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 …

technical change framework. Unilateral policies alter the structure of production and thereby innovation incentives across … countries. Whenever feasible, optimal policies implement sustainable growth by directing global innovation to the nonpolluting … sector. If nonparticipants drive global innovation, this requires policies relocating clean production to nonparticipants. A …

investment and innovation-driven, environmentally sustainable development holds important implications for both national and … and innovation-driven, environmentally sustainable growth path. We show that if R&D technological innovation is … environmental quality improves at a rate of 2.5%. In contrast, if R&D technological innovation is not harnessed as a new growth …