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首页> 外文期刊>Journal of Economic Dynamics and Control >Financial development, unemployment volatility, and sectoral dynamics
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Financial development, unemployment volatility, and sectoral dynamics

机译：金融发展，失业动荡和部门动态

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摘要

We document a negative and significant relationship between domestic financial development and unemployment volatility in developing and emerging economies (DEMEs) and the absence of such relationship in advanced economies (AEs). A business cycle labor search model with firm heterogeneity, collateral constraints, and interfirm input credit capital can quantitatively rationalize these facts. Greater financial development is associated with lower usage of input credit capital, greater bank credit, and greater capital accumulation, all of which make firms more resilient in the presence of financial shocks. Firm's increased shock resiliency stabilizes employment decisions, ultimately leading to smoother unemployment fluctuations. Then, by establishing explicit linkages between firms, interfirm input credit acts as an important mechanism that fosters lower volatility across firms under greater financial development. As such, increases in financial development have a smaller impact in stabilizing unemployment in economies with higher average bank credit-GDP ratios and less input credit usage, which is the case of AEs, compared to economies with lower average bank-credit GDP ratios and more input credit usage, which is the case of DEMEs. (C) 2018 Elsevier B.V. All rights reserved.
机译：我们记录了发展中国家和新兴经济体（DEME）的国内金融发展与失业波动之间的负相关关系，而发达经济体（AE）则没有这种关系。具有公司异质性，抵押品约束和企业间投入信贷资本的商业周期劳动力搜索模型可以从数量上合理化这些事实。更大的金融发展与更低的输入信贷资本使用量，更大的银行信贷以及更大的资本积累相关联，所有这些都使公司在发生金融冲击时更具弹性。公司不断增强的抗冲击能力稳定了就业决策，最终导致失业率波动趋于平稳。然后，通过在企业之间建立明确的联系，企业间投入信贷是一种重要的机制，可以在金融发展较大的情况下，促进企业间较低的波动性。因此，与平均银行信贷GDP比率较低且更多的经济体相比，平均银行信贷与GDP比率较高且投入信贷使用较少的经济体，金融发展的增长对稳定失业的影响较小。输入信用使用情况，例如DEME。 （C）2018 Elsevier B.V.保留所有权利。

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