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Role of Credit Constraints on Product Quality: A Case Study of Turkey
Abstract
We analyze firms' investment on R&D in an imperfectly competitive setting. Our focus is on cost asymmetries in a duopoly model. The baseline model setting assumes firms invest in a quality ladder type of R&D process with probabilistic returns and have to borrow both at the innovation stage and the production stage. We find that if the firm is more efficient than the rival, effort on R&D will decrease less upon facing a common interest rate. We test our theoretical predictions using World Bank's Business Environment and Enterprise Performance Surveys (BEEPS, 2002, 2005) for Turkey.
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