(2020), by contrast, assume that the negative effects in the short term can be offset by men becoming more heavily involved in childcare in the long term. [12] Fuchs-Schündeln, N., Kuhn, M. and Tertilt, M. (2020), “The short-run macro implications of school and childcare closures”, VoxEU, 3 May.
Payment services reduce transaction costs; the pooling of savings helps to overcome investment indivisibilities; the large-scale organisation of screening and monitoring investments and loans reduces costs and increases overall investment; the reduction of liquidity risk enables long-term investment; portfolio diversification helps to spread out crosssectional and inter-temporal risk. None of these functions contributes directly to growth.