Investment in Processing of Agricultural Products & Food in Greece (Paperback, Illustrated Ed)

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.