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Crecimiento con cambio tecnológico endógeno, bancos y dinero, El caso de una economía con firmas innovadoras

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  • Ramón Tirado Jiménez

    (Universidad Autónoma Metropolitana)

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    Abstract

    The aim of this paper is to expose and analyze a model of growth with endogenous technological change in an economy with banks and money. In growth theory, there are not analyses drawing on the above lines. In this paper we provide some central results, relating the non-superneutrality of money with banking activity and its effects over the rate of growth that an innovative economy can to reach. We show the cases of a risk neutral and a risk averse bank, and we conclude, by one hand, that the banking behavior plays a significative role on the long run rate of growth, because the agent is managing the individual savings, by the other hand, we describe that, actually, the monetary policy have influence on the long run development of the economy through the banking system.

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    Bibliographic Info

    Article provided by El Colegio de México, Centro de Estudios Económicos in its journal Estudios Económicos.

    Volume (Year): 15 (2000)
    Issue (Month): 1 ()
    Pages: 91-116

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    Handle: RePEc:emx:esteco:v:15:y:2000:i:1:p:91-116

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    Web page: http://www.colmex.mx/centros/cee/
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    1. Greenwood, J. & Smith, B.D., 1995. "Financial Markets in Development, and the Development of Financial Markets," RCER Working Papers 406, University of Rochester - Center for Economic Research (RCER).
    2. Orphanides, Athanasios & Solow, Robert M., 1990. "Money, inflation and growth," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 6, pages 223-261 Elsevier.
    3. Bencivenga, Valerie R & Smith, Bruce D, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 195-209, April.
    4. Brock, William A, 1974. "Money and Growth: The Case of Long Run Perfect Foresight," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(3), pages 750-77, October.
    5. Stein, Jerome L, 1970. "Monetary Growth Theory in Perspective," American Economic Review, American Economic Association, vol. 60(1), pages 85-106, March.
    6. Shouyong Shi, 1996. "Asymmetric Information, Credit Rationing, and Economic Growth," Canadian Journal of Economics, Canadian Economics Association, vol. 29(3), pages 665-87, August.
    7. Ireland, Peter N, 1994. "Money and Growth: An Alternative Approach," American Economic Review, American Economic Association, vol. 84(1), pages 47-65, March.
    8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    9. Geweke, John F, 1986. "The Superneutrality of Money in the United States: An Interpretation of the Evidence," Econometrica, Econometric Society, vol. 54(1), pages 1-21, January.
    10. Miguel Sidrauski, 1967. "Inflation and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 75, pages 796.
    11. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    12. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
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