A B,, D, E, F...... A.. B.. D. E. F.
.,. 1980,, 1990..,.....,.., (price-cap regulation) - 1 -
.,,,.,..... 3SLS... - 2 -
...,. 1). Denny, Fuss & Waverman(1981) Divisia,,. Kiss(1983), Denny, et al., Tornqvist,. Nadiri & Schankerman(1981) Divisia,.,,.,, (1994- ), (1995), (1995) (1996). (1994) 1966-93, (1996) 1966-95 1) (1994), pp.245-253. - 3 -
., (1995) Staranczak, Sepulveda, Dilworth and Shaikh(1994) 1987-93, Pacific Telesis, Bell Atlantic, NYNEX, DBPT, DGT, Telefonica FT 8., (1995). Oniki, Oum, Stevenson and Zhang(1994). (1994) (1996). 9.7%, 2.8%.,,.,. - 4 -
.... (aggregation) Divisia,.., (F*) (Y*).. Divisia Y * F *.. Y * = j P j Y j R Y j (1), P j j, Y j, Y j, R = j P j Y j., F * = i w i X i X i (2), w i, X i, X i, = i w i X i., TF P = Y * / F *, - 5 -
( T F P ). T F P = Y * - F * (3) (PFP, Partial Factor Productivity) ( F i ) ( Y * ), Divisia PFP. PF P = Y * / F i (4) PF P = Y * - F i (5), (discrete), Tornquvist. log Y = log ( Y t Y t - 1 ) = 1 2 j ( r j t + r j, t - 1 ) log ( Y j t Y j, t - 1 ) (6) Y j t t Y j, r j t = P j t Y j t / Y j. j P j t Y j t t log F = log ( F t F t - 1 ) = 1 2 j ( s j t + s j, t - 1 ) log ( X j t X j, t - 1 ) (7) X j t t X j, s j t = w j t X j t / X j. j w j t X j t t (8) (3) - 6 -
T F P = log Y - log F (8) < 1>. 2) < 1>,., Tornquvist, Gollop & Jorgenson(1980) (capital service index). 3) < 1> 69-81 82-88 89-95 69-95 69-81 82-88 89-95 69-95 T F P 10.42 4.41 4.07 7.17 10.25 4.14 4.01 7.00 9.40-10.10-3.33 0.69 9.40-10.10-3.33 0.69 13.53 16.08 11.45 13.64 13.53 16.08 11.45 13.64-3.94 2.27 5.16-0.05-2.57 1.65 5.03 0.44, 1969-95 7.17%, 7.17%. 1969-81 10.42%, 2) 1. 3) 1. - 7 -
1982-88 4.41%., 1989-95 4.07%, 1982 4.24%. 4) 1969-95 0.69%, 13.64%, 0.05%., 10%, 1982 9.42% 1982-88 1989-95 10.10%, 3.33%. 1969-81 3.94% 1982-88 2.27%, 1989-95 5.16%.,., 1969-95 7.00% 7.17%. 1969-81 10.25%, 1982-88 1989-95 4.14%, 4.01%.., Tornquvist 4) 1982,. 1980 1970,, 1980. 1990. - 8 -
1969-81,. Tornquvist. - 9 -
.,,,.,. NTT Oniki, Oum, Stevenson & Zhang(1994). 5) Pindyck Rotemberg(1983). m in K t E {t = 0 R t [ ( w i, t, K t, I t ) + w k, t K t ] } (9) R t,, 6) w i, t, Y, K, w k, t, I t = K t - K t - 1. I (quasi-fixed),. (9) (intertemporal dynamic optimization problem) (Euler s condition). X i = w i (10) 5) Oniki, Oum, Stevenson & Zhang(1994) Pindyck & Rotemberg(1983) ( ) NTT, Denny, Fuss & Waverman(1981) TFP NTT TFP. Oniki. 6) (quasi-fixed) - 10 -
