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Ingredients for The New Economy: How Much Does Finance Matter?

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Author Info
Bugamelli, M. (Banca D'Italia)
Pagano, P. (Banca D'Italia)
Paterno, F. (Banca D'Italia)
Pozzolo, A.F. (Banca D'Italia)
Rossi, S. (Banca D'Italia)
Schivardi, F. (Banca D'Italia)

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Abstract

Both macro and (still scarce) micro evidence support the idea that a new economy has emerged in the US (hidden but not killed by the adverse cyclical phase), not (yet) in Europe. Some have argued that the inadequacies of Europe's financial system are an important part of the explanation. This paper, after surveying the existing literature on the new productive paradigm and on the related financial aspects, both in the US and in Europe (in Italy in particular), claims that financing the new economy has more to do with traditional firms investing in ICT than with the creation of new firms in ICT-producing sectors. Saying that finance is a major obstacle in Europe to the development of the new economy may be an overstatement, though countries, like Italy, where the average size of firms is small are probably facing specific difficulties

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Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 31.

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Date of creation: 2003
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Handle: RePEc:dgr:unutaf:eifc03-31

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Keywords: growth accounting; information and communication technologies; firm organization; human capital; financing policies;

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chiara Oldani, 2005. "L'impatto della New Economy sull'attività bancaria italiana: un'analisi qualitativa," Finance 0504001, EconWPA. [Downloadable!]
  2. Eugenio Gaiotti & Andrea Generale, 2001. "Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms," Temi di discussione (Economic working papers) 429, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  3. Mauro Napoletano & Domenico Delli Gatti & Giorgio Fagiolo & Mauro Gallegati, 2005. "Weird Ties? Growth, Cycles and Firm Dynamics in an Agent-Based Model with Financial-Market Imperfections," LEM Papers Series 2005/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
    Other versions:
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