IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Technological Revolutions and Financial Innovations

  • Yuan K. Chou
Registered author(s):

    In this paper, we study the symbiotic relationship between financial innovation and technological innovation. In particular, we construct a theoretical macroeconomic growth model that correspond to the thesis presented in Perez (2002) that all the technological revolutions and their associated development surges since the Industrial Revolution have been both beneficiaries and stimulants of financial development. We explain the microeconomic foundations of the model and present its steady state solution, emphasizing how the growth rate of the economy depends on parameters characterising the R&D and financial sectors. We then analyze the impact of specific types of financial innovations that predominate in each phase of the technological cycle on the optimum allocation of resources in the economy.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.economics.unimelb.edu.au/downloads/wpapers-04/901.pdf
    Our checks indicate that this address may not be valid because: 404 Not Found (http://www.economics.unimelb.edu.au/downloads/wpapers-04/901.pdf [301 Moved Permanently]--> http://fbe.unimelb.edu.au/economics/downloads/wpapers-04/901.pdf). If this is indeed the case, please notify (Aminata Doumbia)


    Download Restriction: no

    Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 901.

    as
    in new window

    Length: 21 pages
    Date of creation: 2004
    Date of revision:
    Handle: RePEc:mlb:wpaper:901
    Contact details of provider: Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia
    Phone: +61 3 8344 5355
    Fax: +61 3 8344 6899
    Web page: http://www.economics.unimelb.edu.au
    Email:


    More information through EDIRC

    References listed on IDEAS
    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.:

    as in new window
    1. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
    2. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
    3. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
    4. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:mlb:wpaper:901. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Aminata Doumbia)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.