Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Blaha Author-X-Name-First: Jaroslav Author-X-Name-Last: Blaha Author-Name: Michel Vale Author-X-Name-First: Michel Author-X-Name-Last: Vale Author-Name: Michèle Kahn Author-X-Name-First: Michèle Author-X-Name-Last: Kahn Title: Transportation in the East: The Key to Trade between the Two Europes Abstract: Now at the moment of the upheavals in Eastern Europe, which should accelerate the development of economic relations between the two parts of our continent, the transportation sector will play a prime role. The authors analyze first the evolution of the organization and the infrastructure of transportation over the past twenty years and its present situation. The transportation network, generally speaking, is underdeveloped, although the volume has considerably increased For example, shipment of goods increased from 3,673 billion to 6,794 billion tons/km in the USSR and from 26.1 billion to 46.2 billion tons/km in Hungary between 1970 and 1988. Cooperation within the CMEA and with Yugoslavia, which is, we should recall, an observer, has been affected in a number of joint projects. It is managed by bodies such as the Organization of Cooperation of Railways, the Maritime Company of the CMEA, etc. Some major projects have been financed by the different countries: oil pipelines and gas pipelines from the huge Siberian deposits to Europe in the East, segments of railways making it possible to send goods from the USSR into the different countries of Eastern Europe without transferring the load, and also reclamation works on the Danube which, together with the Rhine-Main-Danube canals and the Danube-Black Sea canal already in operation, will link Rotterdam with the Black Sea over river waterways. To these projects one must add the north-south motorway, financed in part by the UNPD, a major portion of which will cross the countries we are studying in this article. The second part of the study contains a more detailed analysis of each of the national transportation networks. Rail, which still makes up the lion's share in certain countries: Poland (69 percent of commerce), GDR (61.6 percent), and Czechoslovakia (43.8 percent) has some very serious problems in Romania as well as in the USSR because of the dilapidated state of the network and the rolling stock. In recent months, breakdowns have brought about a disorganization of entire sectors of the Soviet economy. However, Czechoslovakia seems to have some good chances in this sector if it modernizes its equipment. Road transportation still plays a marginal role. The network is too inadequate, and motorways are almost nonexistent except in the former GDR However, Bulgaria has the largest trucking company in Europe. Transportation by pipelines has undergone vigorous growth. Riverway and river-ocean transportation still play a minor role: their share of commerce varies from 4.8 percent in Czechoslovakia to 0.4 percent in Poland Several countries of the region are major maritime powers, such as the USSR as well as Yugoslavia, which ships 81 percent of its goods by sea. Transportation in Eastern Europe is surely destined to play a major role in the free zones that have already been established or are projected in the various countries of the region. The present study is illustrated with a number of tables. A list of essential needs for shipping materials in the East and an interview with a French shipper about East-West freight practices round off this report. Journal: Eastern European Economics Pages: 29-63 Issue: 2 Volume: 29 Year: 1991 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379855?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:29:y:1991:i:2:p:29-63 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislas Bernard Author-X-Name-First: Stanislas Author-X-Name-Last: Bernard Author-Name: Michel Vale Author-X-Name-First: Michel Author-X-Name-Last: Vale Title: The Point of View of a French Forwarding Agent on Freight Practices in East-West Transportation Abstract: Journal: Eastern European Economics Pages: 64-66 Issue: 2 Volume: 29 Year: 1991 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379856?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:29:y:1991:i:2:p:64-66 Template-Type: ReDIF-Article 1.0 Author-Name: Éva Ehrlich Author-X-Name-First: Éva Author-X-Name-Last: Ehrlich Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: The Competition among Countries, 1937-1986 Abstract: As a consequence of the economic competition and transformation that has taken place in recent years, much attention has been focused on the various countries' differing economic growth rate and their corollary position on the scale of development. Based on calculations using the Jánossy-Ehrlich method of physical indicators, the author shows the course of absolute and relative economic development in forty-six countries (among them eight socialist countries, including Hungary) during the recent decades. She compares the 1980 results obtained through the use of physical-based methods with the outcome of international studies based on different criteria, and attempts to provide an economic analysis and reevaluation of data published in the article. Journal: Eastern European Economics Pages: 67-100 Issue: 2 Volume: 29 Year: 1991 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379857?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:29:y:1991:i:2:p:67-100 Template-Type: ReDIF-Article 1.0 Author-Name: Zbigniew M. Fallenbuchl Author-X-Name-First: Zbigniew M. Author-X-Name-Last: Fallenbuchl Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3 Issue: 3 Volume: 28 Year: 1990 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379827?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:3 Template-Type: ReDIF-Article 1.0 Author-Name: Robert S. Whitesell Author-X-Name-First: Robert S. Author-X-Name-Last: Whitesell Title: Estimates of the Output Loss from Allocative Inefficiency: A Comparison of Hungary and West Germany Abstract: Journal: Eastern European Economics Pages: 95-125 Issue: 2 Volume: 28 Year: 1990 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379821?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:28:y:1990:i:2:p:95-125 Template-Type: ReDIF-Article 1.0 Author-Name: János Gács Author-X-Name-First: János Author-X-Name-Last: Gács Title: Changes in the Structure of Industrial Production and Foreign Trade in the Period of Restrictions, 1978-1986 Abstract: Journal: Eastern European Economics Pages: 126-152 Issue: 2 Volume: 28 Year: 1990 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379822?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:28:y:1990:i:2:p:126-152 Template-Type: ReDIF-Article 1.0 Author-Name: Péter Ákos Bod Author-X-Name-First: Péter Ákos Author-X-Name-Last: Bod Title: Market Strategy of the Hungarian Enterprise: Sources of Inadequate Response to Environmental Challenges Abstract: Journal: Eastern European Economics Pages: 153-171 Issue: 2 Volume: 28 Year: 1990 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379823?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:28:y:1990:i:2:p:153-171 Template-Type: ReDIF-Article 1.0 Author-Name: János Timár Author-X-Name-First: János Author-X-Name-Last: Timár Title: The Defense of Worktime in Hungary: Worktime and the Economic Reform Abstract: Journal: Eastern European Economics Pages: 172-187 Issue: 2 Volume: 28 Year: 1990 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379824?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:28:y:1990:i:2:p:172-187 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Ponikvar Author-X-Name-First: Nina Author-X-Name-Last: Ponikvar Author-Name: Maks Tajnikar Author-X-Name-First: Maks Author-X-Name-Last: Tajnikar Title: The Impact of Foreign Trade on Markup Size Abstract:

The aim of this paper is to investigate the procompetitive effects of foreign trade on domestic firms' performance by considering the determinants of markup size using a dynamic panel of Slovenian manufacturing firms from 1995 to 2004. We examine how domestic and foreign firms' encounters affect the domestic firms' pricing decisions and the size of their markups within a single framework by including export orientation of firms and industries and import penetration of foreign firms in an empirical markup model specification. This model is chosen for two reasons.

First, markup size measures the changes in competitive pressure, and second, it captures the evolution of price and costs, both of which are affected by effects induced by foreign competition.

One of the important advantages of this paper is that it employs a data set covering the whole population of manufacturing firms registered in Slovenia. This is particularly important for studying the impact of foreign trade on industry performance.

Second, the analysis is conducted at both the industry and firm levels, which enables us to make a clear distinction between industry-specific and firm-specific factors.

Journal: Eastern European Economics Pages: 46-64 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5R750XTM46525302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58, no. 194: 277-297. 2 Arnade, C.; D. Pick; and M. Gopihath. 1998. "Testing Oligopoly Power in Domestic and Export Markets." Applied Economics 30, no. 6: 753-760. 3 Bain, J. S. 1956. Barriers to New Competition. Cambridge: Harvard University Press. 4 Bennenbroek, N., and R. I. D. Harris. 1995. "An Investigation of the Determinants of Profitability in New Zealand Manufacturing Industries in 1986-1987." Applied Economics 27, no. 11: 1093-1101. 5 Bernard, A. B., and J. B. Jensen. 1999. "Exceptional Exporter Performance: Cause, Effect or Both?" Journal of International Economics 47, no. 1: 1-25. 6 Bernard, A.B; J. Eaton; J. B. Jensen; and S. Kortum. 2003. "Plants and Productivity in International Trade." NBER Working paper (available at www.eaber.org/intranet/documents/22/161/CUHK_Bernard_02.pdf 7 Bernstein, J., and P. Mohnen. 1991. "Price-Cost Margins, Exports and Productivity Growth: With Application to Canadian Industries." Canadian Journal of Economics 24, no. 3: 638-659. 8 Blecker, R. A. 1989. "Markup Pricing, Import Competition, and the Decline of the American Steel Industry." Journal of Post Keynesian Economics 12, no. 1: 70-87. 9 Bonaccorsi, A. 1992. "On the Relationship Between Firm Size and Export Intensity." Journal of International Business Studies 23, no. 4: 605-635. 10 Bughin, J. 1996. "Capacity Constraints and Export Performance: Theory and Evidence from Belgian Manufacturing." Journal of Industrial Economics 44, no. 2: 187-204. 11 Clerides, S.; S. Lach; and J. Tybout. 1998. "Is Learning by Exporting Important? Micro-Dynamic Evidence from Colombia, Mexico, and Morocco." Quarterly Journal of Economics 113, no. 3: 903-948. 12 Co, C. Y. 2001. "Trade, Foreign Direct Investment and Industry Performance." International Journal of Industrial Organization 19, no. 3: 163-183. 13 Domowitz, I.; G. R. Hubbard; and B. C. Petersen. 1986. "Business Cycles and the Relationship Between Concentration and Price Cost Margins." Rand Journal of Economics 17, no. 1: 1-17. 14 Farinas, J. C., and A. Martin-Marcos. 2007. "Exporting and Economic Performance: Firm-Level Evidence of Spanish Manufacturing." World Economy 30, no. 4: 618-646. 15 Feeny, S.; M. N. Harris; and M. Rogers. 2005. "A Dynamic Panel Analysis of the Profitability of Australian Tax Entities." Empirical Economics 30, no. 1: 209-233. 16 Field, M. K., and E. Pagoulatos. 1998. "Foreign Trade Elasticities and Import Discipline." Applied Economics 30, no. 1: 105-111. 