| 15401. |
|
|
| 15402. |
- Lundin, Magnus, 1972-
(författare)
-
The Dynamic Behavior of Prices and Investment: Financial Constraints and Customer Markets
- 2003
-
Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Chapter II (with Nils Gottfries and Charlotte Bucht) explores the interaction between prices and investment. We construct a dynamic model of a financially constrained firm making pricing and investment decisions. The firm operates in a market where customers respond slowly to price changes and there are implementation lags in investment (time to build). Our model implies that the markup over marginal cost is counter-cyclical, the product price responds slowly to demand shocks, and quickly to cost shocks, and the price is strongly related to investment.Chapter III presents microeconometric evidence that investment in fixed capital is an important determinant of price adjustment. A price equation including investment, wage and demand factors is estimated using a unique data set for Swedish manufacturing plants. The main result is that investment in capital stock has a significantly positive and quantitatively large effect on the price. Wage costs and competitors prices have a positive impact on the price, but the price responses of changes in demand are small and negative, suggesting that markups are countercyclical.Chapter IV examines the relationship between prices and investment using international aggregate data. A price equation is estimated for the manufacturing sector in thirteen OECD countries. The main result is that investment in real capital is an important determinant of prices in almost all countries. Both labor costs and competitors' prices affect the price, and the relative effect of foreign competitors' price changes is higher for small open economies. Furthermore, the effect of investment on prices appears to be stronger in periods when firms are likely to be financially constrained.Chapter V (with Joakim Jansson) uses between-firm variation in the user cost of capital to provide user cost elasticities for investment in machinery and equipment for Swedish firms. A theoretical model is constructed to investigate the effect of a firm-specific user cost of capital on the firms' investment decision. We find estimates of the user cost of capital elasticity in the range of -0.3 to -0.5, which is in line with previous Swedish studies using more aggregate measures of user cost of capital.
|
|
| 15403. |
- Lundin, Nannan
(författare)
-
Has import disciplined Swedish manufacuring firms in the 1990s?
- 2004
-
Ingår i: Journal of Industry, Competition and Trade. - 1566-1679 .- 1573-7012. ; 4:2, s. 109-133
-
Tidskriftsartikel (refereegranskat)abstract
- This paper analyses how increased integration and the ongoing enlargement of the EU's internal market affected the performance of Swedish manufacturing firms. The pro-competitive effect of international trade, in term of intensified import competition on domestic firms' market power, has been investigated extensively at the industry-level. In contrast to previous studies, this analysis is based on detailed firm-level information and import data divided into both an EU member group and a group of recently approved EU member candidates. It focuses on how imports from these groups, together with imports from other non-European trading partners, impact on firm-level profitability, while taking firm-specific efficiency effects into account. The findings are that imports from the new EU-candidates, Japan and Asian newly industrialized countries seem to have a disciplinary effect on firm-level profits, whereas imports from EU-member countries only appear to have an impact on firms with large market shares and in highly concentrated industries.
|
|
| 15404. |
- Lundin, Nannan, 1972-
(författare)
-
Impact of international competition on Swedish manufacturing : individual and firm-level evidence from the 1990s
- 2004
-
Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of four papers examining the impact of international competition on Swedish manufacturing and labor market during the 1990s. By using detailed individual and firm-level information I aim to investigate how increased exposure to international trade, in terms of both export orientation and import penetration, affects technology development, profitability and wage structure. Paper [1] (co-authored with Pär Hansson) is a study on links between exporting behavior and productivity. We find support for the self-selection effect of firms, i.e. more productive firms are more likely to enter into the export market. In addition, we obtain evidence indicating that export enhances firm-level productivity. By recognizing the intra-industry heterogeneity in terms of exporting behavior and difference in productivity level among firms, we quantify both within-firm and reallocation effects that contribute to overall manufacturing productivity growth. The decomposition shows that the within-firm effect dominates, but intra-industry reallocation towards more productive firms has also taken place. A further breakdown of these two effects into domestic and export components shows that productivity growth appears to be more rapid for large exporting firms. Paper [2] analyzes the impact of import penetration on firm-level market power, measured by (average) price-cost margin. The total imports are divided into five country groups to investigate the differential strengths of the pro-competitive effects depending on the countries of origin. The EU-members and the EU-candidate countries (the recent EU members) are of special interest in the context of increased economic integration. The results indicate that imports from the EU-candidate countries have substantial disciplinary effects on firm-level market power, while imports from the EU-member countries only appear to have an impact in firms with large market shares in highly concentrated industries. Paper [3] examines how import competition from different origins and the presence of product differentiation affect market power of Swedish manufacturing firms during the 1990s. Applying Roeger’s method (1995), I perform the empirical analysis based on detailed firm-level data and estimate an average mark-up level of Swedish manufacturing firms. The general finding is that imports from both European countries and other high-income countries outside Europe impose disciplinary effects on price-cost margins of Swedish manufacturing firms. The strongest effect is from EU candidate countries (the recent EU members). However, the competitive pressure associated with import is relaxed in the presence of product differentiation. Paper [4] (co-authored with Lihong Yun) examines the inter-industry wage structure in Swedish manufacturing sectors using matched employer-employee data for the period 1996 to 2000. First, we use detailed individual and job characteristics to estimate industry-specific and time-varying wage premiums. Second, we examine the impact of international trade on the wage premiums, after controlling for effects of domestic competition and technical progress. Our results indicate that industries that face intensive import competition from low-income countries have lower wage premiums. Surprisingly, the wage premiums are not related to export intensities. Furthermore, technical progress, measured by investment in R&D activity, appears to enhance inter-industry wage premiums.
