| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 965894 | Journal of Macroeconomics | 2013 | 13 Pages |
Abstract
⺠The effects of financier patience on total factor productivity and macro development are studied. ⺠I show a channel that could make rising financier patience counterproductive. ⺠Heterogeneity in entrepreneurial willingness to invest long-term determines the effects of financier patience. ⺠When entrepreneurs are heterogeneous financier patience generates a sea-saw effect: Rising financier patience retards capital deepening while stimulating the allocation efficiency of capital. ⺠When heterogeneity is large enough retardation of capital deepening effect dominates the rise in allocation efficiency of capital.
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Authors
Burak R. Uras,