17 Ghosal, V. 2000. "Product Market Competition and the Industry-Price Cost Markup Fluctuations: Role of Energy and Monetary Changes." International Journal of Industrial Organization 18, no. 3: 415-444. 18 Go, G. L.; D. R. Kamerschen; and C. D. Delorme, Jr. 1999. "Market Structure and Price-Cost Margins in Philippine Manufacturing Industries." Applied Economics 31, no. 7: 857-864. 19 Goddard, J.; M. Tavakoli; and J. O. S. Wilson. 2005. "Determinants of Profitability in European Manufacturing and Services: Evidence from Dynamic Panel Model." Applied Financial Economics 15, no. 18: 1269-1282. 20 Grima, S.; D. Greenaway; and R. Kneller. 2004. "Does Exporting Increase Productivity? A Microeconometric Analysis of Matched Firms." Review of International Economics 12, no. 5: 855-869. 21 Halward-Driemeier, M.; G. Iarossi; and K. L. Sokoloff. 2002. "Exports and Manufacturing Productivity in East Asia: A Comparative Analysis with Firm-Level Data." NBER Working Paper, no. 8894, Cambridge, MA. 22 Hay, Donald A., and D. J. Morris. 1991. Industrial Economics and Organisation: Theory and Evidence. Oxford: Oxford University Press. 23 Holger, G., and F. Warzynski. 2003. "Price Cost Margins and Exporting Behaviour: Evidence from Firm-Level Data." LICOS Centre for Transition Economics, K. U. Leuven, LICOS Discussion Paper no. 13303. Leuven. 24 Ianchovichina, E.; J. Binkley; and T. Hertel. 2000. "Procompetitive Effects of Foreign Competition on Domestic Markups." Review of International Economics 8, no. 1: 134-148. 25 Kalecki, M. 1954. Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in Capitalist Economy, London: Allen and Unwin. 26 Kambhampati, U. S., and A. Parikh. 2003. "Disciplining Firms: The Impact of Trade Reforms on Profit Margins in Indian Industry." Applied Economics 35, no. 4: 461-470. 27 Katics, M. M., and B. C. Petersen. 1994. "The Effects of Rising Import Competition on Market Power: A Panel Study of U. S. Manufacturing." Journal of Industrial Economics 42, no. 3: 277-286. 28 Lee, J., and B. Habte-Giorgis. 2004. "Empirical Approach to the Sequential Relationship Between Firm Strategy, Export Activity, and Performance in US Manufacturing Firms." International Business Review 13, no. 1: 101-129. 29 Lima, M. A. M., and M. Resende. 2004. "Profit Margins and Business Cycles in the Brazilian Industry: A Panel Data Study." Applied Economics 36, no. 9: 923-930. 30 Lopez, R. A., and E. Lopez. 2003. "The Impact of Imports on Price-Cost Margins: An Empirical Illustration." Empirical Economics 28, no. 2: 403-416. 31 Lundin, N. N. 2004. "Has Import Disciplined Swedish Manufacturing Firms in the 1990s?" Journal of Industry, Competition and Trade 4, no. 2: 109-133. 32 Machin, S., and J. Van Reenen. 1993. "Profit Margins and the Business Cycle: Evidence from U. K. Manufacturing Firms." Journal of Industrial Economics 41, no. 1: 29-50. 33 Motta, M. 2004. Competition Policy: Theory and Practise. Cambridge: Cambridge University Press. 34 Mueller, D. C., and J. Cubbin. 1990. The Dynamics of Company Profits: An International Comparison. Cambridge: Cambridge University Press. 35 Ponikvar, N. 2008. "Markup Determinants in Manufacturing Industries: The Case of Slovenia." Ph.D. dissertation, University of Ljubljana. 36 Sargan, J. D. 1958. "The Estimation of Economic Relationships Using Instrumental Variables." Econometrica 26 (July): 393-415. 37 Schmalensee, R. 1989. "Inter-Industry Empirical Analysis." In The Handbook of Industrial Organization, vol. 2, ed. R. Schmalensee and R. D. Willig, 951-1009. Amsterdam: North-Holland. 38 Stalhammar, N. 1991. "Domestic Market Power and Foreign Trade: The Case of Sweden." International Journal of Industrial Organization 9, no. 3: 407-424. 39 Tybout, J. R. 2003. "Plant and Firm Level Evidence on New Trade Theories." In Handbook of International Economics, ed. J. Harrigan and E. K. Choi, ch. 13. Cheltenham, UK: Edward Elgar. 40 Williamson, P. J. 1991. "Domestic Pricing Under Import Threat." Applied Economics 22, no. 2: 221-235. 41 Yoon, S. 2004. "A Note on the Market Structure and Performance in Korean Manufacturing Industries." Journal of Policy Modelling 26, no. 6: 733-746. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:46-64 Template-Type: ReDIF-Article 1.0 Author-Name: Goran Buturac Author-X-Name-First: Goran Author-X-Name-Last: Buturac Author-Name: Ivan Teodorovic Author-X-Name-First: Ivan Author-X-Name-Last: Teodorovic Title: The Impacts of the Global Recession on Southeast European Countries Abstract: The purpose of this paper is to analyze the impact of the global recession on selected southeast European countries. The implicit hypotheses of the paper are therefore related, first, to the question of sustainability of the global model of development, and second, to the sustainability of the economic model of development of the southeast European countries in which overall weak export orientation is a constant problem. The first sign of economic recession in the southeast European countries was a significant reduction of exports, which was the consequence of a strong decline in foreign demand. The stagnation and reduction of activities in other sectors, especially in trade, construction, and industry, soon followed. A reduction in personal consumption and the need to curtail the growth of government spending indicate that in the following period the only, and major, sources of economic growth are an increase of investments and exports. The results confirm the possibilities of strengthening mutual economic cooperation in the market of the region and on the international markets, especially in the circumstances of the global recession. It is necessary to review the existing economic models based on export orientation, especially export of manufacturing. Journal: Eastern European Economics Pages: 78-97 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=63J755W720441H62 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Balassa, B. 1965. "Trade Liberalization and Revealed Comparative Advantage." Manchester School of Economic and Social Studies 33, no. 2: 99-123. 2 Bender, S. 2001. "Suggestion for Two New Trade Performance Indices: Trade Specialization Index and Beneficial Structural Change Index." Working Paper, Economic Growth Center, Yale University. 3 Buturac, G. 2009. "Comparison of Trade Patterns of Selected South-Eastern European Countries." In Proceedings of the Third International Conference: Regional Cooperation and Economic Integration—Challenges and Opportunities, ed. Irena Kikerkova, 75-89. Skopje: Faculty of Economics, Skopje University. 4 Buturac, G.; E. Rajh; and I. Teodorovic. 2009. "Hrvatsko gospodarstvo u svijetlu globalne recesije" [The Croatian Economy in Light of the Global Recession]. Ekonomski pregled 60, no. 12: 663-698. 5 Cantwell, J. 1989. Technological Innovation and Multinational Corporations. Oxford: Blackwell. 6 Finger, J. M., and E. M. Kreinin. 1979. "A Measure of Export Similarity and Its Possible Use." Economic Journal 89 (December): 905-912. 7 Gligorov, V.; P. Havlik; M. Landesmann; J. Pöschl; S. Richter et al. 2010. "Crisis Is Over, but Problems Loom Ahead." Current Analyses and Forecasts, vol. 5: Economic Prospects for Central, East and Southeast Europe. Vienna: Vienna Institute for International Economic Studies. 8 Grubel, H., and P. Lloyd. 1975. Intra-Industry Trade: The Theory and Measurement of International Trade in Differentiated Products. London: Macmillan. 9 International Monetary Fund (IMF). 2009. World Economic Outlook, 04/2009. 10 Kaminski, B., and F. Ng. 2001. "Trade and Production Fragmentation: Central European Economies in EU Networks of Production and Marketing." Policy Research Working Paper Series, no. 2611, World Bank, Washington, DC. 11 Lafay, G. 1992. "The Measurement of Revealed Comparative Advantages." In International Trade Modelling, ed. M. G. Dagenais and P. A. Muet, 209-234. London: Chapman and Hall. 12 Pavitt K. L. R. 1989. "International Patterns of Technological Accumulation." In Strategies in Global Competition, ed. N. Hood and J. E. Vahlne, 126-157. London: Croom Helm. 13 Vienna Institute for International Economic Studies. 2009. WIIW Handbook of Statistics: Central, East and Southeast Europe (2009). Vienna. 14 Zaghini, A. 2005. "Evolution of Trade Patterns in the New EU Member States." Economics of Transition 13, no. 4: 629-658. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:78-97 Template-Type: ReDIF-Article 1.0 Author-Name: Nijaz Bajgoric Author-X-Name-First: Nijaz Author-X-Name-Last: Bajgoric Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-7 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K48558QH6057H762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Almira Arnaut-Berilo Author-X-Name-First: Almira Author-X-Name-Last: Arnaut-Berilo Author-Name: Azra Zaimovic Author-X-Name-First: Azra Author-X-Name-Last: Zaimovic Title: How Efficient Are Bosnian Stock Market Indexes? Abstract: The first index funds appeared in capital markets during the 1970s. Their investment strategy was based on replicating the fluctuations of some of the world's well-known stock market indexes. Legislation and regulation in Bosnia and Herzegovina, as in other neighboring countries, provides the possibility of establishing index funds, with no concrete initiatives at the moment. One of the better-known asset valuation models, the capital asset pricing model (CAPM), determines the required rate of return on risky assets if the assets are to be added to an already well-diversified portfolio. Since a market portfolio is a theoretical concept, wide stock market indexes are used as proxies for the market. These stock market indexes have to obtain mean-variance efficiency for the CAPM tests. In this paper, we apply a mean-variance optimization model to a basket of securities from the Bosnia and Herzegovina stock market. We explore the efficiency of these indexes as securities portfolios. The possible efficiency of these indexes would encourage the creation of index funds in Bosnia and Herzegovina. Furthermore, we investigate the possible use of these indexes in CAPM tests. Our research shows that the analyzed indexes are not mean-variance efficient. For the purpose of efficient portfolio determination, we use our own software in the application section of the paper. Using this software, we propose indexes that obtain mean-variance efficiency. Journal: Eastern European Economics Pages: 26-45 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L2X3X082P7855486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Fletcher, J. 1994. "The Mean-Variance Efficiency of Benchmark Portfolios: UK Evidence." Journal of Banking and Finance 18, no. 4: 673-685. 2 Jarrow, R., and A. Rudd. 1983. "Comparison of the APT and CAPM." Journal of Banking and Finance 7: 295-303. 3 Markowitz, H. 1952. "Portfolio Selection." Journal of Finance 7, no. 1: 77-91. 4 Markowitz, H. M. 1991. Portfolio Selection. Oxford: Blackwell. 5 Ross, S. A. 1976. "The Arbitrage Theory of Capital Asset Pricing." Journal of Economic Theory 13, no. 3: 341-360. 6 Sharpe, W. F. 1964. "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk." Journal of Finance 19, no. 3: 425-442. 7 Sharpe, W. F. 1970. Portfolio Theory and Capital Markets. New York: McGraw-Hill. 8 Zaimovic, A., and A. Arnaut. 2003. "The Portfolio Analysis of Securities on Sarajevo Stock Exchange: The Application of Linear Programming on Portfolio Management." In Proceedings of the Second International Conference of the Faculty of Economics Sarajevo (ICES) 2003: From Transition to Development Globalization and Political Economy of Development in Transition Economies, 1007-1050. Sarajevo: Faculty of Economics and Business. 9 Zaimovic, A., and A. Delalic. 2010. "Possibilities of Risk Diversification in Regional Stock Exchanges." Economic Research 23, no. 1: 30-46. