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innovation policy in the context of EU economic law (competition policy, intellectual property law, sector regulation). As such … law that moves beyond apparent conflicts and assumes innovation as the starting point. Taking this as the foundation, the … analytical grid to be used to identify ways in which economic law impacts innovation, and second an applied component that …
Persistent link: https://www.econbiz.de/10009205060
treatments. The TRIPS Agreement, which specifies minimum levels of intellectual property protection for countries in the World … Trade Organization, has increased levels of patent protection around the world. Since patents also have the potential to …
Persistent link: https://www.econbiz.de/10009002387
the hypothesis that innovation in pharmaceuticals is becoming more difficult and expensive over time, as costs of …This paper quantifies the relationship between market size and innovation in the pharmaceutical industry. We estimate … the elasticity of innovation, as measured by the number of new chemical entities appearing on the market for a given …
Persistent link: https://www.econbiz.de/10009003149
This paper offers a theory of development which links the degree of market incompleteness to capital accumulation and growth. At early stages of development, the presence of indivisible projects limits the degree of risk-spreading (diversification) that the economy can achieve. The desire to...
Persistent link: https://www.econbiz.de/10005124312
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10009144737
This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...
Persistent link: https://www.econbiz.de/10009293986
In an economy where entrepreneurs with unequal ‘abilities’ face alternative investment projects, which differ in their degree of risk and productivity, we analyse the Nash equilibrium contracts arising from a banks-borrowers game in the context of asymmetric information. We show that, for a...
Persistent link: https://www.econbiz.de/10005666565
This paper studies the question to what extent premia for macroeconomic risks in banking are sufficient to avoid banking crises. We investigate a competitive banking system embedded in an overlapping generation model subject to repeated macroeconomic shocks. We show that even if banks fully...
Persistent link: https://www.econbiz.de/10005789004
We investigate the question of whether sophistication in risk management fosters banking stability. We compare a simple banking system in which an average rating is used with a sophisticated banking system in which banks are able to assess the default risk of entrepreneurs individually. Both...
Persistent link: https://www.econbiz.de/10005789172
This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and...
Persistent link: https://www.econbiz.de/10005791688