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Competition, innovation and growth with limited commitment
Marimon, Ramon; Quadrini, Vincenzo
Universitat Pompeu Fabra. Departament d'Economia i Empresa
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.
2006-03-01
Macroeconomics and International Economics
innovation
knowledge capital
enforcement
growth
competition
commitment
recursive contracts
mobility
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http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Working Paper
         

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