| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7449 |
| DP7449 A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds | |
| Olivier Jeanne; Christopher Carroll | |
| 发表日期 | 2009-09-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise to screen entrepreneurs. A novel feature of the model is that financiers also engage in the costly, risky, and potentially profitable process of innovation: Financiers can invent more effective processes for screening entrepreneurs. Every existing screening process, however, becomes less effective as technology advances. Consequently, technological innovation and, thus, economic growth stop unless financiers continually innovate. Historical observations and empirical evidence are more consistent with this dynamic model of financial innovation and endogenous growth than with existing models of financial development and growth. |
| 主题 | Financial Economics |
| 关键词 | Corporate finance Economic growth entrepreneurship Financial institutions Invention Technological change |
| URL | https://cepr.org/publications/dp7449 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536300 |
| 推荐引用方式 GB/T 7714 | Olivier Jeanne,Christopher Carroll. DP7449 A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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