Productivity In Economies With Financial Frictions: Facts And A Theory

Topics:
Organization
Tags:
Finance,
Total Factor Productivity,
Theory,
Labor,
Interest Rate,
Financial Services,
Financial Planning,
Financial Accounting,
Financial,
University Of Southampton
Source:
University of Southampton

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Overview: We document and account for two facts regarding the relation between international interest rates and Total Factor Productivity (TFP) in a sample of developing countries. First, there is a negative correlation between both variables at quarterly frequency. Second, the share of agricultural labor and interest rates are positively correlated, whereas the share of agricultural labor and TFP are negatively correlated. Manufacturing labor shows opposite correlations. These relationships are particularly strong in the aftermath of financial crises. We then construct a model in which the presence of costly intermediation can produce such relationships.

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Format: PDF | Size: 464KB | Date: Sep 2006 | Pages: 25

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