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  1. The impact of the ECB asset purchases on the European bond market structure: granular evidence on ownership concentration
    Author: Boermans, Martijn; Keshkov, Viacheslav
    Published: [2018]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    Series: Working paper / De Nederlandsche Bank NV ; no. 590 (April 2018)
    Subjects: quantitative easing; portfolio rebalancing; market concentration; ECB; PSPP; securities holdings statistics; unconventional monetary policy
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  2. A disaggregated view of market concentration in the food retail industry
    Author: Zeballos, Eliana; Dong, Xiao; Islamaj, Ergys
    Published: [2023]
    Publisher:  United States Department of Agriculture, Economic Research Service, Washington, DC

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    Series: Economic research report ; number 314 (January 2023)
    Subjects: food retail industry; grocery stores; warehouse clubs; superstores; supercenters; Herfindahl-Hirschman Index; HHI; National Establishment Time Series; NETS; market concentration
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  3. A stationary mean-field equilibrium model of irreversible investment in a two-regime economy
    Author: Aïd, René; Basei, Matteo; Ferrari, Giorgio
    Published: [2023]
    Publisher:  Center for Mathematical Economics (IMW), Bielefeld University, Bielefeld, Germany

    We consider a mean-field model of firms competing à la Cournot on a commodity market, where the commodity price is given in terms of a power inverse demand function of the industry-aggregate production. Investment is irreversible and production... more

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    We consider a mean-field model of firms competing à la Cournot on a commodity market, where the commodity price is given in terms of a power inverse demand function of the industry-aggregate production. Investment is irreversible and production capacity depreciates at a constant rate. Production is subject to Gaussian productivity shocks, while large non-anticipated macroeconomic events driven by a two-state continuous-time Markov chain can change the volatility of the shocks, as well as the price function. Firms wish to maximize expected discounted revenues of production, net of investment and operational costs. Investment decisions are based on the long-run stationary price of the commodity. We prove existence, uniqueness and characterization of the stationary mean-field equilibrium of the model. The equilibrium investment strategy is of barrier-type and it is triggered by a couple of endogenously determined investment thresholds, one per state of the economy. We provide a quasi-closed form expression of the stationary density of the state and we show that our model can produce Pareto distribution of firms' size. This is a feature that is consistent both with observations at the aggregate level of industries and at the level of a particular industry. We establish a relation between economic instability and market concentration and we show how macroeconomic instability can harm firms' profitability more than productivity fluctuations.

     
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    hdl: 10419/278469
    Series: Working papers / Center for Mathematical Economics ; 679 (April 2023)
    Subjects: mean-field stationary equilibrium; irreversible investment; regime-switching; market concentration; value of economic stability
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  4. Should the government sell you goods?
    evidence from the milk market in Mexico
    Author: Jiménez Hernández, Diego; Seira, Enrique
    Published: [2023]
    Publisher:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    Governments spend considerable resources providing goods directly. We show that such behavior may increase welfare when private suppliers have market power. We do this by studying the staggered rollout of hundreds of government milk "ration stores"... more

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    Governments spend considerable resources providing goods directly. We show that such behavior may increase welfare when private suppliers have market power. We do this by studying the staggered rollout of hundreds of government milk "ration stores" in Mexico using a proprietary panel of household food purchases. The rollout lowered the price per liter of privately supplied milk by 2.4% and increased household consumption. To compare direct provision with budget-neutral alternatives, we develop and estimate an equilibrium model of the market that accounts for quality differences. Direct provision generates larger consumer surplus than milk vouchers and unrestricted cash transfers.

