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|z 9781484378465
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|a 1018-5941
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|c BD-DhAAL
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|a Shi, Yu.
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|a Sectoral Booms and Misallocation of Managerial Talent :
|b Evidence from the Chinese Real Estate Boom /
|c Yu Shi.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2018.
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|a 1 online resource (87 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper identifies a new mechanism leading to inefficiency in capital reallocation at the extensive margin when an economy experiences a sectoral boom. I argue that imperfections in the financial market and capital barriers to entry in the booming sector create a misallocation of managerial talent. Using comprehensive firm-level data from China, I first provide evidence that more productive firms reallocate capital to the booming real estate sector, and demonstrate that the pattern is likely driven by fewer financial constraints on these firms. I then use a structural estimation to verify the talent misallocation. Finally, I calibrate a dynamic model and find that the without the misallocation, the TFP growth in the manufacturing sector would have improved by 0.5% per year.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2018/221
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2018/221/001.2018.issue-221-en.xml
|z IMF e-Library
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