Firms play an important role in shaping income inequality at the aggregated country level, given that wages represent a significant proportion of household inco

This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average,

We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital

The opening of capital account of an economy allows the financially constrained local firms to attract and raise cost efficient capital from abroad in one hand

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 bot