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dc.contributor.authorEgger, Peteren
dc.contributor.authorKeuschnigg, Christianen
dc.date.accessioned2011-08-12-
dc.date.accessioned2011-09-14T13:13:27Z-
dc.date.available2011-09-14T13:13:27Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3529en
dc.subject.jelF11en
dc.subject.jelG32en
dc.subject.jelL26en
dc.subject.jelO38en
dc.subject.ddc330en
dc.subject.keywordinnovationen
dc.subject.keywordfinancial developmenten
dc.subject.keywordR&D subsidiesen
dc.subject.keywordprotectionen
dc.subject.stwInnovationen
dc.subject.stwIndustrielle Forschungen
dc.subject.stwInnovationspolitiken
dc.subject.stwWohlfahrtseffekten
dc.subject.stwInternationaler Wettbewerben
dc.subject.stwMehr-Sektoren-Modellen
dc.subject.stwTheorieen
dc.titleInnovation, trade, and finance-
dc.typeWorking Paperen
dc.identifier.ppn665782632en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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