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首页> 外文期刊>The World Bank Economic Review >Job Growth and Finance: Are Some Financial Institutions Better Suited to the Early Stages of Development than Others?1
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Job Growth and Finance: Are Some Financial Institutions Better Suited to the Early Stages of Development than Others?1

机译：就业增长和金融：某些金融机构是否比其他金融机构更适合早期发展？

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摘要

Evidence based on firm-level data from 89 countries with updated country-level data on financial structure suggests that in low-income countries, labor growth is more rapid in countries with a higher level of private credit/GDP. This positive relationship with private credit is especially pronounced in industries that depend heavily on external finance. The results, which are robust to multiple estimation approaches, are consistent with the predictions of new structural economics. In high-income countries, labor growth rates increase with the level of stock market capitalization, consistent with predictions from new structural economics. However, the association disappears when stock market development is treated as an endogenous explanatory variable using instrumental variable regressions. There is no evidence that small-scale firms in low-income countries benefit the most from the development of the private credit market. Rather, the labor growth rates of larger firms increase to a greater extentthan others with the level of private credit market development, a finding consistent with the perspective from historical political economy that banking systems in low-income countries serve the interests of the elite rather than providing broad-basedaccess to financial services.
机译：根据来自89个国家的公司级数据以及最新的国家级金融结构数据的证据表明，在低收入国家，私人信贷/ GDP较高的国家的劳动力增长更快。与私人信贷的这种积极关系在严重依赖外部融资的行业中尤为明显。该结果对多种估计方法均具有鲁棒性，与新结构经济学的预测相符。在高收入国家，劳动力增长率随着股票市场资本化水平的提高而增加，这与新结构经济学的预测相符。但是，当使用工具变量回归将股市发展视为内生解释变量时，关联消失。没有证据表明低收入国家的小型公司从私人信贷市场的发展中受益最大。相反，随着私人信贷市场发展水平的提高，大公司的劳动增长率比其他公司更大地增长，这一发现与历史政治经济学的观点一致，即低收入国家的银行系统服务于精英而不是精英。提供广泛的金融服务访问。

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