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Bart Hobijn - One of the best experts on this subject based on the ideXlab platform.
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Technology Diffusion within central banking the case of real time gross settlement
2012Co-Authors: Morten L Bech, Bart HobijnAbstract:We examine the Diffusion of the real-time gross settlement (RTGS) Technology across the world's 174 central banks. RTGS reduces settlement risk and facilitates financial innovation in, for example, the settlement of foreign exchange trades. In 1985 only three central banks had implemented RTGS systems; by year-end 2006 that number had increased to ninetythree. We find that the RTGS Diffusion process is consistent with a standard S-shaped curve. Real GDP per capita, the relative price of capital, and trade patterns explain a significant part of the cross-country variation in RTGS adoption. These determinants are remarkably similar to those that seem to drive cross-country adoption patterns of other technologies.
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an exploration of Technology Diffusion
The American Economic Review, 2010Co-Authors: Diego Comin, Bart HobijnAbstract:We develop a model that, at the aggregate level, is similar to the one-sector neoclassical growth model; at the disaggregate level, it has implications for the path of observable measures of Technology adoption. We estimate it using data on the Diffusion of 15 technologies in 166 countries over the last two centuries. Our results reveal that, on average, countries have adopted technologies 45 years after their invention. There is substantial variation across technologies and countries. Newer technologies have been adopted faster than old ones. The cross-country variation in the adoption of technologies accounts for at least 25 percent of per capita income differences.
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Technology Diffusion and postwar growth
Social Science Research Network, 2010Co-Authors: Diego Comin, Bart HobijnAbstract:In the aftermath of World War II, the world’s economies exhibited very different rates of economic recovery. We provide evidence that those countries that caught up the most with the U.S. in the postwar period are those that also saw an acceleration in the speed of adoption of new technologies. This acceleration is correlated with the incidence of U.S. economic aid and technical assistance in the same period. We interpret this as supportive of the interpretation that Technology transfers from the U.S. to Western European countries and Japan were an important factor in driving growth in these recipient countries during the postwar decades.
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an exploration of Technology Diffusion
Research Papers in Economics, 2008Co-Authors: Diego Comin, Bart HobijnAbstract:We develop a model that, at the aggregate level, is similar to the one sector neoclassical growth model, while, at the disaggregate level, has implications for the path of observable measures of Technology adoption. We estimate our model using data on the Diffusion of 15 technologies in 166 countries over the last two centuries. We evaluate the implications of our estimates for aggregate TFP and per capita income. Our results reveal that, on average, countries have adopted technologies 47 years after their invention. There is substantial variation across technologies and countries. Over the past two centuries, newer technologies have been adopted faster than old ones. The cross-country variation in the adoption of technologies accounts for at least a quarter of per capita income differences.
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an exploration of Technology Diffusion
Social Science Research Network, 2006Co-Authors: Diego Comin, Bart HobijnAbstract:We develop and estimate a model where Technology Diffusion depends on the level of productivity embodied in capital and where this is, in turn, determined by two key mechanisms: the rate at which the quality embodied in new Technology vintages increases (embodiment) and the gains from varieties induced by the introduction of new vintages (variety). In our model, these two effects are related to Technology adoption decisions taken at two different levels. The capital goods suppliers%u2019 decisions of when to adopt a given vintage determines the embodiment margin. The workers%u2019 decisions of which of the adopted vintages to use in production determines the variety margin.Estimation of our model for a sample of 19 technologies, 21 countries, and the period 1870-1998 reveals that embodied productivity growth is large for many of the technologies in our sample. On average, increases in the variety of vintages available is a more important source of growth than the increases in the embodiment margin. There is, however, substantial heterogeneity across technologies. Where adoption lags matter, they are largely determined by lack of educational attainment and lack of trade openness.
James R Markusen - One of the best experts on this subject based on the ideXlab platform.
