RyD investment and financial frictions

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Borradores de Economía; No. 828

Date published

2014-06-26

Date

2014-06-26

Authors

Valencia-Arana, Oscar Mauricio

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Document language

spa
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

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

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JEL Codes

O41 - One, Two, and Multisector Growth Models
D86 - Economics of Contract: Theory
O31 - Innovation and Invention: Processes and Incentives

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Keywords

Keywords

Moral Hazard , Endogenous borrowing constraints , Technological change

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URI

https://repositorio.banrep.gov.co/handle/20.500.12134/6115
 https://hdl.handle.net/20.500.12134/6115
 https://ideas.repec.org/p/bdr/borrec/828.html
 https://doi.org/10.32468/be.828

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