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Credit Constraints And The Inverted U Relationship Between Competition And Innovation
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Book Synopsis Credit Constraints and the Inverted-U Relationship Between Competition and Innovation by : Luigi Pisano
Download or read book Credit Constraints and the Inverted-U Relationship Between Competition and Innovation written by Luigi Pisano and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is inconsistent with the original Schumpeterian model, where greater competition always reduces the profitability of innovation and thus the incentives to innovate. We show that the model can predict the inverted-U if the innovators' talent is heterogeneous and asymmetrically observable. When competition is low and profitability is high, talented innovators are credit-constrained, since untalented innovators are eager to mimic them. As competition increases and profitability decreases, untalented innovators become less eager to mimic, and talented innovators can invest more. This generates the increasing part of the relationship. When competition is high and profitability is low, credit constraints disappear, and the relationship is decreasing. Our theory generates additional specific predictions that are well borne out by the existing evidence.
Download or read book Competition and Innovation written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Inverted U Relationship Between Competition and Innovation by : Chol-Won Li
Download or read book An Inverted U Relationship Between Competition and Innovation written by Chol-Won Li and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition and innovation : an inverted U relationship by :
Download or read book Competition and innovation : an inverted U relationship written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Inverted-U Relationship Between Credit Access and Productivity Growth by : Philippe Aghion
Download or read book The Inverted-U Relationship Between Credit Access and Productivity Growth written by Philippe Aghion and published by . This book was released on 2018 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market, thereby discouraging entry of new and potentially more efficient innovators. We first develop a simple model of firm dynamics and innovation-base growth with credit constraints, where the above two counteracting effects generate an inverted-U relationship between credit access and productivity growth. Then we test our theory on a comprehensive French manufacturing firm-level dataset. We first show evidence of an inverted-U relationship between credit constraints and productivity growth when we aggregate our data at sectoral level. We then move to firm-level analysis, and show that incumbent firms with easier access to credit experience higher productivity growth, but that they also experienced lower exit rates, particularly the least productive firms among them. To confirm our results, we exploit the 2012 Eurosystem's Additional Credit Claims (ACC) program as a quasi-experiment that generated exogenous extra supply of credits for a subset of incumbent firms.
Book Synopsis An Explanation of the Inverted-U Relationship between Profitability and Innovation by : Ondřej Krčál
Download or read book An Explanation of the Inverted-U Relationship between Profitability and Innovation written by Ondřej Krčál and published by Masarykova univerzita. This book was released on 2015-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: V této knize jsou formulovány dva inovační modely, které vysvětlují vztah mezi ziskovostí a inovacemi ve tvaru obráceného U a vztahy mezi ziskovostí a rozdíly mezi produktivitou jednotlivých firem v daném odvětví, které nachází Aghion et al. (2005) a Hashmi (2005). Základní model (basic model) přináší jednoduché a obecné vysvětlení těchto stylizovaných faktů a prospektově teoretický model (prospect-theory model) předkládá specifické vysvětlení stylizovaných faktů, které obsahuje behaviorální teorii manažerského rozhodování. Pro určité hodnoty parametrů generují oba modely predikce, které odpovídají vztahům, jež nachází Aghion et al. (2005) a Hashmi (2005). Dále je zde ukázáno, že oba modely vytvářejí realistické předpovědi i pro širší rozmezí parametrů kolem těchto specifických hodnot.
Book Synopsis The Rate and Direction of Inventive Activity Revisited by : Josh Lerner
Download or read book The Rate and Direction of Inventive Activity Revisited written by Josh Lerner and published by University of Chicago Press. This book was released on 2012-04-15 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers contributions to questions relating to the economics of innovation and technological change. Central to the development of new technologies are institutional environments and among the topics discussed are the roles played by universities and the ways in which the allocation of funds affects innovation.
Book Synopsis Competition and Innovation by : Philippe Aghion
Download or read book Competition and Innovation written by Philippe Aghion and published by . This book was released on 2004 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition and Innovation by : Aamir Rafique Hashmi
Download or read book Competition and Innovation written by Aamir Rafique Hashmi and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: I re-examine the inverted-U relationship between competition and innovation (originally modeled and tested by Aghion et al. (2005)) by using data from publicly traded manufacturing firms in the US. I control for the possible endogeneity of competition by using various measures of foreign competition as instruments. I find a positive relationship between competition (as measured by the inverse of markups) and innovation (as measured by citation-weighted patents). The positive relationship is robust to many alternative assumptions and specifications. To reconcile the positive relationship in the US data with the inverted-U relationship that Aghion et al. (2005) find in the UK data, I modify their theoretical model and show that the modified model can explain both positive and inverted-U relationships. The key theoretical assumption is that the US manufacturing industries are technologically more neck-and-neck than their counterparts in the UK. There is some, though not strong, support for this assumption in the data.
