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https://hdl.handle.net/10356/106476
Title: | Capital misallocation in China : financial frictions or policy distortions? | Authors: | Wu, Guiying Laura | Keywords: | Financial Frictions DRNTU::Social sciences::Economic development Capital Misallocation |
Issue Date: | 2018 | Source: | Wu, G. L. (2018). Capital misallocation in China : financial frictions or policy distortions?. Journal of Development Economics, 130, 203-223. doi:10.1016/j.jdeveco.2017.10.014 | Journal: | Journal of Development Economics | Series/Report no.: | Journal of Development Economics | Abstract: | Policy distortions and financial frictions are two leading candidates in generating capital misallocation. This paper designs an identification strategy to separate their effects on average MRPK dispersion across firm ownership, as the average treatment effect on the treated and the selection bias from a policy intervention. Financial frictions are estimated to cause an aggregate TFP loss of 8.3 percent on the intensive margin, which accounts for 30 percent of the capital misallocation observed in China. Using the counterfactual MRPK from a matching procedure, some popular hypotheses on what drive the policy distortions are tested in the matched samples. | URI: | https://hdl.handle.net/10356/106476 http://hdl.handle.net/10220/47956 |
ISSN: | 0304-3878 | DOI: | 10.1016/j.jdeveco.2017.10.014 | Schools: | School of Social Sciences | Rights: | © 2017 Elsevier B.V. All rights reserved. This paper was published in Journal of Development Economics and is made available with permission of Elsevier B.V. | Fulltext Permission: | open | Fulltext Availability: | With Fulltext |
Appears in Collections: | SSS Journal Articles |
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Capital misallocation in China.pdf | 435.54 kB | Adobe PDF | View/Open |
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