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What Does the Walrasian Auctioneer Know? (Or: The Relationship Between Technology Adoption and Financial Innovation.)

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Author Info
Ana Fernandes

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Abstract

This paper proposes the view that financial development and economic growth are linked through the characteristics of technology. The most obvious connection between technology and financial innovation emerges through risk-sharing. Technology is modeled as a distribution over outcomes. Technological progress allows higher output realizations to occur and changes the risk-profile of those realizations. The decision to adopt a particular technology endogenously pins down the states of the world the economy will face. Technology adoption will depend on the ability of the financial sector to expand the set of risk-sharing contracts offered to economic agents in response to the changes in the set of states of the world arising from technological progress

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Paper provided by Econometric Society in its series Econometric Society 2004 North American Winter Meetings with number 346.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:nawm04:346

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Related research
Keywords: Technology Adoption; Financial Innovation; Risk-Sharing;

Find related papers by JEL classification:
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
G2 - Financial Economics - - Financial Institutions and Services
N2 - Economic History - - Financial Markets and Institutions

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  1. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June. [Downloadable!] (restricted)
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  2. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank. [Downloadable!]
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  3. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
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