Aufbauend auf einem theoretischen Rahmenmodell, das sowohl positive als auch negative Wachstumseffekte des Finanzsektors berücksichtigt, wird die makroökonomische Effizienz des Finanzsektors definiert. Die empirische Untersuchung des theoretischen Modells anhand von 28 west- und...

We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...

We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...