05306oam 22010334 450 991081231900332120240402044720.01-4623-0128-21-4518-7266-61-282-84334-697866128433411-4519-9029-4(CKB)3170000000055273(SSID)ssj0000940019(PQKBManifestationID)11491945(PQKBTitleCode)TC0000940019(PQKBWorkID)10946748(PQKB)11304201(OCoLC)649720005(MiAaPQ)EBC1605913(IMF)WPIEE2009119(EXLCZ)99317000000005527320020129d2009 uf 0engurcn|||||||||txtccrA Multi-industry Model of Growth with Financing Constraints /Anna Ilyina, Roberto Samaniego1st ed.Washington, D.C. :International Monetary Fund,2009.52 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1696-5 Includes bibliographical references.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&amp -- D intensity and Ability measures with financial development in country-industry growth regressions. -- 4. Interaction of R&amp -- D intensity with financial development in country-industry growth regressions. -- 5. Interaction of Ability with financial development in country-industry growth regressions.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.IMF Working Papers; Working Paper ;No. 2009/119Economic developmentConvergence (Economics)Finance: GeneralimfLaborimfMacroeconomicsimfProduction and Operations ManagementimfMacroeconomics: ProductionimfFinancial Markets and the MacroeconomyimfLabor DemandimfLabor Economics: GeneralimfFinanceimfLabourimfincome economicsimfFinancial sector developmentimfProductivityimfIndustrial productivityimfSelf-employmentimfFinancial services industryimfSelf-employedimfLabor economicsimfUnited StatesimfEconomic development.Convergence (Economics)Finance: GeneralLaborMacroeconomicsProduction and Operations ManagementMacroeconomics: ProductionFinancial Markets and the MacroeconomyLabor DemandLabor Economics: GeneralFinanceLabourincome economicsFinancial sector developmentProductivityIndustrial productivitySelf-employmentFinancial services industrySelf-employedLabor economics338.018Ilyina Anna1602645Samaniego Roberto1602646International Monetary Fund.DcWaIMFBOOK9910812319003321A Multi-industry Model of Growth with Financing Constraints3944882UNINA