Authors investigate the size of returns to capital and the determinants of capital accumulation in microenterprises (MEs) in a developing country context. Marginal returns to capital are found to be well above market interest rates at low levels of capital, but decrease rapidly at higher levels. This hints at credit market constraints as a potential obstacle to the graduation of these firms. The empirical part uses panel data for Peru where MEs employ...
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详细
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2013/03/01
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其他社会保障研究
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77928
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1
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1
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2013/05/24
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Disclosed
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Constrained firms, not subsistence activities : evidence on capital returns and accumulation in Peruvian microenterprises
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capital stock