Umfang:
1 Online-Ressource (circa 87 Seiten)
,
Illustrationen
ISBN:
9781484378465
Serie:
IMF working paper WP/18, 221
Inhalt:
This paper identifies a new mechanism leading to inefficiency in capital reallocation at the extensive margin when an economy experiences a sectoral boom. I argue that imperfections in the financial market and capital barriers to entry in the booming sector create a misallocation of managerial talent. Using comprehensive firm-level data from China, I first provide evidence that more productive firms reallocate capital to the booming real estate sector, and demonstrate that the pattern is likely driven by fewer financial constraints on these firms. I then use a structural estimation to verify the talent misallocation. Finally, I calibrate a dynamic model and find that the without the misallocation, the TFP growth in the manufacturing sector would have improved by 0.5% per year
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe Shi, Yu Sectoral Booms and Misallocation of Managerial Talent: Evidence from the Chinese Real Estate Boom Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484378465
Sprache:
Englisch
Schlagwort(e):
Graue Literatur
DOI:
10.5089/9781484378465.001
URL:
Volltext
(kostenfrei)
URL:
Volltext
(kostenfrei)
Bookmarklink