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:26-45 Template-Type: ReDIF-Article 1.0 Author-Name: Drago Papler Author-X-Name-First: Drago Author-X-Name-Last: Papler Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Determinants of Costs and Prices for Electricity Supply in Slovenia Abstract: This paper analyzes determinants of costs and real prices for retail electricity supply in Slovenia. We estimate cost and price functions in a retail electricity distribution enterprise in Slovenia by ordinary least square regressions on time series data. We confirm the hypotheses that real costs for electricity supply are positively and significantly associated with the costs for purchases of electric energy from electricity producers/wholesalers and with remuneration costs in electricity distribution enterprises. We did not confirm a negative association between the real costs for retail electricity supply and the proxy variable for electricity market liberalization. Market deregulation and price liberalization with increased competition have caused an initial decline in real consumer prices of electric energy. We found that the real consumer price of electric energy is positively associated with producer/wholesaler prices of electric energy, real wages in electricity distribution enterprises, and real tax expenses in the distribution enterprise, but negatively associated with the variable for electricity market liberalization. The results confirm the crucial role of the transmission of producer/wholesaler prices of electric energy and costs within the distribution enterprises, including labor costs, on the consumer prices of electric energy. Journal: Eastern European Economics Pages: 65-77 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M90205767633676R File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bojnec, Š., and D. Papler. 2006a. "Does Market Liberalization Lead to Price Declines? The Case of Slovenian Electricity Distribution Markets." Paper presented at the Third International Conference "An Enterprise Odyssey: Integration or Disintegration," Faculty of Economics and Business, Zagreb, June 15-17. 2 Bojnec, Š., and D. Papler. 2006b. "Market Concentration and Government Deregulation: The Case of Slovenian Electricity Markets." Paper presented at the International Conference of the School of Economics and Business in Sarajevo (ICES 2006) "From Transition to Sustainable Development: The Path to European Integration," Sarajevo, October 12-13. 3 Bojnec, Š., and D. Papler. 2006c. "Dynamics of Competition and Business Performance in the Electricity Market for Industry in Slovenia." Paper presented at the Seventh International Conference of the Faculty of Management Koper, University of Primorska "Advancing Business and Management in Knowledge-Based Society," Portorož, November 23-25. 4 Norušis, M. J. 2002. SPSS 11.0 Guide to Data Analysis. Upper Saddle River, NJ: Prentice Hall. 5 Papler, D., and Š. Bojnec. 2006. "Pomen managementa na dereguliranem maloprodajnem trgu elektricne energije v Sloveniji" [The Importance of Management in the Deregulated Retail Electricity Distribution Market in Slovenia]. Management 1, no. 2 (Summer): 115-129. 6 Papler, D., and Š. Bojnec. 2007. "Electricity Supply Management for Enterprises in Slovenia." International Journal of Management and Enterprise Development 4, no. 4: 403-414. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:65-77 Template-Type: ReDIF-Article 1.0 Author-Name: Emir Agic Author-X-Name-First: Emir Author-X-Name-Last: Agic Author-Name: Emir Kurtovic Author-X-Name-First: Emir Author-X-Name-Last: Kurtovic Author-Name: Muris Cicic Author-X-Name-First: Muris Author-X-Name-Last: Cicic Title: Competitive Positioning Strategies of Companies in Bosnia and Herzegovina and Their Effect on Business Performance Abstract: The paper attempts to offer answers related to the development of competitive positioning strategies in companies in Bosnia and Herzegovina, as well as to detect the effect of the factors under observation (market coverage, quality, price and advertising cost) on market positioning, that is, elements that affect a company's competitive advantage. According to these factors, the paper identifies and classifies three competitive positioning strategies and tests the effect of these strategies on performance. Journal: Eastern European Economics Pages: 8-25 Issue: 1 Volume: 50 Year: 2012 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V8W3332271682H05 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aaker, D. 1989. "Positioning Your Product." In Readings in Marketing Strategy, ed. V. Cook, J. Larreche, and E. Strong, 193-198. Redwood City, CA: Scientific Press. 2 Attia, S., and G. Hooley. 2007. "The Role of Resources in Achieving Target Competitive Positions." Journal of Strategic Marketing 15: 91-119. 3 Blankson, C. 2001. "Some Issues About the Concept of Positioning: An Overview." Paper presented at the Atlantic Marketing Association Conference, Portland, Maine, September 26-29 (available at www.gvsu.edu/ssb/market/news.htm 4 Blankson, C. 2004. "Positioning Strategies and Incidence of Congruence of Two UK Store Card Brands." Journal of Product and Brand Management 13, no. 5: 315-328. 5 Blankson, C., and S. Kalafatis. 2001. "Toward a Composite Strategic Positioning Model." Paper presented at the Academy of Marketing Tenth Biennial World Marketing Congress, City Hall Cardiff and the Cardiff Hilton Hotel, June 28-July 1. 6 Chang, S., and H. Singh. 2000. "Corporate and Industry Effects on Business Unit Competitive Position." Strategic Management Journal 21: 739-752. 7 Crawford, M. C. 1985. "A New Positioning Topology." Journal of Product Innovation Management 2, no. 4: 243-253. 8 Day, G. S. 1994. "The Capabilities of Market-Driven Organizations." Journal of Marketing 58, no. 4: 37-52. 9 Doyle, P. 1998. Marketing Management and Strategy. London: Prentice Hall. 10 Doyle, P., and J. Saunders. 1985. "Market Segmentation and Positioning in Specialized Industrial Markets." Journal of Marketing 49 (Spring): 24-32. 11 Doyle, P.; J. Saunders; and V. Wong. 1992. "Competition in Global Markets: A Case Study of American and Japanese Competition in the British Market." Journal of International Business Studies 23, no. 3: 419-442. 12 Everitt, B., and D. Howell, eds. 2005. Encyclopedia of Statistics in Behavioral Science: Volumes 1-4. London: Wiley. 13 Garson, G. D. 2009. "Latent Class Analysis." College of Humanities and Social Sciences, NC State, Raleigh (available at http://faculty.chass.ncsu.edu/garson/PA765/latclass.htm 14 Han, J. K.; N. Kim; and R. K. Srivastava. 1998. "Market Orientation and Organisational Performance: Is Innovation the Missing Link?" Journal of Marketing 62 (October): 30-45. 15 Hill, Charles W. L., and Gareth R. Jones. 2001. Strategic Management Theory: An Integrated Approach, 5th ed. Boston: Houghton Mifflin. 16 Hooley, G., and G. Greenley. 2005. "The Resource Underpinning of Competitive Positions." Journal of Strategic Marketing 13: 93-116. 17 Hooley, G., and J. Saunders. 1993. Competitive Positioning: The Key to Market Success, 2d ed. London: Prentice Hall. 18 Hooley, G.; A. J. Broderick; and K. Möller. 1998. "Competitive Positioning and the Resource-Based View of the Firm." Journal of Strategic Marketing 6, no. 2: 97-115. 19 Hooley, G.; J. Fahy; and S. Attia. 2001a. "Creating Sustainable Competitive Positions: The Case of Amazon.com." In European Marketing Academy, ed. E. Breivik, A. Falkenberg, and K. Grønhaug. Bergen: Norwegian School of Economics and Business Administration. 20 Hooley, G.; J. E. Lynch; and D. Jobber. 1992. "Generic Marketing Strategies." International Journal of Research in Marketing 9: 75-89. 21 Hooley, G.; J. Saunders; and N. Piercy. 2004. Marketing Strategy and Competitive Positioning, 3d ed. London: Prentice Hall. 22 Hooley, G.; G. Greenley; J. Cadogan; and J. Fahy. 2001b. "Market-Focus Resources, Competitive Positioning and Firm Performance." Journal of Marketing Management 17: 503-517. 23 Hunt, S., and R. Morgan. 1995. "The Comparative Advantage Theory of Competition." Journal of Marketing 59 (April): 1-15. 24 Kotler, P. 1997. Marketing Management: Analysis, Planning, Implementation and Control, 9th ed. Englewood Cliffs, NJ: Prentice Hall International. 25 McLachlan, G., and D. Peel. 2000. Finite Mixture Models. New York: Wiley. 26 Miles, S. J., and W. G. Mangold. 2005. "Positioning Southwest Airlines Through Employee Branding." Business Horizons 48, no. 6: 535-545. 27 Mittal, B., and W. Lassar. 1998. "Why Do Customers Switch? The Dynamics of Satisfaction Versus Loyalty." Journal of Service Marketing 12, no. 3: 177-194. 28 Porter, M. E. 1980. Competitive Strategy. New York: Free Press. 29 Porter, M. E. 1996. "What Is Strategy?" Harvard Business Review 74, no. 6: 61-78. 30 Ries, A., and J. Trout. 1986. Positioning: The Battle for Your Mind, rev. ed. New York: McGraw-Hill. 31 Rigger, W. 1995. "Positioning in Theory and Practice: Towards a Research Agenda." In Marketing Today and for the 21st Century: Proceedings of the 24th European Marketing Academy Conference, ed. M. Bergadaá, 991-1009. Cergy-Pointoise, France: ESSEC, Imprimerie Basuyau. 32 Romaniuk, J. 2001. "Brand Positioning in Financial Services: A Longitudinal Test to Find the Best Brand Position." Journal of Financial Services Marketing 6, no. 2: 111-121. 33 Vermunt, J. K., and J. Magidson. 2000. Latent GOLD User's Guide. Belmont, MA: Statistical Innovations. 34 Vermunt, J. K., and J. Magidson. 2002. "Latent Class Cluster Analysis." In Applied Latent Class Analysis, ed. J. A. Hagenaars and A. L. McCutcheon, 89-107. Cambridge: Cambridge University Press. 35 Wong, V., and J. Saunders. 1993. "Business Orientation and Corporate Success." Journal of Strategic Marketing 1 (March): 2-40. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:1:p:8-25 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=06G666763G812066 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Perez, F.M.; J.C. Brada; and Z. Drabek. 2012. "Illicit Money Flows as Motives for FDI." Journal of Comparative Economics 40, no. 1: 108-126. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Magdolna Sass Author-X-Name-First: Magdolna Author-X-Name-Last: Sass Author-Name: Katalin Antalóczy Author-X-Name-First: Katalin Author-X-Name-Last: Antalóczy Author-Name: Andrea Élteto Author-X-Name-First: Andrea Author-X-Name-Last: Élteto Title: Emerging Multinationals and the Role of Virtual Indirect Investors Abstract: Hungary is a leading foreign investor among the new member states of the European Union and among the Visegrád countries. It started to invest abroad earlier than other countries of the region, and thus the stock of outward foreign direct investment (OFDI) is higher than in other countries of the region, with the exception of Slovenia. The paper analyzes trends, developments, and characteristics in Hungarian OFDI through the available data and company case studies of the leading investors. On the basis of the company case studies, we introduce the notion of "virtual indirect" investors, which may enhance our understanding of the developments of OFDI—and not just in Hungary. Journal: Eastern European Economics Pages: 41-58 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3523380617750082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altzinger, W.; C. Bellak; A. Jaklic; and M. Rojec. 2003. "Direct Versus Indirect Foreign Investment from Transition Economies: Is There a Difference in Parent Company/Home Country Impact?" In Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition, ed. M. Svetlicic and M. R ojec, 3-16. Aldershot, UK: Ashgate. 