| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14282 |
| DP14282 Misallocation and Capital Market Integration: Evidence From India | |
| Adrien Matray | |
| 发表日期 | 2020-01-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that foreign capital liberalization reduces capital misallocation and increases aggregate productivity in India. The staggered liberalization of access to foreign capital across disaggregated industries allows us to identify changes in firms' input wedges, overcoming major challenges in the measurement of the effects of changing misallocation. For domestic firms with initially high marginal revenue products of capital (MRPK), liberalization increases revenues by 25%, physical capital by 57%, wage bills by 27%, and reduces MRPK by 35% relative to low MRPK firms. There are no effects on low MRPK firms. The effects of liberalization are largest in areas with less developed local banking sectors, indicating that foreign capital partially substitutes for an efficient banking sector. Finally, we develop a novel method to use natural experiments to bound the effect of changes in misallocation on treated industries' aggregate productivity. Treated industries' Solow residual increases by 4-17%. |
| 主题 | Development Economics ; Industrial Organization ; Macroeconomics and Growth |
| 关键词 | Foreign capital liberalization Misallocation India Aggregating reduced-form estimates |
| URL | https://cepr.org/publications/dp14282-0 |
| 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/543174 |
| 推荐引用方式 GB/T 7714 | Adrien Matray. DP14282 Misallocation and Capital Market Integration: Evidence From India. 2020. |
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