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Marginal Entrepreneurs*

with Shai Bernstein, Emanuele Colonnelli and Tim McQuade

 

Abstract:

New firms are a critical driver of job creation and economic growth. Using employer-employee matched data from Brazil, we study the characteristics of marginal entrepreneurs, those individuals who respond to economic opportunities by starting new businesses. Exploiting an identification strategy that links fluctuations in global commodity prices to municipality level agricultural endowments, we find that within a municipality, marginal entrepreneurs are young, skilled, and have little accumulated wealth and thus likely to be financially constrained. These individuals are most impacted by the local availability of finance. Municipalities with greater access to finance experience a larger response of marginal entrepreneurs, when economic opportunities arise. This evidence sheds light on the mechanisms through which finance drives entrepreneurial activity. 

 

Davide Malacrino:  https://www.imf.org/external/np/cv/AuthorCV.aspx?AuthID=310

 *The views expressed in this presentation are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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