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The policy environment and relative price efficiency of Egyptian private sector manufacturing: 1987|88-1995|96

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  • Lullit Getachew

    (Pacific Economics Group, Madison, WI, USA)

  • Robin C. Sickles

    (Department of Economics, Rice University, Houston, TX, USA)

Abstract

We study the impact of policy and institutional constraints, and reforms undertaken to remedy them, on relative price efficiency and cost of the private manufacturing sector of Egypt. We undertake this study using a generalized cost function, which subsumes the standard neoclassical cost function as a special case. This approach allows us to assess the impact of such constraints, which include labor market, energy and financial sector ones, on relative prices and the structure of production, including factor demands, shares and cost. Our findings indicate the presence of substantial distortions in relative prices, and hence on cost, due to the policy environment. We also find improvements in relative price efficiency and cost performance as a result of policy reforms initiated to remove the constraints. Copyright © 2007 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.933
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 22 (2007)
Issue (Month): 4 ()
Pages: 703-728

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Handle: RePEc:jae:japmet:v:22:y:2007:i:4:p:703-728

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  1. James R. Tybout, 2000. "Manufacturing Firms in Developing Countries: How Well Do They Do, and Why?," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 11-44, March.
  2. Lau, Lawrence J & Yotopoulos, Pan A, 1971. "A Test for Relative Efficiency and Application to Indian Agriculture," American Economic Review, American Economic Association, vol. 61(1), pages 94-109, March.
  3. Catherine J. Morrison & Donald Siegel, 1997. "External Capital Factors And Increasing Returns In U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 647-654, November.
  4. Nadiri, M Ishaq & Mamuneas, Theofanis P, 1994. "The Effects of Public Infrastructure and R&D Capital on the Cost Structure and Performance of U.S. Manufacturing Industries," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 22-37, February.
  5. Park, Seung-Rok & Kwon, Jene K, 1995. "Rapid Economic Growth with Increasing Returns to Scale and Little or No Productivity Growth," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 332-51, May.
  6. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
  7. Brown, Bryan W. & Walker, Mary Beth, 1995. "Stochastic specification in random production models of cost-minimizing firms," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 175-205.
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