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dc.contributor.authorEgger, Peteren_US
dc.contributor.authorKeuschnigg, Christianen_US
dc.date.accessioned2011-08-12en_US
dc.date.accessioned2011-09-14T13:13:27Z-
dc.date.available2011-09-14T13:13:27Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/49519-
dc.description.abstractThis paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are financially constrained while standard firms are not. The efficiency of the financial sector and a country's institutional quality relating to corporate finance determine the share of R&D intensive firms and their comparative advantage in producing innovative goods. We illustrate how protection, R&D subsidies, and financial sector development improve access to external finance in distinct ways, support the expansion of innovative industries, and boost national welfare. International welfare spillovers depend on the interaction between terms of trade effects and financial frictions and may be positive or negative, depending on foreign countries' trade position.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Trade Policy 3529en_US
dc.subject.jelF11en_US
dc.subject.jelG32en_US
dc.subject.jelL26en_US
dc.subject.jelO38en_US
dc.subject.ddc330en_US
dc.subject.keywordinnovationen_US
dc.subject.keywordfinancial developmenten_US
dc.subject.keywordR&D subsidiesen_US
dc.subject.keywordprotectionen_US
dc.subject.stwInnovationen_US
dc.subject.stwIndustrielle Forschungen_US
dc.subject.stwInnovationspolitiken_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwInternationaler Wettbewerben_US
dc.subject.stwMehr-Sektoren-Modellen_US
dc.subject.stwTheorieen_US
dc.titleInnovation, trade, and financeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn665782632en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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