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Innovation, finance, and economic growth: an agent-based approach

Author

Listed:
  • Giorgio Fagiolo

    (Scuola Superiore Sant’Anna)

  • Daniele Giachini

    (Scuola Superiore Sant’Anna)

  • Andrea Roventini

    (Scuola Superiore Sant’Anna
    OFCE - Sciences Po)

Abstract

This paper extends the endogenous growth agent-based model in Fagiolo and Dosi (Struct Change Econ Dyn 14(3):237–273, 2003) to study the finance–growth nexus. We explore industries where firms produce a homogeneous good using existing technologies, perform R&D activities to introduce new techniques, and imitate the most productive practices. Unlike the original model, we assume that both exploration and imitation require resources provided by banks, which pool agent savings and finance new projects via loans. We find that banking activity has a positive impact on growth. However, excessive financialization can hamper growth. Indeed, we find a significant and robust inverted U-shaped relation between financial depth and growth. Overall, our results stress the fundamental (and still poorly understood) role played by innovation in the finance–growth nexus.

Suggested Citation

  • Giorgio Fagiolo & Daniele Giachini & Andrea Roventini, 2020. "Innovation, finance, and economic growth: an agent-based approach," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 15(3), pages 703-736, July.
    • Handle: RePEc:spr:jeicoo:v:15:y:2020:i:3:d:10.1007_s11403-019-00258-1
    DOI: 10.1007/s11403-019-00258-1
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    More about this item

    Keywords

    Agent-based models; Innovation; Exploration versus exploitation; Endogenous growth; Banking sector; Finance–growth nexus;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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