Financial friction, resource misallocation and total factor productivity: theory and evidence from China
نویسندگان
چکیده
We explore the impact of financial friction on resource misallocation and total factor productivity (TFP) China. First, mathematical models are derived to clarify mechanism consequence misallocation, showing that leads mismatch, thus results in loss TFP. Second, taking dataset China as research sample, we establish econometric impacts allocation The show has negative TFP In addition, markets will lead distortion. Furthermore, analysis demonstrate is an important channel through which deteriorates China, verified at enterprise province levels, respectively.
منابع مشابه
State Misallocation and Housing Prices: Theory and Evidence from China
This paper examines the equilibrium price effects of the privatization of housing assets that were previously owned and allocated by the state. I develop a theoretical framework that shows that privatization can have ambiguous effects on prices in the private market, and that the degree of misallocation of the assets prior to privatization determines the subsequent price effects. I test the pre...
متن کاملForeign Knowledge Spillovers and Total Factor Productivity Growth: Evidence from Four ASEAN Countries
This study examines the dynamic relationship between foreign direct investment (FDI) and total factor productivity having controlled for other channels of external openness: exports and imports in four ASEAN countries: Indonesia, Malaysia, Singapore, and Thailand. We employ the panel data analysis PDA (fixed effect and dynamic panel models) as well as the panel cointegration and Granger causali...
متن کاملFinancial Shocks and Endogenous Total Factor Productivity
This paper presents and estimates a dynamic stochastic general equilibrium model in which labor reallocations between production and organizational tasks and endogenous movements in measured TFP serve as an ampli cation mechanism in business cycles. In our model, the organizational tasks are related to accumulation of organizational capital which enhances the nancial relationships between rms...
متن کاملResource Misallocation and Aggregate Productivity under Progressive Taxation∗
This paper quantitatively examines the long-run macroeconomic effects of resource misallocation in an otherwise standard one-sector neoclassical growth model with heterogeneous establishments being subject to progressive taxation as well as endogenous entry decisions. Under a progressive fiscal policy rule, capital and labor inputs move from more productive to less productive establishments as ...
متن کاملDecentralization in Financial Institutions: Theory and Evidence from China*
Decentralization facilitates more efficient use of local information but also can lead to agency problems and commitment failures. This paper develops simple models of a twotier hierarchy (the center vs. the local) to study the optimal division of lending authority between central and local bank managers. Using a unique data set collected by the authors from a survey of rural financial institut...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Applied Economics
سال: 2021
ISSN: ['1667-6726', '1514-0326']
DOI: https://doi.org/10.1080/15140326.2021.1936836