2 Andreff, W. 2003. "The Newly Emerging TNCs from Economies in Transition: A Comparison with Third World Outward FDI." Transnational Corporations 12, no. 2: 73-118. 3 Antalóczy, K. 2001. "Magyarországi muködotoke-export nemzetközi kitekintésben" [Foreign Direct Investment from Hungary—In an International Context]. K&uUlgazdaság 45, no. 6: 61-82. 4 Antalóczy, K., and A. Élteto. 2002. "Outward Foreign Direct Investment in Hungary—Motivations and Effects." Working Paper no. 125, Institute for World Economics of the Hungarian Academy of Sciences, Budapest. 5 Antalóczy, K., and M. Sass. 2008. "Emerging Multinationals: The Case of Hungary." Paper presented at the conference Emerging Multinational: Outward Foreign Direct Investments from Emerging and Developing Economies, Copenhagen Business School, Copenhagen, October 9-10 (available at http://gdex.dk/ofdi/7%20Antaloczy%20Katalin.pdf 6 Dunning, J.H. 1993. Multinational Enterprises and the Global Economy. Wokingham, UK: Addison-Wesley. 7 Goldstein, A. 2007. Multinational Companies from Emerging Economies: Composition, Conceptualization and Direction in the Global Economy. London: Palgrave Macmillan. 8 Kalotay, K. 2002. "Outward Foreign Direct Investment and Governments in Central and Eastern Europe: The Cases of the Russian Federation, Hungary and Slovenia." Journal of World Investment 3, no. 2: 267-287. 9 Rugraff, E. 2006. "Export-Oriented Multinationals and the Quality of International Specialization in the Central European Countries." European Journal of Development Research 18, no. 4: 642-661. 10 Rugraff, E. 2010. "Strengths and Weaknesses of the Outward FDI Paths of the Central European Countries." Post Communist Economies 22, no. 1: 1-17. 11 Sass, M., and K. Kalotay. 2010. "Outward FDI from Hungary and Its Policy Context." Columbia FDI Profiles, June 24, 2010 (available at www.vcc.columbia.edu/files/vale/documents/Hungary_OFDI_24_June_2010_-_FINAL.pdf) 12 Sass, M., and O. Kovács. 2010. "Hungary's Global Players: A Strong Presence in the Neighborhood in 2009." In MNEs from Emerging Markets: New Players in the World FDI Market, ed. K.P. Sauvant, V.P. Govitrikar, and K. Davies, 119-142. New York: Vale Columbia Center. 13 Stare, M. 2002. "The Pattern of Internationalisation of Services in Central European Countries." Service Industries Journal 22, no. 1: 77-91. 14 Svetlicic, M., and A. Jaklic. 2006. "Outward FDI from New European Union Member States." Faculty of Social Sciences, University of Ljubljana. 15 Svetlicic, M.; A. Jaklic; and A. Burger. 2007. "Internationalization of Small and Medium-Size Enterprises from Selected Central European Economies." Eastern European Economics 45, no. 4: 36-65. 16 United Nations Conference on Trade and Development (UNCTAD). 1998. World Investment Report 1998: Trends and Determinants. New York. 17 United Nations Conference on Trade and Development (UNCTAD). 2006. World Investment Report: FDI from Developing and Transition Economies: Implications for Development. New York. 18 Vanicsek, M., and E. Viszt. 2005. "Magyarországi tokeexport mérete, fejlodése, legfontosabb tapasztalatai: Hatása a Magyar gazdaság-ezen bel&uUl-a fováros gazdasági fejlodésére" [Size, Development of and the Most Important Experiences with Capital Export from Hungary]. GKI Gazdaságkutató Rt. Integrációs és Fejlesztési Munkacsoport tanulmánya [Study of the Integration and Development Department of the GKI Economic Research Company], GKI Economic Research Co., Budapest. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:41-58 Template-Type: ReDIF-Article 1.0 Author-Name: Mariusz-Jan Radlo Author-X-Name-First: Mariusz-Jan Author-X-Name-Last: Radlo Title: Emerging Multinationals and Outward FDI Development Abstract: The aim of this paper is to shed light on the Polish outward foreign direct investments (OFDIs) with special attention on the growing interest of many Polish companies to expand abroad utilizing equity-based modes of entry. The paper shows that the increase of Polish OFDI in recent years reflects the growing ability and willingness of Polish companies to expand mainly to European markets. It is also observed that the emerging Polish multinationals primarily expand to regional markets of Central, Eastern, and Southeastern Europe as well as Germany. The major motivation for the expansion was to increase market power and access to the market. The current economic crisis resulted in a deceleration of OFDI flows. However, in the case of Polish companies, the deceleration is not as high as one might expect and in 2008 and 2009, Polish companies made a relatively high number of cross-border deals. The paper also analyzes three cases of companies built from scratch in the transition period that now belong to the group of emerging Polish multinationals. When analyzing these cases, it can be seen that there were two stages in their development: during the first stage (approximately one decade), these companies focused on the development of their position in their home market; after they acquired a relatively strong position in the home market, they decided to expand abroad. Their first choice when expanding abroad was to build a strong position in regional markets of the Central and East European countries. Journal: Eastern European Economics Pages: 59-84 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=42G3105457831271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Asseco. 2010. "Prospekt Emisyjny sporzadzany w formie zestawu dokumentów obejmujacego dokument podsumowujacy, dokument ofertowy oraz dokument rejestracyjny" [Issuance Prospectus in the Form of a Set of Documents Encompassing: Summarizing Document, Offering Document and a Registration Document]. Rozporzadzeniem Komisji (WE) no. 809/2004, Oferujacy UniCredit CAIB Poland S.A., Warsaw, April 12. 2 Bonaglia F.; A. Goldstein; and J.A. Mathews. 2007. "Accelerated Internationalization by Emerging Markets' Multinationals: The Case of the White Goods Sector." Journal of World Business 42 no. 4: 369-383. 3 Boudier-Bensebaa, F. 2008. "FDI-Assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries." Transnational Corporations 17, no. 1: 37-63. 4 Buckley, P.J., and M.C. Casson. 1976. The Future of the Multinational Enterprise. London: Homes & Meier. 5 Chilimoniuk, E., and M.-J. Radlo. 2008. "Service Offshoring and Investment Development Path: Evidence from Poland." Paper presented at the European Trade Study Group Conference, Warsaw, September. 6 Chittoor, R., and S. Raya. 2007. "Emerging Multinationals from Developing Economies: Motivations, Paths and Performance." Journal of International Management 13, no. 3: 338-355. 7 Dunning, J.H. 1981. "Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach." Weltwirtschaftliches Archiv 117, no. 1: 30-64. 8 Dunning, J.H. 1986. "The Investment Development Cycle Revisited." Weltwirtschaftliches Archiv 122, no. 4: 667-676. 9 Dunning, J.H., and R. Narula. 1996. "The Investment Development Path Revisited: Some Emerging Issues." In Foreign Direct investment and Governments, ed. J.H. Dunning and R. Narula, 1-41. London: Routledge. 10 Gammeltoft, P.; H. Barnard; and A. Madhok. 2010. "Emerging Multinationals, Emerging Theory: Macro- and Micro-Level Perspectives." Journal of International Management 16, no. 2: 95-101. 11 Gorynia, M.; J. Nowak; and R. Wolniak. 2008. "Poland's Investment Development Path and Industry Structure of FDI Inflows and Outflows." Journal of East-West Business 14, no. 2: 189-212. 12 Hymer, S.H. 1976. The International Operations of National Firms: A Study of Direct Foreign Investment. Cambridge: MIT Press. 13 Kola, M., and M. Kuzel. 2007. "Bezposrednie inwestycje zagraniczne polskich przedsiebiorstw na gruncie teorii sciezki inwestycyjno-rozwojowej" [Foreign Direct Investments of Polish Companies in the Perspective of Investment Development Path]. In Bezposrednie inwestycje zagraniczne w budowaniu potencjalu konkurencyjnosci przedsiebiorstw i regionów [Foreign Direct Investments and Its Role in the Development of the Competitiveness of Enterprises and Regions], ed. W. Karaszewski, pp. 171-202. Torun, Poland: Uniwersytet Mikolaja Kopernika. 14 Maspex. 2010. "Company." Wadowice, Poland (available at http://maspex.pl/en/company.php/144.html 15 National Bank of Poland (NBP). 2010. "National Bank of Poland Statistics: International Investment Position." Warsaw (available at http://nbp.pl/homen.aspx?f=/en/statystyka/m_poz_inwest_pre.html 16 Radomska, E. 2009. "Bezposrednie Inwestycje Zagraniczne (BIZ) polskich firm" [Foreign Direct Investment of Polish Companies]. Artykuly informacyjne z kraju i ze swiata [News Articles of the Countries and the World] (available at www.exporter.pl/bazy/Info_obszerne/284.php 17 Rugman, A.M. 1979. International Diversification and the Multinational Enterprise. Lexington, MA: Lexington Books. 18 Sirkin, H.L.; J.W. Hemerling; and A.K. Bhattacharya. 2008. "Globality: Challenger Companies Are Radically Redefining the Competitive Landscape." Strategy & Leadership 36, no. 6: 36-41. 19 United Nations Conference on Trade and Development (UNCTAD). 2009. UNCTAD-Stat. Geneva (available at http://unctadstat.unctad.org/ReportFolders/reportFolders.aspx?sCS_referer=&sCS_ChosenLang=en/ 20 Vernon, R. 1966. "International Investment and International Trade in the Product Cycle." Quarterly Journal of Economics 80, no. 2: 190-207. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:59-84 Template-Type: ReDIF-Article 1.0 Author-Name: Mariusz-Jan Radlo Author-X-Name-First: Mariusz-Jan Author-X-Name-Last: Radlo Author-Name: Magdolna Sass Author-X-Name-First: Magdolna Author-X-Name-Last: Sass Title: Outward Foreign Direct Investments and Emerging Multinational Companies from Central and Eastern Europe Abstract: This paper summarizes a research project devoted to analyzing the development of outward foreign direct investment (OFDI) and emerging multinational companies from Visegrád countries: The Czech Republic, Hungary, Poland, and Slovakia. After several years of foreign direct investment inflows to central and eastern European countries in recent decades, OFDI has appeared and grown dynamically from these economies. The Visegrád countries are among the leaders in that respect. This type of internationalization is affecting mainly Visegrád neighboring countries and other countries in the region. The concentration of investing companies and transactions is quite high in all four countries, and this determines both the sector and target country composition of OFDI. Intra-Visegrád investments, mainly by pairs of countries, are especially significant. Journal: Eastern European Economics Pages: 5-21 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H78051536XR45408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Antalóczy, K. 2001. "Magyarországi muködotoke-export nemzetközi kitekintésben" [Foreign Direct Investment from Hungary in an International Context]. K&uUlgazdaság 45, no. 6: 61-82. 2 Antalóczy, K., and A. Élteto. 2002. "Outward Foreign Direct Investment in Hungary: Motivations and Effects." Working Paper no. 125, Institute for World Economics of the Hungarian Academy of Sciences, Budapest. 3 Antalóczy, K., and M. Sass. 2008. "Emerging Multinationals: The Case of Hungary." Paper presented at the Emerging Multinationals: Outward Foreign Direct Investments from Emerging and Developing Economies conference, Copenhagen Business School, Copenhagen, October 9-10 (available at http://gdex.dk/ofdi/7%20Antaloczy%20Katalin.pdf 4 Bohatá, M. 2001. "Outward FDI: Country Study of Czech Republic." Intermediate Report for ACE Project, Paper no. 4, No. P97-8073-R, Faculty of Social Sciences, Ljubljana. 5 Bohatá, M., and A. Zemplinerová. 