What motivates mergers in banking? The data show that merger activity is concentrated among very large banks. A large literature on the banking structure has studied this question by estimating cost functions and has provided mixed evidence. A crucial assumption is the exogeneity of input prices.If this assumption fails, result may be biased. This paper adopts the production function method proposed by Levinsohn and Petrin (2003) to separate the impact of productivity from scale economies in banking. To avoid this bias, I use recovery rates of non-performing loans, charge off rates, and cash holdings as proxies for productivity. The proxy method illustrates that the industry operates with significant diseconomies of scale, while the OLS method generates opposite results. Therefore, this finding supports the view that improvements in productivity cause mergers, which is also consistent with data. Finally, I introduce the Quantile Proxy Method to capture the impacts of both input endogeneity and size heterogeneity. This method reveals that medium size banks have largest diseconomies of scale, while top 5% experience somewhat extensive economies of scale. This result sheds light on the fact why many mergers occur among large banks: large parties involved in a consolidation benefit from both productivity improvements and scale economies. / text

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Estudar o efeito das lÃminas de Ãgua, doses de nitrogÃnio e sua interaÃÃo sobre a produtividade econÃmica e componentes de produÃÃo do melÃo (Cucumis melo L.), foi o principal objetivo deste trabalho, o qual foi realizado na Fazenda Experimental Vale do Curu, Pentecoste, CearÃ, no perÃodo de setembro a dezembro de 2002. O delineamento experimental foi em blocos ao acaso com parcelas subdivididas, composto de quatro tratamentos primÃrios nas parcelas, quatro tratamentos secundÃrios nas subparcelas e quatro blocos. Os tratamentos constituÃram-se da combinaÃÃo de quatro lÃminas de irrigaÃÃo (W1=232,7; W2=334,7; W3=422,1; W4=567,8 mm) com quatro nÃveis de adubaÃÃo nitrogenada (N0=0; N1=75; N2=150; N3=300 kg. ha-1). Utilizou-se a cultura do melÃo, hÃbrido AF-646, irrigaÃÃes diÃrias controladas com base na evaporaÃÃo do tanque classe âAâ (ECA), sendo os tratamentos W1, W2, W3 e W4, correspondentes a 0,35 ECA, 0,70 ECA, 1,0 ECA e 1,5 ECA, respectivamente. A cultura foi instalada no espaÃamento de 2,0 m x 0,5 m, irrigada por um sistema de irrigaÃÃo localizado tipo gotejamento, com gotejadores autocompensantes de 3,75 L.h-1 de vazÃo, espaÃados de 0,5 m na linha lateral. ApÃs anÃlise dos resultados verificou-se que o fator Ãgua apresentou efeito altamente significativo sobre a produtividade do melÃo, enquanto que o fator nitrogÃnio foi significativo em nÃvel de 6,43%, no entanto, interaÃÃo entre os fatores nÃo foi significativa. A mÃxima produtividade estimada foi de 25496,1 kg.ha-1, obtida com 612,1 mm de Ãgua e 224,4 kg.ha-1 de nitrogÃnio. A mÃxima receita lÃquida estimada de R$/ha 3.353,24 foi obtida com uma produtividade de 25384,3 kg.ha-1 de melÃo, utilizando-se 609,2 mm de Ãgua e 186,2 kg.ha-1 de nitrogÃnio. Os valores mÃdios da eficiÃncia do uso da Ãgua apresentaram correlaÃÃo positiva com o fator doses de nitrogÃnio atà a dose 150 kg.ha-1, decrescendo, em seguida, com a dose de 300 kg.ha-1, sendo o valor mÃximo observado de 70,4 kg.ha-1.mm-1 para a combinaÃÃo de uma lÃmina de Ãgua de 232,7 mm e uma dose de 150 kg.ha-1 de nitrogÃnio. Jà a eficiÃncia Ãtima econÃmica do uso da Ãgua estimada foi de 41,66 kg.ha-1.mm-1, para uma dose de 186,2 kg.ha-1 de nitrogÃnio. / To study the effect of water, nitrogen and the interaction between these factors on the economic yield and the production components of melon (Cucumis melo L.), a field experiment was carried out in the Experimental Farm Curu Valley, Pentecoste, CearÃ, Brazil, from september to december, 2002. The statistical design was completely randomized blocks in split-plots, with four primary treatments, four secondary and four blocks. The main treatments corresponded to four water depths (W1=232,7; W2=334,7; W3=422,1; W4=567,8 mm) with four levels of nitrogen (N0=0; N1=75; N2=150; N3=300 kg.ha-1). The crop used was melon, hybrid AF-646, and the daily irrigations were controlled base on a class âAâ evaporation tank, being the treatments W1, W2, W3 and W4, corresponding to 0,35 ECA, 0,70 ECA, 1,0 ECA and 1,5 ECA, respectively. The crop was installed at a 2,0 m x 0,5 m spacing, irrigated by a drip irrigation system with 3,75 L.h-1 emitters, space 0,5 m apart. The results showed that the water presented highly significant effect on the productivity of the melon, while the nitrogen was significant in the level of 6,43% and the interaction among the factors was not significant. The highest productivity estimated with the function was 25496,1 kg.ha- 1, corresponding to an application of 612,1 mm of water and and 224,4 kg.ha-1 of nitrogen. The maximum net income, R$/ha 3.353,24, was achieved with the application of 609,2 mm of water and 186,2 kg.ha-1 of nitrogen., providing an yield of 25384,3 kg.ha-1. The water use efficiency increased with the increasing levels of nitrogen up to the level of N 150 kg.ha-1, decreasing with the level of 300 kg.ha-1, for a maximum observed value of 70,4 kg.ha-1.mm-1 obtained with 232,7 mm of water deph and 150 kg.ha-1 of nitrogen. The economic water use efficiency was estimated as 41,66 kg.ha-1.mm-1, with the application of 186,2 kg.ha-1 of nitrogen.

