Title of article :
Financialstructure,informalityanddevelopment
Author/Authors :
Pablo N.D’Erasmo، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2012
Abstract :
The impactofcapitalmarketimperfectionsandcostsofcreatingandoperatingformal
sectorfirmsontotalfactorproductivityisstudied.Weproposeafirmdynamicsmodel
with endogenousformalandinformalsectorswherefirmsfaceatechnologyadoption
opportunity.Themodelpredictsthatcountrieswithalowdegreeofdebtenforcement
and highcostsofformalityarecharacterizedbylowallocativeefficiencyandlarge
outputsharesproducedbylowproductivity,informalsectorfirms.Forfrictions
parametrizedusingthe Doing Business database,themodelgeneratesadropintotal
factorproductivityofupto25%relativetotheUS
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
