RyD investment and financial frictions

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Borradores de Economía; No. 828
Date published
2014-06-26
Date of last update
2014-06-26
Author
Valencia-Arana, Oscar Mauricio
Document language
spa
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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
Abstract
RyD intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-finan
JEL Codes
O41 - One, Two, and Multisector Growth ModelsD86 - Economics of Contract: TheoryO31 - Innovation and Invention: Processes and Incentives
Keywords
Moral Hazard ; Endogenous borrowing constraints ; Technological change ;
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6115
https://hdl.handle.net/20.500.12134/6115
https://doi.org/10.32468/be.828
https://ideas.repec.org/p/bdr/borrec/828.html
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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit