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Paper #933

Competition, innovation and growth with limited commitment
Ramon Marimon i Vincenzo Quadrini
Desembre 2005
We study how barriers to business start-up affect the investment in knowledge capital when contracts are not enforceable. Barriers to business start-up lower the competition for knowledge capital and, in absence of commitment, reduce the incentive to accumulate knowledge. As a result, countries with large barriers experience lower income and growth. Our results are consistent with cross-country evidence showing that the cost of business start-up is negatively correlated with the level and growth of income.
Paraules clau:
Innovation, Knowledge Capital, Enforcement, Growth, Competition, Commitment, Recursive Contracts, Mobility
Codis JEL:
O30, O31, O40, J24, E22, D23
Àrea de Recerca:
Macroeconomia i Economia Internacional

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