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Institutions, innovations, and Growth

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  • Chenggang Xu
  • Mr. Haizhou Huang

Abstract

The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by the efficiency and riskiness of research and development (R&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence versus divergence; the “East Asia miracle” versus the East Asia financial crisis; and the rise and fall of centralized economies.

Suggested Citation

  • Chenggang Xu & Mr. Haizhou Huang, 1999. "Institutions, innovations, and Growth," IMF Working Papers 1999/034, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1999/034
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    Keywords

    WP; financial institution;

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