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A Multi-industry Model of Growth with Financing Constraints
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Author/Editor: |
Ilyina, Anna | Samaniego, Roberto M. |
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May 1, 2009 |
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Electronic Access: |
Free Full Text (PDF file size is 944KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper develops a multi-industry growth model in which firms require external funds to
conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness
of financing constraints depends on the level of financial development and on industry
characteristics. Over time, a financially constrained economy may converge to the growth
path of a frictionless economy, so long as an industry with the fastest expanding
technological frontier does not permanently fall behind due to low R&D. The model’s
industry dynamics map into a differences-in-differences regression, in which industry growth
depends on the interaction between financial development and industry level R&D intensity.
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Series: |
Working Paper No. 09/119 |
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Subject(s): |
Economic growth | Economic models | External financing | External sector | Industrial sector | Production | Productivity |
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Author's keyword(s): |
Financial development | industry growth | R&D intensity | external finance dependence | convergence dynamics | structural change. |
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Published: |
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May 1, 2009 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2009119 |
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Pages: |
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52 |
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Price: |
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US$18.00 (Academic Rate: US$18.00 )
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