Firm Growth, Finance and Development

Francisco Buera

No 1526, 2019 Meeting Papers from Society for Economic Dynamics

Abstract: How important are financial markets for economic development? What are the costs of frictions in credit market on aggregate productivity? A recent literature stresses the role of the persistence of the exogenous process of firm's productivity in determining the answer to these question. If the productivity process is very persistent, then self-finance is a good substitute of external finance. Instead, we highlight the role of growth processes exhibiting a skewed distribution of firm growth, specially among young firms, a key feature of the data in developed countries.

Date: 2019
New Economics Papers: this item is included in nep-bec and nep-fdg
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