Over the 1990s when Japan's city banks suffered from nonperforming loans, the number of small manufacturing establishments substantially declined. We use a heterogeneous firm model and examine how a banking crisis intensifies the exit of small firms. Our model predicts that a banking crisis has...

This paper examines whether globalization promotes female empowerment by improving the jobs available to women. Previous work has documented that exporting causally improved working conditions at predominantly female garment factories in Myanmar. In this study, restricting to garment factory...