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Structural Change of Factor Substitution in Finnish Manufacturing

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  • Ilmakunnas, Pekka
  • Törmä, Hannu

Abstract

The possibility of structural change in Finnish factor substitution relations between energy and nonenergy factors is analyzed. The standard generalized Leontief KLEMF cost functions is modified so that the substitution parameters related to electricity and fuel factors may shift to new levels over time. The initial point of transition is 1974, during which the first energy crises took place. Likelihood ratio tests confirm that there has indeed been a statistically significant change in energy versus nonenergy substitution. The authors' estimates imply stronger substitutability for most input pairs after the energy crisis. Copyright 1989 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Paper provided by The Research Institute of the Finnish Economy in its series Discussion Papers with number 281.

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Length: 22 pages
Date of creation: 09 Jan 1989
Date of revision:
Handle: RePEc:rif:dpaper:281

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Cited by:
  1. Kim, Jihyo & Heo, Eunnyeong, 2013. "Asymmetric substitutability between energy and capital: Evidence from the manufacturing sectors in 10 OECD countries," Energy Economics, Elsevier, vol. 40(C), pages 81-89.
  2. Galetovic, Alexander & Muñoz, Cristián M., 2011. "Regulated electricity retailing in Chile," Energy Policy, Elsevier, vol. 39(10), pages 6453-6465, October.
  3. Ruud de Mooij & A. Bovenberg, 1998. "Environmental Taxes, International Capital Mobility and Inefficient Tax Systems: Tax Burden vs. Tax Shifting," International Tax and Public Finance, Springer, vol. 5(1), pages 7-39, February.
  4. Mark J. Koetse & Henri L.F. de Groot & Raymond J.G.M. Florax, 2006. "Capital-Energy Substitution and Shifts in Factor Demand: A Meta-Analysis," Tinbergen Institute Discussion Papers 06-061/3, Tinbergen Institute.
  5. Lijesen, Mark G., 2007. "The real-time price elasticity of electricity," Energy Economics, Elsevier, vol. 29(2), pages 249-258, March.

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