Capital Allocation in Developing Countries

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Tác giả: Joel M David

Ngôn ngữ: eng

Ký hiệu phân loại: 330.91 Treatment by areas, regions, places in general

Thông tin xuất bản: World Bank, Washington, DC, 2019

Mô tả vật lý:

Bộ sưu tập: Tài liệu truy cập mở

ID: 324024

 This paper investigates the sources of capital misallocation across a group of 11 developing and developed countries. The main findings are (i) technological frictions, namely, adjustment costs and uncertainty, account for only a modest share of observed misallocation, leaving ample scope for other factors
  (ii) heterogeneity in firm-level technologies potentially explains between one-quarter and one-half
  but (iii) dispersion in markups is much smaller
  and (iv) after accounting for these factors, on average, at least 50 percent of misallocation within each of these countries remains unexplained, suggesting a large role for additional, potentially distortionary factors. These factors are largely attributable to a component that is correlated with firm size/productivity and one that is essentially permanent to the firm. The paper reports a broad set of moments describing firm-level investment dynamics and detailed parameter estimates on a country-by-country basis, with an eye toward future work in this area.
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