Sectoral reallocations, real estate shocks, ...
Type de document :
Article dans une revue scientifique: Article original
Titre :
Sectoral reallocations, real estate shocks, and productivity divergence in Europe
Auteur(s) :
Grjebine, Thomas [Auteur]
Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Héricourt, Jérôme [Auteur]
Lille économie management - UMR 9221 [LEM]
Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Tripier, Fabien [Auteur]
Laboratoire d'Economie de Dauphine [LEDa]
Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Héricourt, Jérôme [Auteur]
Lille économie management - UMR 9221 [LEM]
Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Tripier, Fabien [Auteur]
Laboratoire d'Economie de Dauphine [LEDa]
Titre de la revue :
Review of World Economics
Date de publication :
2022
Mot(s)-clé(s) :
Productivity
Sectoral Reallocations
Real Estate Shocks
Collateral
Sectoral Reallocations
Real Estate Shocks
Collateral
Discipline(s) HAL :
Économie et finance quantitative [q-fin]
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 >
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
Comité de lecture :
Oui
Audience :
Internationale
Vulgarisation :
Non
Collections :
Source :