t K t + w k, t + t I t I t K t + E [ R t + 1 R t t + 1 I t + 1 I t + 1 K t ] = 0 (11) (10) X i. (11) t t+1 t. (translog cost function),. 7) ln = a 0 + 1 2 a i I 2 + a T E T E + a l ln w l + a m ln w m + a k ln K + a y ln Y + + b lm ln w l ln w m + 1 2 b ll( ln w l ) 2 + 1 2 b kk ( ln K ) 2 + 1 2 b m m ( ln w m ) 2 1 2 b yy ( ln Y ) 2 + b ky ln K ln Y + b lk ln w l ln K + b m k ln w m ln K (12) + b ly ln w l ln Y + b m y ln w m ln Y + c ra tio ln R atio I, 8) TE, 9) w l w m, K Y R atio. 1. 7) (TE) Solow 2. 8) (I). 9),, 30.. - 11 -
a l + a m = 1, b ll + b lm = b m m + b lm = 0, b lk + b m k = b ly + b my = 0 (13) (12) (10). S i = ln ln w i (14) Si i. 10) (11), (12), (14) 1968 1994. (11) (perfect foresight), (11), (11), (12), (14) (instrument variable) 3SLS. (14), Iterative 3SLS (singularity),.. 11),. 30,,.. < 2>. < 2> -1 (Ratio), Tornquvist, -2 Tornquvist. -1 10) Xi = / wi, wi / wixi/ = Si = (wi/)( / wi) = ln/ lnwi 11) EVIEWS Iterative 3SLS. - 12 -
,, -2. (TE) (-). (I). (Ratio) (-).,,., (concave) (convex) 12). 1 2. 13)14) 12) 78. 13) 2 1976 (-), (+) 2. 14) (+). - 13 -
< 2> (1968-1994) coefficient Iterative 3SLS 1/ 2/ I-1 I-2 II-1 II-2 constant I 2 TE WL WM l nk l ny WL 2 WM 2 WL*WM l nk 2 l ny 2 l nk*l ny WL*l nk WM*l nk WL*l ny WM*l ny l nratio 11.8887 * * (92.64) -7.84E- 15 (-0.80) -0.5083 * * (-3.35) 0.6489 * * (6.74) 0.3511 * * (6.74) - 1.0423 ** (-8.45) 1.334 ** (10.51) -0.0236 (-0.53) -0.0236 (-0.53) 0.0236 (0.53) -0.6839 * * (-4.15) -0.0135 (-0.08) 0.3914 ** (2.38) 0.0778 (1.29) -0.0778 (- 1.29) -0.0743 (- 1.23) 0.0743 (1.23) - 11.1316 * * (43.82) -8.83E- 15 (-0.90) -0.6567 ** (-4.57) 0.7305 * * (7.36) 0.2695 * * (7.36) - 1.0885 ** (-8.84) 1.3911 * * (10.99) -0.0622 (- 1.35) -0.0622 (- 1.35) 0.0622 (1.35) -0.6718 ** (-4.14) -0.1519 (-0.89) 0.3763 * * (2.32) 0.1001 (1.67) -0.1001 (- 1.67) -0.0943 (- 1.57) 0.0943 (1.57) -0.8949 ** (-3.27) 11. 9114 * * (91. 64) - 7. 70E- 15 (- 0. 72) - 0.6762 * * (- 4. 07) 0. 6648 * * (6.50) 0. 3352 * * (6.50) - 1.0193 * * (- 7. 12) 1. 3871 * * (8.95) - 0. 0320 (- 0. 66) - 0. 0320 (- 0. 66) 0. 0320 (0.66) - 0.6076 * * (- 3. 39) 0. 0324 (0. 16) 0. 3491 (1.85) 0. 0728 (1.03) - 0. 0728 (- 1. 03) - 0. 0722 (- 0. 97) 0. 0722 (0.97) - 11. 2023 * * (38.68) - 8. 17E- 15 (- 0.75) - 0. 7728 * * (- 4.98) 0. 7090 * * (6. 89) 0. 2910 * * (6. 89) - 1. 0719 * * (- 7. 54) 1. 4432 * * (9.48) - 0. 0525 (- 1.08) - 0. 0525 (- 1.08) 0. 0525 (1. 08) - 0. 5800 * * (- 3.28) - 0. 1013 (- 0.49) 0. 3179 (1. 70) 0. 0990 (1. 41) - 0. 0990 (- 1.41) - 0. 0986 (- 1.34) 0. 0986 (1. 34) - 0. 8811 * * (- 2.67) 1/ = Tornquvist. 2/ =. 3/ 5% = ** 4/ ( ) t-. - 14 -
