| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17552 |
| 来源ID | Working Paper 17552 |
| The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis | |
| Guido Sandleris; Mark L.J. Wright | |
| 发表日期 | 2011-10-27 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Financial crises in emerging market countries appear to be very costly: both output and a host of partial welfare indicators decline dramatically. The magnitude of these costs is puzzling both from an accounting perspective -- factor usage does not decline as much as output, resulting in large falls in measured productivity -- and from a theoretical perspective. Towards a resolution of this puzzle, we present a framework that allows us to (i) account for changes in a country's measured productivity during a financial crises as the result of changes in the underlying technology of the economy, the efficiency with which resources are allocated across sectors, and the efficiency of the resource allocation within sectors driven both by reallocation amongst existing plants and by entry and exit; and (ii) measure the change in the country's welfare resulting from changes in productivity, government spending, the terms of trade, and a country's international investment position. We apply this framework to the Argentine crisis of 2001 using a unique establishment level data-set and find that more than half of the roughly 10% decline in measured total factor productivity can be accounted for by deterioration in the allocation of resources both across and within sectors. We measure the decline in welfare to be on the order of one-quarter of one years GDP. |
| 主题 | Macroeconomics ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w17552 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575226 |
| 推荐引用方式 GB/T 7714 | Guido Sandleris,Mark L.J. Wright. The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17552.pdf（920KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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