MONTEIRO, Rodrigo Otávio Câmara. Função de resposta da cultura de meloeiro aos níveis de água e adubação nitogenada no vale do Curu, Ce. 2004. 92 f. Dissertação (Mestrado em engenharia agrícola)- Universidade Federal do Ceará, Fortaleza-CE, 2004. / Submitted by Elineudson Ribeiro (elineudsonr@gmail.com) on 2016-06-28T18:07:55Z No. of bitstreams: 1 2004_dis_rocmonteiro.pdf: 685098 bytes, checksum: 6cb2424a57ac38d0ba91044d97f0109d (MD5) / Approved for entry into archive by José Jairo Viana de Sousa (jairo@ufc.br) on 2016-06-30T23:47:26Z (GMT) No. of bitstreams: 1 2004_dis_rocmonteiro.pdf: 685098 bytes, checksum: 6cb2424a57ac38d0ba91044d97f0109d (MD5) / Made available in DSpace on 2016-06-30T23:47:26Z (GMT). No. of bitstreams: 1 2004_dis_rocmonteiro.pdf: 685098 bytes, checksum: 6cb2424a57ac38d0ba91044d97f0109d (MD5) Previous issue date: 2004 / To study the effect of water, nitrogen and the interaction between these factors on the economic yield and the production components of melon (Cucumis melo L.), a field experiment was carried out in the Experimental Farm Curu Valley, Pentecoste, Ceará, Brazil, from september to december, 2002. The statistical design was completely randomized blocks in split-plots, with four primary treatments, four secondary and four blocks. The main treatments corresponded to four water depths (W1=232,7; W2=334,7; W3=422,1; W4=567,8 mm) with four levels of nitrogen (N0=0; N1=75; N2=150; N3=300 kg.ha-1). The crop used was melon, hybrid AF-646, and the daily irrigations were controlled base on a class “A” evaporation tank, being the treatments W1, W2, W3 and W4, corresponding to 0,35 ECA, 0,70 ECA, 1,0 ECA and 1,5 ECA, respectively. The crop was installed at a 2,0 m x 0,5 m spacing, irrigated by a drip irrigation system with 3,75 L.h-1 emitters, space 0,5 m apart. The results showed that the water presented highly significant effect on the productivity of the melon, while the nitrogen was significant in the level of 6,43% and the interaction among the factors was not significant. The highest productivity estimated with the function was 25496,1 kg.ha- 1, corresponding to an application of 612,1 mm of water and and 224,4 kg.ha-1 of nitrogen. The maximum net income, R$/ha 3.353,24, was achieved with the application of 609,2 mm of water and 186,2 kg.ha-1 of nitrogen., providing an yield of 25384,3 kg.ha-1. The water use efficiency increased with the increasing levels of nitrogen up to the level of N 150 kg.ha-1, decreasing with the level of 300 kg.ha-1, for a maximum observed value of 70,4 kg.ha-1.mm-1 obtained with 232,7 mm of water deph and 150 kg.ha-1 of nitrogen. The economic water use efficiency was estimated as 41,66 kg.ha-1.mm-1, with the application of 186,2 kg.ha-1 of nitrogen. / Estudar o efeito das lâminas de água, doses de nitrogênio e sua interação sobre a produtividade econômica e componentes de produção do melão (Cucumis melo L.), foi o principal objetivo deste trabalho, o qual foi realizado na Fazenda Experimental Vale do Curu, Pentecoste, Ceará, no período de setembro a dezembro de 2002. O delineamento experimental foi em blocos ao acaso com parcelas subdivididas, composto de quatro tratamentos primários nas parcelas, quatro tratamentos secundários nas subparcelas e quatro blocos. Os tratamentos constituíram-se da combinação de quatro lâminas de irrigação (W1=232,7; W2=334,7; W3=422,1; W4=567,8 mm) com quatro níveis de adubação nitrogenada (N0=0; N1=75; N2=150; N3=300 kg. ha-1). Utilizou-se a cultura do melão, híbrido AF-646, irrigações diárias controladas com base na evaporação do tanque classe “A” (ECA), sendo os tratamentos W1, W2, W3 e W4, correspondentes a 0,35 ECA, 0,70 ECA, 1,0 ECA e 1,5 ECA, respectivamente. A cultura foi instalada no espaçamento de 2,0 m x 0,5 m, irrigada por um sistema de irrigação localizado tipo gotejamento, com gotejadores autocompensantes de 3,75 L.h-1 de vazão, espaçados de 0,5 m na linha lateral. Após análise dos resultados verificou-se que o fator água apresentou efeito altamente significativo sobre a produtividade do melão, enquanto que o fator nitrogênio foi significativo em nível de 6,43%, no entanto, interação entre os fatores não foi significativa. A máxima produtividade estimada foi de 25496,1 kg.ha-1, obtida com 612,1 mm de água e 224,4 kg.ha-1 de nitrogênio. A máxima receita líquida estimada de R$/ha 3.353,24 foi obtida com uma produtividade de 25384,3 kg.ha-1 de melão, utilizando-se 609,2 mm de água e 186,2 kg.ha-1 de nitrogênio. Os valores médios da eficiência do uso da água apresentaram correlação positiva com o fator doses de nitrogênio até a dose 150 kg.ha-1, decrescendo, em seguida, com a dose de 300 kg.ha-1, sendo o valor máximo observado de 70,4 kg.ha-1.mm-1 para a combinação de uma lâmina de água de 232,7 mm e uma dose de 150 kg.ha-1 de nitrogênio. Já a eficiência ótima econômica do uso da água estimada foi de 41,66 kg.ha-1.mm-1, para uma dose de 186,2 kg.ha-1 de nitrogênio.

