Misallocation of resources across Firms in Spain (1992-2013)

Patricia Jiménez Martínez, Juan A. Mañez, Maria Engracia Rochina Barrachina and Juan A. Sanchis Llopis ()
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Patricia Jiménez Martínez: Comisión Nacional de los Mercados y la Competencia

No 1919, Working Papers from Department of Applied Economics II, Universidad de Valencia

Abstract: This paper assesses the e ciency in resource allocation across rms within industries in Spain since early 90's until 2013. A static and a dynamic decomposition of total factor productivity are performed in order to study the degree of misallocation in each manufacturing sector and its evolution over time. We nd that within industries allocative e ciency increased moderately and productivity grew slightly (almost stagnated) from 1992 to 2007. The great crisis was characterized by a sharp drop in productivity and a general rise in within industry misallocation of resources (but it seems that only capital misallocation worsened, while employment misallocation diminished). From 2011 to 2013, productivity and allocative e ciency started to recover, but the productivity levels previous to the crisis were still not achieved at the end of the period.

Date: 2019-12
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