要旨：We construct a framework of endogenous growth and new economic geography models in which industries with vertical linkages grow and agglomerate in a limited number of countries. Using this framework, we consider the outcomes of an R&D subsidy game among countries in the world economy where globalization proceeds. When transaction costs are higher, less industrialized countries are more eager to attract industries with vertical linkages. To prevent the industries from relocating, more industrialized countries choose much higher R&D subsidies. As a result, the industries never relocate and the economy-wide growth rate is very high. When transaction costs decrease, countries are less willing to host industries with vertical linkages. R&D subsidy competition becomes less intensive, and so the industries are more likely to relocate. The economy-wide growth rate fluctuates and decreases on average.