... Denny, Fuss & Waverman(1981) Nadiri & Schankerman(1981), (15),,. T F P = [ 1 - Y T ] Y - [ w K K + K T - ] K T [ I di `+ T E d T E + R a tior atio] (15) y = ln ln Y, k = ln ln K, I = ln I TE = ln T E, ra tio = ln ln R atio. 15) (15) ( [ ( 1 - / T ) Y ] Y). ( - [ ( w k K + k )/ T ] K), ( w K K ),. ( - ( / T ) I di ), ( - ( / T ) T E d T E ) 15) (17) 2. - 15 -
( - ( / T ) R a tio R atio). < 3>. -1 1969-95., 7.17% 7.77%, 1.86%., 0.03%. -2 1969-95,. 7.17% 6.66%, 2.39%, 1.34%. -1. -2-1,. -1-2. -2-2 0.48%, 80., -1 1969-81 11.82%, 1983-88 5.50%,, 1989-95 2.81%. - 16 -
. -1 1969-81 2.16%, 1982-88 1.01% 1989-95 2.15%,., 3 1980,. < 3> (TFP) (Iterative 3SLS) T F P 69-81 10.42 11.82-0.17 2.16 0.01 - - 3.39 82-88 4.41 5.50 0.51 1.01 0.02 - - 2.63 I- 1 89-95 4.07 2.81-0.06 2.15 0.10 - - 0.93 69-95 7.17 7.77 0.03 1.86 0.03 - - 2.53 69-81 10.42 8.16-0.27 2.77 0.01 3.76-4.01 I 82-88 4.41 6.10 0.53 1.30 0.03 3.24-6.79 I- 2 89-95 4.07 4.46-0.07 2.76 0.11 2.70-5.91 69-95 7.17 6.66-0.01 2.39 0.04 1.34-3.24 69-81 10.25 11.36 0.37 2.85 0.01 - - 4.34 82-88 4.14 4.81 0.51 1.34 0.02 - - 2.54 II- 1 89-95 4.01 2.12-0.41 2.84 0.10 - - 1.01 69-95 7.00 7.19 0.30 2.46 0.03 - - 2.98 69-81 10.25 7.60 0.32 3.24 0.01-1.36 0.44 II 82-88 4.14 5.62 0.50 1.52 0.02 0.60-4.12 II- 2 89-95 4.01 3.99-0.04 3.24 0.11 0.08-3.37 69-95 7.00 6.14 0.27 2.79 0.04-0.48-1.76-2 1969-81 3.76%, 1982-88 3.24% 1989-95 2.70%. -2 1969-81 1.36%, 1982-88 0.60% 1989-95 0.08%. - 17 -
. 90,. - 18 -
...,,. 1968-94, Tornquvist.,,.. 1969-95 6-7%.,,,.. Tornquvist, GNP,,. - 19 -
, 1998.,. - 20 -
1. : 1...,,,,,,,,,, 12. (1996), 1982, 12. Tornquvist 1982 1.. g t = ln ( Y t Y t - 1 ) = 1 2 j (r j, t + r j, t - 1 ) ln ( Y j, t Y j, t - 1 ) (i) gt Yj,t rj,t : t : t j : t j. (i) (ii). TYt = TYt-1 exp{ gt } (ii) TYt = Tornquvist - 21 -
2. 1966 93, 1993 95,,,,,,, 7.,,. (A), < -1> 82 1. I i, t = A i, t - A i, t - 1 (A) A i, t = i t. R I i, t = I i, t P i, t (B) Pi,t, RIi,t.., ( K i, t ). K i, t = T = 0 i = ( 1 - i ) R I i, t - = ( 1 - i ) K i, t - 1 + R I i, t () - 22 -
< 1-1> * ( 66 75) ( 75 95) 0.000 GNP deflat or 0.032 GNP deflat or 0.061 PPI( ) 0.082 PPI(, '66 '80) PPI(, '80 '95) 0.051 PPI( ) 0.161 PPI( ) 0.127 : (1996).. Tornquvist, Gollop & Jorgenson(1980). 1) : Tornquvist,,,,,,, 7 Tornquvist.,. g t = ln K t - ln K t - 1 = i 1 2 ( v i, t + v i, t - 1 ) [ ln K i, t - ln K i, t - 1 ] () - 23 -