2003. "Internalization of Czech Companies via Outward Investment." In Facilitating Transition by Internationalization, ed. M. Svetlicic and M. Rojec, pp. 111-132. Aldershot, UK: Ashgate. 6 Boudier-Bensebaa, F. 2008. "FDI-Assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries." Transnational Corporations 17, no. 1: 37-63. 7 Chilimoniuk, E., and M.-J. Radlo. 2008. "Service Offshoring and Investment Development Path: Evidence from Poland." European Trade Study Group Conference, Warsaw. 8 Dunning, J.H. 1993. Multinational Enterprises and the Global Economy. Wokingham, UK: Addison-Wesley. 9 Ferencikova, S., Sr., and S. Ferencikova Jr. 2012. "Outward Investment Flows and the Development Path: The Case of Slovakia." Eastern European Economics 50, no. 2 (March-April): 85-111. 10 Gorynia, M.; J. Nowak; and R. Wolniak. 2008. "Poland's Investment Development Path and Industry Structure of FDI Inflows and Outflows." Journal of East-West Business 14, no. 2: 189-212. 11 Jaklic, A., and M. Svetlicic. 2001. "Does Transition Matter? FDI from the Czech Republic, Hungary and Slovenia." Transnational Corporations 10, no. 2: 67-105. 12 Kola, M., and M. Kuzel. 2007. "Bezposrednie inwestycje zagraniczne polskich przedsiebiorstw na gruncie teorii sciezki inwestycyjno-rozwojowej" [Foreign Direct Investments of Polish Companies in the Perspective of Investment Development Path]. In Bezposrednie inwestycje zagraniczne w budowaniu potencjalu konkurencyjnosci przedsiebiorstw i regionów [Foreign Direct Investments and Its Role in the Development of the Competitiveness of Enterprises and Regions], ed. W. Karaszewski, pp. 171-202. Torun, Poland: Uniwersytet Mikolaja Kopernika. 13 Radlo, M.-J. 2012. "Emerging Multinationals and Outward FDI Development: The Case of Poland." Eastern European Economics 50, no. 2 (March-April): 59-84. 14 Sass, M.; K. Antalóczy; and A. Élteto. 2012. "Emerging Multinationals and the Role of Virtual Indirect Investors: The Case of Hungary?" Eastern European Economics 50, no. 2 (March-April): 41-58. 15 Vanicsek, M., and E. Viszt. 2005. "Magyarországi tokeexport mérete, fejlo1dése, legfontosabb tapasztalatai. Hatása a Magyar gazdaság-ezen bel&uUl-a fováros gazdasági fejlodésére" [Size, Development of and the Most Important Experiences with Capital Export from Hungary]. GKI Gazdaságkutató Rt. Integrációs és Fejlesztési Munkacsoport tanulmánya [Study of the Integration and Development Department of the GKI Economic Research Co.], Budapest, January. 16 Zemplinerová, A. 2012. "Czech OFDI: Investment Strategies and Motivation to Invest Abroad"? Eastern European Economics 50, no. 2 (March-April): 22-40. 17 Zemplinerová, A., and J. Bena. 2002. "Czech Outward Foreign Direct Investment." Research report no. P98-1162R, CERGE-EI, Prague. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:5-21 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Zemplinerová Author-X-Name-First: Alena Author-X-Name-Last: Zemplinerová Title: Czech OFDI Abstract: In this paper, the trends and the geographic and sectoral structure of Czech outward foreign direct investment (OFDI) are analyzed. OFDI flows out of the Czech Republic accelerated in 2009 and 2010, and OFDI stock reached EUR 11 billion. The sectoral breakdown of OFDI broadened to include energy and services, in addition to manufacturing and sales activities. Geographically, domestic investors maintained their traditional link with neighboring Slovakia and invested in countries with a favorable business environment, but they also focused on countries with a large market potential. To date, the largest OFDI has been the investment of Zentiva in 2007 in the Turkish pharmaceutical company Eczacibasi Generic Pharmaceuticals. Zentiva paid about EUR 460 million for 75 percent of the shares of the Turkish company. The second-largest investment in the history of Czech OFDI was made by Czech energy company CEZ, which invested about EUR 270 million in two Polish power stations. These cases are described in more detail in the second part of the paper, along with the OFDI of Škoda Auto car factory, the most important manufacturing firm in the Czech Republic. Journal: Eastern European Economics Pages: 22-40 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T47655W131J0235Q File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bohatá, M., and A. Zemplinerová. 2003. "Internalization of Czech Companies via Outward Investment." In Facilitating Transition by Internationalization, ed. M. Svetlicic and M. Rojec, 111-132. Aldershot, UK: Ashgate. 2 Bohatá, M., and A. Zemplinerová. 2004. "Investice ceských firem v zahranicí" [Investment of Czech Firms Abroad]. Politická ekonomie 51, no. 1: 35-47. 3 Kayam, S.S. 2009. "Home Market Determinants of FDI Outflows from Developing and Transition Economies." MPRA Paper no. 16781, Munich, October (available at http://mpra.ub.uni-muenchen.de/16781/ 4 Zemplinerová, A., and J. Bena. 2002. "Czech Outward Foreign Direct Investment." Research report no. P98-1162R, CERGE-EI, Prague. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:22-40 Template-Type: ReDIF-Article 1.0 Author-Name: Sonia Ferencikova Sr. Author-X-Name-First: Sonia Author-X-Name-Last: Ferencikova Sr. Author-Name: Sonia Ferencikova Jr. Author-X-Name-First: Sonia Author-X-Name-Last: Ferencikova Jr. Title: Outward Investment Flows and the Development Path Abstract: Slovakia's economy has shown consistent and strong growth, especially since the early 2000s. Foreign investors have contributed significantly to the Slovakian economic boom: foreign direct investment has been one of the major factors in the growth of the economy, particularly in the automotive and electronic sectors as well as in services. Accordingly, as the economy has been expanding, domestic firms have been investing outside Slovakia, as well, furthering the country's economic development. The authors in the article show the development path of Slovakia and discuss the stage in which Slovakia is positioned based on investment development path theory. Special focus is devoted to the outward investment flows and characteristics of the biggest Slovak "multinationals." Journal: Eastern European Economics Pages: 85-111 Issue: 2 Volume: 50 Year: 2012 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V9882NG32561H21L File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Dunning, J.H., and S.M. Lundan. 2008. Multinational Enterprises and the Global Economy, 2d ed. Cheltenham, UK: Edward Elgar. 2 Dunning, J.H., and R. Narula, eds. 1996. Foreign Direct Investment and Governments: Catalysts for Economic Restructuring. London: Routledge. 3 Ferencikova, S. 1998. "Foreign Direct Investment as a Factor Affecting Change in Transformation Economy—The Results of Research Carried Out in the Biggest FDI Invested Companies and Joint Ventures in Slovakia." Ekonomické rozhl'ady 27, no. 3: 229-246. 4 Ferencikova, S. 2002. Aliancie a l'udské zdroje v medzinárodnom podnikaní [Alliances and Human Resources in International Business]. Trnava: Kon-Press. 5 Ferencikova, S., and R. Chovanec. 2008. "Strategické problémy, leadership a diverzita v zahranicných firmách v Slovenskej republike" [Strategic Problems, Leadership and Diversity in Foreign-Invested Companies in Slovakia]. Ekonomický casopis 56, no. 5: 495-514. 6 Ferencikova, S., and S. Ferencikova. 2010. "Investment Development Path (Case of Slovakia)." Paper presented at the Conference on Management Challenges in the Twenty-First Century, School of Management, Bratislava, April 28. 7 Ferencikova, S., and M. Fifeková. 2008. "Efekty spillovers z pôsobenia zahranicných firiem na Slovensku" [Spillover Effects of Foreign-Invested Companies to Slovakia]. Ekonomický casopis 56, no. 9: 855-872. 8 Hošková, A. 1999. Priame zahranicné investície na Slovensku v rokoch 1995-1998 [Foreign Direct Investment to Slovakia in 1995-1998]. Bratislava: National Bank of Slovakia. 9 Hošková, A. 2001. "Prepojenie zahranicných investícií na domáci priemysel" [Relationship of Foreign Investments and Local Industry]. BIATEC 9, no. 1: 5-9. 10 Hošková, A., and P. Stanek. 1993. "Priame zahranicné investície a ich vplyv na ekonomiku Slovenskej republiky v rokoch 1990-1992" [Foreign Direct Investment and Their Influence on the Slovak Economy in 1990-1992]. EÚ SAV, Bratislava. 11 Hunya, G. 2000. "Central Europe Catching-Up Through FDI?" In Integration Through Foreign Direct Investment: Making Central European Industries Competitive, ed. G. Hunya, 8-27. Cheltenham, UK: Edward Elgar. 12 Hunya, G. 2001. "Uneven Competitiveness of Industries in the Wake of Foreign Penetration of Advanced Economies in Transition." Transnational Corporations 10, no. 2: 35-66. 13 Hunya, G. 2004. "Manufacturing FDI in New EU Member States: Foreign Penetration and Location Shifts Between 1998 and 2002." WIIW Research Report no. 311, Vienna Institute for International Economic Studies. 14 Hunya, G. 2005. WIIW Database on Foreign Direct Investment in Central, East and Southeast Europe 2005: Opportunities for Acquisition and Outsourcing. WIIW, Vienna. 15 Kalotay, K. 2004. "The European Flying Geese: New FDI Patterns for the Old Continent?" Research in International Business and Finance 18, no. 1: 27-49. 16 Kalotay, K. 2006. "The Impact of EU Enlargement on FDI Flows." In International Finance Review, vol. 6, ed. J.A. Batten and C. Kearney, 473-499. Cambridge, MA: Emerald Group. 17 Kalotay, K., and G. Hunya. 2000. "Privatization and Foreign Direct Investment in Central and Eastern Europe." Transnational Corporations 9, no. 1: 39-66. 18 National Bank of Slovakia. 2010. "Foreign Direct Investment." Bratislava (available at www.nbs.sk/en/statistics/balance-of-payments-statistics/foreign-direct-investment/ 19 Šestáková, M., and E. Hekelová. 2003. "Problems and Tendencies in Innovation Activity of Slovakia's Enterprises During the Last Decade." Journal for East European Management Studies 8, no. 2: 126-148. 20 Zemplinerová, A. 1998. "Impact of Foreign Direct Investment on the Restructuring and Growth in Manufacturing." Prague Economic Papers 1998, no. 7: 329-345. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:2:p:85-111 Template-Type: ReDIF-Article 1.0 Author-Name: Francesco Pastore Author-X-Name-First: Francesco Author-X-Name-Last: Pastore Title: To Study or to Work? Abstract: This paper proposes Heckman probit (Heckprobit) estimates of the determinants of success in finding a job in a sample of young (age 15-30) Poles, controlling for the possible selection bias caused by excluding those in school. There is evidence of sample selection bias in the case of young men, suggesting that they use economic factors to make their educational choices more than women do. Education is an important determinant of success in the labor market. The instrumental variables used in the selection equation—the local unemployment rate, expected lifetime earnings and the opportunity cost of education—have a statistically significant impact on the probability of pursuing an education. In contrast to several previous studies relative to mature market economies, ours found that in high unemployment areas, young people prefer to seek a job rather than study. This in fact contributes to the persistence of regional unemployment. Journal: Eastern European Economics Pages: 49-78 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=68823W052103U957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arulampalan, W., and M. B. Stewart. 1995. "The Determinants of Individual Unemployment Durations in an Era of High Unemployment." Economic Journal 105, no. 405: 321-332. 2 Beleva, I.; Ivanov, A.; O'Higgins, N.; and Pastore, F. 2001. "Targeting Youth Employment Policy in Bulgaria." Economic and Business Review 3, no. 2: 113-135. 