Finance, Firm Size, and Growth
利用跨行业、跨国数据，发现金融发展对小企业的正面影响更大，这有助于理解金融改革的政治经济学。
Although research shows that financial development accelerates aggregate economic growth, economists have not resolved conflicting theoretical predictions and ongoing policy disputes about the cross‐firm distributional effects of financial development. Using cross‐industry, cross‐country data, the results are consistent with the view that financial development exerts a disproportionately positive effect on small firms. These results have implications for understanding the political economy of financial sector reform.