Sectoral reallocations, real estate shocks, and productivity divergence in Europe

Grjebine, Thomas; Héricourt, Jérôme; Tripier, Fabien

Type de document :

Compte-rendu et recension critique d'ouvrage

DOI :

10.1007/s10290-022-00464-3

Titre :

Sectoral reallocations, real estate shocks, and productivity divergence in Europe

Auteur(s) :

Grjebine, Thomas [Auteur]
Héricourt, Jérôme [Auteur]
Lille économie management - UMR 9221 [LEM]
Tripier, Fabien [Auteur]

Titre de la revue :

Review of World Economics

Éditeur :

Springer Verlag

Date de publication :

2022-04-27

ISSN :

1610-2878

Mot(s)-clé(s) en anglais :

Productivity
Sectoral Reallocations
Real Estate Shocks
Collateral

Discipline(s) HAL :

Sciences de l'Homme et Société/Economies et finances

Résumé en anglais : [en]

This paper investigates the role of sectoral reallocations in the divergence of productivity in Europe, based on a database for 33 sectors and 14 countries between 1995 and 2015. Using the contribution of sectoral productivity ...
Lire la suite >This paper investigates the role of sectoral reallocations in the divergence of productivity in Europe, based on a database for 33 sectors and 14 countries between 1995 and 2015. Using the contribution of sectoral productivity growth to Total Factor Productivity (TFP) dynamics at the country level, we highlight that variations in the relative size of sectors—less productive sectors growing relatively to more productive ones—have been at the origin of variable productivity losses in main European countries. Parallel to this divergence, European countries experienced heterogeneous real estate price dynamics, which took the form, in some economies, of massive boom-bust cycles. We investigate real estate shocks as a potential source of sectoral reallocations through a collateral mechanism. These shocks turn out to be a strong driver of productivity divergence between European countries.Lire moins >

Langue :

Anglais

Vulgarisation :

Non

Collections :