Mémoires de l'Academie (Royale) des Sciences, Belles-Lettres et Arts de Lyon.

9

Mémoires de l'Academie (Royale) des Sciences, Belles-Lettres et Arts de Lyon.

7

Financial intermediation in a model of growth through creative destruction

This paper presents an endogenous growth model in which the research activity is financed by intermediaries that are able to reduce the incidence of researcher's moral hazard. It is shown that financial activity is growth promoting because it increases research productivity. It is also found that a subsidy to the financial sector may have larger growth effects than a direct subsidy to research. Moreover, due to the presence of moral hazard, increasing the subsidy rate to R\&D may reduce the growth rate. I show that there exists a negative relation between the financing of innovation and the process of capital accumulation. Concerning welfare, the presence of two externalities of opposite sign steaming from financial activity may cause that the no-tax equilibrium provides an inefficient level of financial services. Thus, policies oriented to balance the effects of the two externalities will be welfare improving.

Sources of Competitiveness in Tourist Local Systems

At the end of the XIX Century, Marshall described the existence of some concentrations of small and medium enterprises specialised in a specific production activity in certain districts of some industrial English cities. Starting from his contribute, Italian scholars have paid particular attention to this local system of production coined by Marshall under the term industrial district. In other countries, different but related territorial models have played a central role as the milieu or the geographical industrial clusters. Recently, these models have been extended to non-industrial fields like culture, rural activities and tourism. In this text, we explore the extension of these territorial models to the study of tourist activities in Italy, using a framework that can be easily applied to other countries or regions. The paper is divided in five sections. In the first one, we propose a review of the territorial models applied to tourism industry. In the second part, we construct a tourist filiere and we apply a methodology for the identification of local systems through GIS tools. Thus, taxonomy of the Italian Tourist Local Systems is presented. In the third part, we discuss about the sources of competitiveness of these Tourist Local Systems. In the forth section, we test a spatial econometrics model regarding different kinds of Italian Tourist Local Systems (rural systems, arts cities, tourist districts) in order to measure external economies and territorial networks. Finally, conclusions and policy implications are exposed.

Caldron

Combined media on paper. 96" x 40", Fire River Series. Private Collection

Clinging, Fire

Combined media on paper. 96" x 40", Fire River Series. Private Collection

Darkening of Light

Combined media on paper. 90" x 40", Fire River Series

Gold, Water

Combined media on paper. 82" x 40", Fire River Series. Hammer Museum, UCLA

Keeping Still, Mountain

Combined media on paper. 90" x 40", Fire River Series

Lake

Combined media on paper. 84" x 40"

Penetrating Wind

Combined media on paper. 96" x 40"

Pushing Upward

Combined media on paper. 90" x 40", Fire River Series

The Well

Combined media on paper. 110" x 40", Private Collection

Wander

Combined media on paper. 90" x 40", Fire River Series

Black Yield

Combined media on paper. 40" x 90"