Showing 1 - 10 of 54
We review both the theoretical and empirical literature on entrepreneurship and financial frictions, with an emphasis on the heterogeneous and dynamic micro-level implications of financial frictions for macro development.
Persistent link: https://www.econbiz.de/10011262921
This paper provides a quantitative evaluation of the aggregate and distributional impacts of economy-wide microfinance or other credit programs targeted toward small-scale entrepreneurs. In our analysis, we find that the redistributive impacts of microfinance are stronger in general-equilibrium,...
Persistent link: https://www.econbiz.de/10011081331
We provide a simple quantitative general equilibrium model of occupational choice with credit market frictions to analyze the aggregate and distributional effects of asset transfer programs. Asset transfer programs have a positive but transient effect on aggregate productivity, and a negative...
Persistent link: https://www.econbiz.de/10010815556
This paper analyzes the role of specialized high-skilled labor in the disproportionate growth of the service sector. Empirically, the importance of skill-intensive services has risen during a period of increasing relative wages and quantities of high-skilled labor. We develop a theory in which...
Persistent link: https://www.econbiz.de/10010815627
Income differences across countries primarily reflect differences in total factor productivity (TFP). More disaggregated data show that the TFP gap between rich and poor countries varies systematically across industrial sectors of the economy: Poor countries are particularly unproductive in...
Persistent link: https://www.econbiz.de/10004991272
Two traditional explanations for structural changes are sector-biased technological progress and non-homothetic preferences. This paper integrates both into an otherwise standard growth model and quantitatively evaluates them vis-a-vis time series. The exercise identifies a set of puzzles for...
Persistent link: https://www.econbiz.de/10004992813
This paper models the relationship between product cycles, specialized capital, specialized skill, and non-homothetic preferences in the shift in production toward services over time. We explicitly model the decision of whether to produce services at home (using manufacturing goods as inputs) or...
Persistent link: https://www.econbiz.de/10005069326
This paper analyzes the role of specialized high-skilled labor in the growth of the service sector as a share of the total economy. Empirically, we emphasize that the growth has been driven by the consumption of services. Rather than being driven by low-skill jobs, the importance of...
Persistent link: https://www.econbiz.de/10005774678
We provide a quantitative evaluation of the aggregate and distributional impact of microfinance or credit programs targeted toward small businesses. We find that the redistributive impact of microfinance is stronger in general equilibrium than in partial equilibrium, but the impact on aggregate...
Persistent link: https://www.econbiz.de/10009654196
We develop a quantitative framework to explain the relationship between aggregate/sector-level total factor productivity (TFP) and financial development across countries. Financial frictions distort the allocation of capital and entrepreneurial talent across production units, adversely affecting...
Persistent link: https://www.econbiz.de/10009246687