کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5098443 | 1478703 | 2014 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Misallocation, informality, and human capital: Understanding the role of institutions
ترجمه فارسی عنوان
اشتباه ناپذیری، غیر رسمی و سرمایه انسانی: درک نقش موسسات
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
چکیده انگلیسی
The aim of this paper is to quantify the role of formal-sector institutions in shaping the demand for human capital and the level of informality. We propose a firm dynamics model where firms face capital market imperfections and costs of operating in the formal sector. Formal firms have a larger set of production opportunities and the ability to employ skilled workers, but informal firms can avoid the costs of formalization. These firm-level distortions give rise to endogenous formal and informal sectors and, more importantly, affect the demand for skilled workers. The model predicts that countries with a low degree of debt enforcement and high costs of formalization are characterized by relatively lower stocks of skilled workers, larger informal sectors, low allocative efficiency, and measured TFP. Moreover, we find that the interaction between entry costs and financial frictions (as opposed to the sum of their individual effects) is the main driver of these differences. This complementarity effect derives from the introduction of skilled workers, which prevents firms from substituting labor for capital and in turn moves them closer to the financial constraint.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 42, May 2014, Pages 122-142
Journal: Journal of Economic Dynamics and Control - Volume 42, May 2014, Pages 122-142
نویسندگان
Pablo N. D׳Erasmo, Hernan J. Moscoso Boedo, Aslı Åenkal,