期刊
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
卷 11, 期 5, 页码 1115-1152出版社
OXFORD UNIV PRESS
DOI: 10.1111/jeea.12033
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Abstract This paper examines micro-level channels through which financial development can affect such macroeconomic outcomes as level of income. Specifically, we investigate theoretically and empirically how financial constraints affect a firm's innovation activities. Theoretical predictions are tested using unique firm survey data, which provide direct measures for innovations and firm-specific financial constraints, as well as information on shocks to firms' internal funds that serve as firm-level instruments for financial constraints. We find unambiguous evidence that financial constraints restrain the ability of domestically owned firms to innovate and hence to catch up to the technological frontier.
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