En un trabajo titulado “ Growing like Spain: 1995-2007ii”, los autores
señalan que el crecimiento económico en este espacio de tiempo se debió
más a la acumulación de factores que a un aumento de la productividad.
Mientras en España se crecía a un 3,5%, la productividad de los factores
descendía a una tasa de 0,7%. La explicación que, desde la clase
política, se nos acostumbra a dar es la de que los factores se
desplazaron a sectores poco productivos, como el de la construcción.
Pero esta explicación no se soporta con la evidencia encontrada. Lo
importante de este trabajo es que la explicación entre esa disminución
de la productividad durante tanto tiempo (particular el caso español)
puede deberse al comportamiento que tuvieron las empresas de sectores
que necesitan del gobierno para sobrevivir (obras públicas, energía,
etc.). Si los gobiernos hubiesen destinado una mayor parte de los
recursos a empresas “no clientelares” la productividad hubiese crecido a
una tasa de 0,3%. Muy interesante, pues según este resultado, no fueron
causas de restricciones financieras, problemas del mercado de trabajo,
pero tampoco de competitividad, los que había detrás de la pérdida de
productividad en nuestra economía
http://articulosclaves.blogspot.com.es/2016/12/growing-like-spain-1995-2007.html
Growing like Spain: 1995-2007∗
Manuel Garc´ıa-Santana
UPF, Barcelona GSE, and CEPR
Enrique Moral-Benito
Banco de Espa˜na
Josep Pijoan-Mas
CEMFI and CEPR
Roberto Ramos
Banco de Espa˜na
February 28, 2016
Abstract
Spanish GDP grew at an average rate of 3.5% per year during the expansion of 1995-2007,
well above the EU average of 2.2%. However, this growth was based on factor accumulation
rather than productivity gains as TFP fell at an annual rate of 0.7%. Using firm-level
administrative data for all sectors we show that deterioration in the allocative efficiency of
productive factors across firms was at the root of the low TFP growth in Spain, while misallocation
across sectors played only a minor role. Cross-industry variation reveals that the increase
in misallocation was more severe in sectors where government influence is more important for
business success, which represents novel evidence on the potential macroeconomic costs of crony
capitalism. In contrast, sectoral differences in financial dependence, skill intensity, innovative
content, tradability, or capital structures intensity appear to be unrelated to changes in allocative
efficiency. All in all, the observed high output growth together with increasing firm-level
misallocation in all sectors is consistent with an expansion driven by a demand boom rather
than by structural reforms
Introduccion...
The 1994-2007 expansion was the longest in Spanish history. GDP grew at an average of 3.5% per
year, which compares favourably to the EU average of 2.2% over the same period. However, Spanish
growth during this expansion was based on factor accumulation rather than productivity gains. In
particular, annual TFP growth was -0.7%, which is low in comparison to other developed economies
such as the US (+0.6%) or EU (+0.4%). Such a dismal performance of productivity growth is
surprising for a country that is so well integrated in a trade and monetary union with some of the
World technology leaders.
We argue that the source of negative TFP growth was the increase in the within-industry misallocation
of production factors across firms. We use a large administrative data set of Spanish
firms in all sectors to compute several measures of allocative efficiency. In particular, for every year
between 1995 and 2007, we compute the potential TFP gains due to factor reallocation as in Hsieh
and Klenow (2009) and “model-free” measures of allocative efficiency such as the dynamic decomposition
of TFP growth in Foster, Haltiwanger, and Krizan (2006) and the Olley and Pakes (1996)
covariances. All types of measures show a severe deterioration of allocative efficiency over the period,
which is pervasive across all sectors but larger in construction and services. Instead, we show that
the aggregate data from EU-KLEMS is inconsistent with an increase in misallocation across sectors,
which casts doubt on the widespread view that specialization in low productivity sectors such as
construction was the main force behind Spanish low TFP growth. We thus argue that allocative
efficiency of resources across firms is at the root of the low rates of TFP growth observed in Spain.
Our results are very stark: had the level of within-sector allocative efficiency remained constant to
the level observed in 1995, TFP growth would have been around 0.8% per year. Therefore, our conclusion
is that aggregate productivity in Spain stagnated because the economy increasingly allocated
capital and labor in the wrong place across firms within each industry....
sigue en:
https://www.cemfi.es/~pijoan/Welcome_files/missallocation_Spain_v34.pdf
Reflexiones sobre Ciencia-Economia-Sociedad. Enlaza con blog articulos claves y con el blog: transiciónsocieconomica..http://transicionsocioeconomica.blogspot.com.es/
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