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Título:	Trade, finance and endogenous firm heterogeneity; _
Autor/a:	Bonfiglioli, Alessandra; Crinò, Rosario; Gancia, Gino
Otros autores:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	We study how financial frictions affect firm-level heterogeneity and trade. We build a modelin which productivity differences across monopolistically competitive firms are endogenous anddepend on investment decisions at the entry stage. By increasing entry costs, financial frictionslower the exit cutoff and hence the value of investing in bigger projects with more dispersedoutcomes. As a result, financial frictions make firms smaller and more homogeneous, and hinder the volume of exports. Export opportunities, instead, shift expected profits to the tail andincrease the value of technological heterogeneity. We test these predictions using comparablemeasures of sales dispersion within 365 manufacturing industries in 119 countries, built fromhighly disaggregated US import data. Consistent with the model, financial development in-creases sales dispersion, especially in more financially vulnerable industries; sales dispersion isalso increasing in measures of comparative advantage. These results help explaining the effectof financial development and factor endowments on export sales.
Materia(s):	-financial development -firm heterogeneity -international trade -Macroeconomics and International Economics
Derechos:	L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Tipo de documento:	Documento de trabajo
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