This paper analyzes endogenous fluctuations in total factor productivity (TFP) in a dynamic general equilibrium model … firms, and fluctuations in TFP in response to firm-level productivity and aggregate credit-market shocks. I also analyze the … ; Productivity …

our key results to alternative data sets. -- China ; investment ; growth ; productivity ; capital market distortions …

The empirical literature finds mixed evidence on the existence of positive productivity externalities in the host … relative productivity of the foreign firm leads to higher additional growth in financially developed economies compared to …