Financial Frictions and the Persistence of History: A Quantitative Exploration

• 成果类型: Article
• 署名作者: Buera, Francisco J.; Shin, Yongseok
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/670271
• 发表日期: 2013
• 页码: 221-272
• 关键词: economic-growth; PRODUCTIVITY; MODEL; CHINA

摘要

We quantitatively analyze the role of financial frictions and resource misallocation in explaining development dynamics. Our model economy with financial frictions converges to the new steady state slowly after a reform triggers efficient reallocation of resources; the transition speed is half that of the conventional neoclassical model. Furthermore, in the model economy, investment rates and total factor productivity are initially low and increase over time. We present data from the so-called miracle economies on the evolution of macro aggregates, factor reallocation, and establishment size distribution that support the aggregate and micro-level implications of our theory.