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We analyze the interaction between growth and financial development in a model of product innovation. Innovation is risky and can be monitored only imperfectly and at a cost. Financial intermediaries emerge endogenously to avoid the duplication of monitoring activities and negotiate contracts with innovators which induce optimal effort through a combination of incentives and monitoring. A positive...
Borrowing constraints increase aggregate savings, and therefore may increase growth. This paper argues, however, that by reducing human capital accumulation, borrowing constraints also have negative effects on growth. These effects are discussed in an overlapping-generations model with endogenous growth. Empirical evidence for OECD and developing countries lend support to the main predictions of...
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