Μέτρηση του επιπέδου ανταγωνισμού στους κλάδους της ελληνικής οικονομίας: εμπειρική και θεωρητική διερεύνηση
Measuring the level of competition in the sectors of the greek economy: empirical and theoretical investigation
KeywordsΔείκτης mark-up ; Δείκτης Lerner ; Μονοπωλιακή δύναμη ; Βιομηχανία μεταποίησης ; Τομέας υπηρεσιών ; Mark-up index ; Lerner index ; Significant market power ; Manufacturing ; Service sector
The aim of this study is to investigate the degree of competition in the sub-sectors of the two main sectors of the Greek economy, those of manufacturing and services. The assessment of the intensity of competition is carried out through the relevant calculation, based on econometric analysis, of mark up indicators and significant market power in the relevant market. The time period under examination extends from 1970 to 2007. The demonstration of the results was made in accordance to the model developed by Roeger. The empirical results show that the Greek enterprises of the manufacturing industry as well as the companies operating in the service sector operate under non-competitive conditions. At the same time, the average mark-up markers are heterogeneous across sectors, with the industry sector having higher mark-ups on average than the service sector. Furthermore, relevant mark up indicators are for specific periods of time within the period considered, in order to highlight the variability of the degree of competition over time. To estimate and validate the econometric findings of the survey, the Regular Least Squares (OLS) regression analysis method was used in conjunction with the Two Stage Least Squares (2SLS) method, which showed identical estimates of the relevant coefficients. Finally, this thesis can be perceived as a point of reference from policy makers as well as it can be a compass for future stydies and analysis, always considering the economic crisis which still afflicts our country.