Finance and Development: A Tale of Two Sectors
构建量化框架解释跨国间全要素生产率差异，发现金融摩擦通过扭曲资本和人才配置，对制造业等大规模部门影响更大，解释了产出、生产率等跨国差异。
We develop a quantitative framework to explain the relationship between aggregate/sector-level total factor productivity (TFP) and financial development across countries. Financial frictions distort the allocation of capital and entrepreneurial talent across production units, adversely affecting measured productivity. In our model, sectors with larger scales of operation (e.g., manufacturing) have more financing needs, and are hence disproportionately vulnerable to financial frictions. Our quantitative analysis shows that financial frictions account for a substantial part of the observed cross-country differences in output per worker, aggregate TFP, sector-level relative productivity, and capital-to-output ratios.