This thesis covers a broad range of topics in the general area of economic growth theory and economics of technological change. It is primarily about the ultimate sources of growth and its ultimate limitations. We scrutinize the implications of several specifications of long-run growth "engines" which can be found across the theoretical literature and put forward their generalizations and extensions. At the highest level of generality, we provide a formal proof that balanced (i.e. exponential) growth requires knife-edge assumptions which cannot be satisfied by typical values of model parameters. This result implies that at least one such knife-edge assumption must be made if a given model is supposed to deliver balanced growth over the long run. Next, we deal with the issue of resource-based limits to long-run growth. We propose to promote technological progress which would improve the substitutability between non-renewable and renewable resources: if the elasticity of substitution between the two kinds of resources exceeds unity, production will not fall down to zero even after the non-renewable resources will have been completely depleted. Factor-augmenting technological progress can also be helpful, but its effects are much less pronounced and it must go on forever in order to assure sustainable production. Another question asked is whether it is plausible that R&D-based growth, fueled by steady increases in the world’s population, can be extended into indefinite time. We answer this question by introducing endogenous fertility choice, with population entering the utility functional multiplicatively, into an R&D-based semi-endogenous growth model. The next issue addressed here are the idea-based microfoundations of aggregate production functions. We discuss the correspondence between the shape of production functions, the direction of technical change, and the possibility of sustained endogenous growth. A broad class of production functions, nesting both the Cobb-Douglas and the CES function, is derived. Finally, we discuss the impact of the heterogeneity of innovations on long-run economic dynamics: we extend the semi-endogenous growth model with a distinction between radical and incremental innovations. Total R&D output is assumed to depend on technological opportunity which is depleted by incremental innovations but renewed by radical innovations. The dynamic interplay of the arrivals of the two types of innovations is shown to give rise to oscillations along the transition to the economy’s balanced growth path.

