GROWING LIKE SPAIN: 1995–2007
研究了西班牙1995–2007年繁荣期全要素生产率下降的原因，发现资源错配加剧，尤其在依赖政府关系的行业，模型估算制度恶化每年导致TFP损失1.9%。
Abstract Measured total factor productivity (TFP) fell in Spain during the boom years of 1995–2007. Using administrative data from the quasi‐universe of firms, we show that there was an increase in misallocation, which was more severe in sectors where connections with public officials are more important for business success. We write and estimate a simple model of cronyism in which heterogeneous firms invest in political connections. Our quantitative exercise concludes that the institutional decline over this period costed 1.9% growth in TFP per year and a 0.8% annual increase in the resources spent by firms in establishing political connections.