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Why Doesn't Technology Flow from Rich to Poor Countries?

Juan Sanchez, Jeremy Greenwood and Harold Cole
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Harold Cole: University of Pennsylvania

No 834, 2012 Meeting Papers from Society for Economic Dynamics

Abstract: What determines the choice of technology within a country? While there could be many factors, the efficiency of the country's financial system may play a significant role. To address this question, a dynamic contract model is embedded into a general equilibrium setting with ompetitive intermediation. The ability of an intermediary to monitor and control the cash flows of a firm plays an important role in the decision to underwrite technology adoption. Can such a theory help to explain the differences in TFP and establishment-size distributions between India, Mexico and the U.S.? Some applied analysis suggests that answer is yes.

Date: 2012
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