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Record Nr. |
UNINA9910812319003321 |
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Autore |
Ilyina Anna |
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Titolo |
A Multi-industry Model of Growth with Financing Constraints / / Anna Ilyina, Roberto Samaniego |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-0128-2 |
1-4518-7266-6 |
1-282-84334-6 |
9786612843341 |
1-4519-9029-4 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Economic development |
Convergence (Economics) |
Finance: General |
Labor |
Macroeconomics |
Production and Operations Management |
Macroeconomics: Production |
Financial Markets and the Macroeconomy |
Labor Demand |
Labor Economics: General |
Finance |
Labour |
income economics |
Financial sector development |
Productivity |
Industrial productivity |
Self-employment |
Financial services industry |
Self-employed |
Labor economics |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Intro -- Contents -- I. Introduction -- II. Economic Environment -- A. Economic agents and firms -- B. Production -- C. Research -- D. Technological Frontier -- E. Aggregate equilibrium conditions -- III. Model Equilibrium -- A. Equilibrium research and productivity -- B. Industry growth -- C. Aggregate growth -- D. Industry growth patterns and structural change -- IV. Empirical analysis -- A. Decomposing industry growth -- B. Country data -- C. Industry data -- D. Empirical validity of model assumptions -- E. Cross-country industry growth regressions -- V. Concluding Remarks -- References -- Figures -- 1. Industry productivity dynamics, Region 1 -- 2. Industry productivity dynamics, Region 2 -- 3. Industry productivity dynamics, Region 3 -- 4. Productivity dynamics for different values of the borrowing limit -- 5. Structural change in a model economy with three industries -- 6. Patterns of industrial specialization along the growth path -- Tables -- 1. Regression of industry variables on RND at the firm level -- 2. Correlations between different industry measures -- 3. Interaction of R& -- D intensity and Ability measures with financial development in country-industry growth regressions. -- 4. Interaction of R& -- D intensity with financial development in country-industry growth regressions. -- 5. Interaction of Ability with financial development in country-industry growth regressions. |
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Sommario/riassunto |
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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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