EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe
Using firm balance sheet data, this paper shows the impact of credit constraints on allocative efficiency and productivity growth. Allocative efficiency is the extent to which resources, including labour, are distributed to firms with the highest growth prospects, or “stuck” in less productive firms...
I tiakina i:
| Ngā kaituhi matua: | , |
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| Hōputu: | Online |
| Reo: | Ingarihi |
| I whakaputaina: |
European Investment Bank
2021
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| Ngā marau: | |
| Urunga tuihono: | OCN: 1269099089 |
| Ngā Tūtohu: |
Kāore He Tūtohu, Me noho koe te mea tuatahi ki te tūtohu i tēnei pūkete!
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| _version_ | 1869525570230943744 |
|---|---|
| author | Wolski, Marcin Maurin, Laurent |
| author_browse | Maurin, Laurent Wolski, Marcin |
| author_facet | Wolski, Marcin Maurin, Laurent |
| author_sort | Wolski, Marcin |
| collection | Directory of Open Access Books |
| description | Using firm balance sheet data, this paper shows the impact of credit constraints on allocative efficiency and productivity growth. Allocative efficiency is the extent to which resources, including labour, are distributed to firms with the highest growth prospects, or “stuck” in less productive firms. This paper uses firm balance sheet data to analyse the role of financial constraints in the relatively muted post-crisis rebound in productivity in 2014-17, compared to previous upturns in Europe. It shows that the level of financial leverage played an important role in explaining the change in aggregate productivity growth in Europe between 2004 and 2017. Focusing on Northern and Western Europe, it also shows that the productivity potential could not be fully exploited due to constraints on access to credit. It estimates that reducing collateral bottlenecks could more than double the effectiveness of financial leverage in spurring productivity growth in this region between 2014-17. |
| format | Online |
| id | doab-20.500.12854ir-71337 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2021 |
| publishDateRange | 2021 |
| publishDateSort | 2021 |
| publisher | European Investment Bank |
| publisherStr | European Investment Bank |
| record_format | ojs |
| spelling | doab-20.500.12854ir-713372025-07-30T14:38:10Z EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe Wolski, Marcin Maurin, Laurent European Investment Bank Business & Economics Finance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry Using firm balance sheet data, this paper shows the impact of credit constraints on allocative efficiency and productivity growth. Allocative efficiency is the extent to which resources, including labour, are distributed to firms with the highest growth prospects, or “stuck” in less productive firms. This paper uses firm balance sheet data to analyse the role of financial constraints in the relatively muted post-crisis rebound in productivity in 2014-17, compared to previous upturns in Europe. It shows that the level of financial leverage played an important role in explaining the change in aggregate productivity growth in Europe between 2004 and 2017. Focusing on Northern and Western Europe, it also shows that the productivity potential could not be fully exploited due to constraints on access to credit. It estimates that reducing collateral bottlenecks could more than double the effectiveness of financial leverage in spurring productivity growth in this region between 2014-17. 2021-07-16T02:01:58Z 2021-07-16T02:01:58Z 2021-07-15T03:30:51Z 2021 book OCN: 1269099089 https://library.oapen.org/handle/20.500.12657/50074 9789286150357 https://directory.doabooks.org/handle/20.500.12854/71337 eng open access image/jpeg image/jpeg image/jpeg image/jpeg image/jpeg Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International https://library.oapen.org/bitstream/20.500.12657/50074/1/9789286150357.pdf https://library.oapen.org/bitstream/20.500.12657/50074/1/9789286150357.pdf https://library.oapen.org/bitstream/20.500.12657/50074/1/9789286150357.pdf https://library.oapen.org/bitstream/20.500.12657/50074/1/9789286150357.pdf https://library.oapen.org/bitstream/20.500.12657/50074/1/9789286150357.pdf European Investment Bank European Investment Bank https://doi.org/10.2867/795159 https://doi.org/10.2867/795159 feca012f-a3d8-4aac-95aa-b6cf4bdbed7c 9789286150357 Knowledge Unlatched (KU) KU Open Services European Investment Bank open access |
| spellingShingle | Business & Economics Finance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry Wolski, Marcin Maurin, Laurent EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title | EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title_full | EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title_fullStr | EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title_full_unstemmed | EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title_short | EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe |
| title_sort | eib working paper 2021 04 aggregate productivity slowdown in europe |
| topic | Business & Economics Finance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry |
| topic_facet | Business & Economics Finance thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry |
| url | OCN: 1269099089 |
| work_keys_str_mv | AT wolskimarcin eibworkingpaper202104aggregateproductivityslowdownineurope AT maurinlaurent eibworkingpaper202104aggregateproductivityslowdownineurope |