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Zoe Kuehn acknowledges financial support from the Spanish Ministry of Science and Innovation (Grant No. PID2020-112739GA-I00).

Analysis of institutional authors

Kuhn, ZoeAuthor

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Article

Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications

Publicated to:ECONOMIC JOURNAL. 134 (659 ): 934-958 - 2024-04-01 134(659 ), DOI: 10.1093/ej/uead098

Authors: Allub, Lian; Gomes, Pedro; Kuehn, Zoe

Affiliations

Birkbeck Univ London, Birkbeck Business Sch, Malet St, London WC1E 7HX, England - Author

Abstract

Capital-skill complementarity in production implies non-trivial interactions between the availability of human capital and financial constraints. Firms that are constrained in their access to finance hire a lower proportion of skilled workers than do unconstrained firms. Conversely, a lack of human capital increases skilled wages, reducing firms' desired capital intensity and thus loosening firms' effective financial constraints. To assess the macroeconomic implications of such firm-level interactions, we build an occupational-choice model with capital-skill complementarity in production, which we calibrate to US data. We vary financial frictions, educational attainment and total factor productivity across countries, and we quantify how aggregate output, wage inequality and entrepreneurship are affected by financial market liberalizations and increases in educational attainment. For aggregate output, the joint effect of both factors is, on average, 30% larger than the sum of the individual effects. Taking the educational attainment of the population as given, in countries with a negligible share of tertiary-educated workers and low total factor productivity, financial development has only small effects on aggregate output.

Keywords

FrictionsInequalityMisallocationOccupational choiceSize distributionSkill complementarityTechnical changeWorld

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal ECONOMIC JOURNAL due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2024 there are still no calculated indicators, but in 2023, it was in position 84/600, thus managing to position itself as a Q1 (Primer Cuartil), in the category Economics.

From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 1.72, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Jun 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-06-11, the following number of citations:

  • WoS: 1
  • Scopus: 1
  • Google Scholar: 4
  • OpenCitations: 1

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-06-11:

  • The use, from an academic perspective evidenced by the Altmetric agency indicator referring to aggregations made by the personal bibliographic manager Mendeley, gives us a total of: 12.
  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 12 (PlumX).

With a more dissemination-oriented intent and targeting more general audiences, we can observe other more global scores such as:

  • The Total Score from Altmetric: 7.75.
  • The number of mentions on the social network X (formerly Twitter): 10 (Altmetric).

It is essential to present evidence supporting full alignment with institutional principles and guidelines on Open Science and the Conservation and Dissemination of Intellectual Heritage. A clear example of this is:

  • The work has been submitted to a journal whose editorial policy allows open Open Access publication.
  • Assignment of a Handle/URN as an identifier within the deposit in the Institutional Repository: https://repositorio.uam.es/handle/10486/709682

Leadership analysis of institutional authors

This work has been carried out with international collaboration, specifically with researchers from: Argentina; United Kingdom; Venezuela.