Driving Productivity Growth: The Importance of Firm-Specific Knowledge AssetsStructuralpolicyanalysis
Rebecca Riley National Institute of Economic and Social Research & LLAKES, OECD Global Forum on Productivity UK Workshop, HM Treasury, London 14 October 2016
Driving Productivity Growth: The Importance of Firm-Specific Knowledge AssetsStructuralpolicyanalysis
Rebecca Riley National Institute of Economic and Social Research & LLAKES, OECD Global Forum on Productivity UK Workshop, HM Treasury, London 14 October 2016
Marco Manzo and Alessandro Modica - Finance Dept. - Italy
Giancarlo Infantino - Treasury Dept. - Italy, OECD Global Forum on Productivity – October UK Workshop - London, 14 October 2016
Marco Manzo and Alessandro Modica - Finance Dept. - Italy
Giancarlo Infantino - Treasury Dept. - Italy, OECD Global Forum on Productivity – October UK Workshop - London, 14 October 2016
Webinar [B2B] Case study : Générer des leads B2B via Facebook efficacement.Effinity
Avec 1,09 milliards d’utilisateurs actifs journalier en moyenne sur Facebook en Mars 2016, vous pouvez être sûr de retrouver vos cibles.
Aujourd'hui, votre objectif doit être d’améliorer le taux de conversion des visiteurs de vos blogs, mini-sites, site institutionnel… mais aussi d’être plus visible sur les carrefours d’audience, en incitant soit vos prospects à commander, soit à vous laisser leurs coordonnées.
A garder en tête: un particulier n’est rien d’autre d’un professionnel qui est rentré à la maison… Il ne faut donc surtout pas négliger les Media Sociaux grand public !
Quoi de mieux donc que d’utiliser Facebook pour générer des leads ou des ventes B2B ?
Via un case studies concret, vous verrez comment comment un des leaders du secteur des Telecom utilise Facebook et le contenu grâce à Effinty B2B
Ο απολογισμός των δράσεων ήταν θετικός.
Τα παιδιά οικοδόμησαν γνώσεις πάνω στα οικολογικά θέματα, ενώ ανέπτυξαν σχετικές δεξιότητες και υιοθέτησαν στάσεις φιλικές προς αυτά.
Οι δράσεις υλοποιήθηκαν χωρίς ιδιαίτερες δυσκολίες, με βάση τον αρχικό, καλά σχεδιασμένο προγραμματισμό.
Το σχολείο απέκτησε επιπλέον εμπειρία στις οικολογικές δράσεις και θα συνεχίσει να συμβάλει στην διαμόρφωση των αυριανών ενεργών και περιβαλλοντικά εγγράμματων πολιτών
Webinar Développez votre E-Commerce avec FacebookEffinity
Facebook s'appuie sur son audience fortement engagée pour lancer de nouvelles solutions publicitaires. Nos principaux annonceurs ne s'y sont pas trompés et les ont adoptées avec succès pour développer leur visibilité, leur génération de leads et leurs ventes.
Alors comment être et rester performant sur ces leviers qui évoluent en permanence ?
Nous partagerons dans cette session notre vision globale, les outils et méthodes que nous avons créés spécifiquement pour Facebook. Bénéficiez de retours d'expérience de nos clients et des conseils de nos experts.
Vous découvrirez comment :
1) Remarketer vos audiences avec les Facebook Dynamic Product Ads
2) Gérer vos audiences - CRM, lookalike...
3) Séduire de nouveaux clients en faisant la promotion de vos contenus avec Facebook Ads
ΔΙΑΤΡΟΦΙΚΗ ΔΙΑΧΕΙΡΙΣΗ: Οι μαθητές μας προτείνουν συνταγές με βάση το ελαιόλαδο, βασιμένοι στην αξία της μεσογειακής διατροφής, οικειοποιούμενοι ταυτόχρονα τις ευρωπαικές οδηγίες για την ορθή επιλογή του κατάλληλου ελαιόλαδου.
Ο παραδοσιακός κώδικας για την αξία του ελαιόλαδου, επαληθεύεται, ολοκληρώνεται και προάγεται μέσω της ευρωπαικής οδηγίας. . Ουσιαστικά φαίνεται η γνώση των μαθητών μας να μετουσιώνεται σε στάση ζωής.
Οι μαθητές μας και οι οικογένειες τους μπορούν να συμβουλευτούν τον παραπάνω κατάλογο από την ιστοσελίδα του σχολείου μας.
