04853oam 22012374 450 991078831060332120230725040446.01-4623-8299-197866128453141-282-84531-41-4519-6237-11-4527-7426-9(CKB)3170000000055422(SSID)ssj0000940812(PQKBManifestationID)11495551(PQKBTitleCode)TC0000940812(PQKBWorkID)10955708(PQKB)10156466(OCoLC)680613467(MiAaPQ)EBC1606085(IMF)WPIEE2010023(EXLCZ)99317000000005542220020129d2010 uf 0engurcn|||||||||txtccrFinancial Shocks and TFP L4318Growth /Tiago Severo, Marcello EstevãoWashington, D.C. :International Monetary Fund,2010.24 p. illIMF Working Papers"January 2010."1-4519-1871-2 Includes bibliographical references (p. 24).The paper investigates how changes in industries' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries' dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth. This finding cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. Based on a stylized theoretical model, the estimates suggest that financial shocks distort the allocation of factors across firms even within an industry, reducing its TFP. The decline in productivity growth accounts for a large fraction of the negative impact of funding costs on output.IMF Working Papers; Working Paper ;No. 2010/023Business cyclesIndustrial productivityFinancial crisesInvestments: BondsimfProduction and Operations ManagementimfMacroeconomics: ProductionimfBusiness FluctuationsimfCyclesimfFinancial Markets and the MacroeconomyimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfGeneral Financial Markets: General (includes Measurement and Data)imfEmploymentimfUnemploymentimfWagesimfIntergenerational Income DistributionimfAggregate Human CapitalimfAggregate Labor ProductivityimfMacroeconomicsimfInvestment & securitiesimfTotal factor productivityimfCorporate bondsimfProductivityimfCapital productivityimfBond yieldsimfFinancial institutionsimfIndustrial productivityimfBondsimfUnited StatesimfBusiness cycles.Industrial productivity.Financial crises.Investments: BondsProduction and Operations ManagementMacroeconomics: ProductionBusiness FluctuationsCyclesFinancial Markets and the MacroeconomyProductionCostCapital and Total Factor ProductivityCapacityGeneral Financial Markets: General (includes Measurement and Data)EmploymentUnemploymentWagesIntergenerational Income DistributionAggregate Human CapitalAggregate Labor ProductivityMacroeconomicsInvestment & securitiesTotal factor productivityCorporate bondsProductivityCapital productivityBond yieldsFinancial institutionsIndustrial productivityBondsSevero Tiago1532210Estevão Marcello1532211International Monetary Fund.Western Hemisphere Dept.DcWaIMFBOOK9910788310603321Financial Shocks and TFP L4318Growth3778295UNINA