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The role of allocative efficiency in a decade of recovery

Chen, Kaiji; Irarrazabal, Alfonso
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/2375245
Date
2015
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  • Scientific articles [1722]
Original version
Review of Economic Dynamics, 18(2015)3:523-550   10.1016/j.red.2014.09.008
Abstract
The Chilean economy experienced a decade of sustained growth in aggregate output

and productivity after the 1982 nancial crisis. This paper analyzes the role of allocative

e¢ ciency on total factor productivity (TFP) in the manufacturing sector by applying the

methodology of Hsieh and Klenow (2009) to establishment data from the Chilean manu-

facturing census. We nd that a reduction in resource misallocation accounts for about 40

percent of the growth in manufacturing TFP between 1983 and 1996. In particular, a reduc-

tion in the least productive plants implicit output subsidies is the primary reason for the

reduction in resource misallocation during this period. Moreover, these plants enjoyed above

industry-average growth in physical productivity, contributing to the overall improvement

in e¢ cient TFP after the nancial crisis. Our evidence suggests that Chile s banking reform

during the early and mid-1980s is likely to have played an important role in the observed

improvement in allocative e¢ ciency.
Description
This is the accepted and refereed manuscript to the article
Publisher
Elsevier
Journal
Review of Economic Dynamics

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