Title of article :
The effect of financial repression and enforcement on
entrepreneurship and economic development
Author/Authors :
Anto´ nio Antunes، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
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.
r 2007 Elsevier B.V. All rights reserved.
Keywords :
Financial frictions , Development , Contract enforcement , entrepreneurship , Occupational choice
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics