Productivity, Exit, and Crisis in the Manufacturing and Service Sectors

Carlos Casacuberta and Nestor Gandelman

The Developing Economies, 2015, vol. 53, issue 1, 27-43

Abstract: type="main">

Using micro data from the manufacturing and service sectors in Uruguay, we analyze the relationship between firm exit and firm productivity. We find that even during profound crisis years, when the financial sector collapsed, exit of firms is associated with lower productivity. This suggests that even in the presence of severe financial friction, cleansing effects dominate the scarring or sullying effect of recessions.

Date: 2015
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