
Abstract
We examine micro-level channels of how financial development can affect macroeconomic outcomes like the level of income and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation and export activities, using unique firm survey data which provides direct measures for innovations and firm-specific financial constraints. We find that financial constraints restraint heability of domestically owned firms to innovate and export and hence to catch up to the technological frontiers. This negative effect is amplified as financial constraints force export and innovation activities to become substitutes although they are generally natural complements.
Item Type: | Paper |
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Keywords: | innovation, productivity, financial constraint, export, technology frontier, BEEPS |
Faculties: | Special Research Fields > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems Special Research Fields > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems > B5 - Weltwirtschaftliche Integration und die neue Firmenorganisation Economics Economics > Chairs > Seminar for Comparative Economics |
Subjects: | 300 Social sciences > 330 Economics |
JEL Classification: | O3, O16, F1, G3 |
URN: | urn:nbn:de:bvb:19-epub-13213-3 |
Language: | English |
Item ID: | 13213 |
Date Deposited: | 10. Jul 2012, 13:06 |
Last Modified: | 04. Nov 2020, 12:53 |