期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We analyse the evolution of capital and labour (mis)allocation across firms in five euro-areacountries (Belgium, France, Germany, Italy and Spain) and eight main sectors of the economyduring the period 2002-2012. Three key stylized facts emerge. First, in all countries with theexception of Germany, capital allocation has worsened over time whereas the efficiency of labourreallocation has not changed significantly. Second, the observed increase in capital misallocationhas been particularly severe in services as opposed to industry. Third, misallocation of both labourand capital dropped in all countries in 2009 and again for some country-sectors in 2011-2012. Wenext take stock of the possible drivers of input misallocation dynamics in a standard panelregression framework. Controlling for demand conditions and for the initial level of misallocation,heightened uncertainty, restrictive bank credit standards and tight product and labour marketregulation are found to have boosted input misallocation, whereas the Great Recession per seexerted a cleansing effect.
关键词：total factor productivity; allocative efficiency; capital; labour; Great Recession
