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Financial Frictions and the Great Productivity Slowdown /
We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting quasi-experimental variation in firm-level exposure to the crisis,...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Colección: | IMF working paper ;
WP/17/129. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Duval, Romain, |e author. | |
| 245 | 1 | 0 | |a Financial Frictions and the Great Productivity Slowdown / |c Romain Duval, Gee Hee Hong, and Yannick Timmer. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2017] | |
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| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/17/129 | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Contents; 1. Introduction; 2. Empirical Strategy; 2.1. Identification Approach; 2.2. Data and Stylized Facts; 3. Empirical Results; 3.1. Baseline and Extended Specifications; 3.2. Placebo Test; 3.3. The Role of Intangible Investment; 4. Dynamic Responses of Productivity Growth; 5. Robustness Check: Labor Productivity versus TFP; 6. Conclusion; References; Tables; 1. Summary Statistics; 2. Baseline Regression Results; 3. Extended Specification; 4. Placebo Test; 5. Intangible Investment Regression Results; 6. Share of Intangible Assets Regression Results. | |
| 505 | 8 | |a 7. Dynamic Response of the Change in TFP Growth to Pre-Crisis Leverage8. Dynamic Response of the Change in TFP Growth to Pre-Crisis Debt Maturity; 9. Dynamic Response of the Change in Investment in Intangible Assets to Pre-Crisis Leverage; 10. Dynamic Response of the Change in Investment in Intangible Assets to Pre-Crisis Debt Maturity; 11. Baseline Regression: Labor Productivity; Figures; 1. TFP Level Path for Firms with Different Leverage Ratios and Rollover Risks; 2. Estimated TFP Growth Decline for Firms with Different Leverage Ratios and Rollover Risks. | |
| 505 | 8 | |a 3. Estimated TFP Growth Decline for Firms with Different Leverage Ratios and Rollover Risks4. Estimated TFP Level Path for Firms with Different Leverage Ratios and Rollover Risks; 5. Estimated Decline in Investment Rate in Intangible Assets for Firms with Different Leverage Ratios and Rollover Risks. | |
| 520 | 3 | |a We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting quasi-experimental variation in firm-level exposure to the crisis, we find that the combination of pre-existing firm-level financial fragilities and tightening credit conditions made an important contribution to the post-crisis productivity slowdown. Specifically: (i) firms that entered the crisis with weaker balance sheets experienced decline in total factor productivity growth relative to their less vulnerable counterparts after the crisis; (ii) this decline was larger for firms located in countries where credit conditions tightened more; (iii) financially fragile firms cut back on intangible capital investment compared to more resilient firms, which is one plausible way through which financial frictions undermined productivity. All of these effects are highly persistent and quantitatively large-possibly accounting on average for about a third of the post-crisis slowdown in within-firm total factor productivity growth. Furthermore, our results are not driven by more vulnerable firms being less productive or having experienced slower productivity growth before the crisis, or differing from less vulnerable firms along other dimensions. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Labor productivity. | |
| 650 | 0 | |a Performance technology. | |
| 650 | 0 | |a Industrial productivity. | |
| 650 | 6 | |a Productivité. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Industrial Management. |2 bisacsh | |
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| 650 | 7 | |a Industrial productivity. |2 fast |0 (OCoLC)fst00971502 | |
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| 650 | 7 | |a Balance Sheets. |2 imf | |
| 650 | 7 | |a All Countries. |2 imf | |
| 650 | 7 | |a Total Factor Productivity. |2 imf | |
| 650 | 7 | |a Financial Sector. |2 imf | |
| 650 | 7 | |a Investment. |2 imf | |
| 700 | 1 | |a Hong, Gee Hee, |e author. | |
| 700 | 1 | |a Timmer, Yannick, |e author. | |
| 776 | 0 | 8 | |i Print version: |a Duval, Romain A. |t Financial Frictions and the Great Productivity Slowdown. |d Washington, D.C. : International Monetary Fund,2017 |z 9781484300701 |
| 830 | 0 | |a IMF working paper ; |v WP/17/129. | |
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