3 Blinder, A. S., and Y. Weiss. 1976. "Human Capital and Labour Supply: A Synthesis." Journal of Political Economy 84, no. 3: 449-472. 4 Boeri, T. 2000. Structural Change, Welfare Systems, and Labour Reallocation. Oxford: Oxford University Press. 5 Boeri, T.; J. Köllo; and M. Burda. 1997. "Labour Market in Central Europe and the EU Enlargement." Paper presented at the Centre for Economic Policy Research Conference, Portoroz, June 13-15. 6 Card, D., and A. Krueger. 1992. "Does School Quality Matter? Returns to Education and the Characteristics of Public Schools in the United States." Journal of Political Economy 100, no. 1: 1-40. 7 Caroleo, F. E., and F. Pastore. 2003. "Youth Participation in the Labour Market in Germany, Spain and Sweden." In Youth Unemployment and Social Exclusion, ed. T. Hammer, 115-141. Bristol, UK: Policy Press. 8 Clark, K. B., and L. H. Summers. 1990. "The Dynamics of Youth Unemployment." In Understanding Unemployment, ed. L. H. Summers, 48-85. Cambridge: MIT Press. 9 Davia, M. A. 2004. "Tackling Multiple Choices: A Joint Determination of Transitions out of Education and into the Labour Market Across the European Union." Discussion Paper no. 22, Institute for Social and Economic Research, Colchester, UK. 10 Denny, K., and C. Harmon. 2000. "The Impact of Education and Training on the Labour Market Experiences of Young Adults." Working Paper no. 00/08, Institute for Fiscal Studies, London. 11 Domadenik, P., and F. Pastore. 2006. "Influence of Education and Training Systems on Participation of Young People in Labour Market of CEE Economies: A Comparison of Poland and Slovenia." International Journal of Entrepreneurship and Small Business 3, no. 5: 640-666. 12 Ferragina, A., and F. Pastore. 2005. "Factor Endowment and Market Size in EU-CEE Trade. Would Human Capital Change the Actual Quality Trade Patterns?" Eastern European Economics 43, no. 1 (January-February): 5-33. 13 Ferragina, A., and F. Pastore. 2008. "Mind the Gap. Unemployment in the New EU Regions" Journal of Economic Surveys 22, no. 1: 77-113. 14 Fidrmuc, J. 2004. "Migration and Regional Adjustment to Asymmetric Shocks in Transition Economies." Journal of Comparative Economics 32, no. 2: 230-247. 15 Giannelli, G. C., and Monfardini, C. 2000. "A Nest or a Golden Cage? Family Co-Residence and Human Capital Investment Decisions of Young Adults." International Journal of Manpower 21, nos. 3-4: 227-245. 16 Giannelli, G. C., and Monfardini, C. 2003. "Joint Decisions on Household Membership and Human Capital Accumulation of Youths. The Role of Expected Earnings and Local Markets." Journal of Population Economics 16, no. 2: 265-286. 17 Hammer, T. 2003. Youth Unemployment and Social Exclusion. Bristol, UK: Policy Press. 18 Heckman, J. J. 1976. "A Life-Cycle Model of Earnings, Learning and Consumption." Journal of Political Economy 84, no. 4, S11-S44. 19 Heckman, J. J. 1979. "Sample Selection as a Specification Error." Econometrica 47, no. 1: 131-161. 20 Keane, M. P., and K. I. Wolpin. 1997. "The Career Decisions of Young Men." Journal of Political Economy 105, no. 3: 473-522. 21 McVicar, D., and P. G. Rice. 2001. "Participation in Further Education in England and Wales: An Analysis of Post-War Trends." Oxford Economic Papers 53, no. 1: 47-66. 22 Micklewright, J. 1990. "Unemployment and Early School Leaving." Economic Journal 100, no. 400: 163-169. 23 Micklewright, J. 1999. "Education, Inequality and Transition." Innocenti Working Papers, Economic and Social Policy series no. 74, UNICEF Innocenti Research Centre, Florence. 24 Newell, A., and F. Pastore. 1999. "Structural Change and Structural Unemployment in Poland." Studi Economici 69, no. 3: 81-100. 25 Nguyen, A. N., and J. Taylor. 2003. "Post-High School Choices: New Evidence from a Multinomial Logit Model." Journal of Population Economics 16, no. 2: 287-306. 26 O'Higgins, N. 2004. "Recent Trends in Youth Labour Markets and Youth Employment Policy in Europe and Central Asia." Discussion Paper no. 85, Centro di Economia del Lavoro e Politica Economica, Salerno, Italy. 27 Pastore, F. 2010. "The Gender Gap in Early Career in Mongolia." International Journal of Manpower 31, no. 2: 188-207. 28 Pastore, F., and M. Socha. 2006. "The Polish LFS: A Rotating Panel with Attrition," Ekonomia Journal 15, no. 3: 3-24. 29 Pissarides, C. A. 1981. "Staying on at School in England and Wales." Economica 48, no. 192: 345-363. 30 Poterba, J. M., and L. H. Summers. 1995. "Unemployment Benefits and Labour Market Transitions: A Multinomial Logit Model with Errors in Classification." Review of Economics and Statistics 77, no. 2: 207-216. 31 Psacharopoulos, G. 1994. "Returns to Investment in Education: A Global Update." World Development 22, no. 9: 1325-1343. 32 Rice, P. G. 1987. "The Demand for Post-Compulsory Education in the UK and the Effects of Educational Maintenance Allowances." Economica 54, no. 216: 465-475. 33 Rice, P. G. 1999. "The Impact of Local Labour Markets on Investment in Further Education: Evidence from the England and Wales Cohort Studies." Journal of Population Economics 12, no. 2: 287-312. 34 Van de Ven, W. P.M. M., and B. M.S. Van Pragg. 1981. "The Demand for Deductibles in Private Health Insurance: A Probit Model with Sample Selection." Journal of Econometrics 17, no. 2: 229-252. 35 Whitfield, K., and R. A. Wilson. 1991. "Staying-On in Full-Time Education: The Educational Participation Rate of 16-Year-Olds." Economica 58, no. 231: 391-404. 36 World Bank. 2001. Poland-Labor Market Study: The Challenge of Job Creation. World Bank Country Study, March. Washington, DC. 37 World Bank. 2004. Poland: Growth, Employment and Living Standards in Pre-Accession Poland. Report no. 28233, Washington, DC. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:49-78 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Juznik Rotar Author-X-Name-First: Laura Juznik Author-X-Name-Last: Rotar Title: How Effective Is the Slovenian Institutional Training Program in Improving Youth's Chances of Reemployment? Abstract: This paper evaluates and compares the direct effects of the Slovenian institutional training program on youth. The effectiveness of the program is measured by reemployment probability. A nonparametric matching approach, based on conditional independence assumption, is applied to estimate the average program effects. Moreover, the results obtained by matching are compared to results from the Heckman procedure. The results indicate that the institutional training program has a positive effect on employment in the short run, whereas in the long run the effects fall significantly, but are still positive. Journal: Eastern European Economics Pages: 94-106 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=75H1172084937284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ackum, S. 1991. "Youth Unemployment, Labour Market Programs and Subsequent Earnings." Scandinavian Journal of Economics 93, no. 4: 531-543. 2 Angrist, J., and A. B. Krueger. 1999. "Empirical Strategies in Labor Economics." In Handbook of Labor Economics, ed. O. Ashenfelter and D. Card, 1277-1366. Amsterdam: North-Holland. 3 Ashenfelter, O. 1978. "Estimating the Effect of Training Programs on Earnings." Review of Economics and Statistics 6, no. 1: 47-57. 4 Baltagi, B. 1995. Econometric Analysis of Panel Data. New York: Wiley. 5 Barnow, B.; G. Cain; and A. Goldberger. 1980. "Issues in the Analysis of Selectivity Bias." In Evaluation Studies, vol. 5., ed. F. Stromsdorfer and G. Farkas, 1324-1325. Beverly Hills, CA: Sage. 6 Barron, J.; M. Berger; and D. Black. 1997. "How Well Do We Measure Training?" Journal of Labour Economics 15, no. 3: 507-528. 7 Becker, S. O., and A. Ichino. 2002. "Estimation of Average Treatment Effects Based on Propensity Scores." Stata Journal 2, no. 4: 358-377. 8 Betcherman, G.; M. Godfrey; S. Puerto; F. Rother; and A. Stavreska. 2007. A Review of Interventions to Support Young Workers: Findings of the Youth Employment Inventory. Social Protection Discussion Paper no. 0715, World Bank, Washington, DC. 9 Briggs, D. C. 2004. "Causal Inference and the Heckman Model." Journal of Education and Behavioral Statistics 29, no. 4: 397-420. 10 Brodaty, T.; B. Crépon; and D. Fougére. 2001. "Using Matching Estimators to Evaluate Alternative Youth Employment Programs: Evidence from France." In Econometric Evaluation of Labour Market Policies, ed. M. Lechner, and F. Pfeiffer, 56-98. Berlin: Springer. 11 Caliendo, M., and R. Hujer. 2006. "The Microeconometric Estimation of Treatment Effects: An Overview." Allgemeines Statistisches Archiv 90, no. 1: 197-212. 12 Cameron, A. C., and P. K. Trivedi. 2005. Microeconometrics: Methods and Applications. Cambridge: Cambridge University Press. 13 Chemin, M. 2008. "The Benefits and Costs of Microfinance: Evidence from Bangladesh." Journal of Development Studies 44, no. 4: 463-484. 14 Dehejia, R., and S. Wahba. 1999. "Causal Effects in Non-Experimental Studies: Re-Evaluating the Evaluation of Training Programs." Journal of the American Statistical Association 94, no. 448: 1053-1062. 15 Fraker, T., and R. Maynard. 1987. "The Adequacy of Comparison Group Designs for Evaluations of Employment-Related Programs." Journal of Human Resources 22, no. 2: 194-227. 16 Hämäläinen, K., and V. Ollikainen. 2004. Differential Effects of Active Labour Market Programmes in the Early Stages of Young People's Unemployment. Helsinki: Government Institute for Economic Research. 17 Heckman, J. 1998. "The Economic Evaluation of Social Programs." In Handbook of Econometrics, vol. 5, ed. J. Heckman and E. Leamer, 1673-1694. Amsterdam: Elsevier. 18 Heckman, J., and J. Smith. 1995. "Assessing the Case for Social Experiments." Journal of Economic Perspectives 9, no. 2: 85-110. 19 Heckman, J.; H. Ichimura; J. Smith; and P. Todd. 1996. "Sources of Selection Bias in Evaluating Social Programs: An Interpretation of Conventional Measures and Evidence on the Effectiveness of Matching as a Program Evaluation Method." Proceedings of the National Academy of Sciences 93, no. 23: 13416-13420. 20 Hujer, R., and M. Caliendo. 2000. "Evaluation of Active Labour Market Policy: Methodological Concepts and Empirical Estimates." IZA Discussion Paper no. 236, Bonn. 21 Ichino, A. 2006. The Problem of Causality in Microeconometrics. Bologna: European University Institute. 22 Imbens, G., and J. Angrist. 1994. "Identification and Estimation of Local Average Treatment Effects." Econometrica 62, no. 4: 467-476. 23 Lechner, M. 1999a. "Earnings and Employment Effects of Continuous Off-the-Job Training in East Germany After Unification." Journal of Business and Economic Statistics 17, no. 1: 74-90. 24 Lechner, M. 1999b. "Identification and Estimation of Causal Effects of Multiple Treatments Under the Conditional Independence Assumption." Discussion Paper no. 9908, University of St. Gallen, Switzerland. 25 Nannicini, T. 2007. "A Simulation-Based Sensitivity Analysis for Matching Estimators." Stata Journal 7, no. 3: 334-350. 26 Oakes, M. J., and J. S. Kaufman. 2006. Methods in Social Epidemiology. New York: Wiley. 27 Rosenbaum, P., and D. Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." Biometrika 70, no. 1: 41-55. 28 Vandenberghe, V., and S. Robin. 2004. "Evaluating the Effectiveness of Private Education Across Countries: A Comparison of Methods." Labour Economics 11, no. 4: 487-506. 29 Vodopivec, M. 1999. "Does the Slovenian Public Work Program Increase Participants' Chances to Find a Job?" Journal of Comparative Economics 27, no. 1: 113-130. 30 Wooldridge, J. M. 2002. Econometric Analysis of Cross-Section and Panel Data. Cambridge: MIT Press. