Author : Mr.Haizhou Huang
Publisher : International Monetary Fund
ISBN 13 : 1451845243
Total Pages : 12 pages
Book Rating : 4.4/5 (518 download)
Book Synopsis Institutions, innovations, and Growth by : Mr.Haizhou Huang
Download or read book Institutions, innovations, and Growth written by Mr.Haizhou Huang and published by International Monetary Fund. This book was released on 1999-03-01 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by the efficiency and riskiness of research and development (R&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence versus divergence; the “East Asia miracle” versus the East Asia financial crisis; and the rise and fall of centralized economies.