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Venture Capital in offenen Volkswirtschaften ; Ein theoretisches Modell

  • Andrea Schertler

In der vorliegenden Arbeit wird ein Modell beschrieben, mit dem Ungleichverteilungen von VC untersucht werden. Im Zentrum stehen zwei Hypothesen: Die Spezialisierungshypothese, nach deren Aussage kein stattlicher Eingriff erforderlich ist, und die Hypothese der ineffizienten Ressourcenallokation, nach deren Aussage staatliches Eingreifen wünschenswert ist. Bei der Modellierung innovativer offener Volkswirtschaften werden zum einen heterogene Agenten berücksichtigt, die diskrete Entscheidungen treffen, zum anderen wird die bestehende fundamentale Unsicherheit von Innovationen eingefangen. Innovationen werden mit Eigenkapital oder Fremdkapital finanziert. Die Ersparnisse determinieren die Anzahl der Innovationen pro Periode. Durch die Unteilbarkeiten des Modells kann dieses nicht analytisch untersucht werden; die Simulationsmethode ist die adäquate Methode. Venture capital's role in technological specialisation is studied in an open economy model where the predominant mode of financing new technology-based firms (bank credits and VC) influences the economy's specialisation and growth. The model considers discrete decisions of the heterogeneous agents, adaptive expectations and fundamental uncertainty of the innovation process. A missing venture capital market can be ascribed to an inefficient allocation of resources, calling for a correction or compensation through public policy interventions or to an efficient pattern of technological specialisation based on comparative advantages of the economy, that does not justify any public intervention.

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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 925.

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Length: 94 pages
Date of creation: May 1999
Handle: RePEc:kie:kieliw:925
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