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Investment in Processing of Agricultural Products & Food in Greece (Paperback, Illustrated Ed)
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Investment in Processing of Agricultural Products & Food in Greece (Paperback, Illustrated Ed)
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The food and drinks sectors occupy the first place in Greek
manufacturing industry. The share of food and drinks in total
manufacturing industry value added reached 24.7 per cent in 1998.
The average size of employment in food and drinks establishments is
5.2 persons per unit and is similar to that for manufacturing
industry in general (4.9). Exports and imports of food and drinks
increased during the 1980-95 period. However, imports increased
faster than exports. As a result, the positive balance of trade
turned negative. Although demand for food increased between 1980
and 1998, the share of private expenditure for food in total
private expenditure decreased by 8.5 percentage points (thanks to
correspondingly low elasticities). The corresponding share for
drinks increased by one percentage point during the 1980-90 period
and has remained constant since then. The aim of this book is to
quantify Greek investors' behaviour at aggregate level for all
sectors and all regions over the period 1981-1999, as well as at
individual sector level. Investors' behaviour is examined by
employing a synthesised traditional model. The traditional model is
estimated using alternative panel data methods. First, the dynamic
panel data model is estimated with a common intercept by employing
the Generalised Method of Moments (GMM). The dynamic panel data
formulation is also estimated using the Maximum Likelihood (ML)
estimation technique.
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