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Reallocation, competition and productivity : evidence from a financial liberalization episode
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Varela, Liliana (2018) Reallocation, competition and productivity : evidence from a financial liberalization episode. The Review of Economic Studies, 85 (2). pp. 1279-1313. doi:10.1093/restud/rdx046
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Official URL: https://doi.org/10.1093/restud/rdx046
Abstract
This paper studies the impact of distortions in the access to international capital markets on competition and productivity. I show that a reduction in these distortions leads to an increase in aggregate productivity through two different channels. First, firms that were previously credit constrained respond to better financing terms by increasing their investment in technology, a reallocation effect. Second, non-constrained firms also expand their investment in technology because of increased competition, a pro-competitive effect. I provide evidence for these two channels using firm-level census data from the deregulation of international financial flows in Hungary.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Industrial productivity, Finance -- Management, Capital movements, Competition, Capital movements -- Hungary | ||||||||
| Journal or Publication Title: | The Review of Economic Studies | ||||||||
| Publisher: | Oxford University Press | ||||||||
| ISSN: | 0034-6527 | ||||||||
| Official Date: | 1 April 2018 | ||||||||
| Dates: |
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| Volume: | 85 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 1279-1313 | ||||||||
| DOI: | 10.1093/restud/rdx046 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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