in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and … innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain …, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations …

contributes to an economic exposition of China's potential transition from an energy-intensive to an innovation-led growth path … capital investment and incentives of capital stock accumulation rather than R&D-related innovation. Accumulation of energy …-consuming capital stock along this non-innovation-led growth path thus leads to an intensive use of fossil energy - an energy …