| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1735 |
| DP1735 Stage Financing and the Role of Convertible Debt | |
| Francesca Cornelli; Oved Yosha | |
| 发表日期 | 1997-11-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper presents a model in which long-run growth and industrial location are jointly endogenous. Specifically, it introduces Romer-Grossman-Helpman endogenous growth into Krugman?s core-periphery model with footloose labour. The paper focuses on stability of the symmetric equilibrium, showing that growth is a powerful destabilising force. For instance, even with prohibitive trade barriers, the symmetric equilibrium is unstable as long as workers? discount rates are not too high. It also shows that inter-regional learning spillovers are a stabilizing force. Finally, the paper shows that agglomeration of industry is favourable to growth in both regions, so positive growth effects might offset the well-known static welfare loss that the periphery experiences when the core-periphery outcome occurs. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Economic geography Endogenous growth |
| URL | https://cepr.org/publications/dp1735 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530879 |
| 推荐引用方式 GB/T 7714 | Francesca Cornelli,Oved Yosha. DP1735 Stage Financing and the Role of Convertible Debt. 1997. |
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