According to the Schumpeterian cleansing hypothesis, economic downturns force inefficient firms off the market, freeing resources that can be allocated to more efficient firms. India, as an emerging economy, may experience a similar reallocation. The study uses micro-level data for publicly traded firms, including manufacturing and services sector firms, from 1988 to 2020. We find that reallocation is productivity-enhancing in general, i.e., credit moves from firms with low productivity to firms with high productivity, and normal economic downturns induce this efficiency-enhancing reallocation. We also observe that reallocation is less efficiency-enhancing during the Indian financial crisis, and constraints on productive firms could be one of the potential explanations for the lack of a cleansing effect.

中文翻译：

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经济衰退会引发熊彼特式的创造性破坏吗？来自印度的微观证据

根据熊彼特清洗假说，经济衰退迫使效率低下的企业退出市场，从而释放出可以分配给效率更高的企业的资源。印度作为新兴经济体，可能会经历类似的重新分配。该研究使用了 1988 年至 2020 年上市公司（包括制造业和服务业公司）的微观数据。我们发现，重新分配总体上提高了生产率，即信贷从生产率低的企业转移到生产率高的企业，正常的经济衰退会引发这种提高效率的重新分配。我们还观察到，在印度金融危机期间，重新分配对效率的提升较小，而对生产性企业的限制可能是缺乏净化效果的潜在解释之一。