Competition, financial discipline and growth
Competition, financial discipline and growth
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DOI：
10.1111/1467-937x.00110
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发表时间：
1999-10-01
影响因子：
5.8
通讯作者：
Rey, P
中科院分区：
文献类型：
--
作者：
Aghion, P;Dewatripont, M;Rey, P
一个国家或地区的国内竞争与经济增长之间的相互作用是一个激烈的政策辩论的话题。例如，在一本广为人知的书中，Michael Porter(1990)强烈主张在竞争和增长之间存在正的因果关系，因为国内的竞争迫使公司创新并提高效率。这种关于竞争的达尔文主义观点得到了最近的经验证据的支持(例如Nickell(1996)或Blundell等人(1995))，指出竞争(无论是通过同一行业的竞争对手的数量来衡量，还是通过市场份额或盈利指数的倒数来衡量)与公司或行业的生产率增长之间存在正相关。相比之下，直到最近，关于竞争和增长的理论文献一直相当片面，主要强调熊彼特的观点，即未来垄断租金的存在会诱导企业创新，从而推动经济增长。例如，Aghion和Howitt(1992)在内生增长模型中正式提出了这一观点。卡瓦列罗和杰菲(1993)在竞争提高了商品之间的替代弹性时，获得了类似的效果，从而减少了垄断租金，也加速了创造性破坏。此外，Grossmann和Helpman(1991)再次表明，当竞争促进模仿时，它会损害研发和增长。我们如何才能调和达尔文的观点与熊彼特关于技术变革和增长的文献？第一种方法是修改现有质量阶梯模型中通常做出的技术假设。例如，Aghion，Harris和Vickers(1995)考虑了领导者和追随者进行技术进步的情况
The interaction between domestic competition and economic growth of a country or region is a topic of intense policy debate. For example, in a highly-publicized book, Michael Porter (1990) strongly argues that there exists a positive causal relation between competition and growth, since competition at home forces firms to innovate and to be efficient.'This" Darwinian" view of competition is supported by recent empirical evidence (eg Nickell (1996) or Blundell et al.(1995)) pointing at a positive correlation between competition (measured either by the number of competitors in the same industry or by the inverse of a market share or profitability index) and productivity growth within a firm or industry.In contrast, the theoretical literature on competition and growth has been pretty much one-sided until recently, stressing mainly the Schumpeterian view that it is the existence of future monopoly rents that induces firms to innovate and thereby the economy to grow. For example, Aghion and Howitt (1992) formalize this very idea in an endogenous growth model. Caballero and Jaffe (1993) obtain a similar effect when competition raises the elasticity of substitution between goods, thereby reducing monopoly rents and also accelerating creative destruction. Also Grossmann and Helpman (1991) again show that competition hurts research and development and growth when it facilitates imitation. How can we reconcile the Darwinian view with the Schumpeterian literature on technological change and growth? A first approach is to modify the technological assumptions generally made in the existing quality-ladder models. For example, Aghion, Harris and Vickers (1995) consider the case where technological progress by leaders and followers