Reallocation effects of recessions and financial crises: an industry-level analysis

被引：0

作者：

Coricelli, Fabrizio ^{[2
,3
]}

Karadimitropoulou, Aikaterini E. ^{[1
]}

Leon-Ledesma, Miguel A. ^{[4
]}

机构：

[1] Univ East Anglia, Dept Econ, Norwich NR4 7TJ, Norfolk, England

[2] Paris Sch Econ, Dept Econ, F-75013 Paris, France

[3] CEPR, Washington, DC USA

[4] Univ Kent, Growth & Hist Ctr MaGHiC, Sch Econ & Macroecon, Canterbury CT2 7NP, Kent, England

来源：

B E JOURNAL OF MACROECONOMICS | 2016年 / 16卷 / 02期

基金：

英国经济与社会研究理事会;

关键词：

permanent productivity effects; recessions; sectoral restructuring; OUTPUT FLUCTUATIONS; BUSINESS-CYCLE; UNITED-STATES; BANKING;

D O I：

10.1515/bejm-2015-0082

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We characterize the behavior of disaggregate manufacturing sectors for a large set of developed and emerging markets around recession dates. We uncover some relevant stylized facts. The dispersion in value added (VA) growth rates in developed economies is counter-cyclical, whereas for emerging countries it is pro-cyclical. Recoveries are more productivity-driven in developed countries as opposed to employment-driven for emerging markets. Around recession episodes sectoral-level misallocation of resources does not significantly change in developed economies, whereas it increases in emerging economies during financial crises. Therefore, there is no evidence that recessions improve the allocation of resources across industries.

引用

页码：485 / 522

页数：38

共 50 条

[1] The border effects in Spain: an industry-level analysis
Requena, Francisco
Llano, Carlos
[J]. EMPIRICA, 2010, 37 (04) : 455 - 476
[2] The border effects in Spain: an industry-level analysis
Francisco Requena
Carlos Llano
[J]. Empirica, 2010, 37 : 455 - 476
[3] ANALYZING INDUSTRY-LEVEL VULNERABILITY BY PREDICTING FINANCIAL BANKRUPTCY
Tanaka, Katsuyuki
Higashide, Takuo
Kinkyo, Takuji
Hamori, Shigeyuki
[J]. ECONOMIC INQUIRY, 2019, 57 (04) : 2017 - 2034
[4] Credit Reallocation, Deleveraging, and Financial Crises
Hyun, Junghwan
Minetti, Raoul
[J]. JOURNAL OF MONEY CREDIT AND BANKING, 2019, 51 (07) : 1889 - 1921
[5] Do Industry-Level Analyses Improve Forecasts of Financial Performance?
Fairfield, Patricia M.
Ramnath, Sundaresh
Yohn, Teri Lombardi
[J]. JOURNAL OF ACCOUNTING RESEARCH, 2009, 47 (01) : 147 - 178
[6] Contractual imperfections and the impact of crises on trade: Evidence from industry-level data
Castellares, Renzo
Salas, Jorge
[J]. JOURNAL OF INTERNATIONAL ECONOMICS, 2019, 116 : 33 - 49
[7] Electoral systems and protectionism: an industry-level analysis
Ardelean, Adina
Evans, Carolyn L.
[J]. CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 2013, 46 (02): : 725 - 764
[8] Sudden stops and financial frictions: Evidence from industry-level data
Cowan, Kevin
Raddatz, Claudio
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2013, 32 : 99 - 128
[9] Industrial activity and the environment in China: An industry-level analysis
Cole, Matthew A.
Elliott, Robert J. R.
Wu, Shanshan
[J]. CHINA ECONOMIC REVIEW, 2008, 19 (03) : 393 - 408
[10] The use of modular organizational forms: An industry-level analysis
Schilling, MA
Steensma, HK
[J]. ACADEMY OF MANAGEMENT JOURNAL, 2001, 44 (06): : 1149 - 1168

← 1 2 3 4 5 →