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:94-106 Template-Type: ReDIF-Article 1.0 Author-Name: Konstantin A. Kholodilin Author-X-Name-First: Konstantin A. Author-X-Name-Last: Kholodilin Author-Name: Aleksey Oshchepkov Author-X-Name-First: Aleksey Author-X-Name-Last: Oshchepkov Author-Name: Boriss Siliverstovs Author-X-Name-First: Boriss Author-X-Name-Last: Siliverstovs Title: The Russian Regional Convergence Process Abstract: This paper investigates income convergence among Russian regions between 1998 and 2006. It makes two major contributions to the literature on regional convergence in Russia. First, it identifies spatial regimes using the exploratory spatial data analysis. Second, it examines the impact of spatial effects on the convergence process. Our results show that the overall speed of regional convergence in Russia, being slow by international standards, becomes even slower after controlling for spatial effects. However, when accounting for spatial regimes, we find a strong regional convergence among high-income regions located near other high-income regions. Our results indicate that estimating the speed of convergence using aggregate data may result in misleading conclusions regarding the nature of the convergence process among Russia's regions. Journal: Eastern European Economics Pages: 5-26 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D756007T48137846 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abreu, M.; H. L.F. De Groot; and R. J.G. M. Florax. 2005a. "A Meta-Analysis of ß-Convergence: The Legendary 2%." Journal of Economic Surveys 19, no. 3: 389-420. 2 Abreu, M.; H. L.F. De Groot; and R. J.G. M. Florax. 2005b. "Space and Growth: A Survey of Empirical Evidence and Methods." Région et Développement 21: 13-44. 3 Anselin, L. 1996. "The Moran Scatterplot as an ESDA Tool to Assess Local Instability in Spatial Association." In Spatial Analytical Perspectives on GIS, ed. M. M. Fischer, H. J. Scholten, and D. Unwin, 111-125. London: Taylor and Francis. 4 Anselin, L., and S. J. Rey. 1991. "Properties of Tests for Spatial Dependence in Linear Regression Models." Geographical Analysis 23, no. 2: 112-131. 5 Barro, R. J., and X. Sala-i-Martin. 1991. "Convergence Across States and Regions." Brookings Papers on Economic Activity no. 1: 107-182. 6 Barro, R. J., and X. Sala-i-Martin. 1992. "Convergence." Journal of Political Economy 100, no. 2: 223-251. 7 Benini, R., and A. Czyzewski. 2007. "Regional Disparities and Economic Growth in Russia: Net Growth Patterns and Catching Up." Economic Change and Restructuring 40, nos. 1-2: 91-135. 8 Dolinskaya, I. 2002. "Transition and Regional Inequality in Russia: Reorganisation or Procrastination?" Technical Report 02/069, International Monetary Fund, Washington, DC. 9 Drobyshevsky, S.; O. Lugovoy; E. Astafyeva; D. Polevoy; A. Kozlovskaya; P. T runin, and L. Lederman. 2005. "Determinants of Economic Growth in the Regions of the Russian Federation." Technical Report, Institute for the Economy in Transition, Moscow (in Russian). 10 Ertur, C.; J. LeGallo; and C. Baumont. 2006. "The European Regional Convergence Process, 1980-1995: Do Spatial Regimes and Spatial Dependence Matter?" International Regional Science Review 29, no. 1: 3-34. 11 Fedorov, L. 2002. "Regional Inequality and Regional Polarization in Russia, 1990-1999." World Development 30, no. 3: 443-456. 12 Granberg, A., and I. Zaitseva. 2002. "Growth Rates in the National Economic Space." Problems of Economic Transition 45, no. 8: 72-91. 13 Hanson, P. 2006. "Federalism with a Russian Face: Regional Inequality, Administrative Capacity and Regional Budgets in Russia." Economic Change and Restructuring 39, nos. 3-4: 191-211. 14 Klocvog, F. N., and L. S. Chernova. 2005. "Tendencies and Targeted Forecast of Economic Dynamics of Russian Regions." Forecasting Issues 6: 103-115 (in Russian). 15 Krueger, A. 2007. "Statistics in Focus: Regional Gross Domestic Product in the European Union 2004." Technical Report, Eurostat, Luxembourg. 16 Lavrovski, B. 2003. "Geographical Differentiation and Approaches to Its Alleviation in Russian Federation." HSE Economic Journal 7 no. 4: 524-537 (in Russian). 17 Lugovoy, O.; V. Dashkeyev; I. Mazayev; D. Fomchenko; and A. Polyakov 2007. "Economic, Geographical, and Institutional Aspects of Regional Economic Growth in Russia." Technical Report, Institute for the Economy in Transition, Moscow (in Russian). 18 Mikheeva, N. 2000. "Differentiation of Social and Economic Situation in the Russian Regions and Problems of Regional Policy." Technical Report 99/09, Economics Education and Research Consortium, Kiev. 19 Popov, V. 2001. "Reform Strategies and Economic Performance of Russia's Regions." World Development 29, no. 5: 865-886. 20 Quah, D. 1993. "Galton's Fallacy and Tests of the Convergence Hypothesis." Scandinavian Journal of Economics 95, no. 4: 427-443. 21 Rey, S. J., and B. D. Montouri. 1999. "U. S. Regional Income Convergence: A Spatial Econometric Perspective." Regional Studies 33, no. 2: 143-156. 22 Shankar, R., and A. Shah. 2003. "Bridging the Economic Divide Within Countries: A Scorecard on the Performance of Regional Policies in Reducing Regional Income Disparities." World Development 31, no. 6: 1421-1441. 23 van Selm, B. 2003. "Economic Performance in Russia's Regions." Europe-Asia Studies 50, no. 4: 603-618. 24 Yemtsov, R. 2002. "Quo Vadis: Inequality and Poverty Dynamics Across Russian Regions in 1992-2000." UNU-WIDER Research Paper, World Institute for Economic Research. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Mark David Witte Author-X-Name-First: Mark David Author-X-Name-Last: Witte Title: What Effect Did the Credit Crisis of 2008 Have on European Exchange Rates? Abstract: During the recent credit crisis, European currencies tended to depreciate when the domestic country had relatively high long-term interest rates overshooting traditional uncovered interest rate parity. Absolute interest rate differentials, not innovations to the interest rate differential, drove the depreciation. The degree of the crisis, as measured by the TED spread, amplified this effect. Current account deficits, high inflation, and external debt held by governments or by banks only indirectly drove depreciation by creating higher domestic interest rates. In addition to the interest rate effect, Hungary saw currency depreciation relative to other East European currencies as the TED spread widened. Journal: Eastern European Economics Pages: 79-93 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E519K3QUWW161965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andreou, I.; G. Dufrèrnot; A. Sand-Zantman; and A. Zdzienicka-Durand. 2009. "A Fore-warning System for Financial Crises: The Case of Six Central and Eastern European Countries. Journal of Economic Integration 24, no. 1: 87-115. 2 Brunnermeier, M. K.; S. Nagel; and L. H. Pedersen. 2008. "Carry Trades and Currency Crashes." In NBER Macroeconomics Annual 2008, ed. D. Acemoglu, K. Rogoff, and M. Woodford, 313-347. Chicago: University of Chicago Press. 3 Calvo, G., and C. Reinhart. 2002. "Fear of Floating." Quarterly Journal of Economics 117 no. 2: 379-408. 4 Dornbusch, R. 1976. "Expectations and Exchange Rate Dynamics." Journal of Political Economy 84, no. 6: 1161-1176. 5 Drazen, A., and S. Hubrich. 2006. "A Simple Test of the Effect of Interest Rate Defense." Journal of the Japanese and International Economy 20, no. 4: 612-636. 6 Eichenbaum, M., and C. Evans. 1995. "Some Empirical Evidence on the Effects of Shocks to Monetary Policy on Exchange Rates." Quarterly Journal of Economics 110, no. 4: 975-1009. 7 Evans, M., and R. Lyons. 2002. "Order Flow and Exchange Rate Dynamics." Journal of Political Economy 110, no. 1: 170-180. 8 Fama, E. 1984. "Forward and Spot Exchange Rates." Journal of Monetary Economics 14, no. 3: 319-338. 9 Fratzscher, M. 2009. "What Explains Global Exchange Rate Movements During the Financial Crisis?" Journal of International Money and Finance 28, no. 8: 1390-1407. 10 Hnatkovka, V.; A. Lahiri; and C. Vegh. 2008. "Interest Rates and the Exchange Rate: A Non-Monotonic Tale." Working Paper no. 13925, National Bureau for Economic Research, Cambridge, MA (available at www.nber.org/papers/W13925/ 11 Huisman, R., and R. Mahieu. 2007. "Revisiting Uncovered Interest Rate Parity: Switching Between UIP and the Random Walk." Erasmus Research Institute of Management (ERIM), Rotterdam (available at http://hdl.handle.net/1765/8288/ 12 Ichiue, H., and K. Koyama. 2011. "Regime Switches in Exchange Rate Volatility and Uncovered Interest Parity." Journal of International Money and Finance 30, no. 7: 1436-1450. 13 Isard, P. 2006. "Uncovered Interest Parity." Working Paper 06/96, International Monetary Fund, Washington, DC. 14 Obstfeld, M., and K. Rogoff. 1995. "Exchange Rate Dynamics Redux." Journal of Political Economy 103, no. 3: 624-660. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:79-93 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L1KV1656102TL683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Jirí Vecerník Author-X-Name-First: Jirí Author-X-Name-Last: Vecerník Title: Earnings Disparities and Income Inequality in CEE Countries Abstract: The potential provided by survey data for studying simultaneous changes in earnings disparities, inequality of household income, and the connections between them has thus far been underexploited. This paper presents various data on four Central and East European (CEE) countries, as well as some data on Austria and Germany for the sake of comparison. First, it compares the changes in both distributions over time since the communist period as reported in various sources to see how much disparities and inequality increased during the transition. Second, it presents the attempts that have been made so far to analyze the connections between the two distributions and examines how the relationship between personal and household earnings should be analyzed and what we know about its development. Third, it presents the changing links between earned and disposable income in CEE countries, using Luxembourg Income Study data as a historical baseline and the Statistics on Income and Living Conditions (EU-SILC) data for the present time to determine how strong the association was and currently is, and how the countries differ in packaging family income. Various sources confirm that earnings disparities and income inequality rose at least to some degree in all four CEE countries after 1989. This is apparent in the individual countries in various phases of their transitions. In contrast, no increase occurred from 2004 to 2007, according to the EU-SILC surveys. Journal: Eastern European Economics Pages: 27-48 Issue: 3 Volume: 50 Year: 2012 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M177360812170016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Atkinson, A. B. 2008. The Changing Distribution of Earnings in OECD Countries. Oxford: Oxford University Press. 2 Atkinson, A. B., and J. Micklewright. 1992. The Economic Transformation of Eastern Europe and the Distribution of Income. Cambridge: Cambridge University Press. 3 Biffl, G. 2007. "Development of the Distribution of Household Income in Austria." Working Paper no. 293, Austrian Institute of Economic Research (WIFO), Vienna. 4 Brück, T., and H. Peters. 2009. "20 Years of German Unification: Evidence on Income Convergence and Heterogeneity." Discussion Paper no. 4454, Institute for the Study of Labor (IZA), Bonn, Germany. 5 Eurostat. 2006. "Earnings Disparities Across European Countries and Regions." Statistics in Focus: Population and Social Conditions, no. 7, Luxembourg. 6 Eurostat. 2010. The Social Situation in the European Union 2009. Luxembourg: Office for Official Publications of the European Communities. 