, v i, t = R i, t K i, t / R i, t K i, t, R i, t =. (rental price) (1996). R i, t = 0.0621 P i, t - 1 + i P i, t (D) 0.0621, (1991), i. Tornquvist. TKt= TKt-1 exp { g t t } (E) TKt = Tornquvist 2) :, Gollop & Jorgenson(1980).. ln K S t - ln K S t - 1 = i v t [ ln K S i, t - ln K S i, t - 1 ] (F) v t = 1 2 [ v i, t + v i, t - 1 ], v i, t = R i, t K i, t / i R i, t K i, t, R i, t =, K S i, t =. (H), (I) (J). - 24 -
K S i, t = Q i K i, t - 1 (H) K t - 1 = i K i, t - 1 (I) K S t = Q t K t - 1 (J) (A) (K). ln Q t - ln Q t - 1 = i v t [ ln K i, t - 1 - ln K i, t - 2 ] - [ ln K t - 1 - ln K t - 2 ] (K) Q t (J) ( ), 82 1. 3. ' (1996)', ' ' ' '.... = + = / = / 4.., - 25 -
,..,.. = + = - - - = / 5.. F = S L L + S M M + S K K L, K, M.,,.. = + + S L S M S K ( ) = / ( ) = / ( ) = /. - 26 -
2... w i, Y, K, TE R atio (1). = g ( w i, t, Y t, K t, I t, TE, R atio ) (1) (1) t (2). d d t = i + g w i g I I t w i t + + g Y g T E Y t + T E t g K + K t g R atio R a tio t (2) (2) ( 1 / ), = 1 d d t = i + w i w i + 1 Y T E d T E + Y Y + K R a tio K K + 1 R a tio R atio I di (3) (3), = w i X i t (4) - 27 -
. = 1 d dt = i w i X i w i + i w i X i X i (4) (4) (3) (5). 0 = - = - + i T T w i X i w L L T w K K T X i + Y Y + K K + I di + T E d T E + R a tio R atio L - T w M M T M - T w K K T K + Y Y + K K + I di + TE d T E + R a tio R a tio K (5) y = ln ln Y, k = ln ln K, I = ln I TE = ln T E, ra tio = ln ln R atio., T F P = Y - F (5) (6). T F P = [ 1 - T Y ] Y - [ w K K + K T - ] K T [ I di `+ T E d T E + R a tior a tio] (6) - 28 -
3. < 3-1> I-1 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 13. 39 13. 79 8. 03 26. 23 17. 27 8. 61 11. 34 11. 22 17. 85 5. 93 7. 38-0. 62-1. 83-8. 51 4. 78 1. 62-0. 04 11. 53 11. 47 11. 76 0. 41 10. 88 8. 10 0. 77-5. 29-4. 20 20. 13 20. 14 14. 55 11. 71 22. 14 14. 20 13. 70 8. 59 9. 60 10. 86 7. 31 8. 52 7. 11 6. 53 6. 19 5. 65 5. 91 4. 25 6. 50 5. 45 4. 56 1. 76 5. 44 5. 23 2. 87 0. 25 1. 41 2. 80-5. 12-0. 94 0. 46-0. 21-0. 04 2. 07 0. 51 0. 87 0. 55 1. 37 0. 86-1. 06-1. 37 0. 66 0. 85 0. 93 0. 89 0. 23-0. 07 0. 12-0. 11-0. 58-0. 60-0. 41-0. 01 0. 50 0. 78 8. 69 8. 39 0. 58 7. 18 2. 48 1. 75-1. 30 0. 84 0. 89 0. 18 0. 36 0. 52-1. 75-3. 32-0. 04 0. 60 3. 31 2. 69 1. 48 2. 52 2. 96-2. 52 1. 72 0. 65 2. 16 3. 87 6. 43 0. 00 0. 00 0. 00 0. 00 0. 01 0. 00 0. 00 0. 01 0. 00 0. 02 0. 03 0. 01-0. 02 0. 03 0. 07 0. 17-0. 03 0. 03-0. 04-0. 07 0. 13 0. 14 0. 15-0. 06-0. 12-0. 07 0. 54-10. 32-8. 21-4. 72-2. 88 0. 62-8. 92 3. 54-0. 10 5. 54-2. 95-2. 40-7. 22-5. 21-12. 08-1. 75-5. 98-8. 46 2. 08 4. 65 4. 64-4. 33 8. 40 1. 60-2. 28-7. 57-9. 91 9. 59-29 -
