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,...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/129. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 online resource (33) |
| ISBN: | 1484302613 9781484302613 |
| ISSN: | 1018-5941 ; |
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| 100 | 1 | |a Duval, Romain, |e author. |0 http://id.loc.gov/authorities/names/no2008015125 | |
| 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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| 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. | |
| 650 | 0 | |a Labor productivity. |0 http://id.loc.gov/authorities/subjects/sh85073719 | |
| 650 | 0 | |a Performance technology. |0 http://id.loc.gov/authorities/subjects/sh90002026 | |
| 650 | 0 | |a Industrial productivity. |0 http://id.loc.gov/authorities/subjects/sh85065915 | |
| 650 | 6 | |a Productivité. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Industrial Management. |2 bisacsh | |
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| 650 | 7 | |a Performance technology |2 fast | |
| 650 | 7 | |a Industrial productivity |2 fast | |
| 650 | 7 | |a Labor productivity |2 fast | |
| 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 | |
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| 700 | 1 | |a Hong, Gee Hee, |e author. |0 http://id.loc.gov/authorities/names/no2012114018 | |
| 700 | 1 | |a Timmer, Yannick, |e author. |0 http://id.loc.gov/authorities/names/no2017093412 | |
| 758 | |i has work: |a Financial Frictions and the Great Productivity Slowdown (Text) |1 https://id.oclc.org/worldcat/entity/E39PCH6dpdyjv4R6FfTJkCdGH3 |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 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. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| author | Duval, Romain Hong, Gee Hee Timmer, Yannick |
| author_GND | http://id.loc.gov/authorities/names/no2008015125 http://id.loc.gov/authorities/names/no2012114018 http://id.loc.gov/authorities/names/no2017093412 |
| author_facet | Duval, Romain Hong, Gee Hee Timmer, Yannick |
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| contents | 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. 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. 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. |
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| dewey-ones | 658 - General management |
| dewey-raw | 658.314 |
| dewey-search | 658.314 |
| dewey-sort | 3658.314 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:27Z |
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| isbn | 1484302613 9781484302613 |
| issn | 1018-5941 ; |
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| oclc_num | 991159459 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (33) |
| psigel | ZDB-4-EBU |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper, |
| spelling | Duval, Romain, author. http://id.loc.gov/authorities/names/no2008015125 Financial Frictions and the Great Productivity Slowdown / Romain Duval, Gee Hee Hong, and Yannick Timmer. [Washington, D.C.] : International Monetary Fund, [2017] 1 online resource (33) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper, 1018-5941 ; WP/17/129 Print version record. 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. 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. 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. 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. Labor productivity. http://id.loc.gov/authorities/subjects/sh85073719 Performance technology. http://id.loc.gov/authorities/subjects/sh90002026 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Productivité. BUSINESS & ECONOMICS Industrial Management. bisacsh BUSINESS & ECONOMICS Management. bisacsh BUSINESS & ECONOMICS Management Science. bisacsh BUSINESS & ECONOMICS Organizational Behavior. bisacsh Performance technology fast Industrial productivity fast Labor productivity fast Balance Sheets. imf All Countries. imf Total Factor Productivity. imf Financial Sector. imf Investment. imf Hong, Gee Hee, author. http://id.loc.gov/authorities/names/no2012114018 Timmer, Yannick, author. http://id.loc.gov/authorities/names/no2017093412 has work: Financial Frictions and the Great Productivity Slowdown (Text) https://id.oclc.org/worldcat/entity/E39PCH6dpdyjv4R6FfTJkCdGH3 https://id.oclc.org/worldcat/ontology/hasWork Print version: Duval, Romain A. Financial Frictions and the Great Productivity Slowdown. Washington, D.C. : International Monetary Fund,2017 9781484300701 IMF working paper ; WP/17/129. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1536282 Volltext |
| spellingShingle | Duval, Romain Hong, Gee Hee Timmer, Yannick Financial Frictions and the Great Productivity Slowdown / IMF working paper ; 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. 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. 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. Labor productivity. http://id.loc.gov/authorities/subjects/sh85073719 Performance technology. http://id.loc.gov/authorities/subjects/sh90002026 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Productivité. BUSINESS & ECONOMICS Industrial Management. bisacsh BUSINESS & ECONOMICS Management. bisacsh BUSINESS & ECONOMICS Management Science. bisacsh BUSINESS & ECONOMICS Organizational Behavior. bisacsh Performance technology fast Industrial productivity fast Labor productivity fast Balance Sheets. imf All Countries. imf Total Factor Productivity. imf Financial Sector. imf Investment. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85073719 http://id.loc.gov/authorities/subjects/sh90002026 http://id.loc.gov/authorities/subjects/sh85065915 |
| title | Financial Frictions and the Great Productivity Slowdown / |
| title_auth | Financial Frictions and the Great Productivity Slowdown / |
| title_exact_search | Financial Frictions and the Great Productivity Slowdown / |
| title_full | Financial Frictions and the Great Productivity Slowdown / Romain Duval, Gee Hee Hong, and Yannick Timmer. |
| title_fullStr | Financial Frictions and the Great Productivity Slowdown / Romain Duval, Gee Hee Hong, and Yannick Timmer. |
| title_full_unstemmed | Financial Frictions and the Great Productivity Slowdown / Romain Duval, Gee Hee Hong, and Yannick Timmer. |
| title_short | Financial Frictions and the Great Productivity Slowdown / |
| title_sort | financial frictions and the great productivity slowdown |
| topic | Labor productivity. http://id.loc.gov/authorities/subjects/sh85073719 Performance technology. http://id.loc.gov/authorities/subjects/sh90002026 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Productivité. BUSINESS & ECONOMICS Industrial Management. bisacsh BUSINESS & ECONOMICS Management. bisacsh BUSINESS & ECONOMICS Management Science. bisacsh BUSINESS & ECONOMICS Organizational Behavior. bisacsh Performance technology fast Industrial productivity fast Labor productivity fast Balance Sheets. imf All Countries. imf Total Factor Productivity. imf Financial Sector. imf Investment. imf |
| topic_facet | Labor productivity. Performance technology. Industrial productivity. Productivité. BUSINESS & ECONOMICS Industrial Management. BUSINESS & ECONOMICS Management. BUSINESS & ECONOMICS Management Science. BUSINESS & ECONOMICS Organizational Behavior. Performance technology Industrial productivity Labor productivity Balance Sheets. All Countries. Total Factor Productivity. Financial Sector. Investment. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1536282 |
| work_keys_str_mv | AT duvalromain financialfrictionsandthegreatproductivityslowdown AT honggeehee financialfrictionsandthegreatproductivityslowdown AT timmeryannick financialfrictionsandthegreatproductivityslowdown |