| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8467 |
| DP8467 Innovation, Trade, and Finance | |
| Christian Keuschnigg; Peter Egger | |
| 发表日期 | 2011-07-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are financially constrained while standard firms are not. The efficiency of the financial sector and a country's institutional quality relating to corporate finance determine the share of R&D intensive firms and their comparative advantage in producing innovative goods. We illustrate how protection, R&D subsidies, and financial sector development improve access to external finance in distinct ways, support the expansion of innovative industries, and boost national welfare. International welfare spillovers depend on the interaction between terms of trade effects and financial frictions and may be positive or negative, depending on foreign countries' trade position. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Financial development Innovation Protection R& amp d subsidy |
| URL | https://cepr.org/publications/dp8467 |
| 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/537304 |
| 推荐引用方式 GB/T 7714 | Christian Keuschnigg,Peter Egger. DP8467 Innovation, Trade, and Finance. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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