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Hallward-Driemeier, Mary

Equitable Growth, Finance, and Institutions
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Private sector development, Firm dynamics, Firm Productivity, Entrepreneurship, Women's economic empowerment, Investment climate, Gender, Development Economics
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0000-0003-0076-9744
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Equitable Growth, Finance, and Institutions
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Last updated January 31, 2023
Biography
Mary Hallward-Driemeier is Senior Economic Adviser in the Equitable Growth, Finance and Institutions Vice Presidency at the World Bank, overseeing its analytical agenda on private sector development. She joined the World Bank in 1997 as a Young Professional. She has published widely on firm productivity, the economics of technological change and the impact of crises. She leads the Jobs and Economic Transformation special theme for the International Development Association (IDA). She has served as advisor to two World Bank’s Chief Economists, co-manager of the Jobs Group, and Deputy Director for the World Development Report 2005: A Better Investment Climate for Everyone. Her previous books include Trouble in the Making? The Future of Manufacturing-Led Development (with Gaurav Nayyar) and Enterprising Women: Expanding Economic Opportunities in Africa. Mary received her AB from Harvard, her MSc in Development Economics from Oxford as a Rhodes Scholar, and her PhD in Economics from MIT.
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    Big Constraints to Small Firms' Growth? Business Environment and Employment Growth across Firms
    ( 2011) Aterido, Reyes ; Hallward-Driemeier, Mary ; Pages, Carmen
    Using data on more than 56,000 enterprises in 90 countries, this study finds that objective conditions in the business environment vary substantially across firms of different sizes and that there are important nonlinearities in their impact on employment growth. The study focuses on four areas: access to finance, business regulations, corruption, and infrastructure. The results, particularly on the impacts of finance and corruption on growth, depend on whether and how the analysis accounts for the possible endogeneity of the business environment. Controlling for endogeneity revises the finding that small firms benefit most from access to finance, particularly for sources of finance associated with investment and growth. The findings are also sensitive to how "small" is defined. Differentiating micro (fewer than 10 employees) from other small firms shows that, while small firms can be disadvantaged in such an environment, micro firms tend to be proportionally less affected by a weak business climate--and, on occasion, it can help them to grow. Overall, allowing different size classifications provides insights into the impact of the business environment that are lost in more aggregate analyses.