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Institutions and Resource Misallocation : Firm-level Evidence
Pellegrino, Bruno - 2019
Measures of institutional quality are strong predictors of cross-country differences in income and productivity. The institutional economics literature has long maintained that one way institutions influence economic growth is by impacting the efficient allocation of production factors across...
Persistent link: https://www.econbiz.de/10012900823
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Markups and Misallocation with Trade and Heterogeneous Firms
Weinberger, Ariel - 2017
towards production. This paper quantifies a gains from trade component that is present only when reallocation is properly …
Persistent link: https://www.econbiz.de/10012970227
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Resource Misallocation and Productivity : the Case of Cote D'ivoire
BAH, Mamadou Mouminy; Bosson Jean Marcelin, BROU - 2021
Resource misallocation can lower aggregate total factor productivity (TFP). This paper uses Hsieh and Klenow’s (2009) methodology to quantify the effect of within-industry resource misallocation on aggregate TFP in Côte d’Ivoire by focusing on all the sectors of the economy (agriculture,...
Persistent link: https://www.econbiz.de/10013241767
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Misallocation and Manufacturing TFP in Korea, 1982-2007
Kim, Minho; Oh, Jiyoon; Shin, Yongseok - 2019
The authors apply the analysis of Hsieh and Klenow (2009) to assess the degree of resource misallocation in the Republic of Korea manufacturing sector from 1982 to 2007. They find improvement in the aggregate allocative efficiency during the first decade and a strong reversal after 1992. This...
Persistent link: https://www.econbiz.de/10014121862
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Risk-Adjusted Capital Allocation and Misallocation
David, Joel - 2018
We develop a theory linking “misallocation,” i.e., dispersion in static marginal products of capital (MPK), to systematic investment risks. In our setup, firms differ in their exposure to these risks, which we show leads naturally to heterogeneity in firm-level risk premia and, more...
Persistent link: https://www.econbiz.de/10012910538
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Risk-Adjusted Capital Allocation and Misallocation
David, Joel Michael; Schmid, Lukas; Zeke, David - 2021
We develop a theory linking “misallocation,” i.e., dispersion in marginal products of capital (MPK), to macroeconomic risk. Dispersion in MPK depends on (i) heterogeneity in firm-level risk premia and (ii) the price of risk, and thus is countercyclical. We document strong empirical support...
Persistent link: https://www.econbiz.de/10013314760
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Risk-adjusted capital allocation and misallocation
David, Joel M.; Schmid, Lukas; Zeke, David - 2020
We develop a theory linking "misallocation," i.e., dispersion in marginal products of capital (MPK), to macroeconomic risk. Dispersion in MPK depends on (i) heterogeneity in firm-level risk premia and (ii) the price of risk, and thus is countercyclical. We document strong empirical support for...
Persistent link: https://www.econbiz.de/10012395487
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The importance of reallocation for productivity growth : evidence from European and US banking
Bos, Jaap W. B.; Santen, Peter C. van - 2015
To what extent has input reallocation contributed to aggregate productivity growth in the banking sectors of Europe and … share, in particular in the US. The pattern of reallocation is markedly different between the geographical regions: European … productivity has grown by reallocating inputs through the first half of the sample period, at the same time when reallocation …
Persistent link: https://www.econbiz.de/10010486867
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The Empirical Dynamics of Misallocation
Franco, Guido - 2018
Factor misallocation has been emphasized as one of the main sources of differences in aggregate TFP. This paper investigates the empirical dynamics of both capital and labor misallocation. Exploiting a balanced firm-level panel dataset covering manufacturing and services industries in several...
Persistent link: https://www.econbiz.de/10012909565
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Misallocation and the Credit Cycle : Evidence from Europe
Franco, Guido - 2018
Using a large firm level dataset, that covers 18 European countries in the 2006-2014 period, I develop an empirical approach in the spirit of Rajan and Zingales (1998) in order to study whether and to what extent the credit cycle influences the efficient allocation of resources across firms. I...
Persistent link: https://www.econbiz.de/10012925009