FACTOR ADJUSTMENTS AFTER DEREGULATION: PANEL EVIDENCE FROM COLOMBIAN PLANTS

• 成果类型: Article
• 署名作者: Eslava, Marcela; Haltiwanger, John; Kugler, Adriana; Kugler, Maurice
• 署名单位: University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Houston System; University of Houston; National Bureau of Economic Research; Wilfrid Laurier University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.2010.11470
• 发表日期: 2010-05
• 页码: 378-391
• 关键词: capital adjustment; structural reforms; PRODUCTIVITY; turnover; INVESTMENT; DYNAMICS; reallocation; demand; POLICY; lumps

摘要

We analyze nonlinear adjustments of capital and labor using plant data from the Colombian Annual Manufacturing Survey, allowing for interdependence in adjustments of the two factors. We find nonlinear employment and capital adjustments. We also find that capital shortages reduce hiring, and labor surpluses reduce capital shedding. Moreover, we find that job destruction and capital formation increased after factor market deregulation in Colombia. Finally, we find that completely eliminating frictions in factor adjustment would yield a substantial increase in aggregate productivity through improved allocative efficiency, but that the actual impact of the Colombian deregulation on productivity was modest.