Payment instruments, finance and development
构建动态一般均衡模型，研究移动支付技术（手机货币）如何通过降低盗窃风险但产生电子交易成本，影响企业家的支付工具选择，进而影响创业和宏观经济发展。基于肯尼亚企业数据校准模型，发现手机货币对企业家成长和经济发展有显著量化影响。
This paper studies the effects of a payment technology innovation (mobile money) on entrepreneurship and economic development in a quantitative dynamic general equilibrium model. In the model mobile money dominates fiat money as a medium of exchange, since it avoids the risk of theft, but comes with electronic transaction costs. We show that entrepreneurs with higher productivity and access to trade credit are more likely to adopt mobile money as a payment instrument vis-a-vis suppliers. Calibrating the stationary equilibrium of the model to match firm-level data from Kenya, we show significant quantitative implications of mobile money for entrepreneurial growth and macroeconomic development.