scholarly journals Financial frictions and total factor productivity: Accounting for the real effects of financial crises

2012 ◽  
Vol 15 (3) ◽  
pp. 336-358 ◽  
Author(s):  
Sangeeta Pratap ◽  
Carlos Urrutia
Keyword(s):  
Total Factor Productivity ◽  
Financial Crises ◽  
Financial Frictions ◽  
Factor Productivity ◽  
The Real ◽  
Real Effects

scholarly journals Finance and Development: A Tale of Two Sectors

2011 ◽  
Vol 101 (5) ◽  
pp. 1964-2002 ◽  
Author(s):  
Francisco J Buera ◽  
Joseph P Kaboski ◽  
Yongseok Shin
Keyword(s):  
Quantitative Analysis ◽  
Total Factor Productivity ◽  
Financial Frictions ◽  
Substantial Part ◽  
Factor Productivity ◽  
Country Differences ◽  
Cross Country ◽  
Relative Productivity ◽  
The Relationship ◽  
Two Sectors

We develop a quantitative framework to explain the relationship between aggregate/sector-level total factor productivity (TFP) and financial development across countries. Financial frictions distort the allocation of capital and entrepreneurial talent across production units, adversely affecting measured productivity. In our model, sectors with larger scales of operation (e.g., manufacturing) have more financing needs, and are hence disproportionately vulnerable to financial frictions. Our quantitative analysis shows that financial frictions account for a substantial part of the observed cross-country differences in output per worker, aggregate TFP, sector-level relative productivity, and capital-to-output ratios. (JEL E23, E44, O41, O47)

scholarly journals THRESHOLD OF REAL EXCHANGE RATE AND THE PERFORMANCE OF MANUFACTURING INDUSTRY IN INDONESIA

2014 ◽  
Vol 16 (4) ◽  
pp. 347-368
Author(s):  
Ndari Surjaningsih ◽  
Novi Maryaningsih ◽  
Myrnawati Savitri
Keyword(s):  
Exchange Rate ◽  
Panel Data ◽  
Real Exchange Rate ◽  
Total Factor Productivity ◽  
Large Scale ◽  
Manufacturing Industry ◽  
Factor Productivity ◽  
The Real

This paper analyzes the presence of the threshold of the real rupiah exchange rate which influences the profitability of manufacturing industry in Indonesia. By using a non-dynamics panel data over medium and large scale companies during 2001-2009, we found the threshold of 82.4 for the real rupiah exchange rate (REER). The REER index ranging from 82.24 to 101.13 with the change value between -5.01% and 20.09% (yoy) is secure for the profitability of Indonesian manufacturing industry. This paper also conform the significant affect of Total Factor Productivity on firm’s profitability. Keywords: Profitability, Manufacturing industry, exchange rateJEL classification: F1, D21, L6

scholarly journals Finance and Misallocation: Evidence from Plant-Level Data

2014 ◽  
Vol 104 (2) ◽  
pp. 422-458 ◽  
Author(s):  
Virgiliu Midrigan ◽  
Daniel Yi Xu
Keyword(s):  
Technology Adoption ◽  
Total Factor Productivity ◽  
Financial Frictions ◽  
Factor Productivity ◽  
Productivity Losses ◽  
Level Data ◽  
Adoption Decisions ◽  
Low Levels ◽  
Plant Level

We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the data imply fairly small losses from misallocation, but potentially sizable losses from inefficiently low levels of entry and technology adoption. (JEL E32, E44, F41, G32, L60, O33, O47)

scholarly journals Economic size of farms and adjustments of the total factor productivity to the business cycle in Polish agriculture  

2017 ◽  
Vol 63 (No. 2) ◽  
pp. 93-102
Author(s):  
 Czyzewski Bazyli ◽  
 Majchrzak Adam
Keyword(s):  
Business Cycle ◽  
Total Factor Productivity ◽  
Large Scale ◽  
Developed Countries ◽  
Factor Productivity ◽  
Input Output ◽  
The Real ◽  
Agricultural Income ◽  
The Business Cycle ◽  
Economic Size

