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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 442
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
We investigate the growth-finance nexus in an endogenous growth model with search frictions and congestion effects in credit and innovation markets. The interplay between these two frictions generates a nonlinear relationship between finance and growth. Financial development eases the financing of innovation but can exacerbate bottlenecks in R&D. In a calibration close to the U.S. economy, finance has a negative impact on growth. This effect is quantitatively small- consistent with the observation that, in the last century, most developed economies have experienced an expansion of the financial sector and almost constant growth rates of GDP.
Schlagwörter: 
Growth
Finance
Search frictions
Technology
Innovation
JEL: 
E51
G24
O40
Dokumentart: 
Working Paper
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