Series: IMF Working Papers
Author(s): Anna Ilyina , and Roberto Samaniego
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 May 2009
Keywords: Financial development, industry growth, R&;amp;#x0026;D intensity, external finance dependence, convergence dynamics, structural change, r &;amp; d, r &;amp; d intensity, equation, r &;amp; d intensive industries
This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness of financing constraints depen...