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Economic integration, Market Discipline and Productivity Growth in Spain

 

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Economic integration, Market Discipline and Productivity Growth in Spain

Diego Méndez-Carbajoa & Dimitrios D. Thomakos

The Journal of International Trade & Economic Development: An International and Comparative Review
Volume 12, Issue 4, 2003, Pages 359-375
 
Abstract. his paper explores the changes on productivity growth, economies of scale and market discipline experienced by a selected number of Spanish manufacturing industries as a result of the 1986 – 92 integration of Spain into the European Union. Since the intra-union trade liberalization process spanned a seven-year, multi-stage, adhesion period we employ a model with a smooth transition variable to account fully for its impact. An additional model that uses separate sets of dummy variables captures differences in the regression estimates during the transitional and liberalized periods. In both model specifications we find strong evidence of increases in returns to scale and reductions in producers' mark-ups, whereas productivity growth increases are found to be small and uneven.

Keywords. Economic integration, trade liberalization, mark\-ups, productivity, smoothed transition regression, Spain

DOI. 10.1080/0963819032000154801


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