Youth Drain, Entrepreneurship and Innovation

  title={Youth Drain, Entrepreneurship and Innovation},
  author={Massimo Anelli and Gaetano Basso and Giuseppe Ippedico and Giovanni Peri},
  journal={ERPN: Communities (Topic)},
Migration outflows, especially of young people, may deprive an economy of entrepreneurial energy and innovative ideas. We exploit exogenous variation in emigration from Italian local labor markets to show that between 2008 and 2015 larger emigration flows reduced firm creation. The decline affected firms owned by young people and innovative industries. We estimate that for every 1,000 emigrants, 100 fewer young-owned firms were created cumulatively over the whole period. A simple accounting… Expand
How do Firms adjust to Negative Labor Supply Shocks? Evidence from Migration Outflows
Understanding how firms can accommodate negative labor supply shocks has important consequences both in terms of the performance of firms, and in terms of job and career opportunities of workers. IExpand
Institutions and Innovation: A Review of Recent Literature
Technological innovation is critical to a country’s economic development and a firm’s long-term success. This article reviews the recent literature that links institutions and innovation.Expand
The Real Effects of Land Use Regulation: Quasi-Experimental Evidence From a Discontinuous Policy Variation
We provide quasi-experimental evidence of the effects of a relaxation of land use constraints on local economic activity. We exploit the fact that in 1999 the central government imposed fiscal rulesExpand
The IT Revolution and Southern Europe’s Two Lost Decades
Since the middle of the 1990s, productivity growth in Southern Europe has been substantially lower than in other developed countries. We argue that this divergence was partly caused by inefficientExpand
Immigration, Science, and Invention. Lessons from the Quota Acts
Immigration quotas in the 1920s targeted “undesirable” nationalities to stem the inflow of low-skilled Eastern and Southern Europeans (ESE). Detailed biographical data for 91,638 American scientistsExpand
The Impact of TLTRO2 on the Italian Credit Market: Some Econometric Evidence
This paper evaluates the impact of the second series of Targeted Longer-Term Refinancing Operations (TLTRO2) on the amount of credit granted to non-financial private corporations and on the interestExpand
Demand for Safety, Risky Loans: A Model of Securitization
We build a competitive equilibrium model of securitization in the presence of demand for safety by some investors. Securitization allows to create safe assets by pooling idiosyncratic risks from loanExpand
Public Credit Guarantees and Financial Additionalities Across SME Risk Classes
In this paper we study the functioning of the Italian public guarantee fund (“Fondo Centrale di Garanzia”, FCG) for Small and Medium Enterprises (SMEs). Using an instrumental variable strategy, basedExpand
The Cost of Steering in Financial Markets: Evidence from the Mortgage Market
We build a model of the mortgage market where banks attain their optimal mortgage portfolio by setting rates and "steering" customers. "Sophisticated" households know which mortgage type is best forExpand
Corporate Leverage and Monetary Policy Effectiveness in the Euro Area
Using country-industry level data and high-frequency identified monetary policy shocks, we find evidence of a positive but non-linear relationship between corporate leverage and the effectiveness ofExpand


Immigrant Entrepreneurs, Diasporas, and Exports
In this paper we highlight a new complementary channel to the business and social network effect a la Rauch (2001) through which immigrants generate increased export flows from the regions in whichExpand
Demographics and Entrepreneurship
Entrepreneurship requires energy and creativity as well as business acumen. Some factors that contribute to entrepreneurship decline with age, but business skills increase with experience inExpand
Migrant Networks and Foreign Direct Investment
While there exists sizeable literature documenting the importance of ethnic networks for international trade, little attention has been devoted to studying the effects of networks on foreign directExpand
The Supply Side of Innovation: H‐1B Visa Reforms and U.S. Ethnic Invention
This study evaluates the impact of high‐skilled immigrants on U.S. technology formation. We use reduced‐form specifications that exploit large changes in the H‐1B visa program. Higher H‐1B admissionsExpand
Firms Left Behind: Emigration and Firm Productivity
This paper establishes a causal link between the emigration of skilled workers and firm performance in source countries. Using firm-level panel data from ten Eastern European countries, we show thatExpand
Emigration and Wages: The EU Enlargement Experiment
The enlargement of the European Union provides a unique opportunity to study the impact of the lifting of migration restrictions on the migrant sending countries. With EU enlargement in 2004, 1.2Expand
Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area
We analyze the role of labor mobility in cushioning labor demand shocks in the Euro Area. We find that foreign born workers’ mobility is strongly cyclical, while this is not the case for natives.Expand
The Labour Market Effects of Immigration and Emigration in OECD Countries
In this study, we quantify the labour market effects of migration flows in OECD countries during the 1990s based on a new global database on the bilateral stock of migrants, by education level. WeExpand
Firm and Worker Dynamics in an Aging Labor Market
I assess the impact of an aging labor force on business dynamism, labor market fluidity and economic growth. The analysis embeds endogenous growth through creative destruction in an equilibrium jobExpand
An Aging Dynamo: Demographic Change and the Decline of Entrepreneurial Activity in the United States
The rate of new business startups has fallen drastically over the last thirty-five years, accelerating greatly since the year 2000. Other measures of business dynamism such as the job reallocationExpand