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This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...
Persistent link: https://www.econbiz.de/10012467924
This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...
Persistent link: https://www.econbiz.de/10012785451
Persistent link: https://www.econbiz.de/10011350540
Persistent link: https://www.econbiz.de/10001349917
Persistent link: https://www.econbiz.de/10000888063
Is financial innovation necessary for sustaining economic growth? To address this question, we build a Schumpeterian … innovation: they can invent better methods for screening entrepreneurs. Second, every screening process becomes less effective as … technology advances. The model predicts that technological innovation and economic growth eventually stop unless financiers …
Persistent link: https://www.econbiz.de/10013070763
We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the … also engage in the costly, risky, and potentially profitable process of innovation: Financiers can invent more effective …. Consequently, technological innovation and, thus, economic growth stop unless financiers continually innovate. Historical …
Persistent link: https://www.econbiz.de/10013070782
We model technological and financial innovation as reflecting the decisions of profit-maximizing agents and explore the …, risky, and potentially profitable process of innovation: Financiers can invent more effective processes for screening … evolve endogenously. The model predicts, therefore, that technological innovation and economic growth eventually stop unless …
Persistent link: https://www.econbiz.de/10013060429
This paper describes a simple model of technology adoption which combines the two engines of growth emphasized in the recent growth literature: human capital accumulation and technological progress. Our model economy does not create new technologies, it simply adopts those that have been created...
Persistent link: https://www.econbiz.de/10013232907
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