Why Doesn't Technology Flow From Rich to Poor Countries?
研究一国的金融体系如何影响技术采用，通过嵌入动态合同模型到一般均衡框架，发现金融摩擦导致印度和墨西哥的企业家采用比美国更差的项目，即使投入品价格更低。
What is the role of a country's financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary's ability to monitor and control a firm's cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. A quantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less‐promising ventures than in the United States, despite lower input prices.