Investment Protection, Financial Imperfection and Endogenous Technological Change

摘要：

recently, there have been some papers focusing on the effect of institution on economic growth and development (Acemoglu, 2009). As an important component of institutions, how the financial imperfection induced by investment protection influence the economic growth, especially, the technological change? We find that, financial imperfection caused by fragile investment protection will change the fraction of retained profits which the firms can acquire; therefore, this will have a negative effect on value of new technology and impede the endogenous technological change in the economy.

关键词： Financial Imperfection Investment Protection Endogenous Technological Change

作者: Zuwei Yu Tang Li

作者单位: Department of International Trade Ningbo Institute of Technology, Zhejiang University Ningbo, China Department of Economics Economics and Management School of Wuhan University Wuhan, China

会议类型: 国际会议

会议名称: 2011 International Conference on Electronic & Mechanical Engineering and Information Technology(EMEIT 2011)(2011年机电工程与信息技术国际会议)

会议地点: 哈尔滨

会议语种:英文

页码: 4347-4350

在线出版日期: 2011-08-12（万方平台首次上网日期，不代表论文的发表时间）