The financial resource curse

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Capital Allocation and Productivity in South Europe (2017, background): “Benigno and Fornaro (2014) alternatively suggest that the decline in aggregate productivity resulted from a shift in resources from the traded sector, which is the source of endogenous productivity growth, to the non-traded sector following the consumption boom that accompanied the increase in capit”
Large Capital Inflows, Sectoral Allocation and Economic Performance (2015, background): “…have led some authors to draw a connection between episodes of large capital inflows and slowdowns in productivity growth, since capital inflows can trigger a movement of resources toward nontradable sectors characterized by slow productivity growth (Benigno and Fornaro, 2014; Reis, 2013).”
ESBies: Safety in the Tranches (2017, background): “…slump in productivity and an appreciation of the real exchange rate because it came with a misallocation of resources towards low productivity sectors (Reis, 2013), especially real estate and other non-tradable sectors (Benigno & Fornaro, 2014). capital flowed from high-risk to low-risk countries.”