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Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications

dc.contributor.authorAllub, Lian
dc.contributor.authorGomes, Pedro
dc.contributor.authorKuehn, Zoë
dc.coverage.spatialAmérica del nortees_ES
dc.coverage.spatialAmérica Latina y el Caribees_ES
dc.coverage.spatialEstados Unidoses_ES
dc.date.accessioned2019-12-23T18:37:35Z
dc.date.available2019-12-23T18:37:35Z
dc.date.issued2019-12-04
dc.identifier.citationAllub, L., Gomes, P., & Kuehn, Z. (2019, December 4). Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications. Caracas: CAF. Retrieved from https://scioteca.caf.com/handle/123456789/1515en_GB
dc.identifier.urihttps://scioteca.caf.com/handle/123456789/1515
dc.description.tableofcontentsCapital-skill complementarity in production implies non-trivial interactions between availability of human capital and financial constraints. Firms that are constrained in their access to finance hire a lower proportion of skilled workers than unconstrained firms. On the other hand, higher wages of skilled workers reduce firms’ desired capital intensity and thus loosen their effective financial constraints. We build a dynamic occupational choice model to quantify how a lack of human capital and financial frictions, as well as the joint effect of both restrictions interact to explain cross-country differences in aggregate output per capita, productivity, average firm size and college premia. We calibrate our model to US data, and we vary financial frictions and educational attainment as observed across countries. We find that the joint effect of both restrictions is up to 50 percent larger compared to the sum of the individual effects. In countries with a negligible share of tertiary educated workers, financial development has small effects on aggregate output.es_ES
dc.language.isoenes_ES
dc.publisherCAFes_ES
dc.subjectBanca de desarrolloes_ES
dc.subjectEducaciónes_ES
dc.subjectEvaluación de impactoes_ES
dc.subjectFinanzases_ES
dc.titleHuman Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implicationses_ES
dc.typeworkingPaperes_ES
dc.publisher.cityCaracases_ES


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