This presentation by Chiara Criscuolo (Head of the STI Division, OECD) was delivered during a workshop on “Methodologies to measure market competition” held virtually for competition authorities officials on 23 February 2021. More materials on the topic can be found at http://oe.cd/mmkts.
This presentation was uploaded with the author’s consent.
The link between business dynamism and productivity - Sara CalligarisOECD CFE
Presentation by Sara Calligaris, Economist, Productivity, Innovation and Entrepreneurship Division, OECD at the 17th OECD Spatial Productivity Lab webinar held on 14 September 2022.
More info https://oe.cd/spl
Productivity and public sector performance - Christian Kastrop, OECD SecretariatOECD Governance
Presentation by Christian Kastrop, OECD Secretariat, at the 11th annual meeting of the OECD Senior Budget Officials Performance and Results network, Paris, 26-27 November 2015.
Presentation by Christian Kastrop on 'Productivity and Public Sector Performa...OECD Governance
This presentation by Christian Kastrop, Director, Policy Studies Branch, Economics Department, OECD, was made at the joint meeting of the Senior Budget Official Performance and Results Network and the Public Employment and Management Expert meeting on 26 November 2015. For further information, please see http://www.oecd.org/gov/pem/.
Expert workshop on the creation and uses of combined environmental and economic performance datasets at the micro-level - 10-11 July 2018 - OECD, Paris
This survey seeks to understand some of the key priorities for manufacturers as well as their strategies for growth, specifically with respect to capabilities, physical resources and human capital.
This presentation by Chiara Criscuolo, Head of the OECD Productivity and Business Dynamics Division, Directorate of Science, Technology and Innovation, OECD, was made during the discussion “Market Concentration” held at the 129th meeting of the OECD Competition Committee on 7 June 2018. More papers and presentations on the topic can be found out at oe.cd/2gw.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The Global Productivity Slowdown, Technology Diffusion and Public Policy
1. THE GLOBAL PRODUCTIVITY
SLOWDOWN, TECHNOLOGY
DIVERGENCE AND PUBLIC
POLICY:
A FIRM-LEVEL PERSPECTIVE
Dan Andrews *
Chiara Criscuolo +
Peter Gal *
*Economics Department
+Directorate for Science, Technology and Innovation
2. Differences in GDP per capita mostly
reflect labour productivity gaps
Percentage differences compared with the upper half of OECD countries, 2013
Source: OECD Going for Growth Database.
3. Weak productivity underpins the
collapse in OECD potential growth
Contribution to potential per capita output growth
Source: OECD Economic Outlook 2016, Volume 1.
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital per worker MFP
Potential employment rate Active population rate
Potential per capita growth (%)
Pre-crisis: MFP story Post-crisis: K story
4. Optimists:
• Brynjolfsson
• McAfee
• Mokyr
• Jovanovic
• …
The slowdown has ignited a
spirited debate about prospects…
Pessimists:
• Gordon
• Cowen
• Thiel
• Fernald
• …
5. 1. Technological factors
– Adoption and diffusion of general purpose technologies
(Griliches, 1957; David, 1991; Jovanovic and Rousseau, 2005)
– A “return to normal” after a decade of exceptional IT-
fueled gains (Fernald, 2014)
2. Rising resource misallocation (Gopinath et al., 2015)
3. Cyclical factors
– Demand conditions and monetary policy
(Anzoategui et al., 2016)
– Weak credit post crisis
(Riley, Bondibene and Young, 2015)
4. Measurement (Byrne, et al., 2016; Syverson, 2016)
Why did aggregate productivity
growth slowdown?
6. • The debate (e.g. Gordon vs Brynjolfsson) has centred
on innovation prospects at the global frontier (GF) but
we know little about GF firms.
• Our firm level analysis suggests:
1. Labour productivity (LP) at GF remained robust but
laggard firms increasingly fell behind.
2. LP divergence reflects MFP divergence and possibly
technological divergence, broadly defined
3. Some explanations: “winner takes all” dynamics;
stalling diffusion; decline in market dynamism and
increase in misallocation
4. Policy weakness potentially amplified MFP
divergence and the productivity slowdown
Our contribution: bring more micro
evidence to a largely macro debate
7. 1. Conceptual background
2. Data and measurement
3. Productivity divergence
4. Policy analysis: role of competition
5. Future research
Outline
9. • Widespread heterogeneity in firm productivity
(Bartelsman and Doms, 2000)
need to look beyond averages / aggregates
1. Neo-Schumpeterian growth (Aghion and Howitt, 2006)
a) The best (“global frontier”) firms innovate
b) These technologies diffuse to other firms
This raises within-firm productivity through catching-up
2. Reallocation via growth of productive firms and the
downsizing / exit of less productive ones
(Caballero and Hammour, 1994)
Conceptual background:
What drives productivity growth?
