines micro-level channels through which financial development can affect such macroeconomic outcomes as level of income. Specifically, we investigate theoretically and empirically how financial constraints affect a firm's innovation activities. Theoretical predictions are tested using unique firm survey data, which provide direct measures for innovations and firm-specific financial constraints, as well as information on shocks to firms' internal funds that serve as firm-level instruments for financial constraints. We find unambiguous evidence that financial constraints restrain the ability of domestically owned firms to innovate and hence to catch up to the technological frontier.