Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode
研究了国际资本市场准入扭曲对竞争和生产率的影响，发现减少扭曲通过重新配置效应和促进竞争效应两条渠道提升总体生产率，并使用匈牙利国际金融流放松管制的企业级普查数据提供证据。
This paper studies the impact of distortions in the access to international capital markets on competition and productivity. I show that a reduction in these distortions leads to an increase in aggregate productivity through two different channels. First, firms that were previously credit constrained respond to better financing terms by increasing their investment in technology, a reallocation effect. Second, non-constrained firms also expand their investment in technology because of increased competition, a pro-competitive effect. I provide evidence for these two channels using firm-level census data from the deregulation of international financial flows in Hungary.