WHY DOESN'T TECHNOLOGY FLOW FROM RICH TO POOR COUNTRIES?

被引：46

作者：

Cole, Harold L. ^{[1
]}

Greenwood, Jeremy ^{[1
]}

Sanchez, Juan M. ^{[2
]}

机构：

[1] Univ Penn, Dept Econ, 3718 Locust Walk, Philadelphia, PA 19104 USA

[2] Fed Reserve Bank St Louis, Div Res, POB 442, St Louis, MO 63166 USA

来源：

ECONOMETRICA | 2016年 / 84卷 / 04期

关键词：

Costly cash-flow control; costly state verification; dynamic contract theory; economic development; establishment-size distributions; finance and development; financial intermediation; India; Mexico; and the United States; monitoring; productivity; retained earnings; self-finance; technology adoption; ventures; FINANCIAL DEVELOPMENT; GROWTH;

D O I：

10.3982/ECTA11150

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

What is the role of a country's financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary's ability to monitor and control a firm's cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. Aquantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less-promising ventures than in the United States, despite lower input prices.

引用

页码：1477 / 1521

页数：45

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