Gross domestic product (GDP) is generally considered as the most important index and comprehensive measure of the size of economy. This paper investigates empirically the relationship between transport infrastructure (focus on highways) and GDP growth based on a production function approach. The physical stocks of transport infrastructure were used instead of monetary data to measure public capital together with several other variables (labor and private capital) that were hypothesized to affect economic growth. Then we explore a number of subsequent studies that use panel data covering the period between 1992 and 2004. An investigation was done to compare developed countries and developing countries. Results indicate that physical units are positively and significantly related to economic growth. Furthermore there was an interesting finding that the output elasticity with respect to physical units for developed countries is higher than developing countries.

The copper smelting industry has under gone extreme change over the past three decades. These changes have reordered dramatically the demand for inputs and the way in which those inputs have been utilized. The stimulus for change has come from multiple sources, and chief among these stimuli has been the mandate to sharply curtail the atmospheric release of sulfur dioxide. Even though the total emissions were lower than those from steam generation of electricity and from the refinery and petro-chemical industry, the perceived local and regional impact of sulfur dioxide forced extreme changes in the utilization of fundamental inputs of capital, labor, energy and materials.This study attempts to analyze these input use changes by modeling the industry as a translog cost function and by generating a number of associated elasticities. In addition to the four basic inputs, the model includes as control variables output, and other variables that represent pollution abatement and technical change.The challenge of estimating a large model on a limited number of observations has delivered information that is more limited in scope than was originally desired. The proxy for technical change did not produce significant parameters and the pollution abatement proxy is limited in its participation in the results. The range of elasticities computed reveal a picture of an industry characterized by inelasticity, in general, labor and energy being part of the exceptions. The industry is found to be sensitive to output level in its degree of elasticity among inputs.The translog model is found to be an effective tool for industry analysis. The promise of detailed analytical information may be even greater at the firm level where data are more accurate and the number of observations far greater.

The goal of this thesis is to estimate potential output of the economy of the Czech Republic from 1999 to 2011. In the first chapter I focus on description of the overall product of the economy, introduction and definition, mostly NAIRU approach, of the potential output and several approaches to estimate potential output. Production function is analysed in the following chapter from econometric as well as economic perspective. The most important properties of the production functions are also described in this chapter. In the end of the second chapter I deal with three most common types of production function. Estimated values of the variables in the production function including the value of the potential output of the Czech economy and relevant interpretations are presented in the last chapter of this thesis.

