Financial Development and Inequality in the Global Economy
构建了一个异质性企业模型，研究金融发展对全球不平等的影响，发现企业规模分布和出口成本决定了金融发展是降低还是加剧工资、利润不平等和失业。
Abstract We build a heterogeneous firms model with firm‐specific wages and credit frictions to study the role of financial development for inequality in the global economy. If there are many small (non‐exporting) firms, better access to external funds reduces wage and profit inequality as well as unemployment. In contrast, if there are many large (exporting) firms, financial development might have opposite effects – especially if trade costs are low. In summary, the implications of financial development for inequality depend on the size distribution of firms and on the costs of exporting. Trade liberalization, however, raises inequality unambiguously.