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首页> 外文期刊>The Review of Economic Studies >Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode
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Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode

机译：重新分配，竞争和生产力：来自金融自由化的证据

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摘要

This article studies the impact of distortions in the access to international capital markets on competition and productivity. I show that a reduction in these distortions leads to an increase in aggregate productivity through two different channels. First, firms that were previously credit constrained respond to better financing terms by increasing their investment in technology, a reallocation effect. Secondly, non-constrained firms also expand their investment in technology because of increased competition, a pro-competitive effect. I provide evidence for these two channels using firm-level census data from the deregulation of international financial flows in Hungary.
机译：本文研究了扭曲对国际资本市场对竞争和生产力的影响。 我表明这些扭曲的减少导致通过两个不同的通道增加总生产率。 首先，先前信用限制的公司通过增加其对技术的投资，重新分配效应来响应更好的融资条款。 其次，由于竞争增加，竞争效应增加，非约束公司也扩大了他们对技术的投资。 我使用来自匈牙利国际金融流程的公司级别的人口普查数据为这两个渠道提供了证据。

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