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Cavalleri, Maria Chiara, Eliet, Alice, McAdam, Peter, Petroulakis, Filippos, Soares, Ana Cristina, Vansteenkiste, Isabel |
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Cavalleri, Maria Chiara, Eliet, Alice, McAdam, Peter, Petroulakis, Filippos, Soares, Ana Cristina, Vansteenkiste, Isabel |
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We examine the degree of market power in the big four countries of the euro area using macro and firm-micro data. We focus on three main indicators of market power in and across countries: namely, the concentration ratios, the markup and the degree of economic dynamism. For the macro database we use the sectoral data of KLEMs and for the micro data we use a combination of Orbis and iBACH (dating from 2006 onwards). We find that, in contrast to the situation in the US, market power metrics have been relatively stable over recent years and – in terms of the markup specifically – marginally trending down since the late 1990s, driven largely by Manufacturing. In terms of the debate as to the merits of market concentration, we find (relying on results for Manufacturing) that firms in sectors which exhibit high concentration, but are categorized as ‘high tech’ users, generally have higher TFP growth rates. By contrast, markups tend to display a bi-modal distribution when looked at through the lens of high concentration and high tech usage. These results would tend to confirm that the rise in market power documented for other economies is not obviously a euro area phenomenon and that welfare and policy analysis of market concentration is inevitably complex. |
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Cavalleri, Maria Chiara VerfasserIn aut, Concentration, market power and dynamism in the euro area Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares, Isabel Vansteenkiste, Frankfurt am Main, Germany European Central Bank [2019], 1 Online-Ressource (circa 68 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2253 (March 2019), We examine the degree of market power in the big four countries of the euro area using macro and firm-micro data. We focus on three main indicators of market power in and across countries: namely, the concentration ratios, the markup and the degree of economic dynamism. For the macro database we use the sectoral data of KLEMs and for the micro data we use a combination of Orbis and iBACH (dating from 2006 onwards). We find that, in contrast to the situation in the US, market power metrics have been relatively stable over recent years and – in terms of the markup specifically – marginally trending down since the late 1990s, driven largely by Manufacturing. In terms of the debate as to the merits of market concentration, we find (relying on results for Manufacturing) that firms in sectors which exhibit high concentration, but are categorized as ‘high tech’ users, generally have higher TFP growth rates. By contrast, markups tend to display a bi-modal distribution when looked at through the lens of high concentration and high tech usage. These results would tend to confirm that the rise in market power documented for other economies is not obviously a euro area phenomenon and that welfare and policy analysis of market concentration is inevitably complex., Eliet, Alice VerfasserIn aut, McAdam, Peter VerfasserIn (DE-588)171483618 (DE-627)061689270 (DE-576)132274426 aut, Petroulakis, Filippos VerfasserIn aut, Soares, Ana Cristina VerfasserIn aut, Vansteenkiste, Isabel VerfasserIn (DE-588)143038524 (DE-627)64147055X (DE-576)334714540 aut, Europäische Zentralbank Working paper series no 2253 (March 2019) 2253 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://doi.org/10.2866/379250 Resolving-System kostenfrei Volltext, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2253~cf7b9d7539.en.pdf Verlag kostenfrei Volltext, http://hdl.handle.net/10419/208287 Resolving-System kostenfrei, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2253~cf7b9d7539.en.pdf LFER, LFER 2019-05-07T00:00:00Z |
| spellingShingle |
Cavalleri, Maria Chiara, Eliet, Alice, McAdam, Peter, Petroulakis, Filippos, Soares, Ana Cristina, Vansteenkiste, Isabel, Concentration, market power and dynamism in the euro area, Europäische Zentralbank, Working paper series, no 2253 (March 2019), We examine the degree of market power in the big four countries of the euro area using macro and firm-micro data. We focus on three main indicators of market power in and across countries: namely, the concentration ratios, the markup and the degree of economic dynamism. For the macro database we use the sectoral data of KLEMs and for the micro data we use a combination of Orbis and iBACH (dating from 2006 onwards). We find that, in contrast to the situation in the US, market power metrics have been relatively stable over recent years and – in terms of the markup specifically – marginally trending down since the late 1990s, driven largely by Manufacturing. In terms of the debate as to the merits of market concentration, we find (relying on results for Manufacturing) that firms in sectors which exhibit high concentration, but are categorized as ‘high tech’ users, generally have higher TFP growth rates. By contrast, markups tend to display a bi-modal distribution when looked at through the lens of high concentration and high tech usage. These results would tend to confirm that the rise in market power documented for other economies is not obviously a euro area phenomenon and that welfare and policy analysis of market concentration is inevitably complex. |
| title |
Concentration, market power and dynamism in the euro area |
| title_auth |
Concentration, market power and dynamism in the euro area |
| title_full |
Concentration, market power and dynamism in the euro area Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares, Isabel Vansteenkiste |
| title_fullStr |
Concentration, market power and dynamism in the euro area Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares, Isabel Vansteenkiste |
| title_full_unstemmed |
Concentration, market power and dynamism in the euro area Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares, Isabel Vansteenkiste |
| title_in_hierarchy |
no 2253 (March 2019). Concentration, market power and dynamism in the euro area ([2019]) |
| title_short |
Concentration, market power and dynamism in the euro area |
| title_sort |
concentration market power and dynamism in the euro area |
| url |
https://doi.org/10.2866/379250, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2253~cf7b9d7539.en.pdf, http://hdl.handle.net/10419/208287 |
