Structural change and financing constraints
成果类型：
Article
署名作者：
Ilyina, Anna; Samaniego, Roberto
署名单位：
George Washington University; International Monetary Fund
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.12.002
发表日期：
2012
页码：
166-179
关键词：
摘要：
In a multi-industry growth model, firms need external funds for productivity-enhancing R&D, and face financing constraints. The cost of research differs across industries, so financing constraints hinder industry productivity growth unevenly. Equilibrium industry dynamics map into a differences-in-differences regression specification where industry growth depends on the interaction between country financial development and industry R&D intensity. The paper provides a framework for interpreting several empirical results that rely on industry growth data in terms of R&D-induced technology transfer, and identifies a new channel for finance to encourage aggregate growth: the reallocation of resources towards sectors with rapidly expanding technological frontiers. (C) 2011 Elsevier B.V. All rights reserved.
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