This paper studies the cross-country patterns of risky innovation and growth through the lens of international trade. It uses a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development to derive two predictions. First, the mean rate of quality growth and the corresponding cross-sectional variance of quality growth in a country are positively correlated. Second, both the mean and variance of quality...
انظر المزيد
تفاصيل
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2020/6/23
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ورقة عمل خاصة ببحوث السياسات
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WPS9296
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1
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1
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2020/6/23
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Disclosed
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Growth and Risk : A View from International Trade
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quality growth