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Sveriges Riksbank (Central Bank of Sweden) Working Paper Series, Sveriges Riksbank (Central Bank of Sweden)

No 296:
The Importance of Reallocation for Productivity Growth: Evidence from European and US Banking

Jaap W.B. Bos () and Peter C. van Santen ()

Abstract: To what extent has input reallocation contributed to aggregate productivity growth in the banking sectors of Europe and the United States? Interestingly, under-performing banks capture market share, while more productive banks lose market share, in particular in the US. The pattern of reallocation is markedly different between the geographical regions: European productivity has grown by reallocating inputs through the first half of the sample period, at the same time when reallocation diminished growth in the US. The long-run positive effects of creative destruction are especially apparent in the US, where reallocation is an important driver of increases in productivity.

Keywords: reallocation; productivity growth; efficiency; banking; (follow links to similar papers)

JEL-Codes: C24; D24; O30; O47; (follow links to similar papers)

40 pages, February 1, 2015

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