Capital Account Liberalization and Aggregate Productivity: The Role of Firm Capital Allocation
研究了10个东欧国家资本账户自由化如何通过改善企业资本配置来提升全要素生产率，发现自由化使资本回报率差异缩小，尤其对外部融资依赖强的行业效果更明显，最终使全要素生产率提高10%到16%。
ABSTRACT We study the effects of capital account liberalization on firm capital allocation and aggregate productivity in 10 Eastern European countries. Using a large firm‐level data set, we show that capital account liberalization decreases the dispersion in the return to capital across firms, particularly in sectors more dependent on external finance. We provide evidence that capital account liberalization improves capital allocation by allowing financially constrained firms to demand more capital and produce at a more efficient level. Finally, using a model of misallocation we document that capital account liberalization increases aggregate productivity through more efficient capital allocation by 10% to 16%.