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multinational firms Technology Diffusion and trade
Journal of International Economics, 1996Co-Authors: Wilfred J Ethier, James R MarkusenAbstract:Abstract Attempts to add multinational firms to the ‘new’ trade theories generate predictions about direct investment dramatically at odds with the facts. A failure to treat internalization adequately seems responsible at least in part. Empirical evidence also indicates a close association between multinational firms and knowledge capital; we exploit this to examine the role of internalization and its relation to locational factors. We model a firm which must choose between costly exporting and the possible dissipation of its knowledge capital by producing abroad. The paper examines the choice between exporting, licensing, and acquiring a subsidiary in this environment. We analyze the cost and Technology parameters that support alternative modes of serving the foreign market, and we describe the international equilibrium that jointly determines the pattern of specialization and the market mode. We find that similarities in relative factor endowments may promote direct investment.
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multinational firms Technology Diffusion and trade
Research Papers in Economics, 1993Co-Authors: Wilfred J Ethier, James R MarkusenAbstract:Empirical evidence indicates a close association between multinational firms and knowledge capital, a public good within the firm. We model a firm which wishes to exploit its knowledge capital abroad, but whose workers learn all the knowledge necessary for production and can defect and produce the good themselves. The home firm must then choose between costly exporting and the possible dissipation of its knowledge capital by producing abroad. The paper examines the choice between exporting, licensing, and acquiring a subsidiary in this environment. We analyze the cost and Technology parameters that support the alternative modes of serving the foreign market, and we describe the international equilibrium that jointly determines the pattern of specialization and the market mode.(This abstract was borrowed from another version of this item.)
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multinational firms Technology Diffusion and trade
Social Science Research Network, 1991Co-Authors: Wilfred J Ethier, James R MarkusenAbstract:Empirical evidence indicates a close association between multinational firms and knowledge capital, a public good within the firm. We model a firm which wishes to exploit its knowledge capital abroad, but whose workers learn all the knowledge necessary for production and can defect and produce the good themselves. The home firm must then choose between costly exporting and the possible dissipation of its knowledge capital by producing abroad. The paper examines the choice between exporting, licensing, and acquiring a subsidiary in this environment. We analyze the cost and Technology parameters that support the alternative modes of serving the foreign market, and we describe the international equilibrium that jointly determines the pattern of specialization and the market mode.
William R Kerr - One of the best experts on this subject based on the ideXlab platform.
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heterogeneous Technology Diffusion and ricardian trade patterns
The World Bank Economic Review, 2017Co-Authors: William R KerrAbstract:Migration and trade are often linked through ethnic networks boosting bilateral trade. This study uses migration to quantify the importance of Ricardian Technology differences for international trade. The framework provides the first panel estimates connecting country-industry productivity and exports, and the study exploits heterogeneous Technology Diffusion from immigrant communities in the United States for identification. The latter instruments are developed by combining panel variation on the development of new technologies across US cities with historical settlement patterns for migrants from countries. The instrumented elasticity of export growth on the intensive margin with respect to the exporter's productivity growth is between 1.6 and 2.4, depending upon weighting. This provides an important contribution to the trade literature of Ricardian advantages, and it establishes a connection of migration to home country exports beyond bilateral networks.
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heterogeneous Technology Diffusion and ricardian trade patterns
Social Science Research Network, 2013Co-Authors: William R KerrAbstract:This study tests the importance of Ricardian Technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and exports, and exploiting heterogeneous Technology Diffusion from immigrant communities in the United States for identification. The latter instruments are developed by combining panel variation on the development of new technologies across U.S. cities with historical settlement patterns for migrants from countries. The instrumented elasticity of export growth on the intensive margin with respect to the exporter’s productivity growth is between 1.6 and 2.4 depending upon weighting.
