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Estimating productivity and returns to scale in the US textile industry

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  • Harri Ramcharran

    ()
    (Associate Professor of Finance and International Business, Dept. of Finance, College of Business Administration, University of Akron, Akron, OH 44325, USA)

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    Abstract

    In light of the textile industry's growing foreign competition, trade deficit and job loss, we estimate its productivity and efficiency for the period 1975-93 utilizing a variable elasticity of substitution production function. The results indicate that, despite job losses, the industry adjusted by increasing labor productivity and maintaining fairly stable profits. This performance does not warrant protectionist policies. However, with an elasticity of factor substitution less than one and decreasing, the impact of factor price increases could result in higher apparel prices and preference for cheaper imports. Furthermore, with an elasticity of capital output rapidly decreasing, significant technological improvements will be required to improve competitiveness since textile production is capital intensive. Recently revised rules on trade liberalization could increase competition in the industry.

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    Bibliographic Info

    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 26 (2001)
    Issue (Month): 3 ()
    Pages: 515-524

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    Handle: RePEc:spr:empeco:v:26:y:2001:i:3:p:515-524

    Note: received: October 1999/Final version received: August 2000
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    Keywords: textile · elasticity of factor substitution · protectionism;

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    Cited by:
    1. George Verikios, 2007. "Modelling the World Wool Market: A Hybrid Approach," Economics Discussion / Working Papers 07-18, The University of Western Australia, Department of Economics.
    2. Verikios, George, 2005. "A Model of the World Wool Market," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 139293, Australian Agricultural and Resource Economics Society.
    3. Edgar Ghossoub, . "Liquidity Risk and Financial Competition: Implications on Asset Prices and Monetary Policy," Working Papers 0003, College of Business, University of Texas at San Antonio.
    4. Coll Serrano, V. & Blasco Blasco, O.Mª., 2009. "Evolución de la eficiencia técnica de la industria textil española en el periodo 1995-2005. Análisis mediante un modelo frontera estocástica/Technical Efficiency In The Textile Industry Of Spain ," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 27, pages 779 (32 pá, Diciembre.
    5. Ramcharran, Harri, 2011. "The pharmaceutical industry of Puerto Rico: Ramifications of global competition," Journal of Policy Modeling, Elsevier, vol. 33(3), pages 395-406, May.

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