|
|
| 15405. |
- Lundin, Nannan
(författare)
-
Import competition, product differentiation and mark-ups : microeconomic evidence from Swedish manufacturing in the 1990s
- 2004
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper examines how import competition from different origins and the presence of product differentiation affect market power of Swedish manufacturing firms during the 1990s. Applying Roeger’s method (1995), I perform the empirical analysis based on detailed firm-level data and estimate an average mark-up level of Swedish manufacturing firms. The general finding is that imports from both European countries and other highincome countries outside Europe impose disciplinary effects on price-cost margin of Swedish manufacturing firms. The strongest effect is from the recent EU member countries. However, the competitive pressure associated with import is relaxed in the presence of product differentiation.
|
|
| 15406. |
- Lundin, Nannan, et al.
(författare)
-
International Trade and Inter-Industry Wage Structure in Swedish Manufacturing : Evidence from Matched Employer–Employee Data
- 2009
-
Ingår i: Review of International Economics. - Oxford : Wiley-Blackwell. - 0965-7576 .- 1467-9396. ; 17:1, s. 87-102
-
Tidskriftsartikel (refereegranskat)abstract
- This study examines the inter-industry wage structure in Swedish manufacturing, using matched employer–employee data for the period 1996 to 2000. First, we used detailed individual and job characteristics to estimate industry-specific and time-varying wage premiums. Secondly, we investigated the impact of international trade on wage premiums, controlling for effects of domestic competition and technical progress. Our results suggest that industries that face intensive import competition from low-income countries have lower wage premiums. Surprisingly, the wage premiums are not related to export intensities. Furthermore, technical progress, measured by investment in R&D activity, appears to enhance inter-industry wage premiums.
|
|
| 15407. |
- Lundin, Nannan, et al.
(författare)
-
International trade and inter-industry wage structure in Swedish manufacuring : evidence from matched employer-employee data
-
Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This study examines the inter-industry wage structure in Swedish manufacturing by using matched employer–employee data for the period 1996 to 2000. First, we used detailed individual and job characteristics to estimate industry-specific and time-varying wage premiums. Second, we investigated the impact of international trade on wage premiums, after controlling for effects of domestic competition and technical progress. Our results indicate that industries that face intensive import competition from low-income countries have lower wage premiums. Surprisingly, the wage premiums are not related to export intensities. Furthermore, technical progress, measured by investment in R&D activity, appears to enhance inter-industry wage premiums.
|
|
| 15408. |
|
|
| 15409. |
- Lundmark, Robert
(författare)
-
A comparison of approaches towards measuring technical change: the case of Swedish newsprint production
- 2005
-
Ingår i: Forest Policy and Economics. - : Elsevier BV. - 1389-9341 .- 1872-7050. ; 7:4, s. 563-577
-
Tidskriftsartikel (refereegranskat)abstract
- The purpose of this paper is to estimate and analyze technical change in the Swedish newsprint industry over the time period 1974-1994. Using a variable Translog cost function as the basis, three different approaches toward estimating technical change are developed: (a) the Tornqvist index, (b) the standard time trend specification, and (c) the general index approach. The empirical results indicate that considerable differences exist between the three approaches, both in terms of their mean estimates of technical change and in their variation over time. Finally, the main determinants of technical change in the Swedish newsprint industry are identified and used to explain the three technical change indices within a simple econometric model. The results indicate that capacity utilization has been the dominant determinant of technical change, but that regulatory intensity and output prices are also important determinants.
|
|
| 15410. |
- Lundmark, Robert
(författare)
-
Analysis and projection of global iron ore trade : a panel data gravity model approach
- 2018
-
Ingår i: Mineral Economics. - : Springer. - 2191-2203 .- 2191-2211. ; 31:1-2, s. 191-202
-
Tidskriftsartikel (refereegranskat)abstract
- In this study, an empirical model of global trade in iron ore is developed and applied. The empirical specification is based on the trade gravity theory in which the trade is determined by the income of the trading countries, the distance between the countries, and other characteristics of the countries. The model is specified allowing for country-specific effects. The estimation is performed with panel data for global bilateral iron ore trade flows from 1980 to 2016 including 121 countries and almost 14,000 observations. The results indicate a strong support of the gravity model hypotheses. On average, the trade value is projected to increase by approximately 5% per year up until 2035. The trade potential of iron ore is estimated to 410 million USD per year. Applied to forecasting and policy analysis, the results represent another worthwhile source of information providing an alternative view of the global trade in iron ore that can be helpful for decision-makers.
|
|
