Finance and Development: A Tale of Two Sectors

被引:461
作者
Buera, Francisco J. [1 ]
Kaboski, Joseph P. [2 ]
Shin, Yongseok [3 ,4 ]
机构
[1] Univ Calif Los Angeles, Dept Econ, Los Angeles, CA 90095 USA
[2] Univ Notre Dame, Dept Econ, Notre Dame, IN 46556 USA
[3] Washington Univ, Dept Econ, St Louis, MO 63130 USA
[4] Fed Reserve Bank St Louis, St Louis, MO USA
基金
美国国家科学基金会;
关键词
AGGREGATE PRODUCTIVITY; SIZE; INTERMEDIATION; COUNTRIES; GROWTH; TFP;
D O I
10.1257/aer.101.5.1964
中图分类号
F [经济];
学科分类号
02 ;
摘要
We develop a quantitative framework to explain the relationship between aggregate/ sector-level total factor productivity (TFP) and financial development across countries. Financial frictions distort the allocation of capital and entrepreneurial talent across production units, adversely affecting measured productivity. In our model, sectors with larger scales of operation (e. g., manufacturing) have more financing needs, and are hence disproportionately vulnerable to financial frictions. Our quantitative analysis shows that financial frictions account for a substantial part of the observed cross-country differences in output per worker, aggregate TFP, sector-level relative productivity, and capital-to-output ratios. (JEL E23, E44, O41, O47)
引用
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页码:1964 / 2002
页数:39
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