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Return to scale and external economies: empirical evidence from Greek two-digit manufacturing industries

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  • Io Segoura

Abstract

This paper applies the methodology developed by Caballero and Lyons (1989), in order to estimate jointly the degree of internal returns to scale and the extent of external economies in Greek two-digit manufacturing industries during the period 1963-90. Overall, we find that only two industries show evidence of internal increasing returns: food products, and transport equipment. On the other hand, we cannot reject the presence of external economies. According to our estimates if an industry increases its inputs in isolation by 10% its output rises by 6%. However, if all industries act in concern its output rises by 10%, implying social constant returns to scale.

Suggested Citation

  • Io Segoura, 1998. "Return to scale and external economies: empirical evidence from Greek two-digit manufacturing industries," Applied Economics Letters, Taylor & Francis Journals, vol. 5(8), pages 485-490.
  • Handle: RePEc:taf:apeclt:v:5:y:1998:i:8:p:485-490
    DOI: 10.1080/135048598354401
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    References listed on IDEAS

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    1. Ricardo J. Caballero & Richard K. Lyons, 1989. "The Role of External Economies in U.S. Manufacturing," NBER Working Papers 3033, National Bureau of Economic Research, Inc.
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    Cited by:

    1. George Petrakos & Georgios Fotopoulos & Dimitris Kallioras, 2012. "Peripherality and integration: industrial growth and decline in the Greek regions," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 30(2), pages 347-361, April.
    2. Konstantin Kucheryavyy & Gary Lyn & Andrés Rodríguez-Clare, 2016. "Grounded by Gravity: A Well-Behaved Trade Model with Industry-Level Economies of Scale," NBER Working Papers 22484, National Bureau of Economic Research, Inc.
    3. Gene M. Grossman & Esteban Rossi-Hansberg, 2010. "External Economies and International Trade Redux," The Quarterly Journal of Economics, Oxford University Press, vol. 125(2), pages 829-858.
    4. Nicholas Apergis & Vasilios Monastiriotis, 2013. "Price Concentration: New Evidence from Greek Industries and the Cournot Model," Economic Papers, The Economic Society of Australia, vol. 32(2), pages 265-271, June.
    5. de la Torre, Augusto & Didier, Tatiana & Pinat, Magali, 2014. "Can Latin America tap the globalization upside ?," Policy Research Working Paper Series 6837, The World Bank.
    6. Oltheten, Elisabeth & Pinteris, George & Sougiannis, Theodore, 2003. "Greece in the European Union: policy lessons from two decades of membership," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(5), pages 774-806.

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