11. Data
Cross-country firm-level data Orbis
• Wide coverage
• 24 OECD countries, 1997-2014
• Both manufacturing and services
• Large and small firms
• Balance sheets and income statements
from several million company accounts
• Collected and harmonized by Bureau van Dijk
• Main limitation:
• Coverage of (small) firms uneven
20+ employees subsample
Extensive robustness checks
12. Measurement
• Substantial work to translate balance sheet information to
economic measures
• Deflation, PPP conversion, capital stock estimation, cleaning
• Several productivity measures derived
• Labour-productivity, MFP variants
• Definition of global productivity frontier:
Firms with highest levels of productivity
• More precisely: top 5% of firms in terms of productivity for
each 2-digit industry
14. The global frontier: Who are they?
• Frontier firms have more / larger
• market shares
• capital intensity
• wages
• mark-ups
• patents
• share of MNEs
• Productivity gap is also higher in services
• Frontier is composed of various countries
… and more so in services
than in manufacturing
16. Average of MFPR (Wooldridge) across each 2-digit sector (log, 2001=0)
... largely reflects MFPR divergence
Frontier
Frontier
Laggards Laggards
Capital deepening plays
less of a role
17. ... which may reflect “technological”
divergence
Average of mark-up adjusted MFPR across each 2-digit sector (log, 2001=0)
Divergence remains after correcting
for mark-ups behaviour
Frontier
Frontier
Laggards
Laggards
18. Robust to:
• Different MFP measures and mark-up corrections
• Frontier definitions (Top 100, Top 10%)
• More sustained performance (3-year averages of productivity)
• More narrowly defined industries (3 and 4 digit)
• Retaining only groups and standalone firms
• Comparing frontier with official industry aggregates
• Longer period using industry-level data: increased divergence from the
early 2000s compared to 1985-2000
Consistent with others’ findings:
• For the US using Census data (Decker et al, 2016)
and for financial returns (Furman and Orszag, 2016)
• MultiProd (Berlingieri et al, 2016)
• CompNet (ECB, 2016)
Productivity divergence…
19. Firm-level patterns consistent with
sectoral data
-0.10
0.00
0.10
0.20
0.30
0.40
0.50
Frontier firms
Laggard firms
Sectoral data
Average of labour productivity across each 2-digit sector (log, 2001=0)
21. What does it mean?
• Best provider takes most of the market
• Second-best takes significantly less
Proximate drivers?
• Very low marginal costs easier scalability (Brynjolfsson and McAfee, 2011)
– Both production / provision and transport / communication costs
• Network effects across consumers
• Larger markets increase incentives to innovate (Acemoglu and Lynn, 2004)
Structural drivers?
• Digitalization + rise of intangibles + globalization
How do we spot it?
• Look at sectors where these are most relevant: ICT services
Winner-takes-all dynamics?
22. Technological divergence:
winner takes all dynamics?
MFP divergence
ICT-intensive services Non ICT-intensive services
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
Frontier firms
Laggards
Top 10%
Top 2%
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
Frontier firms
Laggards
Top 10%
Top 2%
24. Stronger MFPR divergence –
weaker aggregate MFP
Industry aggregate MFP and within-industry MFPR gap (1998-2007)
Data averaged across 12 OECD countries and purged of industry and year fixed effects
25. The speed of convergence to the
frontier slowed, even before the crisis
Convergence parameters estimated from a neo-Schumpeterian model
Dotted line: 95% confidence intervals
A: MFPR B: Mark-up adjusted MFPR
icstcts
j
isct
j
jj
ticst
j
j
icstFcsticst XDgapgapAA 413121 *lnln
26. Entry to the frontier has become more
entrenched amongst top firms
B: Mark-up corrected MFPR
From
top
20%
From
top
10%
From
top
5%
Manufacturing Services
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
From
top
20%
From
top
10%
From
top 5%
Proportion of frontier firms in time t according to their frontier status in t-2
27. Technological divergence: is declining
market contestability an issue?
Share of firms
Percent
Entry rates using
business registers from DynEmp
Declining firm turnover: fewer
young firms, while marginal firms
increasingly survive.
0
4
8
12
16
20
24
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Young firms (0-5 years)
Mature firms (6-10 years)
Non-viable old firms (older than 10 years)
Decline in entry is widespread
across countries
0
2
4
6
8
10
12
14
16
1998-2000 2001-04 2005-08 2009-13
28. Technological divergence: is declining
market contestability an issue?
