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Slow-Moving Traps

  • Perera-Tallo Fernando

    ()

    (Universidad de La Laguna)

Registered author(s):

    This paper studies the link between productivity and technological change in both the real and financial sectors and its effect on growth. The financial system affects technological change in the real sector by providing the funds that firms in the real sector need to implement more advanced technologies. In turn, the widespread use of advanced technologies in the real sector facilitates technological innovation in the financial sector, reducing financial intermediation costs. Thus, technological change in both sectors is mutually reinforcing and may generate multiple balanced growth paths with different financial intermediation costs, interest spreads and technological gaps.

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    File URL: http://www.degruyter.com/view/j/bejm.2011.11.issue-1/bejm.2011.11.1.1851/bejm.2011.11.1.1851.xml?format=INT
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    Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

    Volume (Year): 11 (2011)
    Issue (Month): 1 (March)
    Pages: 1-50

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    Handle: RePEc:bpj:bejmac:v:11:y:2011:i:1:n:6
    Contact details of provider: Web page: http://www.degruyter.com

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    1. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
    2. Quah, Danny T, 1997. "Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," Journal of Economic Growth, Springer, vol. 2(1), pages 27-59, March.
    3. Kiminori Matsuyama, 1991. "Agricultural Productivity, Comparative Advantage and Economic Growth," NBER Working Papers 3606, National Bureau of Economic Research, Inc.
    4. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2007. "Reaching out: Access to and use of banking services across countries," Journal of Financial Economics, Elsevier, vol. 85(1), pages 234-266, July.
    5. Huybens, Elisabeth & Smith, Bruce D., 1998. "Financial Market Frictions, Monetary Policy, and Capital Accumulation in a Small Open Economy," Journal of Economic Theory, Elsevier, vol. 81(2), pages 353-400, August.
    6. Paul Osterman, 1994. "How Common is Workplace Transformation and Who Adopts it?," ILR Review, Cornell University, ILR School, vol. 47(2), pages 173-188, January.
    7. repec:hoo:wpaper:e-92-3 is not listed on IDEAS
    8. S Black & L Lynch, 1997. "How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," CEP Discussion Papers dp0376, Centre for Economic Performance, LSE.
    9. Maury Gittleman & Michael Horrigan & Mary Joyce, 1998. "“Flexible†Workplace Practices: Evidence from a Nationally Representative Survey," ILR Review, Cornell University, ILR School, vol. 52(1), pages 99-115, October.
    10. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
    11. Quah, Danny, 1997. "Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," CEPR Discussion Papers 1586, C.E.P.R. Discussion Papers.
    12. Ludovico Alcorta, 2001. "Technical and Organizational Change and Economies of Scale and Scope in Developing Countries," Oxford Development Studies, Taylor & Francis Journals, vol. 29(1), pages 77-100.
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