Credit constraints as a barrier to the entry and post-entry growth of firms

摘要

There is growing microeconomic evidence that advanced market economies are characterized by a continuous process of factor reallocation and that this process plays a major role for aggregate productivity and output growth in those economies (e.g.Olley and Pakes,1996;Foster et al.,2006;Griliches and Regev,1995;Bartelsman et aL,2004;and Aghion and Howitt,2006).Factor reallocation is driven by incumbent firms adapting to market and technological changes,but also by firm dynamics - the entry of new firms,their expansion in the initial years of life and the exit of obsolete units.