Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/259933 
Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Working Paper No. 2006:19
Verlag: 
Lund University, School of Economics and Management, Department of Economics, Lund
Zusammenfassung: 
This paper theoretically studies the role of the financial system in promoting macroeconomic stability and growth. It also explains endogenously the development of the financial system as part of the growth process. The productive sector engages in R\&D activities, and finances its activities through access to the financial system. While vertical innovation spurs economic growth, horizontal innovation creates new industry sectors, and thus enhances industry diversification. Higher industry diversification deepens the financial system by improving its ability to finance the productive sector. Economies that are more diversified, and thus more financially developed, have higher growth rates and are less volatile. There is a role for the government to subsidize innovation, especially horizontal innovation.
Schlagwörter: 
vertical innovation
horizontal innovation
industry diversification
financial development
economic growth
imperfect information
JEL: 
E22
E32
E44
O16
O30
O41
Dokumentart: 
Working Paper

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