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The effects of product market reforms In Portugal: a more productive, more efficient and more resilient economy?
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Resumo(s)
This paper assesses the short-term impact of product market deregulation in upstream sectors on the productivity of firms in downstream sectors (i.e. those firms using the output of the reformed sectors as inputs in their production process). Relying on a firm level database for the period 2004-2014 covering all Portuguese firms, we show that the most productive firms (those at the sectoral technological frontier) grasp short-run benefits from these reforms, which are then spread to all other firms via spillover mechanisms. In addition, reforms potentiate the exit of the least productive firms, improving the resource allocation in the economy. Finally, we show that the adoption of product market reforms in upstream sectors leads to a more resilient economy, better equipped to face adverse shocks.
Descrição
Palavras-chave
product market reforms total factor productivity reallocation of resources resilience to shocks