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来源类型Working Paper
规范类型报告
DOI10.3386/w21453
来源IDWorking Paper 21453
Capital Allocation and Productivity in South Europe
Gita Gopinath; Sebnem Kalemli-Ozcan; Loukas Karabarbounis; Carolina Villegas-Sanchez
发表日期2015-08-17
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 is consistent with important aspects of firms' behavior 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Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; International Economics ; International Macroeconomics ; Development and Growth ; Development ; Growth and Productivity
URLhttps://www.nber.org/papers/w21453
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579128
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GB/T 7714
Gita Gopinath,Sebnem Kalemli-Ozcan,Loukas Karabarbounis,et al. Capital Allocation and Productivity in South Europe. 2015.
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