Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications
中文摘要
生产中的资本—技能互补性意味着人力资本可得性与金融约束之间存在不容忽视的互动。受到融资约束的企业雇用的高技能工人比例低于不受约束的企业。反过来，人力资本的缺乏会推高高技能工资，降低企业期望的资本密集度，从而放松企业面临的有效金融约束。为评估这类企业层面互动的宏观经济含义，我们构建了一个生产中具有资本—技能互补性的职业选择模型，并利用美国数据进行校准。我们在各国间改变金融摩擦、教育成就和全要素生产率，并量化金融市场自由化和教育成就提高对总产出、工资不平等和创业的影响。就总产出而言，两种因素的联合效应平均比各自效应之和高30%。在人口教育成就给定的条件下，在受过高等教育劳动者占比微乎其微且全要素生产率较低的国家，金融发展对总产出的影响很小。
Abstract
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.