Download or read book Competition and Innovation written by and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition and Innovation by : Michael Peneder
Download or read book Competition and Innovation written by Michael Peneder and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence by : Ms.Deniz O Igan
Download or read book How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence written by Ms.Deniz O Igan and published by International Monetary Fund. This book was released on 2018-04-06 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the extent to which regulations of entry and credit access are related to competition using data on 28 manufacturing sectors across 64 countries. A robust finding is that bureaucratic and costly entry regulations tend to hamper competition, as proxied by the price-cost margin, in the industries with a naturally high entry rate. Rigid entry regulations are also associated with a larger average firm size. Conversely, credit information registries are associated with lower price-cost margin and smaller average firm size in industries that rely heavily on external finance—consistent with access to finance exerting a positive effect on competition. These results suggest that incumbent firms are likely to enjoy the rent and market share arising from strict entry regulations, whereas regulations enhancing access to credit limit such benefits.
Download or read book Macroeconomics written by Wendy Carlin and published by Oxford University Press, USA. This book was released on 2014-11-20 with total page 679 pages. Available in PDF, EPUB and Kindle. Book excerpt: Carlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.
Book Synopsis Handbook of Finance and Development by : Thorsten Beck
Download or read book Handbook of Finance and Development written by Thorsten Beck and published by Edward Elgar Publishing. This book was released on 2018-07-27 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides a comprehensive overview of the relationship between financial and real sector development. The different chapters, written by leading contributors in the field, survey research on the importance of financial development for economic growth, the causes and consequences of financial fragility, the historic development of financial systems in several major economies and regions of the world, and the regulatory and supervisory underpinnings of financial sector development.
Book Synopsis Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel by : Mr.JaeBin Ahn
Download or read book Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel written by Mr.JaeBin Ahn and published by International Monetary Fund. This book was released on 2020-02-07 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital – a rising driver of economic growth that, being non-pledgeable as collateral, is vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self-financing their investments through rents. Using a rich cross-country firm-level dataset and exploiting heterogeneity in firm-level exposure to the sharp and unforeseen tightening of credit conditions around September 2008, we find strong support for these theoretical predictions. The quantitative implications are large, highlighting a powerful stabilizing role for macroeconomic policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation.
Book Synopsis Technological Integration as a Catalyst for Industrial Development and Economic Growth by : Christiansen, Bryan
Download or read book Technological Integration as a Catalyst for Industrial Development and Economic Growth written by Christiansen, Bryan and published by IGI Global. This book was released on 2017-04-18 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ubiquity of new technologies has led to significant developments across the globe. By utilizing the latest available innovations, countries can optimize their industrial and economic infrastructures. Technological Integration as a Catalyst for Industrial Development and Economic Growth is a pivotal reference source for emerging academic research on the diffusion of new information and communication technologies for social progress. Highlighting a comprehensive range of topics such as financial inclusion, manufacturing, and workforce development, this book is ideally designed for academics, professionals, policy makers, graduate students, and practitioners interested in economic and social developments.
Book Synopsis Challenges for European Innovation Policy by : Slavo Radosevic
Download or read book Challenges for European Innovation Policy written by Slavo Radosevic and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uniquely applies the Schumpeterian innovation policy perspective to the countries of Central and Eastern Europe (CEE). A broadly defined framework of the science, technology, innovation and growth system underpins the empirical and conceptual analysis of the critical issues including demand, FDI, finance and education. Specifically, the expert contributors address the (in)capacity of CEE to play a more significant role in the knowledge-based competitiveness of the EU. They question whether it is possible to bolster this capacity with innovationtechnology- industry-specific policies, and discuss the changes required at EU and individual country levels to remove sector- and industry-specific obstacles to greater competitiveness based on innovation. Policies are analysed from the perspective of growth, and the conclusions drawn are relevant to education, the labour market and competition policy. This highly original, explicit and systematic study will prove an illuminating read for academics, researchers, students and policy makers focusing on a range of areas including economics, heterodox economics, European studies, technology and innovation.
