LEADER 03946nam 2200613Ia 450 001 9910812319003321 005 20200520144314.0 010 $a1-4623-0128-2 010 $a1-4518-7266-6 010 $a1-282-84334-6 010 $a9786612843341 010 $a1-4519-9029-4 035 $a(CKB)3170000000055273 035 $a(SSID)ssj0000940019 035 $a(PQKBManifestationID)11491945 035 $a(PQKBTitleCode)TC0000940019 035 $a(PQKBWorkID)10946748 035 $a(PQKB)11304201 035 $a(OCoLC)649720005 035 $a(IMF)WPIEE2009119 035 $a(MiAaPQ)EBC1605913 035 $a(EXLCZ)993170000000055273 100 $a20100902d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA multi-industry model of growth with financing constraints /$fAnna Ilyina and Roberto Samaniego 205 $a1st ed. 210 $a[Washington, D.C.] $cInternational Monetary Fund$d2009 215 $a52 p. $cill 225 1 $aIMF working paper ;$vWP/09/119 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1696-5 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aThis paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over time, a financially constrained economy may converge to the growth path of a frictionless economy, so long as an industry with the fastest expanding technological frontier does not permanently fall behind due to low R&D. The model?s industry dynamics map into a differences-in-differences regression, in which industry growth depends on the interaction between financial development and industry level R&D intensity. 410 0$aIMF working paper ;$vWP/09/119. 606 $aEconomic development 606 $aConvergence (Economics) 615 0$aEconomic development. 615 0$aConvergence (Economics) 676 $a338.018 700 $aIlyina$b Anna$01602645 701 $aSamaniego$b Roberto M$01761435 712 02$aInternational Monetary Fund. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910812319003321 996 $aA multi-industry model of growth with financing constraints$94200876 997 $aUNINA