Orman Sk Nişantepe Mahallesi, Çekmeköy, İstanbul34794
Tarih: 26 Aralık 2019 - Perşembe
Yer: AB2, Toplantı Odası: 345
Title: A Trade-Based Misallocation Index
Abstract: This paper, based on a model of trade in the presence of sectoral distortions, develops a one-dimensional sectoral misallocation index. It estimates the index using product-level bilateral trade data at the sectorcountry- year level since 1962. The geographical distribution of the misallocation index suggests substantial within-region differences across countries and across time. Notably, a large and historical allocative efficiency gap exists across the West and the East of Europe, while the latter shows remarkable progress in catching up. On the other hand, the substantial gap between North and South America is highly persistent. The paper then investigates the negative association of misallocation to economic performance through multivariate regression analysis. The index of misallocation inversely and robustly predicts crosscountry productivity differences, contains valuable information on top of factors of production, and outperforms measures of diversification, product sophistication, and openness when time-invariant country characteristics are accounted for.
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