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1 novembre 2017
- handle: 10670/1.yfzrw5
- hal: hal-03455400
- SCIENCESPO: 2441/1fai9i49vu8kfangr7lal7cks5
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info:eu-repo/semantics/altIdentifier/hdl/2441/1fai9i49vu8kfangr7lal7cks5
info:eu-repo/semantics/OpenAccess
Mots-clés
Agent based model Innovation Exploration vs exploitation Endogenous Growth Banking sector Finance Growth Nexus C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C63 - Computational Techniques • Simulation Modeling G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O30 - General O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O31 - Innovation and Invention: Processes and IncentivesSujets proches
Funds Funding Finance, commerce, confiscations, etcCiter ce document
Giorgio Fagiolo et al., « Innovation, Finance, and Economic Growth : an agent-based model », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.yfzrw5
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Résumé
This paper extends the endogenous-growth agent-based model in Fagiolo and Dosi (2003) to study the financegrowthnexus. We explore industries where firms produce a homogeneous good using existing technologies,perform R&D activities to introduce new techniques, and imitate the most productive practices. Unlike the originalmodel, we assume that both exploration and imitation require resources provided by banks, which pool agentsavings and finance new projects via loans. We find that banking activity has a positive impact on growth. However,excessive financialization can hamper growth. In- deed, we find a significant and robust inverted-U shaped relationbetween financial depth and growth. Overall, our results stress the fundamental (and still poorly understood) roleplayed by innovation in the finance-growth nexu