Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications
研究发现，融资受限的企业雇佣技术工人的比例较低，而人力资本不足会降低企业资本密集度、缓解融资约束。基于美国数据校准的模型表明，金融自由化和教育提升对总产出的联合效应比各自效应之和平均高出30%。
Abstract Capital-skill complementarity in production implies non-trivial interactions between the availability of human capital and financial constraints. Firms that are constrained in their access to finance hire a lower proportion of skilled workers than do unconstrained firms. Conversely, a lack of human capital increases skilled wages, reducing firms’ desired capital intensity and thus loosening firms’ effective financial constraints. To assess the macroeconomic implications of such firm-level interactions, we build an occupational-choice model with capital-skill complementarity in production, which we calibrate to US data. We vary financial frictions, educational attainment and total factor productivity across countries, and we quantify how aggregate output, wage inequality and entrepreneurship are affected by financial market liberalizations and increases in educational attainment. For aggregate output, the joint effect of both factors is, on average, 30% larger than the sum of the individual effects. Taking the educational attainment of the population as given, in countries with a negligible share of tertiary-educated workers and low total factor productivity, financial development has only small effects on aggregate output.