We study how financial frictions affect firm-level heterogeneity and trade. We build a model where productivity differences across monopolistically competitive firms are endogenous and depend on investment decisions at the entry stage. By increasing entry costs, financial frictions lower the...

This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The...

This paper studies the effect of firms'export activity on the gender wage gap among its workers. Using matched employer-employee data from Germany for the period be- tween 1993 and 2007, we show that an increase in a firm's export widens the wage gap between male and female blue-collar workers,...