< 3-2> I-2 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 13. 39 13. 79 8. 03 26. 23 17. 27 8. 61 11. 34 11. 22 17. 85 5. 93 7. 38-0. 62-1. 83-8. 51 4. 78 1. 62-0. 04 11. 53 11. 47 11. 76 0. 41 10. 88 8. 10 0. 77-5. 29-4. 20 20. 13 11. 86 8. 62 6. 89 13. 80 9. 18 8. 90 5. 92 6. 98 8. 42 5. 87 7. 38 6. 48 6. 12 5. 98 5. 73 6. 30 4. 72 7. 53 6. 55 5. 93 2. 27 7. 10 7. 19 4. 07 0. 38 3. 13 7. 31-5. 82-1. 27 0. 22-0. 30-0. 17 2. 12 0. 57 0. 90 0. 54 1. 35 0. 85-0. 97-1. 27 0. 73 0. 88 0. 93 0. 89 0. 23-0. 06 0. 11-0. 12-0. 59-0. 60-0. 40-0. 01 0. 49 0. 78 8. 41 0. 67-0. 37 5. 93 5. 48 3. 61 12. 61 0. 67-1. 18 8. 14 5. 96 0. 08-0. 10-0. 91-6. 48-1. 16-2. 37 2. 36-0. 74 0. 12-10. 32 0. 52 1. 57 2. 70-6. 00 3. 66 6. 36 11. 23 10. 84 0. 75 9. 27 3. 20 2. 27-1. 68 1. 09 1. 16 0. 23 0. 47 0. 67-2. 27-4. 28-0. 06 0. 77 4. 27 3. 48 1. 91 3. 26 3. 83-3. 25 2. 22 0. 84 2. 79 5. 00 8. 30 0. 01 0. 01 0. 02 0. 04 0. 02-0. 02 0. 03 0. 08 0. 19-0. 04 0. 04-0. 04-0. 08 0. 15 0. 16 0. 17-0. 07-0. 14-0. 08 0. 61-12. 29-5. 08 0. 54-2. 47-0. 43-8. 29-6. 08 1. 57 8. 91-9. 69-7. 32-6. 91-4. 30-10. 06 4. 62-5. 41-7. 52-2. 10 3. 86 2. 42 4. 62 6. 94-2. 45-6. 37-2. 31-16. 41-3. 22-30 -
< 3-3> II-1 69 18. 59 70 11. 25 71 7. 36 72 26. 53 73 16. 53 74 11. 32 75 7. 88 76 10. 73 77 17. 73 78 5. 66 79 9. 47 80-3. 53 81-2. 54 82-7. 46 83 3. 34 84 0. 74 85-0. 78 86 11. 68 87 11. 48 88 11. 63 89 0. 50 90 10. 86 91 8. 10 92 0. 74 93-4. 82 94-4. 82 95 19. 78 21. 19 0. 38 11. 56-14. 53 14. 32 11. 30 21. 27 13. 31 13. 63 8. 01 8. 84 9. 90 6. 60 8. 04 6. 61 6. 09 5. 64 5. 04 5. 23 3. 68 5. 66 4. 71 3. 75 1. 49 4. 65 4. 37 2. 37 0. 20 0. 74 1. 10-1. 19 1. 27 0. 03 0. 84 0. 56 1. 45 1. 39 0. 91 1. 77 0. 35-1. 34-1. 48 0. 46 0. 93 0. 96 0. 98 0. 20-0. 08 0. 13-0. 12-0. 59-0. 62-0. 44-0. 05 0. 64 0. 88 11. 16 0. 77 9. 55 3. 30 2. 33-1. 73 1. 12 1. 19 0. 23 0. 48 0. 69-2. 33-4. 41-0. 06 0. 79 4. 40 3. 58 1. 96 3. 35 3. 94-3. 35 2. 29 0. 87 2. 87 5. 15 8. 55 0. 01 0. 01 0. 02 0. 03 0. 01-0. 02 0. 03 0. 07 0. 17-0. 03 0. 03-0. 04-0. 07 0. 13 0. 14 0. 15-0. 06-0. 12-0. 07 0. 53-13. 03-5. 98-4. 31-0. 92-5. 20 0. 15-0. 64 5. 73-2. 96 0. 57-9. 51-4. 79-9. 17-2. 64-6. 41-9. 81 2. 21 4. 92 4. 47-4. 94 10. 02 1. 91-2. 00-7. 73-11. 27 8. 72-31 -
< 3-4> II-2 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 18. 59 11. 25 7. 36 26. 53 16. 53 11. 32 7. 88 10. 73 17. 73 5. 66 9. 47-3. 53-2. 54-7. 46 3. 34 0. 74-0. 78 11. 68 11. 48 11. 63 0. 50 10. 86 8. 10 0. 74-4. 82-4. 82 19. 78 12. 40 8. 14 6. 32 12. 58 8. 14 8. 61 5. 26 6. 19 7. 48 5. 21 6. 97 6. 06 5. 74 5. 54 5. 27 5. 82 4. 33 6. 95 6. 05 5. 37 2. 08 6. 56 6. 60 3. 73 0. 35 2. 67 6. 12 0. 