Skill bias, financial frictions, and selection into entrepreneurship

被引:5
作者
Feng, Ying [1 ]
Ren, Jie [2 ]
机构
[1] Natl Univ Singapore, Singapore, Singapore
[2] Cent Univ Finance & Econ, Beijing, Peoples R China
关键词
Skill-biased technological change; Financial frictions; Selection; Self-employment; Micro data across countries; MICROFINANCE EVIDENCE; MICROCREDIT EVIDENCE; IMPACTS; PRODUCTIVITY; AGRICULTURE; EMPLOYMENT;
D O I
10.1016/j.jdeveco.2023.103046
中图分类号
F [经济];
学科分类号
02 ;
摘要
Financial frictions adversely affect productivity by discouraging entrepreneurship, which is often measured by the self-employed. This paper distinguishes different types of self-employment when studying this question. Using micro data for 77 countries from all income levels, we show that employers' labor shares are increasing with GDP per capita, whereas own-account employment (self-employed without employees) is decreasing. We also find almost universally negative selection on education into own-account status relative to wage workers and positive selection into employers. To quantitatively match these facts, we introduce skill-biased technological change across countries in an occupational choice model with financial frictions. Our model predicts an average of 19% output gains in low-income countries from removing financial frictions. In contrast, an alternative model with skill-neutral technological change cannot match the high own-account employment share in low-income countries, thus overestimating the output gains by 13 percentage points.
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页数:17
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