%0 Documento de trabajo (Working Paper) %A Valencia-Arana, Oscar Mauricio %I Banco de la República %D 2014 %G Español (Spanish) %T RyD investment and financial frictions %U http://repositorio.banrep.gov.co/handle/20.500.12134/6115 %X RyD intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-finan