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Assessing competitive conditions and welfare losses in the Greek food and beverages manufacturing industry: An extended Hall-Roeger approach

Author

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  • Anthony N Rezitis

    () (University of Western Greece)

  • Maria A. Kalantzi

    () (University of Western Greece)

Abstract

This paper extends the Hall-Roeger methodology in order to investigate the market structure and to measure the degree of market power in the Greek food and beverages manufacturing industry over the period 1984–2007 at the three-digit SIC level. The present paper also estimates the net and the total welfare losses due to the possible existence of market power. The bootstrap method is applied to assign measures of accuracy to the statistical estimates. The empirical results imply the presence of imperfect competition as well as the existence of some degree of market power in the Greek food and beverages manufacturing industry over the period 1984-2007. The findings also support the existence of welfare losses.

Suggested Citation

  • Anthony N Rezitis & Maria A. Kalantzi, 2012. "Assessing competitive conditions and welfare losses in the Greek food and beverages manufacturing industry: An extended Hall-Roeger approach," Economics Bulletin, AccessEcon, vol. 32(2), pages 1413-1427.
  • Handle: RePEc:ebl:ecbull:eb-11-00770
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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I2-P135.pdf
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    References listed on IDEAS

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    1. Berger, Allen N, 1995. "The Relationship between Capital and Earnings in Banking," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 432-456, May.
    2. Demirguc, Asli & Huizinga, Harry, 1999. "Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence," World Bank Economic Review, World Bank Group, pages 379-408.
    3. Athanasoglou, Panayiotis P. & Brissimis, Sophocles N. & Delis, Matthaios D., 2008. "Bank-specific, industry-specific and macroeconomic determinants of bank profitability," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 18(2), pages 121-136, April.
    4. Molyneux, Philip & Thornton, John, 1992. "Determinants of European bank profitability: A note," Journal of Banking & Finance, Elsevier, vol. 16(6), pages 1173-1178, December.
    5. Saunders, Anthony & Schumacher, Liliana, 2000. "The determinants of bank interest rate margins: an international study," Journal of International Money and Finance, Elsevier, vol. 19(6), pages 813-832, December.
    6. R. Gaston Gelos, 2009. "Banking Spreads In Latin America," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 796-814, October.
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    Citations

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    Cited by:

    1. Salman Ahmad & Attiya Yasmin Javid, 2015. "Analysing the Price Cost Markup and Its Behaviour over the Business Cycles in Case of Manufacturing Industries of Pakistan," PIDE-Working Papers 2015:117, Pakistan Institute of Development Economics.
    2. Michael Polemis & Panagiotis Fotis, 2016. "Measuring the Magnitude of Significant Market Power in the Manufacturing and Services Industries: A Cross Country Approach," Journal of Industry, Competition and Trade, Springer, vol. 16(1), pages 51-79, March.
    3. Michael L. Polemis & Aikaterina Oikonomou, 2016. "Does regulation affect market power? Evidence from Greek SMEs," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(4), pages 43-60, October-D.
    4. Michael L. Polemis, 2014. "Panel Data Estimation Techniques and Mark Up Ratios," European Research Studies Journal, European Research Studies Journal, pages 69-84.

    More about this item

    Keywords

    Market power; Markup; Welfare losses; Food and beverages manufacturing industry; Bootstrap;

    JEL classification:

    • L0 - Industrial Organization - - General
    • D6 - Microeconomics - - Welfare Economics

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