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Endogenous growth cycles with financial intermediaries and entrepreneurial innovation
Institution:1. Department of Statistical Sciences and School of Economics, Management and Statistics, University of Bologna, Via Belle Arti, Bologna 41, I-40126, Italy;2. CSEF, University of Salerno, Via Giovanni Paolo II 132, Fisciano 84084, SA, Italy;3. University of Göttingen, Platz der Göttinger Sieben 3, 37073 Göttingen, Germany;1. Osaka School of International Public Policy, Osaka University, Osaka, Japan;2. Osaka University of Commerce, Osaka, Japan;3. Institute of Social and Economic Research, Osaka University, Osaka, Japan
Abstract:This study analyzes the effects of financial intermediaries’ activities on economic fluctuations in a model of endogenous innovation cycles. In the model, I consider an economy in which entrepreneurs and financial intermediaries engage in their respective innovative activities. Entrepreneurs can invent new products and raise funds for their invention from financial intermediaries and if their invention is successful, they can produce new products. Only financial intermediaries can evaluate entrepreneurial ideas regarding their new products. Moreover, they can invest their capital to improve information about the entrepreneurial ideas and thus, meet successful entrepreneurs with a higher probability. I show that when an economy does not accumulate enough capital, and the level of financial innovation is not sufficiently high, the economy is trapped in a no-entrepreneurial innovation regime. I also show that when the financial innovation slightly develops, the economy fluctuates between the no-entrepreneurial innovation and entrepreneurial innovation regimes.
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