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Sectoral reallocations, real estate shocks, and productivity divergence in Europe

Author

Listed:
  • Thomas Grjebine

  • Jérôme Héricourt

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Fabien Tripier

Abstract

This paper investigates the role of sectoral reallocations in the divergence of productivity in Europe, based on a database for 33 sectors and 14 countries between 1995 and 2015. Using the contribution of sectoral productivity growth to Total Factor Productivity (TFP) dynamics at the country level, we highlight that variations in the relative size of sectors—less productive sectors growing relatively to more productive ones—have been at the origin of variable productivity losses in main European countries. Parallel to this divergence, European countries experienced heterogeneous real estate price dynamics, which took the form, in some economies, of massive boom-bust cycles. We investigate real estate shocks as a potential source of sectoral reallocations through a collateral mechanism. These shocks turn out to be a strong driver of productivity divergence between European countries.

Suggested Citation

  • Thomas Grjebine & Jérôme Héricourt & Fabien Tripier, 2022. "Sectoral reallocations, real estate shocks, and productivity divergence in Europe," Post-Print hal-03701538, HAL.
    • Handle: RePEc:hal:journl:hal-03701538
    DOI: 10.1007/s10290-022-00464-3
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    Cited by:

    1. is not listed on IDEAS
    2. Jérôme Héricourt & Jean Imbs & Lise Patureau, 2024. "The Collateral Channel within and between Countries," Working Papers 2024-13, CEPII research center.
    3. Thomas Grjebine & Jérôme Hericourt & Fabien Tripier, 2019. "Sectoral reallocations, real estate shocks and productivity divergence in Europe: a tale of three countries," Post-Print hal-02501064, HAL.

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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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