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The “Wal-Mart effect” in central and eastern Europe

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  • Igan, Deniz
  • Suzuki, Junichi

Abstract

Prior to the recent global financial crisis altering the price dynamics, inflation in central and eastern European countries was characterized by a sharp drop pattern. Several factors contributed to this decline such as benign global economic conditions and growing credibility of domestic macroeconomic policies, yet factors related to industrial organization and market competition have been somewhat overlooked. Using measures of retail competition intensity reflecting the prevalence of high-productivity, modern-format retailers, we find that the decline in retail goods price inflation, and particularly food price inflation, was associated with increased retail competition. This may be linked to improved living conditions as households allocate more to health and education.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 40 (2012)
Issue (Month): 2 ()
Pages: 194-210

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Handle: RePEc:eee:jcecon:v:40:y:2012:i:2:p:194-210

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Web page: http://www.elsevier.com/locate/inca/622864

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Keywords: Wal-Mart effect; Retail competition; Inflation;

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References

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  1. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-50, September.
  2. Beata Smarzynska Javorcik & Wolfgang Keller & James R. Tybout, 2006. "Openness and Industrial Responses in a Wal-Mart World: A Case Study of Mexican Soaps, Detergents and Surfactant Producers," NBER Working Papers 12457, National Bureau of Economic Research, Inc.
  3. Basker, Emek, 2005. "Selling a cheaper mousetrap: Wal-Mart's effect on retail prices," Journal of Urban Economics, Elsevier, vol. 58(2), pages 203-229, September.
  4. Emek Basker, 2002. "Job Creation or Destruction? Labor-Market Effects of Wal-Mart Expansion," Working Papers 0215, Department of Economics, University of Missouri, revised 14 Jan 2004.
  5. Bevan, Alan A. & Estrin, Saul, 2004. "The determinants of foreign direct investment into European transition economies," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 775-787, December.
  6. Liesbeth Dries & Thomas Reardon & Johan F. M. Swinnen, 2004. "The Rapid Rise of Supermarkets in Central and Eastern Europe: Implications for the Agrifood Sector and Rural Development," Development Policy Review, Overseas Development Institute, vol. 22, pages 525-556, 09.
  7. Li, Yue & Smarzynska Javorcik, Beata, 2008. "Do the Biggest Aisles Serve a Brighter Future? Global Retail Chains and Their Implications for Romania," CEPR Discussion Papers 6906, C.E.P.R. Discussion Papers.
  8. Bresnahan, Timothy F & Reiss, Peter C, 1991. "Entry and Competition in Concentrated Markets," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 977-1009, October.
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Cited by:
  1. Martin Machek, 2012. "Retail Market Structure Development in Central Europe," Central European Business Review, University of Economics, Prague, vol. 2012(3), pages 22-27.
  2. Ilya Bolotov, 2013. "Analysis of the Retail Trade and Automotive Industry in the Russian Federation," Central European Business Review, University of Economics, Prague, vol. 2013(3), pages 7-14.

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