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Microeconomic Aspects of Productivity Developments during the Great Recession in Croatia – the CompNet Productivity Module Research Results

Author

Listed:
  • Miljana Valdec

    (Croatian National Bank)

  • Jurica Zrnc

    (Croatian National Bank)

Abstract

This paper explores microeconomic aspects of productivity in Croatia based on Competitiveness Research Network (CompNet) main findings. Several stylised facts emerge from our analysis. Overall, the Croatian economy consists of a small number of highly productive firms and a large portion of relatively unproductive firms, no matter the measure used. During the Great Recession productivity in Croatia decreased and this was accompanied by a sharper percentage point fall in the productivity of relatively unproductive firms, while top decile firms were less hit by the recession. Our estimates show that the recession had beneficial effects on resource allocation of labour among firms, thus increasing productivity. These benefits were especially present in the tradable sector. However, the recession was accompanied by growing misallocation of capital, which adversely affected productivity dynamics ubiquitously across all sectors.

Suggested Citation

  • Miljana Valdec & Jurica Zrnc, 2017. "Microeconomic Aspects of Productivity Developments during the Great Recession in Croatia – the CompNet Productivity Module Research Results," Surveys 22, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:survey:22
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    File URL: http://www.hnb.hr/repec/hnb/wpaper/pdf/s-022.pdf
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    More about this item

    Keywords

    CompNet; heterogeneity; productivity distribution; resource allocation;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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