| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18550 |
| 来源ID | Working Paper 18550 |
| Misallocation and Financial Frictions: Some Direct Evidence From the Dispersion in Borrowing Costs | |
| Simon Gilchrist; Jae W. Sim; Egon Zakrajšek | |
| 发表日期 | 2012-11-15 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Financial frictions distort the allocation of resources among productive units--all else equal, firms whose financing choices are affected by such frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across firms in ways that are unrelated to their productive efficiency. We propose an accounting framework that allows us to assess empirically the magnitude of the loss in aggregate resources due to such misallocation. To a second-order approximation, the framework requires only information on the dispersion in borrowing costs across firms, which we measure--for a subset of U.S. manufacturing firms--directly from the interest rate spreads on their outstanding publicly-traded debt. Given the observed dispersion in borrowing costs, our approximation method implies a relatively modest loss in efficiency due to resource misallocation--on the order of 1 to 2 percent of measured total factor productivity (TFP). In our framework, the correlation between firm size and borrowing costs has no bearing on TFP losses under the assumption that financial distortions and firm-level efficiency are jointly log-normally distributed. To take into account the effect of covariation between firm size and borrowing costs, we consider a more general framework, which dispenses with the assumption of log-normality and which implies somewhat higher estimates of the resource losses--about 3.5 percent of measured TFP. Counterfactual experiments indicate that dispersion in borrowing costs must be an order of magnitude higher than that observed in the U.S. financial data, in order for misallocation--arising from financial distortions--to account for a significant fraction of measured TFP differentials across countries. |
| 主题 | Microeconomics ; Behavioral Economics ; Development and Growth ; Development ; Growth and Productivity |
| URL | https://www.nber.org/papers/w18550 |
| 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/576225 |
| 推荐引用方式 GB/T 7714 | Simon Gilchrist,Jae W. Sim,Egon Zakrajšek. Misallocation and Financial Frictions: Some Direct Evidence From the Dispersion in Borrowing Costs. 2012. |
| 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 | ||
| w18550.pdf（269KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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