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Francesco Manaresi and Mr. Nicola Pierri
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Yang Yang

Industries VIII. Discussion and Conclusion References Appendices A. China’s National Trunk Highway System B. Price Quote Data C. Revenue Productivity, Prices and Marginal Cost D. Bilateral Trade and Market Access E. Highway Construction Costs in China Tables 1. Transportation cost 2. City Market Access and Firm TFP 3. Counterfactual Impacts on Aggregate TFP 4. Decomposition of TFP gains 5. Estimation of Transportation Costs 6. Productivity of Chinese Manufacturing Firms 7. First Stage Regressions 8. Market Access and Within-Firm TFP

International Monetary Fund. Middle East and Central Asia Dept.

are used for estimating firm TFP for Jordan. Input shares and firm TFP are estimated at the two-digit NACE level. 12. TFP growth at the firm level was negative for many industries during 2010–19. Firm-level data suggests that TFP growth were very high during 2002–10 across almost all industries but has slowed significantly. During 2011–19, transportation, real estate and finance saw sharp declines in productivity growth, whereas manufacturing, mining, and ICT experienced some positive TFP growth. The unfavorable micro level evidence confirms the weak productivity

International Monetary Fund. European Dept.
This Selected Issues paper examines Finland’s sectoral balance sheets and how they have evolved since the global financial crisis; the analysis reveals that financial vulnerabilities have risen in most sectors. Indebtedness has increased for nonfinancial corporations (NFCs), households, and the government, increasing their financial fragility and vulnerability to shocks. Also, cross-border financial exposures have risen on both sides of Finland’s balance sheet. Specifically, banks’ balance sheets have grown considerably, largely owing to a rise in foreign liabilities. NFCs and the government have also relied in part on foreign investors to finance their debt increases.
Rui Xu and Kaiji Gong
We analyze the impact of rising import competition from China on U.S. innovative activities. Using Compustat data, we find that import competition induces R&D expenditures to be reallocated towards more productive and more profitable firms within each industry. Such reallocation effect has the potential to offset the average drop in firm-level R&D identified in the previous literature. Indeed, our quantitative analysis shows no adverse impact of import competition on aggregate R&D expenditures. Taking the analysis beyond manufacturing, we find that import competition has led to reallocation of researchers towards booming service industries, including business and repairs, personal services, and financial services.