全球智库信息集成服务系统(G2TT): Misallocation and Capital Market Integration: Evidence From India

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27955
来源ID	Working Paper 27955
	Misallocation and Capital Market Integration: Evidence From India
	Natalie Bau; Adrien Matray
发表日期	2020-10-19
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	International Economics ; International Factor Mobility ; International Finance ; Globalization and International Relations ; Development and Growth ; Development ; Growth and Productivity
URL	https://www.nber.org/papers/w27955
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/585629
推荐引用方式 GB/T 7714	Natalie Bau,Adrien Matray. Misallocation and Capital Market Integration: Evidence From India. 2020.

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w27955.pdf（617KB）	智库出版物		限制开放	CC BY-NC-SA	浏览