     
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    Series: [Working paper] / Federal Reserve Bank of Chicago ; WP 2023, 19 (April 19, 2022)
    Subjects: private and public provision; market concentration; milk
    Scope: 1 Online-Ressource (circa 98 Seiten), Illustrationen
  5. Technology, market structure and the gains from trade
    Author: Impullitti, Giammario; Licandro, Omar; Rendahl, Pontus
    Published: April 2021
    Publisher:  GSE, Graduate School of Economics, Barcelona

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    Series: Barcelona GSE working paper series ; no 1259
    Subjects: gains from trade; heterogeneous firms; oligopoly; innovation; endogenous markups; market concentration
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  6. Entry regulation and competition evidence from retail and labor markets of pharmacists
    Author: Rostam-Afschar, Davud; Unsorg, Maximiliane
    Published: June 20, 2021
    Publisher:  Verein für Socialpolitik, [Köln]

    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. Our theoretical model suggests that firms with high managerial efficiency open more stores per firm and have higher labor demand due to the reform. We... more

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    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. Our theoretical model suggests that firms with high managerial efficiency open more stores per firm and have higher labor demand due to the reform. We find a sharp persistent increase in entry rates for expanding firms. These firms can double revenues but not profits after three years. We show that the increase of the number of employees by 50% after five years and the higher overall employment in the local markets, which increased by 40%, can be attributed to the deregulation.

     
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    hdl: 10419/242426
    Series: Jahrestagung 2021 / Verein für Socialpolitik ; 100
    Subjects: regulation; acquisitions; entry; market concentration; wages; employment; pharmacists
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  7. Automation, market concentration, and the labor share
    Author: Firooz, Hamid; Liu, Zheng; Wang, Yajie
    Published: [2022]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2022, 05 (April 2022)
    Subjects: Automation; market concentration; labor share; markup; reallocation; heterogeneous firms
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. Car registration taxes across EU countries, MNEs' profitability, and the role of market concentration
    Author: Shehaj, Pranvera; Zagler, Martin
    Published: [2022]
    Publisher:  WU Vienna University of Economics and Business, Vienna

    Despite the European Commission’s concrete steps to integrate the national car markets and reduce car price dispersion, significant car price differences exist. Moreover, international differences in taxation of sales and registration of motor... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Despite the European Commission’s concrete steps to integrate the national car markets and reduce car price dispersion, significant car price differences exist. Moreover, international differences in taxation of sales and registration of motor vehicles do not give rise to considerable cross-border shopping. This paper discusses the effects of one-off car registration taxes (CRT) and market concentration level on the profitability of multinational enterprises (MNEs) operating in the European Union car industry. Our simple theoretical framework shows that firm’s profits depend on the demand function and therefore on taxes applied to prices. We overcome empirically the challenges of making informative theoretical predictions on the pass-through rate under imperfect competition. We find that car registration taxes, - both as ad valorem taxes and as specific taxes, - have a significant negative effect on MNEs’ profitability. Our findings show a statistically significant positive effect of market concentration on profitability. Finally, our results suggest that the degree of competitiveness in the car market moderates the effect of car registration taxes on firm profitability only in EU countries where the CRT is formulated as an ad valorem tax, with the negative effect of the ad valorem CRT becoming higher as the car market becomes less competitive

     
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    Edition: This version, 16 February 2022
    Series: WU international taxation research paper series ; no. 2022, 04
    Subjects: car registration tax (CRT); market concentration; tax incidence; profitability; multinational enterprises; EU car industry
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  9. Credit market concentration and systemic risk in Europe
    Author: Kukk, Merike; Paulus, Alari; Reig, Nicolas
    Published: 2022
    Publisher:  Eesti Pank, Tallinn

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    ISBN: 9789949606955
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    Series: Working paper series / Eesti Pank ; 2022, 4
    Subjects: systemic risk; financial stability; credit institutions; credit growth; market concentration
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  10. To what extent has Philippine agriculture Undergone integration and consolidation?
    state of agri-enterprise development in the Philippines
    Author: Inocencio, Arlene B.; Baulita, Alexis; Inocencio, Albert Dale
    Published: April 2022
    Publisher:  Philippine Institute for Development Studies, Quezon City, Philippines

    This study is part of an overall assessment of the Agriculture and Fisheries Modernization Act (AFMA or R.A. 8435) which aims to evaluate the accomplishments of AFMA, assess the prospects towards completing its objectives, and frame policy... more

