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RBA Glossary definition for financial sector

financial sector – The sector of the economy that comprises financial institutions and financial markets.

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Doing Less, with Less: Capital Misallocation, Investment and the Productivity Slowdown in Australia

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
We focus on the non-financial market sector, as is common in the literature, given the difficulty measuring capital and outputs in the finance sector and complexities around the role of ... More importantly though, the weakening of the relationship is
https://www.rba.gov.au/publications/rdp/2023/2023-03/full.html

References

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
La Cava G (2005), ‘Financial Constraints, the User Cost of Capital and Corporate Investment in Australia’, RBA Research Discussion Paper No 2005-12. ... Rajan RG and L Zingales (1998), ‘Financial Dependence and Growth’, The American Economic
https://www.rba.gov.au/publications/rdp/2023/2023-03/references.html

Understanding the Slowdown

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
More importantly though, the weakening of the relationship is driven by other sectors. ... Table 5: Capital Reallocation by Financial Dependence Regression. Growth in non-current assets.
https://www.rba.gov.au/publications/rdp/2023/2023-03/understanding-the-slowdown.html

Appendix B: Additional Results

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
All non-primary. Most financially dependent quartile. Other financial dependence. Productivity. 0.030. ... Primary sector removed. Quartiles defined based on Rajan Zingales financial dependence metric.
https://www.rba.gov.au/publications/rdp/2023/2023-03/appendix-b.html

Data

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
We focus on the non-financial market sector, as is common in the literature, given the difficulty measuring capital and outputs in the finance sector and complexities around the role of ... We include the primary sector (agriculture and mining) in our
https://www.rba.gov.au/publications/rdp/2023/2023-03/data.html

Has Capital Reallocation Slowed?

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
This means that we are abstracting from differences in productivity levels across sectors, and focusing on high- versus low-productivity firms as defined within industries. ... Second, we remove the primary sector, agriculture and mining, to ensure it is
https://www.rba.gov.au/publications/rdp/2023/2023-03/has-capital-reallocation-slowed.html

Aggregate Implications

22 Mar 2023 RDP 2023-03
Jonathan Hambur and Dan Andrews
This equated to around a quarter of the overall slowdown in non-mining non-financial private sector labour productivity over the period.
https://www.rba.gov.au/publications/rdp/2023/2023-03/aggregate-implications.html