Resource misallocation and manufacturing productivity_The case of Ukraine

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Resourcemisallocationandmanufacturingproductivity:ThecaseofUkraineApplyingHsiehandKlenow(2009)methodology,andusingthedatasetof47,497uniquees-tablishmentsovertheperiodof2002–2010,IinvestigatetheeffectsofresourcemisallocationontheproductivityofUkrainianmanufacturing.Empiricalresultsshowthatthereisasignif-icantresourcemisallocationinUkrainianmanufacturing.Ifitwerethecasethatallmarketdistortionswereeliminated,manufacturingproductivitycouldtriple,whereasifUkrainewasasdistortedastheUSorEU,itcouldbetwicemoreproductivethanitisnow.Theresultsalsoshowthatmostenterprisesshoulddownsizetheirlevelofproductionandthatthemajorre-allocationsofresourcesoccuramongthemostandtheleastproductiveenterprises.JournalofComparativeEconomics44(1)(2016)41–55.TheInstituteforEconomicResearchandPolicyConsulting,NationalUniversityof“Kyiv-MohylaAcademy”

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关键词：Productivity ALLOCATION Location resource Product

2.1.Theoreticalmodel
ThetheoreticalframeworkofthispaperistheHsiehandKlenow(2009)modelofmonopolisticcompetitionwithheteroge-neousfirmsbasedontheMelitz(2003)closedeconomymodel.Thisframeworkallowsestimatingextenttowhichdistortionsaffectmarginalproductsofinputs(bothcapitalandlabor)acrossfirmswithinindustries,thus,loweringtheaggregatetotalfactorproductivity.Intheabsenceofdistortions,therevenueproductivityoffirmswithinindustriesshouldbeequalizedasthealloca-tiveefficiencyconceptpredicts,soitsvariationisconsideredasameasureofdistortion-drivenresourcemisallocationamongfirms.ThebasicsetupoftheHsiehandKlenow(2009)modelisthefollowing.Theeconomyconsistsofanumberofheterogeneousmanufacturingfirms,whichoperateatthemonopolisticcompetitionmarket.Allofthesefirmsdiffernotonlybyproductivity,butalsobybothoutputandthecapitaldistortionstheyface.AsinglefinalgoodisproducedbyarepresentativefirmandcombinestheoutputofSmanufacturingindustriesusingtheCobb–Douglasproductiontechnology.Eachfirmfacesaprofitmaximizationproblem,whichyieldsanoutputpriceasafixedmarkupoverthemarginalcost.IndustryoutputisaCESaggregateofMdiffer-entiatedgoodswiththecorrespondingCobb–DouglassproductionfunctionofTFP,capitalandlabor.Inputssharesdifferacrossindustries,butareequalforthefirmswithinasingleindustry.Thefirstpartofmymethodology,whichdirectlyarisesfromtheHsiehandKlenow(2009)framework,aimstoanswerthefirstsub-questionaboutthepotentialgainsofachievingallocativeefficiencyintheUkrainianeconomy.ItconsistsoftheTFPcal-culation,aggregationandpotentialgainsevaluationprocedurederivedfromtheHsieh–Klenowmodel.TheprocessofcalculatingandaggregatingTFPfollowsthreemainsteps:(i)firm-levelTFP;(ii)industry-levelTFP,and(iii)aggregatemanufacturingTFP.Thefirststepofthisframeworkisthecalculationofoutputandcapitaldistortions.Outputdistortionsaredefinedasthosewhichmovecapital-laborratiointhesamedirectionandcalculatedasaratioofactuallaborcompensationrelativetotheoptimallevel(asashareoflaborinvalueaddedpredicts):