2008 | OriginalPaper | Buchkapitel
Financial Markets and R&D Investments: A Discrete Time Model to Interpret Public Policies
verfasst von : Marco Mazzoli
Erschienen in: Financial Development, Institutions, Growth and Poverty Reduction
Verlag: Palgrave Macmillan UK
Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.
Wählen Sie Textabschnitte aus um mit Künstlicher Intelligenz passenden Patente zu finden. powered by
Markieren Sie Textabschnitte, um KI-gestützt weitere passende Inhalte zu finden. powered by
The importance of financial deepening for economic development has been emphasized for some considerable time, since the seminal work by Schumpeter (1911), Goldsmith (1969), McKinnon (1973) and Shaw (1973). Kiyotaki and Moore (2005) provide a theoretical model explaining the long-run effects of financial deepening on output, investments and the interest rate, as well as circulation and use of different monetary instruments. Rajan and Zingales (1998) provide precise information on the nature of the causal nexus finance-growth, by performing empirical tests showing the importance of financial markets in allowing firms to raise external finance in a context of financial market imperfections. Finally, in the model by Aoki et al. (2006), the degree of development of the domestic financial system (together with international collateral constraints) determines whether capital liberalization causes capital outflow and transitional loss of wage and employment, or capital inflow and increase in wages and employment. Most of the related literature, however, focuses on the importance and role of financial markets for efficient resource allocation and the spreading of information.