Using firm-level data, this paper shows that the Portuguese financial crisis was a period of intensified productivity-enhancing reallocation. Aggregate productivity gains, both in manufacturing and services, came from relatively higher contributions of entering and exiting firms and from reallocation of resources between surviving firms. At the microlevel, the crisis reduced the probability of survival for high- and low-productivity firms, but it hit low-productivity firms disproportionately harder. We also found important heterogeneous effects across economic sectors regarding input reallocation that underline the importance of using data for the entire economy whenever similar studies are conducted.

中文翻译：

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每一朵乌云都有一线希望：葡萄牙金融危机的净化作用*

本文使用企业层面的数据表明，葡萄牙金融危机是一个加强生产力再分配的时期。制造业和服务业的总生产率提高来自进入和退出企业的相对较高的贡献以及幸存企业之间的资源重新分配。在微观层面，危机降低了高生产力和低生产力企业生存的可能性，但它对低生产力企业的打击更大。我们还发现，在投入重新分配方面，跨经济部门的重要异质效应强调了在进行类似研究时使用整个经济数据的重要性。