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Do Crises Catalyze Creative Destruction? : Firm-Level Evidence from Indonesia / Hallward-Driemeier, Mary
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Hallward-Driemeier, Mary
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Banks & Banking Reform.
- Capital market imperfections.
- Creative destruction.
- Economic Theory & Research.
- Financial crisis.
- Firm survival.
- Labor Markets.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Microfinance.
- Productivity decompositions.
- Local Subjects:
- Banks & Banking Reform.
- Capital market imperfections.
- Creative destruction.
- Economic Theory & Research.
- Financial crisis.
- Firm survival.
- Labor Markets.
- Labor Policies.
- Macroeconomics and Economic Growth.
- Microfinance.
- Productivity decompositions.
- Physical Description:
- 1 online resource (55 pages)
- Other Title:
- Do Crises Catalyze Creative Destruction?
- Place of Publication:
- Washington, D.C., The World Bank, 2011
- System Details:
- data file
- Summary:
- Using Indonesian manufacturing census data (1991-2001), this paper rejects the hypothesis that the East Asian crisis unequivocally improved the reallocative process. The correlation between productivity and employment growth did not strengthen and the crisis induced the exit of relatively productive firms. The attenuation of the relationship between productivity and survival was stronger in provinces with comparatively lower reductions in minimum wages, but not due to reduced entry, changing loan conditions, or firms connected to the Suharto regime suffering disproportionately. On the bright side, firms that entered during the crisis were relatively more productive, which helped mitigate the reduction in aggregate productivity.
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