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

hal.structure.identifierCentre d'Etudes Prospectives et d'Informations Internationales [CEPII]
dc.contributor.authorGrjebine, Thomas
hal.structure.identifierCentre d'Etudes Prospectives et d'Informations Internationales [CEPII]
hal.structure.identifierLille économie management - UMR 9221 [LEM]
dc.contributor.authorHéricourt, Jérôme
hal.structure.identifierLaboratoire d'Economie de Dauphine [LEDa]
dc.contributor.authorTripier, Fabien
dc.date.accessioned2023-01-24T14:46:39Z
dc.date.available2023-01-24T14:46:39Z
dc.date.issued2022
dc.identifier.issn1610-2878
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/23821
dc.language.isoenen
dc.subjectProductivityen
dc.subjectSectoral Reallocationsen
dc.subjectReal Estate Shocksen
dc.subjectCollateralen
dc.subject.ddc337en
dc.subject.classificationjelD.D2.D22en
dc.subject.classificationjelF.F4.F45en
dc.subject.classificationjelR.R3.R30en
dc.titleSectoral reallocations, real estate shocks, and productivity divergence in Europeen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis 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.en
dc.relation.isversionofjnlnameReview of World Economics
dc.relation.isversionofjnlissue159en
dc.relation.isversionofjnldate2022-04
dc.relation.isversionofjnlpages101–132en
dc.relation.isversionofdoi10.1007/s10290-022-00464-3en
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelEconomie internationaleen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2023-01-24T13:32:04Z
hal.identifierhal-03954554
hal.version1
dc.subject.classificationjelHALD - Microeconomics::D2 - Production and Organizations::D22 - Firm Behavior: Empirical Analysisen
dc.subject.classificationjelHALF - International Economics::F4 - Macroeconomic Aspects of International Trade and Finance::F45 - Macroeconomic Issues of Monetary Unionsen
dc.subject.classificationjelHALR - Urban, Rural, Regional, Real Estate, and Transportation Economics::R3 - Real Estate Markets, Spatial Production Analysis, and Firm Location::R30 - Generalen
hal.date.transferred2023-01-25T09:22:22Z
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