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    This study is part of an overall assessment of the Agriculture and Fisheries Modernization Act (AFMA or R.A. 8435) which aims to evaluate the accomplishments of AFMA, assess the prospects towards completing its objectives, and frame policy recommendations accordingly. Specifically, this component is tasked with assessing AFMA Objective 4: “To encourage horizontal and vertical integration, consolidation, and expansion of agriculture and fisheries activities, group functions and other services through the organization of cooperatives, farmers and fisherfolk’s associations, corporations, nucleus estates, and consolidated farms and to enable these entities to benefit from economies of scale, afford them a stronger negotiating position, pursue more focused, efficient and appropriate research and development efforts, and enable them to hire professional managers” (Section 3.d). The review uses key indicators for horizontal and vertical integration in Philippine crops, livestock and poultry, and fisheries markets. Cases from Philippine Rural Development Program (PRDP) and ARBO-AVAs were analyzed in terms of the four outcomes specified in Objective #4. The results indicate high concentrations for most agricultural crops, livestock and fishing markets. In terms of vertical integration however, most agriculture markets appear to be mostly (weakly) partially integrated. These observations affect the state of market competition and profitability in agriculture markets. If the results can be validated, this study suggests that there are opportunities to better achieve AFMA Objective 4 and improve the outcomes for the agriculture, livestock and fishing markets through: (1) adjustments in the cluster development programs and activities; (2) establishment of an effective M&E system; (3) better defined roles for government and establishment of the appropriate institutional structures; and (4) a deeper understanding of the implications of horizontal and vertical integrations.

     
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    Series: Discussion paper series / Philippine Institute for Development Studies ; no. 2022, 13 (April 2022)
    Subjects: horizontal and vertical integration; market concentration; consolidation; agriculture crops; livestock; fishery
    Scope: 1 Online-Ressource (circa 84 Seiten), Illustrationen
  11. Interest rate spreads in Estonia: different stories for different types of loan
    Author: Kukk, Merike; Levenko, Natalia
    Published: 2022
    Publisher:  Eesti Pank, Tallinn

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    ISBN: 9789916710005
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    Series: Working paper series / Eesti Pank ; 2022, 7
    Subjects: interest rate spreads; interest rate margins; banking sector; housing loans; consumer loans; corporate loans; market concentration
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  12. U.S. market concentration and import competition
    Author: Amiti, Mary; Heise, Sebastian
    Published: [2022]
    Publisher:  U.S. Census Bureau, Center for Economic Studies, Washington, DC

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    Series: Working papers / Center for Economic Studies, U.S. Census Bureau ; 22, 34 (August 2022)
    Subjects: market concentration; markups; import competition; international trade
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  13. Labor share, industry concentration and energy prices
    evidence from Europe
    Author: Curuk, Malik; Rozendaal, Rik
    Published: 8 September 2022
    Publisher:  CentER, Tilburg University, [Tilburg]

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    Series: Discussion paper / CentER ; no. 2022, 023
    Subjects: Energy price; labor share; market concentration; factor substitution
    Scope: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  14. The dynamics of power in labor markets
    monopolistic unions versus monopsonistic employers
    Author: Samuel Dodini, Samuel; Salvanes, Kjell G.; Willén, Alexander
    Published: October 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper brings together the modern research on employer power and employee power by empirically examining the effects of unionization on worker earnings, employment, and inequality across differently concentrated markets. Exploiting national tax... more

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    This paper brings together the modern research on employer power and employee power by empirically examining the effects of unionization on worker earnings, employment, and inequality across differently concentrated markets. Exploiting national tax reforms to union membership dues as exogenous shocks to unionization, we show that high levels of unionization mitigate the negative wage and employment effects generated by imperfect competition. We also identify considerable effect heterogeneity with respect to worker types across differentially concentrated markets, and show that this has major implications for the role of unions in shaping labor market wage inequality.

