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This is the supplemental material to the paper titled "Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income." It includes additional theoretical and quantitative results. It also includes illustration for the numerical algorithm for our...
Persistent link: https://www.econbiz.de/10012844703
A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...
Persistent link: https://www.econbiz.de/10012846881
We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and output. In our setup, firms look to a variety of noisy information sources when making input decisions. We devise a novel empirical strategy that uses a combination of firm-level...
Persistent link: https://www.econbiz.de/10013032125
Recent key challenges highlight the need to revisit Asia's financial development. These include the region's growth slowdown since the global crisis, compounded by a less benign external environment; internal structural challenges, such as population aging; and the maturing of much of the region...
Persistent link: https://www.econbiz.de/10011305285
Recent years have witnessed important structural changes around the world as a result of the globalization process, the creation of new economic blocks and the liberalization of financial sector in many countries. Responding to these changes many sectors of the industrialized countries have gone...
Persistent link: https://www.econbiz.de/10010284620
This paper studies the effects of financial deepening and public spending on human capital formation, working hours and growth in a model with financial frictions and productivity heterogeneity. The paper first shows that in the range of capital tax rates that attains a balanced growth path,...
Persistent link: https://www.econbiz.de/10012898001
This paper studies the quantitative relevance of the cross-sectional dispersion of firm financial structure in explaining the intra-industry allocation efficiency of productive factors. I solve a heterogenous firms model with financial constraints and distortions to the marginal rental-rate of...
Persistent link: https://www.econbiz.de/10013110178
This paper empirically investigates the impact of local house price booms on capital misallocation within manufacturing industries. Using the geographic variation provided by the salient Spanish housing boom (2003-2007), we show that manufacturing firms exposed to positive local house price...
Persistent link: https://www.econbiz.de/10013211898
We develop an overlapping-generations economy to analyze the effects of financier patience on the investment horizon choice of a distribution of heterogeneous entrepreneurs. The purpose of our enquiry is to show that while the lack of financier patience might affect the supply of investable...
Persistent link: https://www.econbiz.de/10013112555
Does financial health shore up firm productivity? This paper empirically investigates this question and presents productivity as another driving factor in translating financial development into real economic progress. Our empirical framework employs Levinsohn and Petrin's (2003) semi-parametric...
Persistent link: https://www.econbiz.de/10010397331