This chapter contains the capital theory controversy that took place among the most importanteconomists from the universities of Cambridge (UK) and Cambridge (Mass.). Firstly, we presentthe neoclassical propositions which are summarized in the neoclassical parables. The second section contains Robinson’s criticism of the neoclassical capital theory and Garegnani’s criticismof the decreasing marginal productivity theory. Thirdly, we summarize Samuelson’s attempt to validate the neoclassical production function and his main mistakes. The fourth section presents Solow’s response and Nell’s criticism. Finally, in the fifth section, we present the main contributions to the capital theory controversy. / Este capítulo presenta el contenido de la controversia en torno a la teoría del capital que se llevó a cabo entre los economistas más importantes de las universidades de Cambridge (Inglaterra) yCambridge (Estados Unidos). Primero se presenta las proposiciones fundamentales de la teoría neoclásica, es decir, las parábolas neoclásicas. La segunda sección aborda las críticas de Joan Robinson a la teoría neoclásica del capital y las críticas de Garegnani a la teoría de la productividad marginal decreciente. En la tercera parte, se expone el intento de Samuelson de validar la funciónde producción neoclásica y los principales errores que él comete. La cuarta sección presenta la respuesta de Solow y la crítica de Nell. Finalmente, en la quinta sección, se señalan los principales aportes de esta controversia sobre la teoría del capital.

Accounting for output per worker differences across countries has been an ongoing topic of research in economics. This thesis expands upon standard approaches by allowing for technological heterogeneity and exploiting firm and worker level data to determine the microeconomic sources of variation in both productivity and earnings. An intercontinental comparison using production functions for the Ghanaian and South Korean manufacturing sectors in Chapter 2 finds, in contrast to the conclusions of much of the macroeconomic literature, that there is no difference in total factor productivity (TFP). The microeconomic sources of the difference in value added per worker lie within the technology of firms, which is defined as the way in which inputs are used. Two important dimensions of this difference are the larger role of material inputs and the much lower rate of return to schooling in Ghana. In Chapter 3 a more general specification investigates intra-African variation in production, which is much smaller than the intercontinental difference. The pattern of cross-country heterogeneity is that, as GDP per capita rises, the relative input of materials falls, those of capital and labour rise and the returns to education increase. Differences in TFP are limited. Possible sources of the low returns to schooling in Ghana are investigated in Chapter 4 using earnings and production functions. Conditional upon selection into occupations, the only group of workers for whom education appreciably increases earnings are those employed in skilled jobs with more than ten years of education. The evidence is consistent with a lack of technological sophistication being the source of these low returns. Investment in new production processes by firms will increase the return to education and raise incomes and output. Reducing the share of intermediate inputs in production is key to the transition from low to high productivity activities. Technology is the critical element that can explain the performance of manufacturing firms across countries.

Our goal is the estimation of country - level production function aimed at understanding the role of human capital. We analyze the effect of education, especially the effect of the share of college graduates in prime-age population (between 25 - 54 years) on the European Union (EU) countries' labor productivity. Here, an important issue is efficiency of tertiary education institutions. We split the ratio of human capital to observe it from different aspects. We compare an effect of lower and upper tertiary educated, by specializations and by gender. The relationship between human capital and labor productivity was found positive though not significant or significant only on 10 % confidence level. The influence of human capital on labor productivity was found very low, in some cases even negative. Assuming that one of the main reasons behind these contra-intuitive results is the problem of unobserved heterogeneity, we also run instrumental variable estimation. We found positive and significant on 5 % confidence level relationship between human capital and labor productivity. The influence of larger share of tertiary educated people on labor productivity is more evident after some period of time, in our example after two years. Keywords: human capital, labor productivity, European Union, production...