The article presents an approach to changes in the total factor productivity (TFP) which differs from that generally found in the literature. Changes are calculated in the real terms using the detailed input-output matrices for representative farms in Poland, for different economic size classes, in the years 2007–2013. Input-output matrices were used for the decomposition of the Hicks-Moorsteen TFP index. The goal is to evaluate changes in the real TFP in the downturn and recovery phases of the business cycle in agriculture. It was found that the reaction of TFP to business cycle changes on “small”, “medium” and even “large” family farms in Poland is diametrically opposite to that observed in the case of large-scale farms. More than 90% of farms in Poland (except for the largest) increase technical productivity in the conditions of the economic downturn and lower it in the conditions of the economic recovery. Such behaviour is pro-cyclic and irrational, alluding to the 17th-century King’s effect, which is vanishing in the agricultural systems of highly developed countries. The hypothesis is proposed that the size of the price expectation error which causes that effect is negatively correlated with the economic size of the farm, but at the same time it is proportional to the percentage of agricultural income obtained from subsidies and other payments under the SAPS system.  

Investigating Spatial Dependence and Spatial Spillovers in African Agricultural Total Factor Productivity Growth

2016 ◽  
Vol 63 (1) ◽  
pp. 41-58 ◽  
Author(s):  
Onyumbe E. Lukongo ◽  
Jon P. Rezek
Keyword(s):  
Total Factor Productivity ◽  
Productivity Growth ◽  
Spatial Dependence ◽  
Agricultural Sector ◽  
Total Factor Productivity Growth ◽  
Factor Productivity ◽  
Spatial Spillovers ◽  
Real Effects ◽  
Affected Country ◽  
Jel Classifications

This study improves our understanding of the spatial dependence and spillovers of war on the agricultural sector productivity. The results provided here represent the first attempt in the literature to identify the total factor productivity impacts of war in Africa. War disrupts the agricultural sector in the affected country and its borders through loss of capitals, deaths of experienced farmers, disease, insecurity, and dislocation. A war may reduce productivity in a given country—a reduction of agricultural productivity by 0.41% and 0.40% in Congo and Angola, respectively. But its real effects, which are overlooked by alternative modeling strategies, are larger. JEL Classifications: C21, O11, O43, D24

scholarly journals THRESHOLD OF REAL EXCHANGE RATE AND THE PERFORMANCE OF MANUFACTURING INDUSTRY IN INDONESIA

2014 ◽  
Vol 16 (4) ◽  
pp. 373-394
Author(s):  
Ndari Surjaningsih ◽  
Novi Maryaningsih ◽  
Myrnawati Savitri
Keyword(s):  
Exchange Rate ◽  
Panel Data ◽  
Real Exchange Rate ◽  
Total Factor Productivity ◽  
Large Scale ◽  
Manufacturing Industry ◽  
Jel Classification ◽  
Factor Productivity ◽  
The Real

This paper analyzes the presence of the threshold of the real rupiah exchange rate which influences the profitability of manufacturing industry in Indonesia. By using a non-dynamics panel data over medium and large scale companies during 2001-2009, we found the threshold of 82.4 for the real rupiah exchange rate (REER). The REER index ranging from 82.24 to 101.13 with the change value between -5.01% and 20.09% (yoy) is secure for the profitability of Indonesian manufacturing industry. This paper also conform the significant affect of Total Factor Productivity on firm’s profitability.  Keywords: Profitability, Manufacturing industry, exchange rate JEL classification: F1, D21, L6

An Analysis of Total Factor Productivity, Factor demand, and Profit of India’s Agriculture

2015 ◽  
Vol 6 (2) ◽  
pp. 360-370
Author(s):  
Sharmistha Nag ◽  
Debarpita Roy ◽  
Laxmi Joshi ◽  
P. C. Parida ◽  
Hari K. Nagarajan
Keyword(s):  
Total Factor Productivity ◽  
Factor Productivity ◽  
Factor Demand ◽  
Productivity Factor
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