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ethnic scientific communities and international Technology Diffusion
The Review of Economics and Statistics, 2008Co-Authors: William R KerrAbstract:This study explores the role of U.S. ethnic scientific and entrepreneurial communities for international Technology transfer to their home countries. U.S. ethnic researchers are quantified through an ethnic- name database and individual patent records. International patent citations confirm knowledge diffuses through ethnic networks, and manufacturing output in foreign countries increases with an elasticity of 0.1-0.3 to stronger scientific integration with the U.S. frontier. Specifications ex- ploiting exogenous changes in U.S. immigration quotas address reverse- causality concerns. Exercises further differentiate responses by develop- ment stages in home countries. Ethnic Technology transfers are particularly strong in high-tech industries and among Chinese economies. I. Introduction T HE adoption of new technologies and innovations is a primary engine for economic growth, improving worker productivity and spurring higher standards of living. Invention, however, is concentrated in advanced economies. OECD countries account for 83% of the world's R&D expenditure and 98% of its patenting (OECD, 2004). Even within the OECD, a disproportionate share of R&D is undertaken in the United States. Diffusion of new innova- tions from technologically leading nations to following economies is thus necessary for the economic development of poorer regions and the achievement of global prosperity. Economic models often describe a worldwide Technology frontier, where new ideas and innovations travel quickly to all countries. 1 Rapid Diffusion may be a good approximation for industrialized economies, but many advances are either not available or not adopted in poorer countries. Case studies in the business sociology and economic history literatures suggest this poor adoption may result from inad- equate access to the informal or practical knowledge that complements the codified details of new innovations. Be it between two people or two countries, knowledge transfer is much more complicated than sharing blueprints, process designs, or journal articles. Intellectual spillovers are often thought to be important for the formation of cities and high-tech clusters, and perhaps heterogeneous access to the codified and tacit knowledge associated with new innova- tions shapes the effective Technology sets of following countries. 2
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ethnic scientific communities and international Technology Diffusion
Research Papers in Economics, 2007Co-Authors: William R KerrAbstract:This study explores the importance of knowledge transfer for international Technology Diffusion by examining ethnic scientific and entrepreneurial communities in the US and their ties to their home countries. US ethnic research communities are quantified by applying an ethnic-name database to individual patent records. International patent citations con.rm knowledge diffuses through ethnic networks, and manufacturing output in foreign countries increases with an elasticity of 0.1-0.3 to stronger scientific integration with the US frontier. To address reverse-causality concerns, reduced-form specifications exploit exogenous changes in US immigration quotas. Consistent with a model of sector reallocation, output growth in less developed economies is facilitated by employment gains, while more advanced economies experience sharper increases in labor productivity. The ethnic transfer mechanism is especially strong in high-tech industries and among Chinese economies. The findings suggest channels for transferring codified and tacit knowledge partly shape the effective Technology frontiers of developing and emerging economies.
Wolfgang Keller - One of the best experts on this subject based on the ideXlab platform.
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international Technology Diffusion
Journal of Economic Literature, 2004Co-Authors: Wolfgang KellerAbstract:This paper surveys what is known about the extent of international Technology Diffusion and channels through which Technology spreads. Productivity differences explain much of the variation in incomes across countries, and Technology plays a key role in determining productivity. The pattern of worldwide technical change is determined largely by international Technology Diffusion because a few rich countries account for most of the world's creation of new Technology. Cross-country income convergence turns on whether Technology Diffusion is global or local. There is no indication that international Diffusion is inevitable or automatic, but rather, domestic Technology investments are necessary. Better understanding of what determines the effectiveness of Technology Diffusion sheds light on the pace at which the world's Technology frontier may expand.
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international Technology Diffusion
Journal of Economic Literature, 2004Co-Authors: Wolfgang KellerAbstract:I discuss the concept and empirical importance of international Technology Diffusion from the point of view of recent work on endogenous technological change. In this literature, Technology is viewed as technological knowledge. I first review the major concepts, and how international Technology Diffusion relates to other factors affecting economic growth in open economies. The following main section of the paper provides a review of recent empirical results on (i) basic results in international Technology Diffusion; (ii) the importance of specific channels of Diffusion, in particular trade and foreign direct investment; (iii) the spatial distribution of technological knowledge, and (iv) other issues.
