Entry Regulation and Intersectoral Reallocation进入管制和部门间的重新分配.pptVIP

E.Papaioannou/Human Capital, the Structure of Production and Growth Entry Regulation and Intersectoral Reallocation Antonio Ciccone and Elias Papaioannou UPF Dartmouth College Motivation: Entry Restrictions and Productivity How do entry restrictions affect intersectoral factor reallocation when open economies are hit by global industry shocks? - Multi-sector world equilibrium model where countries put upper bound on entry of new varieties. - Implies that in response to global sectoral shocks there is less factor reallocation in economies with tighter restrictions compared to frictionless benchmark. - Test this prediction in 1980s and 1990s using 2 proxies for frictionless benchmark reallocation. Existing Theoretical Literature Entry costs ? economic efficiency - Technology adoption (e.g. Parente and Prescott, 1994) - Industry efficiency (e.g. Hopenhayn, 1992) - Product variety (e.g. Dixit and Stiglitz, 1978) - Market power (e.g. Stigler, 1971). - Entrepreneurship and employment (e.g. Pissarides et al., 2001) Focus here - Interaction between entry restrictions/delays and economic shocks - Examine link: entry restrictions/delays ? intersectoral factor reallocation Empirical Literature on Entry Regulation - Measurement of entry costs and delays De Soto (1989); Djankov, La Porta, Lopez-de-Silanes, and Shleifer (2002); World Bank (Doing Business Around the World); OECD (Regulation Database) - Entry regulation and entrepreneurship/growth Fisman and Sarria-Allende (2004); Klapper, Laeven and Rajan (2006); Nicoletti and Scarpetta (2001, 2002, 2006); Alesina, et al. (2005); Bertrand and Kramraz (2002); Bruhn (2007); Aghion, et al. (2008); Yakovlev and Zhuravskaya (2007); Ardagna and Lusardi (2008). Presentation Overview Theoretical model Set-up Equilibrium analysis Global industry shocks and country-level entry restrictions Estimation Issues and Data Empirical Results Preliminary Results