Impeded Industrial Restructuring: The Growth Penalty
发现发达国家正经历产业重组，大企业经济份额下降、小企业上升，但各国进度不同。通过比较欧洲国家实际产业结构与最优结构的偏差，证明阻碍重组会付出增长代价。
This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing the same shift in their industrial structures. Little is known about the cost of resisting this restructuring process. The goal of this paper is to identify whether there is a cost, measured in terms of forgone growth, of an impeded restructuring process. The cost is measured by linking growth rates of European countries to deviations from the ‘optimal’ industrial structure. The empirical evidence suggests that countries impeding the restructuring process pay a penalty in terms of forgone growth.