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geographic localization of international Technology Diffusion
The American Economic Review, 2002Co-Authors: Wolfgang KellerAbstract:Income convergence across countries turns on whether technological knowledge spillovers are global or local. I estimate the amount of spillovers from R&D expenditures on a geographic basis, using a new data set which encompasses most of the world's innovative activity between 1970 and 1995. I find that Technology is to a substantial degree local, not global, as the benefits from spillovers are declining with distance. The distance at which the amount of spillovers is halved is about 1,200 kilometers. I also find that over time, technological knowledge has become considerably more global. Moreover, language skills are important for spillover Diffusion. (JEL F0, O1, O3)
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international Technology Diffusion
Research Papers in Economics, 2001Co-Authors: Wolfgang KellerAbstract:I discuss the concept and empirical importance of international Technology Diffusion from the point of view of recent work on endogenous technological change. In this literature, Technology is viewed as technological knowledge. I first review major concepts and discuss the relation of international Technology Diffusion with other mechanisms of economic growth in open economies. The main section of the Paper provides a review of recent empirical results on (i) basic results in international Technology Diffusion; (ii) the importance of specific channels of Diffusion, in particular trade and foreign direct investment; (iii) the spatial distribution of technological knowledge and (iv) other issues.
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geographic localization of international Technology Diffusion
Research Papers in Economics, 2001Co-Authors: Wolfgang KellerAbstract:Convergence in per capita income across countries turns on whether technological knowledge spillovers are global or local in a large class of models. This Paper estimates the amount of spillovers from R&D expenditures in major industrialized countries on a geographic basis. A new data set is used which encompasses most of the world's innovative activity at the industry-level between the years 1970 and 1995. First, I find that technological knowledge is to a substantial degree local, not global, as the benefits from foreign spillovers are declining with distance. I estimate that the distance at which the amount of technological knowledge is halved is about 1,200 kilometres. Second, while technological knowledge has become considerably more global over time, strong spatial patterns do persist. I also find that language skills are important for Diffusion, which suggests that a substantial portion of international Technology Diffusion is unrelated to trade in high-Technology goods.
Michael E Waugh - One of the best experts on this subject based on the ideXlab platform.
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equilibrium Technology Diffusion trade and growth
The American Economic Review, 2021Co-Authors: Jesse Perla, Christopher Tonetti, Michael E WaughAbstract:We study how opening to trade affects economic growth in a model where heterogeneous firms can adopt new technologies already in use by other firms in their home country. We characterize the growth rate using a summary statistic of the profit distribution: the mean-min ratio. Opening to trade increases the profit spread through increased export opportunities and foreign competition, induces more rapid Technology adoption, and generates faster growth. Quantitatively, these forces produce large welfare gains from trade by increasing an inefficiently low rate of Technology adoption and economic growth.
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equilibrium Technology Diffusion trade and growth
Social Science Research Network, 2015Co-Authors: Jesse Perla, Christopher Tonetti, Michael E WaughAbstract:We study how opening to trade affects economic growth in a model where heterogeneous firms can choose to adopt a new Technology already in use by other firms. We characterize the growth rate using summary statistics of the profit distribution—the ratio of profits between the average and marginal adopting firm. Opening to trade increases the spread in profits through increased export opportunities and foreign competition, induces more rapid Technology adoption, and generates faster growth. Quantitatively, opening to trade yields large increases in growth, but welfare effects are muted due to loss of variety and reallocation of labor away from production. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
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equilibrium Technology Diffusion trade and growth
Research Papers in Economics, 2013Co-Authors: Jesse Perla, Christopher Tonetti, Michael E WaughAbstract:How do reductions in barriers to international trade affect aggregate economic growth and welfare? We develop a novel dynamic model of growth and trade, driven by Technology adoption, to better understand the interaction between Technology Diffusion, openness, and growth. In the model, heterogeneous firms choose to produce and trade or pay a cost and search within the economy to upgrade their Technology. These upgrading and production choices determine the productivity distribution from which firms can acquire new technologies and, hence, the rate of technological Diffusion and growth. In equilibrium, low productivity firms choose to upgrade their Technology to remain competitive and profitable. Lower trade barriers enhance competitive forces that differentially affect firms of varying productivity levels. Lower barriers tend to reduce profits for all domestic firms by creating added competition from foreign firms, but improve profits for the highly productive firms by providing expanded opportunities through exporting. This shift in the relative value of firms provides increased incentives to upgrade Technology, which are counterbalanced by an increasing cost of upgrading Technology due to general equilibrium effects. In our baseline calibration, an increased growth rate generates a dynamic component of welfare that magnifies the traditional static component to increase the welfare gains from openness.
