We build a model of endogenous destruction with credit and labor marketimperfections, represented by a matching process between financiers andentrepreneurs on one hand, and entrepreneurs and workers on the other hand.Business creation, credit opening and job destruction represent three activemargins of the model. Financial imperfections lead to financial fragility.This implies the existence of a forth latent margin whichmay be activated in the case of repudiation of financial contracts. Thisparadigm is applied to the recent development of the U.S. economy. Anempirical test in panel of OECD countries further suggests the importance ofventure capital for macroeconomic variables.