     
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    hdl: 10419/267372
    Series: Discussion paper series / IZA ; no. 15635
    Subjects: monopsony; skills; unions; market concentration
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  15. A more dynamic economy
    Author: Leigh, Andrew
    Published: October 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    Economic dynamism is fundamental to productivity and living standards. Several important metrics suggest that the Australian economy has become less dynamic over recent decades. The share of workers starting a new job has fallen. Among employing... more

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    Economic dynamism is fundamental to productivity and living standards. Several important metrics suggest that the Australian economy has become less dynamic over recent decades. The share of workers starting a new job has fallen. Among employing businesses, the start‐ up rate has declined. On average, markets have become more concentrated. Mark‐ups have increased. Reinvigorating competition policy may be an important means of boosting dynamism and raising the rate of productivity growth.

     
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    hdl: 10419/273702
    Series: IZA policy paper ; no. 193
    Subjects: market concentration; markups; new business formation; job mobility
    Scope: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  16. The "Matthew effect" and market concentration
    search complementarities and monopsony power
    Author: Fernández-Villaverde, Jesús; Mandelman, Federico S.; Yu, Yang; Zanetti, Francesco
    Published: February 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market... more

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    This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor market, magnifying profits and further enhancing high-productivity firms' output share. Firms want to get bigger and hire more workers, in stark contrast with the classic monopsony model, where a firm aims to reduce the amount of labor it hires. The combination of search complementarities and monopsony power induces a strong "Matthew effect" that endogenously generates superstar firms out of uniform idiosyncratic productivity distributions. Reductions in search costs increase market concentration, lower the labor income share, and increase wage inequality.

     
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    hdl: 10419/232494
    Series: CESifo working paper ; no. 8897 (2021)
    Subjects: market concentration; superstar firms; search complementarities; monopsony power in the labor market
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  17. Technology, market structure and the gains from trade
    Author: Impullitti, Giammario; Licandro, Omar; Rendahl, Pontus
    Published: [2021]
    Publisher:  University of Nottingham, GEP, [Nottingham]

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    Series: Array ; research paper 2021, 3
    Subjects: gains from trade; heterogeneous firms; oligopoly; innovation; endogenous markups; market concentration
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  18. Financialisation and market concentration in the USA
    a monetary circuit theory
    Author: Dögüs, Ilhan
    Published: Oktober 2021
    Publisher:  Zentrum für Ökonomische und Soziologische Studien, Universität Hamburg, Hamburg

    This paper explains the emergence of financialisation of nonfinancial corporations (NFCs) in the USA by way of the increased pension fund savings of white-collar workers which can be considered by Monetary Circuit Theory (MCT) as 'leakages' causing... more

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    This paper explains the emergence of financialisation of nonfinancial corporations (NFCs) in the USA by way of the increased pension fund savings of white-collar workers which can be considered by Monetary Circuit Theory (MCT) as 'leakages' causing equity issuances to be replenished. The indirect causal nexus can briefly be explained that pension fund savings of white-collar workers have been facilitated by the increasing wage differential between white-collar and blue-collar workers which is driven by the increased market concentration. Since pension funds savings are channelled to financial markets instead of being spent for consumption goods, liquidity deficits of firms being replenished throughout stock markets and because of excess inflows into financial markets, profit expectations of NFCs from liquid financial assets have come to exceed the quasi-rent expectations from illiquid capital assets due to depressed demand for consumption goods. This paper stands as a reconstructive summary of findings of three published articles on each arguments of causal nexus and a contribution to MCT which has not yet considered market concentration.

     
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    Series: Discussion papers / Zentrum für Ökonomische und Soziologische Studien ; 87
    Subjects: financialisation; market concentration; white-collar workers; wage differential; Monetary Circuit Theory
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  19. Entry regulation and competition
    evidence from retail and labormarkets of pharmacists
    Author: Rostam-Afschar, Davud; Unsorg, Maximiliane
    Published: 2021
    Publisher:  University of Hohenheim, Dean's Office of the Faculty of Business, Economics and Social Sciences, Stuttgart, Germany

    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. From 2004 onward, the reform allowed pharmacists to expand their single-store firms and to open or acquire up to three affliated stores. This partial... more

