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• W3123718323 abstract "This work is a pioneer effort to estimate supply and demand of automobiles in Brazil with a Discrete Choice model in a differentiated product oligopolistic market. We apply a Nested Logit model to the demand side and assume differentiated product price-setting firms on the supply side to evaluate the severe transformations undergone by the Brazilian automobile industry in the 1990s, especially policy events such as the tax rebates created for the so-called popular models (introduced in 1993) and the trade liberalization (initiated in 1991 and partially reversed in 1995 under the so-called Automotive Regime). We find that, although domestic cars still enjoyed considerably higher price-marginal cost markup rates than their imported counterparts (net of VATs and duties) in all market segments at the end of our sample (1997), these rates had dropped drastically and permanently during the 1995 import boom, not only because of import, but also from fiercer domestic competition. A perhaps striking finding is that, as opposed to what was verified in studies for other countries, popular and compacts enjoy the highest price-marginal cost markup rates, as they are significantly less threatened by imported competitors than the larger and luxurious models. These rates do not translate into higher pricecost margins in money units, but due to their high sales volumes these models account for great shares of the firms’ profits. Este trabalho e um esforco pioneiro para a estimacao da oferta e da demanda de automoveis no Brasil com um modelo de Escolha Discreta em um mercado oligopolistico com produtos diferenciados. Nos aplicamos uma modelagem econometrica de logit hierarquico (Nested Logit) para o lado da demanda, e adotamos a hipotese de firmas fixadoras de precos com multiplos produtos diferenciados no lado da oferta, para avaliar as profundas transformacoes ocorridas na industria automotiva brasileira nos anos 1990, especialmente a adocao de politicas como os incentivos fiscais para os chamados carros populares (introduzidos em 1993) e a liberalizacao comercial (iniciada em 1991 e revertida parcialmente sob o chamado regime automotivo). Nos constatamos que, embora os carros nacionais ainda auferissem taxas consideravelmente altas de markup em relacao aos seus similares importados (liquidas de impostos sobre valor agregado e tarifas) em todos os segmentos de mercado no final da nossa amostra (1997), essas taxas tiveram uma queda drastica e permanente durante o boom de importacoes de 1995, nao apenas por causa dessas importacoes, mas tambem em virtude da competicao domestica mais acirrada. Uma constatacao, talvez surpreendente, e que, ao contrario do verificado em estudos em outros paises, os carros populares e compactos tem as maiores taxas de markup, na medida em que sao muito menos ameacados pela competicao estrangeira do que os carros grandes e de luxo. Essas taxas nao se traduzem em margens precocusto mais altas tambem em unidades monetarias, mas, devido ao grande volume de vendas, esses modelos correspondem a grandes percentagens dos lucros das firmas." @default.
• W3123718323 created "2021-02-01" @default.
• W3123718323 creator A5020128938 @default.
• W3123718323 date "2002-11-01" @default.
• W3123718323 modified "2023-09-26" @default.
• W3123718323 title "AUTOMOBILE DEMAND AND SUPPLY IN BRAZIL: EFFECTS OF TAX REBATES AND TRADE LIBERALIZATION ON PRICE-MARGINAL COST MARKUPS IN THE 1990s*" @default.
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