摘要
本文从理论和实证两个方面探讨了金融发展对就业的影响。在理论方面,本文构建了一个带有融资约束的搜索匹配模型。根据这个模型,金融发展可以通过放松企业家面临的融资约束,来增强其创造就业的能力。这不仅可以降低经济中的均衡失业率,而且可以缩短失业的持续性。此外,高就业创造成本会提高均衡失业率、延长失业的持续性,但金融发展可以抵消这些负面作用。在实证方面,本文利用2001-2009年的省级面板数据对以上理论发现进行了检验。使用差分广义矩估计方法,实证结果很好地支持了理论假设。
In this paper,we analyze the effect of financial development on employment both theoretically and empirically.From the theoretical perspective,a searching-matching model with financial constraint is developed.Based on this model,we find that financial development can relax the financial constraints faced by entrepreneurs,and enhance their abilities of job creation.This not only can decrease the equilibrium unemployment rate in the economy,but also can shorten the unemployment persistence.In addition,higher job creation cost may increase equilibrium unemployment rate and unemployment persistence,but financial development can offset these negative effects.From the empirical perspective,we use province-level panel data from 2001 to 2009 to test the theoretical conclusions above.Through difference-GMM estimations,we find the empirical results tally with the theoretical findings very well.
出处
《劳动经济研究》
2015年第1期96-118,共23页
Studies in Labor Economics
关键词
金融发展
融资约束
均衡失业率
失业的持续性
financial development
financial constraint
equilibrium unemployment rate
unemployment persistence
