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UID:calendar.143937.field_date.0@www.tse-fr.eu
DTSTAMP:20260903T044137Z
CREATED:20260831T101001Z
DESCRIPTION:Victoria Vanasco (CREI)\, “Innovate to Borrow: How Intangibles 
 Shape Finance and Growth”\, Séminaire Banque de France\, September 29\, 20
 26\, 14:00–15:00\, BDF\, Paris\, room Online and in Room 4 of the congress
  space.\n\nWe study a dynamic economy in which heterogeneous entrepreneurs
  invest in either generic or innovative technologies\, the latter relying 
 on intangible\, firm-specific assets whose payoffs are realized through le
 arning or experimentation (e.g.\, know-how\, R&D). A key friction is that\
 , to finance investment\, entrepreneurs can pledge assets but not cash flo
 ws. We show that innovative technologies can relax financing constraints b
 y increasing the value of continuation relative to default\, thereby enabl
 ing borrowing against future cash flows. Technology choice is non-monotoni
 c in productivity: low-productivity entrepreneurs innovate-to-experiment a
 nd delay investment\, intermediate types adopt generic technologies\, and 
 high-productivity entrepreneurs innovate-to-scale and relax financial cons
 traints. In equilibrium\, financial frictions distort both the allocation 
 of capital and the choice of technology\, leading to insufficient experime
 ntation. The model helps us understand how innovation is adopted across fi
 rms and economies and has novel policy implications.
DTSTART;TZID=Europe/Paris:20260929T150000
DTEND;TZID=Europe/Paris:20260929T160000
LAST-MODIFIED:20260901T001001Z
LOCATION:September 29\, 2026\, 14:00–15:00\, BDF\, Paris\, room Online and 
 in Room 4 of the congress space
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-innovate-borrow-how-intang
 ibles-shape-finance-and-growth
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