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    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. From 2004 onward, the reform allowed pharmacists to expand their single-store firms and to open or acquire up to three affliated stores. This partial deregulation of multi-store prohibition reduced the cost of firm expansion substantially and provides the basis for our analysis. We develop a theoretical model that suggests that the general limitation of the total store number per firm to four is excessively restrictive. Firms with high managerial effciency will open more stores per furm and have higher labor demand. Our empirical analysis uses very rich information from the administrative panel data on the universe of pharmacies from 2002 to 2009 and their affiliated stores matched with survey data, which provide additional information on the characteristics of expanding firms before and after the reform. We find a sharp immediate increase in entry rates, which continues to be more than five-fold of its pre-reform level after five years for expanding firms. Expanding firms can double revenues but not profits after three years. We show that the increase of the number of employees by 50% after five years and the higher overall employment in the local markets, which increased by 40%, can be attributed to the deregulation.

     
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    hdl: 10419/235531
    Series: Hohenheim discussion papers in business, economics and social sciences ; 2021, 03
    Subjects: Arzneimittelmarkt; Deregulierung; regulation; acquisitions; entry; market concentration; wages; employment; pharmacists
    Scope: 1 Online-Ressource (30 Seiten)
  20. The "Matthew effect" and market concentration
    search complementarities and monopsony power
    Author: Fernández-Villaverde, Jesús; Mandelman, Federico S.; Yu, Yang; Zanetti, Francesco
    Published: [2021]
    Publisher:  Federal Reserve Bank of Atlanta, Atlanta, GA

    This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market... more

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    This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor market, magnifying profits and further enhancing the output share of high-productivity firms. The combination of search complementarities and monopsony power induce a strong "Matthew effect" that endogenously generates superstar firms out of uniform idiosyncratic productivity distributions. Reductions in search costs increase market concentration, lower the labor income share, and increase wage inequality. The model also transforms short-lived negative aggregate shocks into persistent recessions that heighten market concentration.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/244307
    Series: Working paper series / Federal Reserve Bank of Atlanta ; 2021, 4 (January 2021)
    Subjects: market concentration; superstar firms; search complementarities; monopsony power in the labor market
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  21. Distributional effects of competition: a simulation approach
    Author: Rodríguez-Castelán, Carlos; Araar, Abdelkrim; Malásquez, Eduardo A.; Olivieri, Sergio; Vishwanath, Tara
    Published: January 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    Understanding the economic and social effects of the recent global trends of rising market concentration and market power has become a policy priority. To fill this knowledge gap, this paper introduces a simple simulation method, the Welfare and... more

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    Understanding the economic and social effects of the recent global trends of rising market concentration and market power has become a policy priority. To fill this knowledge gap, this paper introduces a simple simulation method, the Welfare and Competition tool (WELCOM), to estimate with minimum data requirements the direct distributional effects of market concentration through the price channel. Using this simple yet novel tool, this paper illustrates the likely distributional effects of reducing concentration in two markets in Mexico that are known for their high level of concentration: mobile telecommunications and corn products. The results show that increasing competition from four to 12 firms in the mobile telecommunications industry and reducing the market share of the oligopoly in corn products would achieve a combined reduction of 0.8 percentage points in the poverty headcount as well as a decline of 0.32 points in the Gini coefficient.

     
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    Series: Discussion paper series / IZA ; no. 14043
    Subjects: poverty; inequality; market concentration; distributional effects; simulation; Mexico
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  22. Entry regulation and competition
    evidence from retail and labor markets of pharmacists
    Author: Rostam-Afschar, Davud; Unsorg, Maximiliane
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. From 2004 onward, the reform allowed pharmacists to expand their single-store firms and to open or acquire up to three affiliated stores. This partial... more

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    We examine a deregulation of German pharmacists to assess its effects on retail and labor markets. From 2004 onward, the reform allowed pharmacists to expand their single-store firms and to open or acquire up to three affiliated stores. This partial deregulation of multi-store prohibition reduced the cost of firm expansion substantially and provides the basis for our analysis. We develop a theoretical model that suggests that the general limitation of the total store number per firm to four is excessively restrictive. Firms with high managerial efficiency will open more stores per firm and have higher labor demand. Our empirical analysis uses very rich information from the administrative panel data on the universe of pharmacies from 2002 to 2009 and their affiliated stores matched with survey data, which provide additional information on the characteristics of expanding firms before and after the reform. We find a sharp immediate increase in entry rates, which continues to be more than five-fold of its pre-reform level after five years for expanding firms. Expanding firms can double revenues but not profits after three years. We show that the increase of the number of employees by 50% after five years and the higher overall employment in the local markets, which increased by 40%, can be attributed to the deregulation.

