There are widespread differences in total factor productivity across producers in the U.S. and around the world. To … misallocation accounting for as much as 25 percent of the variation in hospital productivity, our results suggest that how the money … is spent, rather than how much money is spent, is central to understanding productivity differences both in health care …

-creditor reform affected the allocation of resources across firms. We find evidence that the reform was particularly effective in … alleviating credit constraints for high productivity firms. After the reform, better access to credit allowed these firms to … thrive on the expense of others. Our results suggest that better access to credit can improve the allocation of resources …