Aghion, Philippe; Howitt, Peter; Mayer-Foulkes, David - 2021
We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology … transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development … long-run growth rate. The theory also predicts that in a country that converges to the frontier growth rate, financial …