Title of article
Structuralchangeandfinancingconstraints
Author/Authors
Anna Ilyina، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
14
From page
166
To page
179
Abstract
In amulti-industrygrowthmodel,firmsneedexternalfundsforproductivity-enhancing
R&D, andfacefinancingconstraints.Thecostofresearchdiffersacrossindustries,so
financingconstraintshinderindustryproductivitygrowthunevenly.Equilibrium
industrydynamicsmapintoadifferences-in-differencesregressionspecificationwhere
industrygrowthdependsontheinteractionbetweencountryfinancialdevelopment
and industryR&Dintensity.Thepaperprovidesaframeworkforinterpretingseveral
empiricalresultsthatrelyonindustrygrowthdataintermsofR&D-inducedtechnology
transfer,andidentifiesanewchannelforfinancetoencourageaggregategrowth:the
reallocationofresourcestowardssectorswithrapidlyexpandingtechnological
frontiers
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846515
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