Capital Account Liberalization and Aggregate Productivity: The Role of Firm Capital Allocation

• 成果类型: Article
• 署名作者: Larrain, Mauricio; Stumpner, Sebastian
• 署名单位: Columbia University; Pontificia Universidad Catolica de Chile; Universite de Montreal
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12497
• 发表日期: 2017
• 页码: 1825-1857
• 关键词: growth; misallocation; finance

摘要

We study the effects of capital account liberalization on firm capital allocation and aggregate productivity in 10 Eastern European countries. Using a large firm-level data set, we show that capital account liberalization decreases the dispersion in the return to capital across firms, particularly in sectors more dependent on external finance. We provide evidence that capital account liberalization improves capital allocation by allowing financially constrained firms to demand more capital and produce at a more efficient level. Finally, using a model of misallocation we document that capital account liberalization increases aggregate productivity through more efficient capital allocation by 10% to 16%.