Combining data from the Moroccan census of manufcaturing enterprises with information from a commune survey, we test whether firm expansion is affected by local financial development. Our findings are consistent with this hypothesis: local bank availability is robustly associated with faster...

Low rates of internal migration in many European countries contribute to the persistence of significant regional labor market differences. To further our understanding of the underlying reasons I study internal migration in Germany, using the Mikrozensus, a very large sample of households living...

Economic development requires the growth of productive firms. However, financing constraints may limit firms’ investment abilities. This paper estimates the cost of financing constraints to firms, for example in terms of idle investment opportunities, and their aggregate implications. To this...