Portuguese research examines decline in allocative efficiency
Service sector is the main driver of this loss, according to working paper
A deterioration in allocative efficiency may have "shaved around 1.3 points off the annual GDP growth" in Portugal between 1996 and 2011, according to a working paper published by the country's central bank.
In Misallocation and productivity in the lead up to the eurozone crisis, Daniel Dias, Carlos Robalo Marques and Christine Richmond say their findings are "significant given that the Portuguese GDP grew only 1.5% on average per year during this period".
The authors found that "equalising" the
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