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Financial development, the choice of technology, and comparative advantage

机译:金融发展,技术选择和比较优势

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摘要

In this general equilibrium model, banks and manufacturing firms engage in oligopolistic competition. A more advanced manufacturing technology has a higher fixed cost but a lower marginal cost of production. We show that manufacturing firms located in a country with a more efficient financial sector choose more advanced technologies and this country has a comparative advantage in the production of manufactured goods. Even though the foreign country has a less developed financial sector than the home country, the opening up of trade with the foreign country leads domestic manufacturing firms to adopt more advanced technologies. An increase in the level of efficiency in the financial sector of one country causes manufacturing firms in both countries to adopt more advanced technologies.
机译:在这种一般均衡模型中,银行和制造公司参与了寡头竞争。更先进的制造技术具有较高的固定成本,但生产的边际成本较低。我们表明,位于金融业效率更高的国家/地区的制造公司选择更先进的技术,并且该国家/地区在制成品的生产中具有比较优势。即使外国的金融部门比本国的发达,但与外国的贸易开放导致国内制造企业采用了更先进的技术。一个国家金融部门的效率水平提高,导致两国的制造公司采用更先进的技术。

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