When Do Financial Frictions Matter for Misallocation?
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This paper reassesses the role of financial frictions in capital misallocation through a model disciplined by both firm-level borrowing costs and the average revenue product of capital (ARPK). Using Chinese manufacturing data, we document substantial dispersion in ARPK, alongside a strong positive
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美国国家经济研究局创建时间：
2026-03-01
