Firm heterogeneity and the allocation of resources across firms play a key role in
determining aggregate productivity. Entry barriers and misallocation can substantially impact …

Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective | Annual Reviews
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Las políticas industriales a menudo han causado más daño que beneficio. El nuevo marco
conceptual presentado en este libro permite a los países adoptar las políticas de desarrollo …

Many develo** economies adopt industrial policies favoring selected sectors. Is there an
economic logic to this type of intervention? I analyze industrial policy when economic …

We establish currency as an important factor sha** global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

The long-term extensive economic development has caused China's resource and
environmental problems, especially the resource misallocation. The way China prioritises its …

There is currently much discussion in China about anti-corruption, optimization of the
allocation of resources, and ecological protection. This study considers data from 2006 to …

A large portion of differences in output per capita across countries is explained by
differences in total factor productivity (TFP). In this article, we summarize a recent literature …

If trade barriers are managed by inefficient institutions, trade liberalization can lead to
greater-than-expected gains. We examine Chinese textile and clothing exports before and …

We use producer-level data to evaluate the role of financial frictions in determining total
factor productivity (TFP). We study a model of establishment dynamics in which financial …