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Firm
Heterogeneity, Financial Imperfection, and International Trade |
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Taiji Furusawa and Noriyuki Yanagawa |
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Working Paper |
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Noriyuki Yanagawa |
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The paper investigates the role of wealth distributions and financial
institutions of an economy on within-industry firm heterogeneity in
productivity. If there is no financial imperfection so that entrepreneurs are
not constrained in borrowing, all of them make the same, optimal,
productivity-enhancing investment. As a result, the industry will be composed
of many homogeneous firms. If there exists financial imperfection, on the
other hand, borrowing is constrained so the initial wealth of an entrepreneur
becomes important. Given that the individuals of the economy are endowed with
heterogeneous wealth, entrepreneurs with different wealth levels may choose
different investment levels, resulting in the firm heterogeneity in
productivity. The paper examines the impacts of the goods and capital trade
on the market structure of the differentiated good sector. |
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