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In this Working Paper the growth in industry-level total factor productivity, i.e. the part of output growth that cannot be accounted for by growth in the production factors, is decomposed using Belgian firm-level data for the period 2000-2008. Decomposition permits to assess to what extent productivity growth in a given industry results from changes in firm-level productivity, from reallocation of market shares between existing firms or from firm entry and exit.
The aim of this paper is to describe product market competition in the Belgian economy for the period 1997-2004 and to illustrate some causality with market regulation. The analysis is held at the industry level, for selected manufacturing and services industries. Emphasis is given to the profit elasticity (PE) measurement of competition (the “Boone” indicator) and the average profitability (AP) indicator (an approximation of the mark-up indicator). We applied the OECD Regimpact indicator as a proxy for regulation. We present some stylized facts, for Belgium in comparison with selected EU countries; and through an econometric exercise we illustrate the potential of regulation as an explanatory variable for competition.
