Occupational choice, human capital and financial constraints

We study the aggregate productivity effects of firm-level financial frictions. Credit constraints affect not only production decisions but also household-level schooling decisions. In turn, entrepreneurial schooling decisions impact firm-level productivities, whose cross-sectional distribution becomes endogenous. In anticipation of future constraints, entrepreneurs underinvest in schooling early in life. Frictions lower aggregate productivity because talent is misallocated across occupations and capital is misallocated across firms. Firm-level productivities are also lower due to schooling distortions. These effects combined account for between 36% and 68% of the US-India aggregate productivity difference. Schooling distortions are the major source of aggregate productivity differences. Choix de carri & egrave;re, capital humain et contraintes financi & egrave;res. Nous & eacute;tudions les effets des frictions financi & egrave;res au niveau des entreprises sur la productivit & eacute; agr & eacute;g & eacute;e. Les contraintes de cr & eacute;dit influencent non seulement les d & eacute;cisions de production, mais aussi les d & eacute;cisions de scolarisation au sein des m & eacute;nages. & Agrave; leur tour, les d & eacute;cisions de scolarisation des entrepreneurs ont une incidence sur la productivit & eacute; de leurs firmes, dont la distribution devient endog & egrave;ne. En pr & eacute;vision des futures contraintes, les entrepreneurs sous-investissent dans la scolarisation au d & eacute;but de leur vie. Les frictions diminuent la productivit & eacute; agr & eacute;g & eacute;e parce que le talent est mal r & eacute;parti entre les occupations et que le capital est mal r & eacute;parti entre les entreprises. De surcro & icirc;t, la productivit & eacute; des entreprises est inf & eacute;rieure en raison des distorsions de scolarisation. Ensemble, ces effets repr & eacute;sentent de 36 & agrave; 68 % de la diff & eacute;rence de productivit & eacute; agr & eacute;g & eacute;e entre les & Eacute;tats-Unis et l'Inde. Les distorsions de scolarisation sont la source principale des diff & eacute;rences de productivit & eacute; agr & eacute;g & eacute;e.