We study a minimal model of automation in which, in the limit, labor is replaced by capital in all tasks. If tasks are gross complements and automation is sufficiently slow, the labor share remains strictly positive despite an endogenous reduction in hours worked and full automation in the...

We analyze reductions in bank credit using a natural experiment where unprecedented flooding differentially affected banks that were more exposed to flooded regions in Pakistan. Using a unique dataset that covers the universe of consumer loans in Pakistan and this exogenous shock to bank...

Several scholars argue that high agricultural productivity growth can retard industrial development as it draws resources towards the comparative advantage sector, agriculture. However, agricultural productivity growth can increase savings and the supply of capital, generating an expansion of...

In this paper we compute economic complexity following Tacchella et al. (2012) for Italian provinces (NUTS 3) in the period 1998-2017 and test the impact of provincial financial structure on the former. We implement several dynamic panel models and tackle endogeneity issues and the persistence...

On the basis of available sources the present paper seeks to map entrepreneurial industrial activities the Norwegian puritan revivalist Hans Nielsen Hauge (1771-1824) was involved in and quantify his financial activities. It also tries to map entrepreneurial activities by his followers. The...

Several scholars argue that high agricultural productivity growth can retard industrial development as it draws resources towards the comparative advantage sector, agriculture. However, agricultural productivity growth can increase savings and the supply of capital, generating an expansion of...

Microfinance institutions, despite the presence of competition and informational asymmetries, typically offer a limited variety of contracts. Assuming price competition, we propose a simple theoretical explanation for this behavior and study its consequences in terms of strategic interaction and...

This paper argues that opening up an economy to trade can result in welfare reducing deindustrialization when agents are subject to credit constraints. The standard interpretation of such deindustrialization as a reallocation of resources across sectors with no aggregate long-term adverse...

Während sich die Entwicklungsfinanzierung in Theorie und Praxis generell mit dem Finanzwesen in Entwicklungs- und Transformationsländern befasst, steht im Teilgebiet der Microfinance die Frage im Vordergrund, wie in diesen Ländern der Zugang ärmerer Bevölkerungsgruppen und speziell von...