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024 8 $ahttps://doi.org/10.2867/795159
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101 0 $aeng
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200 00$aEIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe: New evidence from corporate balance sheets$fEuropean Investment Bank, Marcin Wolski, Laurent Maurin
210  1$aLuxembourg :$cEuropean Investment Bank,$d2021.
215   $a1 online resource (44 p.)
225 1 $aEIB Working Papers
330   $aUsing firm balance sheet data, this paper shows the impact of credit constraints on allocative efficiency and productivity growth. Allocative efficiency is the extent to which resources, including labour, are distributed to firms with the highest growth prospects, or "stuck" in less productive firms. This paper uses firm balance sheet data to analyse the role of financial constraints in the relatively muted post-crisis rebound in productivity in 2014-17, compared to previous upturns in Europe. It shows that the level of financial leverage played an important role in explaining the change in aggregate productivity growth in Europe between 2004 and 2017. Focusing on Northern and Western Europe, it also shows that the productivity potential could not be fully exploited due to constraints on access to credit. It estimates that reducing collateral bottlenecks could more than double the effectiveness of financial leverage in spurring productivity growth in this region between 2014-17.
410   $aEIB Working Papers
606   $aBusiness & Economics / Finance$2bisacsh
606   $aEconomics
615  7$aBusiness & Economics / Finance
615  0$aEconomics
700   $aWolski$b Marcin$01271533
702   $aMaurin$b Laurent
712 02$aEuropean Investment Bank
801  0$bScCtBLL
801  1$bScCtBLL
906   $aBOOK
912   $a9910633944403321
996   $aEIB Working Paper 2021$92995295
997   $aUNINA