Financial Frictions and the Persistence of History: A Quantitative Exploration
定量分析金融摩擦和资源错配如何解释发展动态，发现改革后经济向新稳态过渡的速度仅为新古典模型的一半，且投资率和全要素生产率初始低、随时间上升。
We quantitatively analyze the role of financial frictions and resource misallocation in explaining development dynamics. Our model economy with financial frictions converges to the new steady state slowly after a reform triggers efficient reallocation of resources; the transition speed is half that of the conventional neoclassical model. Furthermore, in the model economy, investment rates and total factor productivity are initially low and increase over time. We present data from the so-called miracle economies on the evolution of macro aggregates, factor reallocation, and establishment size distribution that support the aggregate and micro-level implications of our theory.