| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10826 |
| DP10826 Capital Allocation and Productivity in South Europe | |
| Sebnem Kalemli-Ozcan; Loukas Karabarbounis; Gita Gopinath; Carolina Villegas-Sanchez | |
| 发表日期 | 2015-09-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Starting in the early 1990s, countries in southern Europe experienced low productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that generates firm-level behavior similar to the behavior observed in production and balance sheet data. We illustrate how the decline in the real interest rate, often attributed to the euro convergence process, leads to a significant decline in sectoral total factor productivity as capital inflows are misallocated toward firms that have higher net worth but are not necessarily more productive. We show that similar trends in dispersion and productivity losses are observed in Italy and Portugal but not in Germany, France, and Norway. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Capital flows Dispersion Europe Misallocation Productivity |
| URL | https://cepr.org/publications/dp10826 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539655 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan,Loukas Karabarbounis,Gita Gopinath,et al. DP10826 Capital Allocation and Productivity in South Europe. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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