WHY DOESN'T TECHNOLOGY FLOW FROM RICH TO POOR COUNTRIES?

• 成果类型: Article
• 署名作者: Cole, Harold L.; Greenwood, Jeremy; Sanchez, Juan M.
• 署名单位: University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA11150
• 发表日期: 2016
• 页码: 1477-1521
• 关键词: financial development; GROWTH

摘要

What is the role of a country's financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary's ability to monitor and control a firm's cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. Aquantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less-promising ventures than in the United States, despite lower input prices.