Replication data for: Finance and Misallocation: Evidence from Plant-Level Data
Principal Investigator(s): View help for Principal Investigator(s) Virgiliu Midrigan; Daniel Yi Xu
Version: View help for Version V1
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Project Citation:
Midrigan, Virgiliu, and Xu, Daniel Yi. Replication data for: Finance and Misallocation: Evidence from Plant-Level Data. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112733V1
Project Description
Summary:
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We use producer-level data to evaluate the role of financial frictions
in determining total factor productivity (TFP). We study a model
of establishment dynamics in which financial frictions reduce TFP
through two channels. First, finance frictions distort entry and
technology adoption decisions. Second, finance frictions generate
dispersion in the returns to capital across existing producers and thus
productivity losses from misallocation. Parameterizations of our model
consistent with the data imply fairly small losses from misallocation,
but potentially sizable losses from inefficiently low levels of entry and
technology adoption.
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F41 Open Economy Macroeconomics
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L60 Industry Studies: Manufacturing: General
O33 Technological Change: Choices and Consequences; Diffusion Processes
O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F41 Open Economy Macroeconomics
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L60 Industry Studies: Manufacturing: General
O33 Technological Change: Choices and Consequences; Diffusion Processes
O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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