TRANSACTIONS COSTS, TECHNOLOGICAL CHOICE, AND ENDOGENOUS GROWTH
成果类型：
Article
署名作者：
BENCIVENGA, VR; SMITH, BD; STARR, RM
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of California System; University of California San Diego
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1069
发表日期：
1995
页码：
153-177
关键词：
摘要：
Hicks (''A Theory of Economic History,'' Clarendon Press, Oxford, 1969) argues that an important aspect of industrial development is the adoption of technologies requiring highly illiquid capital investments. The adoption of such technologies becomes economically viable in the presence of low-cost financial markets that provide liquidity to investors. This observation provides a mechanism by which the costs of transacting in financial markets affect the equilibrium choice of technology, productive efficiency, and, by implication, growth. We analyze how the costs of financial market transactions affect the set of technologies in use and the equilibrium growth rate. Transactions cost reductions may, depending on the capital structure, enhance or reduce growth. (C) 1995 Academic Press, Inc.