Number:
828
Published:
Classification JEL:
O41, D86
Keywords:
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
The most recent
Martha Rosalba López-Piñeros, Eduardo Sarmiento G.
Diego A. Rodríguez-Pinilla, Luis Eduardo Castellanos-Rodríguez, Andrea López-Rodríguez, María del Pilar Esguerra Umaña
David Rios, Alex Pérez, Jaime Carabali, Luis Meneses
RyD intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-finan