LEADER 05508oam 22012734 450 001 9910828513203321 005 20240402044958.0 010 $a1-4623-8299-1 010 $a9786612845314 010 $a1-282-84531-4 010 $a1-4519-6237-1 010 $a1-4527-7426-9 035 $a(CKB)3170000000055422 035 $a(SSID)ssj0000940812 035 $a(PQKBManifestationID)11495551 035 $a(PQKBTitleCode)TC0000940812 035 $a(PQKBWorkID)10955708 035 $a(PQKB)10156466 035 $a(OCoLC)680613467 035 $a(MiAaPQ)EBC1606085 035 $a(IMF)WPIEE2010023 035 $a(EXLCZ)993170000000055422 100 $a20020129d2010 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Shocks and TFP L4318Growth /$fTiago Severo, Marcello Estevão 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2010. 215 $a24 p. $cill 225 1 $aIMF Working Papers 300 $a"January 2010." 311 $a1-4519-1871-2 320 $aIncludes bibliographical references (p. 24). 327 $aIntro -- Contents -- I. Introduction -- II. Theory -- A. A Model Relating TFP and Financial Shocks -- B. Creative Destruction and the "Cleansing" Effect -- III. Empirical Strategy -- A. Dependence on External Finance -- B. Measuring Sectoral TFP Growth -- C. The Cost of Funds -- IV. Estimation Results -- A. Baseline Regressions -- B. Robustness Checks -- V. Changes in the Cost of Equity and TFP Growth -- A. Measuring the Cost of Equity -- B. Empirical Results -- VI. Discussion -- VII. Conclusion -- Appendices -- Appendix A-Tables -- Appendix B-Figures -- Appendix C-Calibration -- References. 330 3 $aThe paper investigates how changes in industries' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries' dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth. This finding cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. Based on a stylized theoretical model, the estimates suggest that financial shocks distort the allocation of factors across firms even within an industry, reducing its TFP. The decline in productivity growth accounts for a large fraction of the negative impact of funding costs on output. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2010/023 606 $aBusiness cycles 606 $aIndustrial productivity 606 $aFinancial crises 606 $aInvestments: Bonds$2imf 606 $aProduction and Operations Management$2imf 606 $aMacroeconomics: Production$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aProduction$2imf 606 $aCost$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCapacity$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEmployment$2imf 606 $aUnemployment$2imf 606 $aWages$2imf 606 $aIntergenerational Income Distribution$2imf 606 $aAggregate Human Capital$2imf 606 $aAggregate Labor Productivity$2imf 606 $aMacroeconomics$2imf 606 $aInvestment & securities$2imf 606 $aTotal factor productivity$2imf 606 $aCorporate bonds$2imf 606 $aProductivity$2imf 606 $aCapital productivity$2imf 606 $aBond yields$2imf 606 $aFinancial institutions$2imf 606 $aIndustrial productivity$2imf 606 $aBonds$2imf 607 $aUnited States$2imf 615 0$aBusiness cycles. 615 0$aIndustrial productivity. 615 0$aFinancial crises. 615 7$aInvestments: Bonds 615 7$aProduction and Operations Management 615 7$aMacroeconomics: Production 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aFinancial Markets and the Macroeconomy 615 7$aProduction 615 7$aCost 615 7$aCapital and Total Factor Productivity 615 7$aCapacity 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEmployment 615 7$aUnemployment 615 7$aWages 615 7$aIntergenerational Income Distribution 615 7$aAggregate Human Capital 615 7$aAggregate Labor Productivity 615 7$aMacroeconomics 615 7$aInvestment & securities 615 7$aTotal factor productivity 615 7$aCorporate bonds 615 7$aProductivity 615 7$aCapital productivity 615 7$aBond yields 615 7$aFinancial institutions 615 7$aIndustrial productivity 615 7$aBonds 676 $a332 700 $aSevero$b Tiago$01704938 701 $aEstevão$b Marcello$01610180 712 02$aInternational Monetary Fund.$bWestern Hemisphere Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828513203321 996 $aFinancial Shocks and TFP L4318Growth$94091259 997 $aUNINA