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Evolution of price‑cost margins during the troika intervention Portugal : market competition and workers’ bargaining power in 2010-2016
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Orientador(es)
Resumo(s)
Market competition is a key driver for an efficient allocation of resources and thus
to sustained economic growth and higher aggregate welfare. Portugal implemented
significant policy reforms during the difficult period 2010-2016 to improve the level
of competition and flexibility in the product and labour markets. This paper measures
price-cost margins in 190 markets during these years and the results present
a stability pattern while providing evidence of imperfectly competitive markets.
This seems to indicate that both the market power of firms and competition did not
improve significantly during the period, although there was a reduction in the markups
of some non-manufacturing sectors, such as construction and other services. In
addition, there was a sizeable decrease of the estimated parameter for labour market
frictions in some services sectors, which may be interpreted as the policy reforms
leading to a reduction in their workers’ bargaining power.
Descrição
Palavras-chave
Competition Price-cost margins Bargaining power Market power
Contexto Educativo
Citação
Figueira, Carlos and Ricardo Pinheiro-Alves (2023). "Evolution of price‑cost margins during the troika intervention Portugal : market competition and workers’ bargaining power in 2010-2016". Portuguese Economic Journal, 22(3):315-351
Editora
Springer