Labour Reallocation and Productivity Dynamics: Financial Causes, Real Consequences

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Financial development and innovation-led growth: Is too much finance better? (2020, unknown): “Cecchetti et al. (2015) and Borio et al. (2016) elaborate this idea by showing that less productive but more pledgeable projects are easily financed during financial sector expansions.”
The pre-Great Recession slowdown in productivity (2015, background): “These results are consistent with the estimates of Borio et al. (2015)—with”
Credit Misallocation During the European Financial Crisis (2017, unknown): “Caballero et al. (2008) study zombie lending during Japan’s “lost decade”.”
Financial Frictions and the Great Productivity Slowdown (2017, background): “Other papers highlight instead that credit booms due to large capital inflows, and lax credit conditions more broadly, can lead to misallocation of resources and productivity losses (Benigno et al., 2015; Borio et al., 2016; Gopinath et al., 2016).”
How Does Credit Supply Expansion Affect the Real Economy? The Productive Capacity and Household Demand Channels (2020, unknown): “Or alternatively, there may be reallocation of labor away from tradable sector firms toward less productive firms producing non-tradable goods (Borio et al. (2016)).”