Financial frictions distort the allocation of resources among productive units--all else equal, firms whose financing … productivity (TFP). In our framework, the correlation between firm size and borrowing costs has no bearing on TFP losses under the …

Financial market frictions distort the allocation of resources among productive units-all else equal, firms whose … 1 to 2 percent of measured total factor productivity (TFP). According to our accounting framework, the correlation …

features is key for evaluating financial and labor policy reforms since they have a direct impact on the allocation of … resources and aggregate productivity. This paper quantifies the effect on aggregate productivity of an improvement in financial … Chile. I find that aggregate productivity increases by 2.5 percent following a financial reform that makes Chile's level of …

our key results to alternative data sets. -- China ; investment ; growth ; productivity ; capital market distortions …