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The impact of reforms on sectors of tradable goods and services

Author

Listed:
  • Nikos Vettas

    (Foundation for Economic and Industrial Research (IOBE), Athens University of Economics and Business, and Centre for Economic Policy Research, UK)

  • Michail Vasileiadis

    (Foundation for Economic and Industrial Research (IOBE))

  • Manos Papadakis

    (Council of Economic Advisors, Ministry of Finance, and Foundation for Economic and Industrial Research (IOBE))

  • Konstantinos Peppas

    (Foundation for Economic and Industrial Research (IOBE))

Abstract

The purpose of this study is to investigate the effects of “horizontal” and “vertical” reforms that have taken place on tradeable sectors of the Greek economy, in their technical efficiency levels. In particular, we assess if reforms have contributed to the improvement of the way firms combine their available inputs to maximize their output, compared to their performance prior to the implementation of the reforms. Towards this goal, we estimate if they have improved their technical efficiency levels. In order to estimate technical efficiency, a stochastic production frontier model is employed, where the production takes has a Translog form. In the estimations, we use an unbalanced panel data set of 601 firms that were active in cruise-yachting services, road passenger transport, road freight transport, electric power and gambling activities-casinos sectors, during the period 2001-2014. The results indicate that “vertical” reforms already exert a positive effect on technical efficiency levels of road passenger transport and road freight transport sectors, a negative effect on technical efficiency levels of the electric power sector, but do not affect efficiency levels of the remaining two sectors. In contrast, “horizontal reforms”, especially those concerning the labour market, positively affect efficiency levels of road passenger transport, road freight transport and electric power sectors, but do not affect efficiency levels of cruise-yachting services and gambling activities-casinos sectors.

Suggested Citation

  • Nikos Vettas & Michail Vasileiadis & Manos Papadakis & Konstantinos Peppas, 2017. "The impact of reforms on sectors of tradable goods and services," Economic Bulletin, Bank of Greece, issue 46, pages 47-66, December.
    • Handle: RePEc:bog:econbl:y:2017:i:46:p:47-66
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    File URL: https://www.bankofgreece.gr/Publications/econbull201712.pdf
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    More about this item

    Keywords

    reforms; technical efficiency; Translog Production Function; Panel Data; Random Effects;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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