Innovation, trade, and finance:
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 financiall...
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| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
München
CESifo
2011
|
| Series: | CESifo working paper
3529 : Category 8, Trade policy |
| Online Access: | http://www.cesifo-group.de/portal/page/portal/ifoHome/b-publ/b3publwp/_wp_abstract?p_file_id=16296882&category= kostenfrei http://hdl.handle.net/10419/49519 |
| Summary: | 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. -- innovation ; financial development ; R&D subsidies ; protection |
| Physical Description: | graph. Darst. |
| Format: | . - Acrobat Reader |
Staff View
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| 520 | 1 | |a 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. -- innovation ; financial development ; R&D subsidies ; protection | |
| 533 | |a Online-Ausgabe |e Online-Ressource (PDF-Datei: 43 S., 462 KB) | ||
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| id | DE-604.BV040385650 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T00:22:53Z |
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| language | English |
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| spelling | Egger, Peter 1969- Verfasser (DE-588)130624640 aut Innovation, trade, and finance Peter Egger ; Christian Keuschnigg München CESifo 2011 graph. Darst. txt rdacontent c rdamedia cr rdacarrier CESifo working paper 3529 : Category 8, Trade policy 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. -- innovation ; financial development ; R&D subsidies ; protection Online-Ausgabe Online-Ressource (PDF-Datei: 43 S., 462 KB) . - Acrobat Reader Keuschnigg, Christian 1959- Verfasser (DE-588)124811353 aut Reproduktion von Egger, Peter, 1969- Innovation, trade, and finance 2011 CESifo working paper 3529 : Category 8, Trade policy (DE-604)BV013978326 3529 http://www.cesifo-group.de/portal/page/portal/ifoHome/b-publ/b3publwp/_wp_abstract?p_file_id=16296882&category= http://www.cesifo-group.de/portal/pls/portal/docs/1/1209158.PDF kostenfrei http://hdl.handle.net/10419/49519 Download aus dem Internet, Stand: 12.08.2011 |
| spellingShingle | Egger, Peter 1969- Keuschnigg, Christian 1959- Innovation, trade, and finance CESifo working paper |
| title | Innovation, trade, and finance |
| title_auth | Innovation, trade, and finance |
| title_exact_search | Innovation, trade, and finance |
| title_full | Innovation, trade, and finance Peter Egger ; Christian Keuschnigg |
| title_fullStr | Innovation, trade, and finance Peter Egger ; Christian Keuschnigg |
| title_full_unstemmed | Innovation, trade, and finance Peter Egger ; Christian Keuschnigg |
| title_short | Innovation, trade, and finance |
| title_sort | innovation trade and finance |
| url | http://www.cesifo-group.de/portal/page/portal/ifoHome/b-publ/b3publwp/_wp_abstract?p_file_id=16296882&category= http://www.cesifo-group.de/portal/pls/portal/docs/1/1209158.PDF http://hdl.handle.net/10419/49519 |
| volume_link | (DE-604)BV013978326 |
| work_keys_str_mv | AT eggerpeter innovationtradeandfinance AT keuschniggchristian innovationtradeandfinance |