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Environmental regulations and market power: The case of the Korean manufacturing industries

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  • Lee, Myunghun
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    Abstract

    In Korea, economic growth between 1980 and the mid-1990s was barely affected by environmental regulations. It could be the case that industries with more market power exercised more political power, which was translated into less expensive regulation, e.g., less rigorous monitoring or enforcement efforts. In this paper, we test a negative relationship between market power and the contribution of environmental regulations to productivity growth. A restricted cost function is jointly estimated with an inverse supply relation to measure the productivity growth effect of regulations and the degree of market power in 15 sub-industries in the Korean manufacturing industries over the period 1983-93.

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    Bibliographic Info

    Article provided by Elsevier in its journal Ecological Economics.

    Volume (Year): 68 (2008)
    Issue (Month): 1-2 (December)
    Pages: 205-209

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    Handle: RePEc:eee:ecolec:v:68:y:2008:i:1-2:p:205-209

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    Web page: http://www.elsevier.com/locate/ecolecon

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    Keywords: Environmental regulations Productivity growth Market power;

    References

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    1. J. R. Norsworthy & Michael J. Harper & Kent Kunze, 1979. "The Slowdown in Productivity Growth: Analysis of Some Contributing factors," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 387-422.
    2. Halvorsen, Robert & Smith, Tim R, 1986. "Substitution Possibilities for Unpriced Natural Resources: Restricted Cost Functions for the Canadian Metal Mining Industry," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 398-405, August.
    3. Lee, Myunghun, 2007. "The effect of environmental regulations: a restricted cost function for Korean manufacturing industries," Environment and Development Economics, Cambridge University Press, vol. 12(01), pages 91-104, February.
    4. Barbera, Anthony J. & McConnell, Virginia D., 1990. "The impact of environmental regulations on industry productivity: Direct and indirect effects," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 50-65, January.
    5. Gray, Wayne B, 1987. "The Cost of Regulation: OSHA, EPA and the Productivity Slowdown," American Economic Review, American Economic Association, vol. 77(5), pages 998-1006, December.
    6. Atkinson, Scott E. & Halvorsen, Robert, 1998. "Parametric tests for static and dynamic equilibrium," Journal of Econometrics, Elsevier, vol. 85(1), pages 33-50, July.
    7. Gregory M. Ellis & Robert Halvorsen, 2002. "Estimation of Market Power in a Nonrenewable Resource Industry," Journal of Political Economy, University of Chicago Press, vol. 110(4), pages 883-899, August.
    8. Gollop, Frank M & Roberts, Mark J, 1983. "Environmental Regulations and Productivity Growth: The Case of Fossil-Fueled Electric Power Generation," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 654-74, August.
    9. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
    10. Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February.
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    Cited by:
    1. David Styles & Francesco Testa & Fabio Iraldo, 2010. "Direct regulation is an efficient approach to industrial environmental improvement: empirical evidence and perceptions from chemical manufacturers in Ireland and Italy," Working Papers 201002, Scuola Superiore Sant'Anna of Pisa, Istituto di Management.
    2. Lee, Myunghun, 2011. "Measurement of market power for the environmentally regulated Korean iron and steel manufacturing industry," Resources Policy, Elsevier, vol. 36(3), pages 249-254, September.

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