CREDIT RATIONING, RISK AVERSION, AND INDUSTRIAL EVOLUTION IN DEVELOPING COUNTRIES

• 成果类型: Article
• 署名作者: Bond, Eric W.; Tybout, James; Utar, Hale
• 署名单位: Vanderbilt University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; University of Bielefeld
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12119
• 发表日期: 2015
• 页码: 695-722
• 关键词: model; entrepreneurship; constraints; DYNAMICS; GROWTH; LIBERALIZATION; PRODUCTIVITY; INEQUALITY; enterprise; finance

摘要

Relative to their counterparts in high-income regions, entrepreneurs in developing countries face less efficient financial markets, more volatile macroeconomic conditions, and higher entry costs. This article develops a dynamic empirical model that links these features of the business environment to cross-firm productivity distributions, entrepreneurs' welfare, and patterns of industrial evolution. Fit to panel data on Colombian apparel producers, the model yields estimates of a credit market imperfection index, the sunk costs of creating a new business, and various technology parameters. Model-based counterfactual experiments suggest that improved intermediation could dramatically increase the return on assets for entrepreneurial households with modest wealth.