The US economy has experienced a rapid expansion in industries with low productivity growth. In this paper, we … investigate the effect of financial development on productivity growth in these so-called stagnant industries. We show that while … banking reforms have an insignificant effect on aggregate productivity growth, as documented in prior study, stagnant …

pertains to why capital seems to flow to economies with lower rather than higher productivity growth. We find that while … portfolio equity and debt investment flows are negatively related to total factor productivity (TFP) in developing Asia, thereby …

-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at … constrained. More importantly, we find that financial constraints do not lower productivity for most sectors. …

from a take-off in domestic productivity of the magnitude observed in some of these countries. …

growth determinant. Pul\blic capital, it is argued, has a positive effect on private sector output, productivity and capital …