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Financing Labor
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DOI：10.1093/rof/rfab013.png)
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Abstract
En 中文
Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by showing that employment decisions are constrained by firms' financial health and liquidity. Our main analysis uses a collage of three quasi-experiments to trace the effects of finance on employment. The results suggest that financial constraints and the availability of credit play an important role in firm-level employment decisions, as well as aggregate unemployment outcomes.
Keywords:
Financial constraints
Labor
Employment
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