     
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    hdl: 10419/233874
    Series: GLO discussion paper ; no. 836
    Subjects: regulation; acquisitions; entry; market concentration; wages; employment; pharmacists
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  23. U.S. market concentration and import competition
    Author: Amiti, Mary; Heise, Sebastian
    Published: [2021]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    A rapidly growing literature has shown that market concentration among domestic firms has increased in the United States over the last three decades. Using confidential census data for the manufacturing sector, we show that typical measures of... more

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    A rapidly growing literature has shown that market concentration among domestic firms has increased in the United States over the last three decades. Using confidential census data for the manufacturing sector, we show that typical measures of concentration, once adjusted for sales by foreign exporters, actually stayed constant between 1992 and 2012. We reconcile these findings by linking part of the increase in domestic concentration to import competition. Although concentration among U.S.-based firms rose, the growth of foreign firms, mostly at the bottom of the sales distribution, counteracted this increase. We find that higher import competition caused a decline in the market shares of the top twenty U.S. firms.

     
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    Series: Staff reports / Federal Reserve Bank of New York ; no. 968 (May 2021)
    Subjects: market concentration; markups; import competition; international trade
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  24. Natural resource dependence and monopolized imports
    Author: Arezki, Rabah; Fernandes, Ana; Merchán, Federico; Nguyen, Ha; Reed, Tristan
    Published: August 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper explores the effect of natural resource dependence on market concentration of imports. Using a new panel database for importing firms in developing and emerging market economies, the paper shows that higher natural resource dependence is... more

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    This paper explores the effect of natural resource dependence on market concentration of imports. Using a new panel database for importing firms in developing and emerging market economies, the paper shows that higher natural resource dependence is associated with larger market concentration of imports and with higher tariffs. The effect on the concentration of imports is found to be more pronounced for exporters of "point-based" resources, imports of primary and consumption goods than for capital goods and is associated with higher domestic prices and lower consumption expenditure. Results suggest a novel channel for the resource curse stemming from the "monopolization" of imports.

     
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    hdl: 10419/245435
    Series: CESifo working paper ; no. 9254 (2021)
    Subjects: imports; market concentration; natural resources; resource curse
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  25. Common ownership of competing firms
    evidence from Australia
    Author: Leigh, Andrew; Triggs, Adam
    Published: April 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We provide the first estimates of the extent of common ownership of competing firms in Australia. Combining data on market shares and substantial shareholdings, we calculate the impact of common ownership on effective market concentration. Among... more

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    We provide the first estimates of the extent of common ownership of competing firms in Australia. Combining data on market shares and substantial shareholdings, we calculate the impact of common ownership on effective market concentration. Among firms where we can identify at least one owner, 31 percent share a substantial owner with a rival company. Analysing 443 industries, we identify 49 that exhibit common ownership, including commercial banking, explosives manufacturing, fuel retailing, insurance and iron ore mining. Across the Australian economy, common ownership increases effective market concentration by 21 percent. Our estimates imply that if listed firms seek to maximise the value of their investors’ portfolios, then they place the same value on $3.70 of their competitors’ profits as on $1 of their own profits. We discuss the limitations of the available data, and the potential implications of common ownership for competition in Australia.

     
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    hdl: 10419/235388
    Series: CESifo working paper ; no. 9018 (2021)
    Subjects: horizontal shareholding; market concentration; Herfindahl-Hirschman Index; Modified Herfindahl-Hirschman Index; antitrust; competition
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen