The impact of the 2008 financial crisis on dynamic productivity growth of the Spanish food manufacturing industry. An impulse response analysis

Magdalena Kapelko*, Alfons Oude Lansink, Spiro E. Stefanou

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

9 Citations (Scopus)

Abstract

The emergence of a financial crisis is an event that can impact the fortunes of nearly all economic agents. The focus here is on the 2008 financial crisis and how firms' productivity growth was impacted by this crisis in the years that followed. This article focuses on dynamic productivity growth and its components using a firm-level data set of Spanish meat processing, dairy processing, and oils and fats firms. The impulse response analysis shows that the impact of the crisis on dynamic productivity growth is negative and persistent in the oils and fats industry, initially positive but then negative in the meat processing industry, and positive in the dairy processing industry. The observed magnitudes of change in indicator are between 2% and 5% for oils and fats industries, and of 1% in both dairy and meat industries. Our analysis further confirms that firms' size is an important factor in explaining how crisis impacts dynamic productivity growth and its components, while we find only slight evidence regarding the firms' experience in the market.

Original languageEnglish
Pages (from-to)561-571
JournalAgricultural Economics
Volume48
Issue number5
DOIs
Publication statusPublished - 2017

Keywords

  • C61
  • D24
  • Data Envelopment Analysis
  • Dynamic Luenberger productivity growth indicator
  • Financial crisis
  • Food processing industry
  • G01
  • Impulse response analysis
  • L66

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