000			01392nam a22001577a 4500
999			_c517337 _d517337
008			210710b ||||| |||| 00| 0 eng d
100			_aBauer, Christian et al _926506
245			_aDistortions, misallocation and the endogenous determination of the size of the financial sector
260			_aThe Economic Journal: A Journal of the Royal Economic Society
300			_a130(625), Jan, 2020: p.24-49
520			_aWe present a model of heterogeneous firms and misallocation in which financial frictions are partially overcome if more human resources are devoted to intermediation, at the cost of having fewer resources employed in directly productive activities. Not only does an inefficient financial sector result in an inefficient final good sector; an inefficient final good sector results in an inefficient financial sector. Exogenous inefficiencies in the productive sector generate decreased demand for financial services, which translates into a smaller and less efficient financial sector, worsening the resource allocation in the productive sector. This direction of causality seems in line with cross-country evidence. – Reproduced
650			_aProduction, Pricing, Market Structure, Size Distribution of Firms, Industrial Organization _926507
773			_aThe Economic Journal: A Journal of the Royal Economic Society
906			_aINDUSTRIAL ORGANIZATION
942			_cAR