The DOI matches its Crossref record; 48 of the 48 references it cites were found in a registry or an index.
Capital Allocation and Productivity in South Europe*
Open accessAbstract
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.
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Cites
Financial Dependence and Growth
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Misallocation and Manufacturing TFP in China and India*
Hsieh, C.-T., & Klenow, P. J. (2009) · Quarterly Journal of Economics · doi:10.1162/qjec.2009.124.4.1403 · Cited by 4,175
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690 · cited 2×
“V ( a, k, z , z ,X ) = max a′,k′,`,p { U(c) + βEV ( a′, k′, z , (z )′,X′ )} , (19) Berger and Udell (1988) argue that small and young firms have lower access to finance because informational constraints cause investors to perceive them as more risky.”
BackgroundDo Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market
Khwaja, A. I., & Mian, A. (2005) · The Quarterly Journal of Economics · doi:10.1162/003355305775097524 · Cited by 2,366
Identification Properties of Recent Production Function Estimators
Ackerberg, D. A., Caves, K., & Frazer, G. (2015) · Econometrica · doi:10.3982/ecta13408 · Cited by 2,241
Misallocation and Manufacturing TFP in China and India
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Cited by
The European Trust Crisis and the Rise of Populism
Algan, Y., Guriev, S., Papaioannou, E., & Passari, E. (2017) · Brookings Papers on Economic Activity · doi:10.1353/eca.2017.0015 · Cited by 693
Credit Allocation Under Economic Stimulus: Evidence from China
Cong, L. W., Gao, H., Ponticelli, J., & Yang, X. (2019) · The Review of Financial Studies · doi:10.1093/rfs/hhz008 · Cited by 531
Koch, M., Manuylov, I., & Smolka, M. (2021) · The Economic Journal · doi:10.1093/ej/ueab009 · Cited by 452
Financial Frictions and the Great Productivity Slowdown
Duval, R., Hong, G. H., & Timmer, Y. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz063 · Cited by 180
“Changing Business Dynamism and Productivity: Shocks vs. Responsiveness”
Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2018) · doi:10.3386/w24236 · Cited by 83
Metadata
- Authors
- Gopinath, G., Kalemli-Özcan, Ş., Karabarbounis, L., & Villegas-Sanchez, C.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2017-06-20
- Volume
- 132
- Issue
- 4
- Pages
- 1915-1967
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2127019830
- Cited by
- 848
- References
- 48
- FWCI
- 121.10
- Type
- journal article
- Language
- en
- Open access
- gold
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- Gopinath, G., Kalemli-Özcan, Ş., Karabarbounis, L., & Villegas-Sanchez, C. (2017). Capital Allocation and Productivity in South Europe*. The Quarterly Journal of Economics. https://doi.org/10.1093/qje/qjx024
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
