Access to finance, product innovation and middle-income traps
Access to finance, product innovation and middle-income traps
复制标题
DOI：
10.1016/j.rie.2017.03.004
复制
发表时间：
2017-06-01
影响因子：
0.6
通讯作者：
Canuto, Otaviano
中科院分区：
文献类型：
--
作者：
Agenor, Pierre-Richard;Canuto, Otaviano
在一个具有内生技能分布和金融市场不完善性的两阶段代际交叠模型中，研究了融资渠道、产品创新和劳动力供给之间的相互作用。在这一模式中，无法获得资金（由高监测成本引起）不仅直接而且间接地对创新活动产生不利影响，因为选择投资于技能的人太少。如果监控成本随着成功项目的数量而下降，可能会出现多个稳定状态，其中一个被定义为中等收入陷阱，其特征是设计部门的低工资，从事创新活动的劳动力比例低，以及低增长。一项旨在减少创新者获得资金的限制的足够雄心勃勃的政策，可以使一个国家通过促进创意的产生和改善投资于技能的激励措施，摆脱这种陷阱。(C)2017威尼斯大学由爱思唯尔有限公司出版。保留所有权利。
Interactions between access to finance, product innovation, and labor supply are studied in a two-period overlapping generations model with an endogenous skill distribution and financial market imperfections. In the model lack of access to finance ( induced by high monitoring costs) has an adverse effect on innovation activity not only directly but also indirectly, because too few individuals may choose to invest in skills. If monitoring costs fall with the number of successful projects, multiple steady states may emerge, one of which defined as a middle-income trap, characterized by low wages in the design sector, a low share of the labor force engaged in innovation activity, and low growth. A sufficiently ambitious policy aimed at alleviating constraints on access to finance by innovators may allow a country to move away from such a trap by promoting the production of ideas and improving incentives to invest in skills. (C) 2017 University of Venice. Published by Elsevier Ltd. All rights reserved .