Firm dynamics and financial development
成果类型：
Article
署名作者：
Arellano, Cristina; Bai, Yan; Zhang, Jing
署名单位：
University of Rochester; University of Michigan System; University of Michigan; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.06.006
发表日期：
2012
页码：
533-549
关键词：
摘要：
Using comprehensive firm-level datasets, this paper studies the impact of cross-country variation in financial market development on firms' financing choices and growth. In less financially developed economies, small firms grow faster and have lower leverage than large firms. As financial development improves, the growth difference between small and large firms shrinks, while the leverage difference rises. The paper then develops a quantitative model where financial frictions drive firm growth and debt financing through the availability of credit and default risk. The model explains the observed cross-country variations in firm size, leverage and growth in response to changes in financial frictions. (C) 2012 Elsevier B.V. All rights reserved.
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