The effect of financial repression and enforcement on entrepreneurship and economic development

• 成果类型: Article
• 署名作者: Antunes, Antonio; Cavalcanti, Tiago; Villamil, Anne
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Banco de Portugal; University of Cambridge
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.10.006
• 发表日期: 2008
• 页码: 278-297
• 关键词: financial frictions; Contract enforcement; occupational choice; Development; entrepreneurship

摘要

A general equilibrium model with heterogeneous agents (with respect to wealth and ability) shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice., firm size, credit, output and income inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries, with empirical estimates of each country's financial frictions and United States values for all other parameters. The results isolate the quantitative effect of these financial frictions in explaining the performance gap between each country and the United States, and depend critically on whether a general equilibrium factor price effect is operative. (C) 2007 Elsevier B.V. All rights reserved.