Share of firms
Percent
MFPR relative to viable old firms
Log point differential
Higher productivity threshold for
entry, while marginal firms survive
despite a collapse in their MFPR
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Young firms (0-5 years)
Mature firms (6-10 years)
Non-viable old firms (older than 10 years)
Declining firm turnover: fewer
young firms, while marginal firms
increasingly survive.
0
4
8
12
16
20
24
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Young firms (0-5 years)
Mature firms (6-10 years)
Non-viable old firms (older than 10 years)
30. Pro-competitive product market reforms can promote the
diffusion of frontier technologies by:
1. Sharpening the incentives for incumbent firms to adopt
better technologies.
2. Raising managerial quality, which is complementary to
adoption.
3. Reducing entry barriers: young firms possess a
comparative advantage in commercialising leading
technologies.
4. Raising returns to “innovation” in downstream
manufacturing sectors via input-output linkages.
5. More efficient resource reallocation.
Competition, innovation and
diffusion
31. The pace of deregulation in
services has slowed
The restrictiveness of product market regulations
Notes: The horizontal line in the boxes represents the median, the upper and lower edges of each boxes reflect the 25th and
75th percentiles and the markers on the extremes denote the maximum and the minimum across countries.
A: Network industries B: Professional Services
32. Slower product market reform:
a larger increase in the gap
Selected industries; annual average change over time and across countries
Note: The figure shows the annual change in the (log) MFPR gap between the frontier and laggard firms and
the change in the (log) PMR indicator. Technical services refer to architecture and engineering.
33. Higher MFP divergence when
market reforms in services lagged
(1) (2) (3) (4)
0.205*** 0.231*** 0.332*** 0.311**
(0.065) (0.083) (0.103) (0.132)
Country fixed effects YES NO YES NO
Industry fixed effects YES YES YES YES
Year fixed effects YES NO YES NO
Country X year fixed effects NO YES NO YES
Observations 458 458 376 376
R-squared 0.201 0.323 0.327 0.463
Y: Δ MFP gap Y: Δ Mark-up corrected MFP gap
Δ Product Market
Regulations,c,t
Notes: Cluster robust standard errors (at the industry-year level) in parentheses. *** p<0.01, ** p<0.05, * p<0.1 Both the
MFP gap and the PMR indicator are measured in log terms. The MFP gap is calculated at the country-industry-year level,
by taking the difference between the global frontier and the average of log productivity of non-frontier firms.
MFP divergence and product market regulation in services
Estimation method: five-year long differences (1998-2013)
tcstsctcs
ld
tcs
ld
tcs
ld
EPMRMFPgap ,,,,2,,10,,
34. 2.3% 2.3% 2.4%
3.8% 3.9%
1.7%
1.0%
1.4%
1.7% 1.7%
0%
1%
2%
3%
4%
5%
Transport Energy Retail Legal and
accounting
services
Technical
services
Observed increase in gap
Increase in gap due to slow deregulation
Sluggish market reform effort in
services amplified MFP divergence
Estimated contribution to the annual change in the MFP gap of the
slower pace of reform relative to the fastest reforming industry (telecoms)
MFP divergence was perhaps inevitable due to structural changes in the
global economy but policy could have worked harder
35. • The slowdown in aggregate productivity growth
masks an increasing divergence between GF
and laggard firms:
– Structural trends in the global economy unleashed
winner takes all dynamics and made adoption more
difficult.
– Thus, MFP divergence was partly inevitable but the
policy framework didn’t sufficiently adapt to these
structural trends
– Evidence of declining market contestability is a real
worry
Summary
36. • “Zombie” firms and firm exit in ECO
– The prevalence and resources trapped in marginal firms has risen,
with adverse effects for investment, capital reallocation (MFP) and
potential growth. “The Walking Dead”
– Insolvency regimes and productivity performance
• Distributed microdata projects in STI
– DynEmp (23 countries):
• New evidence on the growth dynamics of start-ups and
incumbents and its link to productivity
– MultiProd (18 countries):
• Investigates productivity patterns and the extent to which
different policy frameworks can shape productivity
• Productivity heterogeneity and Misallocation
• Granularity
• Wage inequality: “The Great Divergence(s)”
Ongoing work
37. • Future work
– Complementary factors (e.g. management, skills)
– The role of digitalisation
– Antitrust regulation need to be strengthened?
– Lobbying blocking penetration of ICT and new
business models in services
– Intellectual property regimes need updating?
Areas for future work