Borradores de Economia
Número:
828
Publicado:
Clasificación JEL:
O41, D86
Palabras clave:
Moral Hazard, Endogenous Borrowing Constraints, Technological Change
Lo más reciente
Fredy Gamboa-Estrada, Freddy Cepeda-López, Javier Iván Miguélez-Márquez
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Fredy Gamboa-Estrada, Diego Cuesta, Camilo Sanchez-Quinto
RyD intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-finan