: (1) distribution expenses are large - they amount to over half of labor costs; (2) plants in the largest decile …, distribution costs as a share of sales declined by one third. We develop a model of heterogeneous manufacturing firms that rely on … share. In combination with the model, these trends suggest largescale decreases in both variable and fixed costs of …

This paper reviews how recent studies of banking crises differ with regard to the dating, length, and costs of the … crisis costs. Cross-sectional evidence does not show that the length of a crisis is a significant contributor to its …

This paper deals with efficiency in the public sector. It argues that the habit of relating efficiency to public … could be used for several purposes including increasing public sector efficiency …

or may not improve economic efficiency …

economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …

This paper proposes a new effect of firing costs on firms'' behavior that builds from firms'' demand for liquidity … firing costs reduces the value of labor''s liquidity service, which affects firms'' demand for liquidity, and thus, firms …'' demand for inputs. In addition to this negative effect at the creation margin, I also show that firing costs imply relatively …