宏观经济研讨会(总第172期)Finance and Misallocation.pdfVIP

微信搜索“JJTZGGLT”关注“经济体制改革论坛”以获知更多宏观经济学研讨会内容 Finance and Misallocation: Evidence from Plant-Level Data Virgiliu Midrigan and Daniel Yi Xu, 2014, AER Presented by Minjie Deng 微信搜索“JJTZGGLT”关注“经济体制改革论坛”以获知更多宏观经济学研讨会内容 Introduction Financial frictions can reduce aggregate productivity via two channels: • Distort entry and technology adoption decisions and thus reduce the productivity of individual producers • Generate differences in the returns to capital across individual producers and thus efficiency losses due to misallocation 微信搜索“JJTZGGLT”关注“经济体制改革论坛”以获知更多宏观经济学研讨会内容 Introduction Goal in this paper: • Evaluate the strength of these two channels quantitatively • Conclusion in advance: sizable losses from inefficiently low levels of entry and technology adoption, small losses from misallocation. Data: • Manufacturing sectors of South Korea (mainly) • Manufacturing sectors of China and Colombia 微信搜索“JJTZGGLT”关注“经济体制改革论坛”以获知更多宏观经济学研讨会内容 ⅠBenchmark Model A. Setup Traditional sector: •Unproductive •Only use labor and do not require financing Modern sector: •Productive •Use capital and labor •Require two forms of capital investment: sunk cost when entry physical capital 微信搜索“JJTZGGLT”关注“经济体制改革论坛”以获知更多宏观经济学研讨会内容 ⅠBenchmark Model • Entry into the modern sector requires investment as a sunk cost • Producers: borrow and save with financial intermediaries • Workers: face uninsurable idiosyncratic labo