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Financiers vs. Engineers : Should the Financial Sector be Taxed or Subsidized?

Philippon, Thomas - 2007

I study the allocation of human capital in an economy with production externalities, financial constraints and career choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but innovators face borrowing constraints and require the...

Persistent link: https://www.econbiz.de/10012465087

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

Philippon, Thomas - 2007

The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...

Persistent link: https://www.econbiz.de/10012465229

Financing Development : The Role of Information Costs

Greenwood, Jeremy - 2007

How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...

Persistent link: https://www.econbiz.de/10012465550

Big Data in Finance

Goldstein, Itay; Spatt, Chester S.; Ye, Mao - National Bureau of Economic Research - 2021

Big data is revolutionizing the finance industry and has the potential to significantly shape future research in finance. This special issue contains articles following the 2019 NBER/ RFS conference on big data. In this Introduction to the special issue, we define the "Big Data" phenomenon as a...

Persistent link: https://www.econbiz.de/10012496169

Agglomeration and the Price of Land : Evidence from the Prefectures

Dekle, Robert - 1994

We use Japanese prefectural wage and land price data to estimate the magnitude of agglomeration effects in manufacturing and finance. We also examine the range of agglomeration effects by estimating the extent to which they diminish with distance, using a specification that encompasses the polar...

Persistent link: https://www.econbiz.de/10012474138

Financial Development and the Composition of Industrial Growth

Fisman, Raymond - 2003

We re-examine the role of financial market development in the intersectoral allocation of resources. Specifically, we propose the use of a new methodology that looks at the co-movement in growth rates across pairs of countries to examine the role of financial development in allowing firms to...

Persistent link: https://www.econbiz.de/10012469127

Industry Growth and Capital Allocation : Does Having a Market- or Bank-Based System Matter?

Beck, Thorsten - 2002

Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance, facilitating the formation of new establishments, and improving the efficiency of capital allocation across industries? We find evidence for neither the...

Persistent link: https://www.econbiz.de/10012469732

Capital Flow Types, External Financing Needs, and Industrial Growth : 99 countries, 1991-2007

Aizenman, Joshua - 2011

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...

Persistent link: https://www.econbiz.de/10012461431

Foreign Competition and Domestic Innovation : Evidence from U.S. Patents

Autor, David - 2016

The competitive shock to the U.S. manufacturing sector spurred by rising China import competition could either catalyze … or stifle innovation. Using three distinct sources of variation to identify rising trade exposure, we provide a causal …-level and technology class-level patent production. Accompanying this fall in innovation, global employment, sales …

Persistent link: https://www.econbiz.de/10012455801

The Great Leveraging

Taylor, Alan M. - 2012

What can history tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...

Persistent link: https://www.econbiz.de/10012460371

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