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Venture capital activity differs considerably across countries. Venture capital markets are highly developed in few countries, while these markets are almost nonexistent in many other countries. This paper examines the conditions that have to be fulfilled for liquid venture capital markets to...
Persistent link: https://www.econbiz.de/10011474698
raise new funds from outside investors that have little information about the profitability of venture capital investments …
Persistent link: https://www.econbiz.de/10011474799
Venture capital activity differs considerably across countries. Venture capital markets are highly developed in few countries, while these markets are almost nonexistent in many other countries. This paper examines the conditions that have to be fulfilled for liquid venture capital markets to...
Persistent link: https://www.econbiz.de/10010260488
raise new funds from outside investors that have little information about the profitability of venture capital investments …
Persistent link: https://www.econbiz.de/10010260494
Competition among banks promotes growth and stability for an economy with production externality. Following Arrow and Debreu (1954), I formulate a standard growth model with externality — a two-period version of Romer (1986) — as a game among consumers, firms, and intermediaries. The...
Persistent link: https://www.econbiz.de/10013116440
This paper studies how the assignment of patents as collateral determines the savings of fi rms and magni fies the effect of innovative rents on investment in research and development (R&D). We analyse the behaviour of innovative fi rms that face random and lumpy investment opportunities in R&D....
Persistent link: https://www.econbiz.de/10013085878
The relationship between financial liberalization and poverty has been the subject of significant work and scrutiny in the field of development economics, however much of this criticism has been based upon empirical foundations and has rarely been extended to reconcile with the theory of...
Persistent link: https://www.econbiz.de/10013091894
We analyze the interaction between growth and financial development in a model of product innovation. Innovation is risky and can be monitored only imperfectly and at a cost. Financial intermediaries emerge endogenously to avoid the duplication of monitoring activities and negotiate contracts...
Persistent link: https://www.econbiz.de/10013066565
investment goods, and invest a lower fraction of their income. Our analysis also suggests that the mechanism we study may be …
Persistent link: https://www.econbiz.de/10012727281
savings and income is quantitatively significant. Finally, cyclical variation in private investment risks is shown to amplify …
Persistent link: https://www.econbiz.de/10012736800