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PERCENTILE OF THE PREAND POSTLIBERALIZATION DISTRIBUTION OF FIRMLEVEL PRODUCTIVITY than Links of London cent the export share declines by more than percent while the import penetration increases by per cent. The remaining industries experience deteriorations in their productivity growth performance following trade liberalization. The sharpest decline occurs in woodfurniture. This industry is less exposed to import competition import penetration drops by per cent over the period but more outwardoriented export share increases by more than per cent over the period. Also, this sector experiences Links of London Black Friendship Bracelet dramatic improvement in its total employment of nearly per cent. Impact of Trade Liberalization on Firm Productivity Growth We now proceed with the estimation of equation . The regression is first pooled over the periods and . We use the firmlevel productivity indices retrieved from estimation of the production function that employs the pooled sample of preand postreform periods. A timedummy Dum for the second sub period, i.e. the postliberalization period is included additively and multiplicatively. The results are presented in Table . Given that the productivity growth equation is estimated for two different periods, between which there was a trade liberalization, but also a large devaluation and other significant changes to the Cameroonian economy e.g. the political instability of the early s, Links of London Wide Purple And Pink Friendship Bracelet possible influences on productivity growth are first captured in the empirics that contain Dum alone column . The results show that the coefficient on Dum is negative and insignificant. Second, we regress the firm TABLE . PREAND POSTLIBERALIZATION PRODUCTIVITY ANNUAL GROWTH RATES ACROSS MANUFACTURING INDUSTRIES PER CENT productivity growth rates on oneyear lagged XS, MPR, and ERA. The results reported in column indicate that the coefficient on Dum is now positive and significant at the per cent level. This implies that trade liberalization positively affects firm productivity growth. links of london sale is a significant negative relationship between oneyear lagged ERA and firm productivity growth across the manufacturing sector, indicating that lowering effective protection leads to faster firm productivity growth. The responsiveness seems to be quite large a one percentage point reduction in ERA, increases firm productivity growth by . percentage points. This effect persists even after we control for firm exit column .
The OLS, fixed effects, and LP coefficient estimates are presented in Table . The estimated Links of London production function coefficients differ substantially from the OLS and fixed effects estimates. This implies that simultaneity and selection bias were present in the OLS and fixed effects estimates. Concerning the LP estimates and for both subperiods, material inputs have the largest output elasticity, followed by energy, and then foreigner engineers. Firmlevel and Aggregate Industry Productivity Indices Using the input coefficients obtained with LP methodology, firmlevel productivity indices are estimated using equation . Links of London Necklaces compare the productivity estimates across pre th and postreform periods we compare the dispersion they imply. Table reports the , th th , and percentiles for each of the eight manufacturing industries in each sub period. Before trade liberalization, the productivity of the median firm increases by . per cent in the manufacturing sector over seven years. Across industries, three industries woodfurniture, paperprinting, and chemicals have increases in productivity for the median firm of . per cent. per cent, and . per cent, respectively over seven years. The remaining five industries show a decline in productivity, with productivity of the median firm falling drastically by per cent in rubberplastic, followed by textileweaving and mechanical electrical, with respectively . and . per cent drop over seven years, Links of London Red Friendship Bracelet then foodprocessing . per cent drop over seven years and beveragetobacco . per cent fall over seven years. TABLE . COEFFICIENT ESTIMATES FOR THE PRODUCTION FUNCTION There is evidence of a narrowing of the crosssectional distributions over time for three industries, and an increased dispersion in the remaining five industries. In particular, the interquartile range IQR falls over time for beveragetobacco, wood furniture, and chemicals industries. Beveragetobacco and chemicals are the industries in th which real output fell over the prereform period. In both industries, the percentile increases aroximately by . and . per cent, respectively over seven years while the th percentile rises respectively by . and . per cent. In these two industries, most of th the narrowing of the IQR comes from the relatively large increase of the percentile. The IQR however increases over time for the remaining five industries Links of London Pewter And White Friendship Bracelet examine. Among these industries, paperprinting and textileweaving have the highest output th growth i.e. and . per cent , respectively over the period. In both cases, the th percentile increases more rapidly than the percentile.
We capture the degree of domestic competition Dcom in the industry using the Herfindahl index, which measures Links of London degree of inequality of market shares across firms in an industry. The inclusion of an indicator for exiting firms makes it possible to test for industry rationalization i.e. the disaearance of inefficient firms. Finally, the firmlevel productivity indexes are estimated for the preliberalization period, over which there were significant shocks to the Cameroonian economy. For instance, from through Cameroon went through serious political instability with a campaign of widespread Links of London Red and White and Black Valentine Bracelet violent prodemocracy protests, including significant labor strikes. A dummy variable Dpol for political instability is included in the specification. The augmented version of equation is specified as follows, DATA The firmlevel data for the present study are from the Cameroon National Institute of StatisticsNIS, which gathers data on all manufacturing firms on an annual basis. Though the coverage of the manufacturing sector is incomplete informal firms, for instance, are excluded because of data availability problem, the sample covers large, medium and small formal manufacturing firms. Our sample consists links of london sale firms employing at least permanent workers, and covers the following industries food processing, beverage tobacco, textileweaving, woodfurniture, paperprinting, chemical, rubberplastic and mechanicalelectrical. The analysis is over two different trade policy regime periods. The preliberalization covers the period and consists of a sample of firms while the postliberalization period covers the period and consists of a sample of firms. For each firm and year, we use data on output, labor, raw material expenditures, investment, Links of London Necklaces energy expenditures water, electricity, and fuel. We also observe industry and firm identity codes. This, in addition to the unbalanced nature of the panel, allows us to track firms over time and to get an idea of the exit, survival, and entry of firms in each industry. The variables are defined as follows. Output is the observed production per year.
We assume that the effects of liberalization depend on sectoral export shares XS i.e. sectors with high and increasing share Links of London exports are more likely to benefit from the dynamic effects of trade. We capture the intensity of import competition in each sector by the import penetration rate MPR . In the absence of continuous data on the effective rate of protection ERP, we follow Chand et al. and use the effective rate of assistance ERA, which is conceptually analogous to the measure of ERP. The ERA takes account of the value added by giving assistance tariff, quotas, subsidies, etc on both outputs links of london sale intermediate inputs of each of the industries over time. The endogeneity of the previous trade policy variables could be an issue. Instrumental variable estimation is a way to address this issue. However, in the context of Cameroon we do not have good instruments, e.g. political economy determinants of trade policy. To circumvent the endogeneity problem of trade policy, we follow Fernandes and consider the impact of oneperiod lagged trade policy measures on firm productivity growth rates. Productivity growth in some industries may be higher than in others due to factors that we do not fully capture. We therefore allow Links of London Necklaces exogenous differences in productivity growth rates across industries by including industryspecific effects in the specification. We also control for macroeconomic shocks common to all firms by including time effects in the regression. The resulting equation is, Here indicates a oneyear difference. The error term is iid. The impact of trade liberalization on productivity growth may vary according to firm and industry characteristics e.g. capitallabor ratio CLR, size, age, age squared, and degree of domestic competition across industries. Firm productivity increases with age if learningbydoing effects or improvements in the workforce quality are important and if older firms manage to modernize their capital stock. Size may influence the way in which firms are affected by trade liberalization in the presence Links of London Black friendship Valentine Bracelet economies of scale. Increased exposure to foreign competition may increase firm size by increasing the elasticity of demand. On the contrary, import competition may reduce demand, causing contraction in industry and firm size Roberts and Tybout. An increase in capital intensity has generally been considered as one of the main sources of increased productivity.