39-1. 80 0. 91-0. 03 0. 69 0. 66 1. 60 1. 44 0. 92 1. 75 0. 33-1. 24-1. 37 0. 51 0. 94 0. 91 0. 93 0. 18-0. 09 0. 12-0. 14-0. 60-0. 61-0. 42-0. 04 0. 64 0. 90-2. 15-0. 18 0. 10-1. 67-1. 66-1. 17-4. 61-0. 27 0. 48-3. 48-2. 88-0. 04 0. 05 0. 46 3. 03 0. 50 0. 98-0. 98 0. 31-0. 05 3. 85-0. 17-0. 53-0. 97 2. 07-1. 22-2. 36 13. 22 12. 76 0. 88 10. 91 3. 77 2. 67-1. 97 1. 28 1. 36 0. 27 0. 55 0. 79-2. 67-5. 04-0. 06 0. 91 5. 03 4. 09 2. 24 3. 83 4. 50-3. 83 2. 61 0. 99 3. 28 5. 88 9. 77 0. 01 0. 01 0. 02 0. 03 0. 02-0. 02 0. 03 0. 08 0. 18-0. 03 0. 03-0. 04-0. 08 0. 13 0. 14 0. 16-0. 06-0. 13-0. 07 0. 56-5. 26-7. 66-0. 86 4. 73 5. 60 0. 54 7. 60 2. 08 7. 50 1. 89 4. 46-9. 11-4. 27-8. 96-5. 91-7. 56-12. 02 1. 40 3. 00 2. 44-9. 94 8. 76-0. 13-2. 53-10. 35-12. 72 4. 78-32 -
1.,. 2., 1987,. 3., (1991),,, 512 4. (1995),,. 5. (1996),,,. 6., (1996),,. 7. (1990.7) 8. (1995),, 94,. 9. (1994), -,. 10.,. 11.. 1996. 12.,. 13.,, (1994),, 94-05 14. 15. Denny, M., M. Fuss and L. Waverman (1981) "the Measurement and Interpretation of Total - 33 -
Factor Productivity in Regulated Industries, with an Application to anadian Telecommunications", In owing, T.G. and R.E. Stevenson (eds.) Productivity Measurement in Regulated Industry, Reading, M.A. : Academic Press. 16. Gollop, F. M. and Dale W. Jorgenson(1980)."U.S. Productivity Growth by Industry, 1947-73", New Develope in Productivity Measurement and Analysis, NBER, Studies in Income and Wealth Volume 44 17. Oniki, Hajime, Tae Hoon Oum, Rodney Stevenson, Yimin Zhang,(1994) "The Productivity Effects of the Liberalization of Japanese Telecommunication Policy", The Journal of Productitivity Analysis, 5 18. Kiss, Ferenc(1983), "Productivity Gains in Bell anada", in ourville, L., A. de Fontenay and R. Dobell(Eds.) Economic Analysis of Telecommunications : Theory and Application, North-Holland. 19. Nadiri, M. I. and M. A. Schankerman(1981), "The Structure of Production, Technological hange, and the Rate of Growth of Total Factor Productivity in the U.S. Bell System", In owing, T.G. and R.E. Stevenson (eds.) Productivity Measurement in Regulated Industry, Reading, M.A. : Academic Press. 20. Pindyck, R.S. and J.J. Rotemberg.(1983) "Dynamic factor demands and effects of energy price shocks. American Economic Review,73, pp.1066-1079 21. Staranczak, G.A., E.R. Sepulveda, P.A. Dilworth and S.A. Shaikh,(1994) "Industry Structure, Productivity and International ompetitiveness : The ase of Telecommunications", Information Economics and Policy, vol.6, 121-142. - 34 -