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Cover IMF Working Papers
Agglomeration, Innovation, and Spatial Reallocation: The Aggregate Effects of R&D Tax Credits
Alexandre Sollaci

I investigate the aggregate effects of R&D tax credits in the US. Because it subsidizes R&D activity and because credit rates vary between states, this policy has both spatial and dynamic effects on the economy. To address this issue, I construct an endogenous growth model with spatial heterogeneity and agglomeration spillovers in innovation. Aggregate outcomes in this model are thus affected by the spatial distribution of the population in the economy, which is itself endogenous and reacts to policy. I use this framework to identify a set of local R&D subsidies that maximize aggregate welfare.

Keywords:
production worker; rate of growth; incumbent firm; discount factor; fixed cost
Cover IMF Working Papers
Front Matter
Alexandre Sollaci
Keywords:
R&D tax credits; R&D subsidy; elasticity of agglomeration; welfare effect; elasticity of congestion; Tax allowances; Credit ratings
Cover IMF Working Papers
Agglomeration, Innovation, and Spatial Reallocation: The Aggregate Effects of R&D Tax Credits
Alexandre Sollaci
I investigate the aggregate effects of R&D tax credits in the US. Because it subsidizes R&D activity and because credit rates vary between states, this policy has both spatial and dynamic effects on the economy. To address this issue, I construct an endogenous growth model with spatial heterogeneity and agglomeration spillovers in innovation. Aggregate outcomes in this model are thus affected by the spatial distribution of the population in the economy, which is itself endogenous and reacts to policy. I use this framework to identify a set of local R&D subsidies that maximize aggregate welfare.
Keywords:
agglomeration; innovation; R&D tax credits; R&D activity; R&D subsidy; R&D tax credit rate; aggregate outcome; Tax allowances; Credit ratings; Productivity; Wages; Global; elasticity of agglomeration; welfare effect; elasticity of congestion
Cover IMF Working Papers
We Are All in the Same Boat: Cross-Border Spillovers of Climate Risk through International Trade and Supply Chain
Are assets in a landlocked country subject to sea-level rise risk? In this paper, we study the cross-border spillovers of physical climate risks through international trade and supply chain linkages. As we base our findings on historical data between 1970 and 2018, we observe that globalization increased the similarity of countries’ global climate risk exposures. Exposures to foreign climatic disasters in major trade partner countries (both upstream and downstream) lower the home-country stock market valuation for the aggregate market and for the tradable sectors. We also find that exposures to foreign long-term climate change risks reduce the asset price valuations of the tradable sectors at home. Findings in this paper suggest that climate adaptation efforts in a country can have positive externalities on other countries’ macrofinancial performance and stability through international trade.
Keywords:
climate risk; financial spillover; supply chain; financial stability; WP; risk exposure; disaster damage; spillover index; exposure measure; assets ratio; expected return; Climate change; Stock markets; Foreign currency exposure; Financial sector; Natural disasters; Global
Cover Finance & Development
The Debt Pandemic
Jeremy Bulow, Ms. Carmen Reinhart, Mr. Kenneth Rogoff, and Christoph Trebesch

Finance & Development, September 2020

Keywords:
FD; F&D; pandemic; crisis; food security crisis; hunger pandemic; precariousness of work; policy agenda; rickshaw driver; Climate change; COVID-19; Global; North Africa; Europe; Africa; Middle East; East Asia; Sub-Saharan Africa; debt statistics; debt moratorium; debt problem; debt write-down; debt contract; Debt restructuring; Emerging and frontier financial markets; Debt default
Cover Finance & Development
Resilience Healing the Fractures
International Monetary Fund. Communications Department

Finance & Development, September 2020

Keywords:
FD; F&D; pandemic; crisis; food security crisis; hunger pandemic; precariousness of work; policy agenda; rickshaw driver; Climate change; COVID-19; Global; North Africa; Europe; Africa; Middle East; East Asia; Sub-Saharan Africa; resilience to a green shoot; simmering issue; digital divide; Debt restructuring; Health care spending; International cooperation