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dc.contributor.authorPaula, Georgen_US
dc.date.accessioned2011-01-24en_US
dc.date.accessioned2011-06-29T11:17:31Z-
dc.date.available2011-06-29T11:17:31Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/46360-
dc.description.abstractIn this paper a novel survey dataset allows us to use a direct measure for credit constraints as well as a direct measure for the innovative activity of a firm to identify the effects of credit constraints on the innovation behaviour of firms. Furthermore, the design of the survey questions and the panel structure of the dataset allow us to avoid problems commonly difficult to solve such as the existence of forward looking adjustments in a world of expectations or mutual causation, and moreover to analyse potential asymmetries in the effects of above average and below average credit conditions. As opposed to many other papers we find clear evidence for a negative effect of credit constraints on the innovative activity of firms. In addition, we find that below average financing conditions restrict innovative activity, while above average financing conditions do not foster it. To explain this novel result we extend the usual theory of innovation activity by rigidities with respect to a firm's individual innovation capacity, which leads to a differentiation between a long run and a short run equilibrium in innovative output.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3296en_US
dc.subject.jelC35en_US
dc.subject.jelG31en_US
dc.subject.jelO31en_US
dc.subject.ddc330en_US
dc.subject.keywordcredit restrictionsen_US
dc.subject.keywordinnovative activityen_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwIndustrielle Forschungen_US
dc.subject.stwDeutschlanden_US
dc.titleFinancing conditions, the concept of innovation capacity and the innovative activity of firmsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn644504951en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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