NBER WORKING PAPER SERIES CAPITAL ALLOCATION AND PRODUCTIVITY IN SOUTH EUROPE

in seminars and conferences for useful comments and helpful discussions. Karabarbounis thanks the Business and Public Policy Faculty Research Fund at Chicago Booth for financial support. Villegas-Sanchez thanks Banco Sabadell and AGAUR-Generalitat de Catalunya for financial support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications