Do Crises Catalyze Creative Destruction? Firm-level Evidence from Indonesia

Hallward-Driemeier, Mary ; Rijkers, Bob

关键词: ACCOUNTING;    ADJUSTMENT PROCESS;    AGGREGATE PRODUCTIVITY;    AGGREGATE PRODUCTIVITY GROWTH;    ALLOCATIVE EFFICIENCY;   

DOI  :  10.1596/1813-9450-5869
RP-ID  :  WPS5869

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Using Indonesian manufacturing censusdata (1991-2001), this paper rejects the hypothesis that theEast Asian crisis unequivocally improved the reallocativeprocess. The correlation between productivity and employmentgrowth did not strengthen and the crisis induced the exit ofrelatively productive firms. The attenuation of therelationship between productivity and survival was strongerin provinces with comparatively lower reductions in minimumwages, but not due to reduced entry, changing loanconditions, or firms connected to the Suharto regimesuffering disproportionately. On the bright side, firms thatentered during the crisis were relatively more productive,which helped mitigate the reduction in aggregate productivity.