TAILIEUCHUNG - Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?∗

We nd that nancial systems exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. The model also highlights how a priori indistinguishable shocks can have very different consequences for the nancial system, depending on the particular point in the network structure that the shock hits. This cautions against assuming that past resilience to a particular shock will continue to apply to future shocks of a similar magnitude. And it explains why the evidence of the resilience of the nancial system to fairly large shocks prior to 2007 (eg 9/11, the Dotcom crash, and the collapse. | Productivity Losses from Financial Frictions Can Self-Financing Undo Capital Misallocation Benjamin Moll Princeton University August 12 2012 Abstract I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady state productivity losses and the speed of transitions if shocks are persistent steady state losses are small but transitions are slow. Even if financial frictions are unimportant in the long-run they tend to matter in the short-run and analyzing steady states only can be misleading. Keywords aggregate productivity capital misallocation financial frictions. Introduction Underdeveloped countries often have underdeveloped financial markets. This can lead to an inefficient allocation of capital in turn translating into low productivity and per-capita income. But available theories of this mechanism often ignore the effects of financial frictions on the accumulation of capital and wealth. Even if an entrepreneur is not able to acquire I am extremely grateful to Rob Townsend Fernando Alvarez Paco Buera Bob Lucas and Rob Shimer for many helpful comments and encouragement. I also thank Abhijit Banerjee Silvia Beltrametti Roland Benabou Jess Benhabib Nick Bloom Lorenzo Caliendo Wendy Carlin Steve Davis Steven Durlauf Jeremy Fox Veronica Guerrieri Lars-Peter Hansen Chang-Tai Hsieh Erik Hurst Oleg Itskhoki Joe Kaboski Anil Kashyap Sam Kortum David Lagakos Guido Lorenzoni Virgiliu Midrigan Ezra Oberfield Stavros Panageas Richard Rogerson Chad Syverson Nicholas Trachter Harald Uhlig Daniel Yi Xu Luigi Zingales and seminar participants at the University of Chicago Northwestern UCLA Berkeley Princeton Brown LSE Columbia GSB Stanford Yale the 2010 Research

• Tài chính doanh nghiệp
• Psychological Factors
• Conditioning Health
• Related Quality
• Urodynamic Stress
• Incontinence Patients
• Urinary Incontinence
• BMC Musculoskeletal Disorders
• Psychological factors influence outcome
• Elective orthopaedics
• Negative thinking styles
• Understanding psychology
• Psychological disorders
• Social psychology
• The major psychological disorders
• Psychological distress
• Growth curve analysis
• Longitudinal survey
• Specific risk factors
• BMC Psychology
• Sport psychology
• Randomized controlled trial
• Psychological skills training
• Athletic performance
• Bayesian analysis
• Risk factors
• Interpersonal psychological theory of suicidal behavior
• Require further investigation
• Psychological characteristics
• Thwarted belongingness
• Agricultural students
• Entrepreneurial activities
• Technical confidence
• Budding entrepreneurs
• The moderating effect of psychological factors on consumer
• Electric and hybrid vehicles’ response purchase decisions
• Response Purchase Decisions
• Green electronic marketin
• Partial Least Squares
• Low back pain
• Psychological and behavioral factors
• Clinical course
• Genetic predisposition
• BMC Cancer
• Stomach neoplasms
• Cancer recurrence
• Cancer diagnosis
• Health related quality of life
• Public health
• Transgender women
• Associated factors
• Acquired immune deficiency syndrome
• Mother child relationship
• Psychological issues
• Cancer during pregnancy
• Future directions
• Several psychological
• Physiological factors
• Musculoskeletal pain
• Psychological states
• Job satisfaction
• Femoroacetabular impingement syndrome
• Pain catastrophizing
• Developmental dysplasia of hip
• Lumbar stenosis
• Morphological markers
• Fear of movement
• Pain frequency
• Pain presence
• Physical functioning
• Symptomatic outcomes
• Disaster response
• Psychological impact
• Systematic review
• Systematic literature review
• Electronic literature databases
• Native Hawaiian
• Elucidating modifiable factors
• Psychological well being
• Ethnic minorities
• Structural equation modeling
• Intelligence and creativity in connection
• Aspects of individual productivity
• Ratio of intellectual
• Employee's real achievement
• PSYCHOLOGICAL AND PERSONAL QUALITIES
• Lifestyle behaviour
• Alcohol consumption
• Nutrition habits
• Residence characteristics
• Community support
• Mental health
• Race factors
• Economic status
• Plantar heel pain
• Physical activity
• Lifestyle factors
• Aviation psychology and human factors
• Aviation psychology
• Models and psychological constructs
• Human performance models
• Research methods and statistics
• The design of aviation systems
• Adult patients
• Patients’ quality of life
• Acquiring HIV AIDS
• Psychological trauma
• BMC Geriatrics
• Physical frailty
• Psychological frailty
• Social frailty
• Household composition
• Alcohol use
• Medication use
• Outcome assessment
• Recovery from low back pain
• Predicting recovery