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SUMMARY:Lost in Transition: Financial Barriers to New Technologies
DTSTART;TZID=Europe/London:20260602T131500
DTEND;TZID=Europe/London:20260602T143000
DTSTAMP:20260516T013304Z
UID:9097d98d-6219-f111-8342-7c1e522d9057
CREATED:20260306T140127Z
DESCRIPTION:Advanced economies are reshaped by transitions from old to new
  technological paradigms. These transitions rely on complementary innovati
 ons that spread new technologies across industries. What happens when a fi
 nancial crisis disrupts investment in these innovations? Using a Schumpete
 rian endogenous growth model with financial frictions\, we show that inves
 tment in new technologies is more sensitive to tighter financial condition
 s than investment in mature technologies. The key mechanism is path depend
 ence: firms build expertise in the technologies they previously developed\
 , leading young firms to self-select into emerging technologies. As young 
 firms are more financially constrained\, shocks to financing disproportion
 ately depress innovation in new technologies. We validate this mechanism u
 sing causal evidence on green patenting by German firms around the Global 
 Financial Crisis (GFC). The aggregate fraction of green innovation (patent
 ing in carbon reducing technologies) stagnated after the GFC. Quantifying 
 our model using the causal estimates from the micro data implies that the 
 slowdown of the sorting of young firms into new technologies accounts for 
 about half of the macro trends in green patenting.
LAST-MODIFIED:20260429T094618Z
LOCATION:Manor Road Building - Seminar Room A\, Seminar Room A Manor Road 
 Building Manor Road Oxford Oxfordshire OX1 3UQ United Kingdom
SPEAKER:Maarten de Ridder
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