| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6423 |
| DP6423 Strategic Complementarities and Optimal Monetary Policy | |
| Andrew Levin; J David López-Salido; Tack Yun | |
| 发表日期 | 2007-08-17 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The effects of the quality of institutions on economic development and comparative advantage have been so far investigated separately. This paper proposes a theoretical framework in which trade patterns and growth rates are jointly determined by international differences in contract enforcement that affect firms' organizational decisions. In a two-country dynamic Ricardian model with endogenous innovation and hold-up problems, the value chain consists of two activities, innovation and production. Entry in the market happens through R&D and entrants face two decisions. The 'location decision' determines where to place R&D laboratories and production plants. Through the 'ownership decision' firms choose whether to perform innovation and production within the same vertically integrated structure or not. In this framework, the quality of contract enforcement drives the ownership decision, which affects R&D returns, research intensity and growth. Balance of payments adjustments cause movements in relative wages, which affect the location decision and, therefore, the pattern of sectoral specialization and international trade. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Economic growth Incomplete contracts Innovation Theory of the firm |
| URL | https://cepr.org/publications/dp6423 |
| 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/535263 |
| 推荐引用方式 GB/T 7714 | Andrew Levin,J David López-Salido,Tack Yun. DP6423 Strategic Complementarities and Optimal Monetary Policy. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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