We propose an accounting framework that maps the dispersion of borrowing costs along the debt maturity structure to the misallocation of productive resources. Specifically, we decompose the effects of credit misallocation into two distinct channels: limited access to debt finance (the scale effect) and distortion in the composition of debt across maturities (the composition effect). Our estimates suggest that an efficient allocation of debt could increase TFP by approximately 14.4% in the US manufacturing sector, of which roughly 10% is attributable to the composition of debt. Reducing inefficiencies in the composition of debt would result in TFP losses due to access and composition of factor inputs being reduced by 9.7% and 0.4%, respectively.

我们提出了一个会计框架，将借贷成本沿着债务期限结构的分散映射到生产资源的不当配置。具体来说，我们将信贷错配的影响分解为两个不同的渠道：债务融资渠道有限（规模效应）和不同期限债务构成的扭曲（构成效应）。我们的估计表明，债务的有效配置可以使美国制造业的TFP提高约14.4%，其中大约10%归因于债务的构成。减少债务构成的低效率将导致 TFP 损失，因为要素投入的获取和构成分别减少 9.7% 和 0.4%。