This paper studies the cross-country patterns of risky innovation and growth through the lens of international trade. It uses a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development to derive two predictions. First, the mean rate of...

The challenge of achieving net zero CO2 emissions will require a significant scaling up of production and international trade of several raw materials which are critical for transforming the global economy from one dominated by fossil fuels to one led by renewable energy technologies. This...

This paper studies the cross-country patterns of risky innovation and growth through the lens of international trade. We use a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development to derive two predictions. First, the mean rate of quality...