7 Garner, T. I., and K. Terrell. 1998. "A Gini Decomposition Analysis of Inequality in the Czech and Slovak Republics During the Transition." Economics of Transition 6, no. 1: 23-46. 8 Garner, T. I., and K. Terrell. 2001. "Some Explanations for Changes in the Distribution of Household Income in Slovakia: 1988 and 1996." Working Paper no. 377, William Davidson Institute, Ann Arbor, MI. 9 Giammatteo, M. 2006. "Inequality in Transition Countries: the Contribution of Markets and Government Taxes and Transfers." Working Paper no. 443, Luxembourg Income Study, Luxembourg. 10 Gottschalk, P., and S. Danziger. 2005. "Inequality of Wage Rates, Earnings and Family Income in the United States, 1975-2002." Review of Income and Wealth 51, no. 2: 231-254. 11 Gottschalk, P., and T. M. Smeeding. 1997. "Cross-National Comparison of Earnings and Income Inequality." Journal of Economic Literature 35, no. 2: 633-687. 12 Hölscher, J. 2006. "Income Distribution and Convergence in the Transition Process—A Cross-Country Comparison." Comparative Economic Studies 48, no. 2: 302-325. 13 Jedrzejczak, A. 2008. "Decomposition of the Gini Index by Sources of Income." International Advances in Economic Research 14, no. 4: 441-447. 14 Kattuman, P., and G. Redmond. 2001. "Income Inequality in Early Transition: The Case of Hungary 1987-1996." Journal of Comparative Economics 29, no. 1: 40-65. 15 Lerman, R. I., and S. Yitzhaki. 1985. "Income Inequality Effects by Income Source: A New Approach and Applications to the United States." Review of Economics and Statistics 67, no. 1: 151-156. 16 Micklewright, J., and J. Flemming. 2000. "Income Distribution, Economic Systems and Transition." In Handbook of Income Distribution, ed. A. B. Atkinson and F. Bourguignon, 843-918. Amsterdam: North-Holland. 17 Milanovic, B. 1998. Income, Inequality, and Poverty During the Transition from Planned to Market Economy. Washington, DC: World Bank. 18 Milanovic, B. 1999. "Explaining the Increase in Inequality During Transition." Economics of Transition 7, no. 2: 299-341. 19 Milanovic, B., and L. Ersado. 2008. "Reform and Inequality During the Transition: An Analysis Using Panel Household Survey Data, 1990-2005." Policy Research Working Paper no. 4780, World Bank, Washington, DC. 20 Mitra, P., and R. Yemtsov. 2006. "Increasing Inequality in Transition Economies: Is There More to Come?" Policy Research Working Paper no. 4007, World Bank, Washington, DC. 21 Organization for Economic Cooperation and Development. 2008. Growing Unequal? Income Distribution and Poverty in OECD Countries. Paris. 22 Organization for Economic Cooperation and Development. 2009. "Causes of Growing Inequality in OECD Countries: A Proposed Outline." DELSA/ELSA/WP1(2009) 2, Paris. 23 Piotrowska, M. 2009. "Income Inequality. Decomposition by Income Sources in Central European Countries." Paper presented at the 67th International Atlantic Economic Conference, Rome, March 12-14. 24 Redmond, G., and P. Kattuman. 2001. "Employment Polarisation and Inequality in the UK and Hungary." Cambridge Journal of Economics 25, no. 4: 467-480. 25 Stark, O.; J. E. Taylor; and S. Yitzhaki. 1986. "Remittances and Inequality." Economic Journal 96, no. 383: 722-740. 26 Tárki. 2009. "European Social Report." Budapest (available at www.tarki.hu/en/research/european_social_report/european_social_report_2009_full.pdf 27 Vecerník, J. 1999. "The Middle Classes in Czech Reforms: The Interplay Between Policies and Social Stratification." Communist and Post-Communist Studies 32, no. 4: 397-416. 28 Vecerník, J. 2009. Czech Society in the 2000s: A Report on Socio-Economic Policies and Structures. Prague: Academia. 29 Vecerník, J. 2011. "Self-Employment in the Czech Republic and CEE Countries: Persons and Households." Post-Communist Economies 23, no. 3: 359-376. 30 Zaidi, S. 2009. "Main Drivers of Income Inequality in Central European and Baltic Countries. Some Insights from Recent Household Survey Data." Policy Research Working Paper no. 4815, World Bank, Washington, DC. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:3:p:27-48 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=06242M57V7W59713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Tsangyao Chang Author-X-Name-First: Tsangyao Author-X-Name-Last: Chang Author-Name: Chia-Hao Lee Author-X-Name-First: Chia-Hao Author-X-Name-Last: Lee Author-Name: Pei-I Chou Author-X-Name-First: Pei-I Author-X-Name-Last: Chou Author-Name: Shiou-Chih Wang Author-X-Name-First: Shiou-Chih Author-X-Name-Last: Wang Title: Purchasing Power Parity for Transition Countries Abstract: This study applies a panel SURADF test with a Fourier function to investigate the properties of long-run purchasing power parity (PPP) in a sample of transition countries (i.e., Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Russia) between January 1995 and December 2008. The empirical results from the univariate unit root tests indicate that PPP does not hold in the transition countries under study. However, results from the panel SURADF test with a Fourier function indicate that PPP is valid for all the countries, with the exception of Russia. These results have important policy implications for the nine transition countries under study. Journal: Eastern European Economics Pages: 42-59 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AX28H175QKLL0330 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baharumshah, A. Z.; T. H. Chan; and S. Fountas. 2008. "Re-Examining Purchasing Power Parity for East Asian Currencies: 1976-2002." Applied Financial Economics 18, no. 1: 75-85. 2 Becker, R.; W. Enders; and J. Lee. 2004. "A General Test for Time Dependence in Parameters." Journal of Applied Econometrics 19, no. 7: 899-906. 3 Becker, R.; W. Enders; and J. Lee. 2006. "A Stationary Test in the Presence of an Unknown Number of Smooth Breaks." Journal of Time Series Analysis 27, no. 3: 381-409. 4 Borghijs, A., and L. Kuijs. 2004. "Exchange Rates in Central Europe: A Blessing or a Curse?" Working Paper no. 04/2, International Monetary Fund, Washington, DC. 5 Brada, J. C. 1998. "Introduction: Exchange Rates, Capital Flows, and Commercial Policies in Transition Economies." Journal of Comparative Economies 26, no. 4: 613-630. 6 Breuer, J. B.; R. McNown; and M. S. Wallace. 2001. "Misleading Inferences from Panel Unit Root Tests with an Illustration from Purchasing Power Parity." Review of International Economics 9, no. 3: 482-493. 7 Chang, T.; P. I. Chou; C. H. Lee; and S. C. Wang. 2010. "Nonlinear Behavior of Real Exchange Rates in G-7 Countries." Working Paper 2010-7, Department of Finance, Feng Chia University, Taichung, Taiwan. 8 Choi, I., and T. K. Chue. 2007. "Subsampling Hypothesis Tests for Nonstationary Panels with Applications to Exchange Rates and Stock Prices." Journal of Applied Econometrics 22, no. 2: 233-264. 9 Davutyan, N., and J. Pippenger. 1985. "Purchasing Power Parity Did Not Collapse During the 1970s." American Economic Review 75, no. 5: 1151-1158. 10 Dibooglu, S., and A. Kutan. 2001. "Sources of Real and Nominal Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary." Journal of Comparative Economics 29, no. 2: 257-275. 11 Dickey, D. A., and W. A. Fuller. 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root." Econometrica 49, no. 4: 1057-1072. 12 Dornbusch, R. 1987. "Exchange Rates and Prices." American Economic Review 77, no. 1: 93-106. 13 Enders, W., and J. Lee. 2004. "Testing for a Unit Root with a Nonlinear Fourier Function." Working Paper, Department of Economics, Finance and Legal Studies, University of Alabama, Tuscaloosa. 14 Enders, W., and J. Lee. 2009. "The Flexible Fourier Form and Testing for Unit Roots: An Example of the Term Structure of Interest Rates." Working Paper, Department of Economics, Finance and Legal Studies, University of Alabama, Tuscaloosa. 15 Frenkel, J. A. 1981. "The Collapse of Purchasing Power Parities During the 1970s." European Economic Review 16: 145-165. 16 Gallant, R. 1981. "On the Basis in Flexible Functional Form and an Essentially Unbiased Form: The Flexible Fourier Form." Journal of Econometrics 15: 211-353. 17 Halpern, L., and C. Wyplosz. 1997. "Equilibrium Exchange Rates in Transition Economies." International Monetary Fund Staff Papers 44, no. 4: 430-460. 18 Holmes, M. J. 2001. "New Evidence on Real Exchange Rate Stationarity and Purchasing Power Parity in Less Developed Countries." Journal of Macroeconomics, 23, no. 4: 601-614. 19 Im, K. S.; M. H. Pesaran; and Y. Shin. 2003. "Testing for Unit Roots in Heterogeneous Panels." Journal of Econometrics 115, no. 1: 53-74. 20 Kwiatkowski, D.; P. Phillips; P. Schmidt; and Y. Shin. 1992. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?" Journal of Econometrics 54, nos. 1-3: 159-178. 21 Lau, C. K. 2009. "A More Powerful Panel Unit Root Test with an Application to PPP." Applied Economics Letters 16, no. 1: 75-80. 22 Levin, A.; C. F. Lin; and C. S. Chu. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties." Journal of Econometrics 108, no. 1: 1-24. 23 Leybourne, S.; P. Newbold; and D. Vougas. 1998. "Unit Roots and Smooth Transitions." Journal of Time Series Analysis 19, no. 1: 83-97. 24 Lothian, J. R., and M. P. Taylor. 2000. "Purchasing Power Parity over Two Centuries: Strengthening the Case for Real Exchange Rate Stability: A Reply to Cuddington and Liang." Journal of International Money and Finance 19, no. 5: 759-764. 25 Lothian, J. R., and M. P. Taylor. 2008. "Real Exchange Rates over the Past Two Centuries: How Important Is the Harrod-Balassa-Samuelson Effect?" Economic Journal, 118, no. 532: 1742-1763. 26 MacDonald, R., and M. P. Taylor. 1992. "Exchange Rate Economics: A Survey." International Monetary Fund Staff Papers 39: 1-57. 27 Maddala, G., and I. M. Kim. 1998. Unit Roots, Cointegration and Structural Change. Cambridge: Cambridge University Press. 28 Maddala, G. S., and S. Wu. 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test." Oxford Bulletin of Economics and Statistics 61 (November): 631-665. 29 Mahdavi, S., and S. Zhou. 1994. "Purchasing Power Parity in High-Inflation Countries: Further Evidence." Journal of Macroeconomics 16, no. 3: 403-422. 30 Newey, W., and K. West. 1994. "Automatic Lag Selection in Covariance Matrix Estimation." Review of Economic Studies 61, no. 4: 631-653. 31 O'Connell, P. G. J. 1998. "The Overvaluation of Purchasing Power Parity." Journal of International Economics 44, no. 1: 1-20. 32 Papell, D. H. 1997. "Searching for Stationarity: Purchasing Power Parity Under the Current Float." Journal of International Economics 43, nos. 3-4: 313-332. 33 Parikh, A., and G. Williams. 1998. "Modeling Real Exchange Rate Behaviour: A Cross-Country Study." Applied Financial Economics 8, no. 6: 577-587. 34 Pascalau, R. 2010. "Unit Root Tests with Smooth Breaks: An Application to the Nelson-Plosser Data Set." Applied Economics Letters 17, no. 6: 565-570. 35 Perron, P. 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis." Econometrica 57, no. 6: 1361-1401. 36 Pesaran, M. H. 2007. "A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence." Journal of Applied Econometrics 22, no. 2: 265-312. 37 Phillips, P. C. B., and P. Perron. 1988. "Testing for a Unit Root in Time Series Regression." Biometrika 75, no. 2: 335-346. 38 Organization for Economic Cooperation and Development (OECD). 1994. Assessing Investment Opportunities in Economies in Transition. Paris. 39 Rogoff, K. 1996. "The Purchasing Power Parity Puzzle." Journal of Economic Literature 34: 647-668. 40 Sarno, L. 2000. "Real Exchange Rate Behaviour in High Inflation Countries: Empirical Evidence from Turkey, 1980-1997." Applied Economics Letters 7, no. 5: 285-291. 41 Sarno, L., and M. P. Taylor. 2002. "Purchasing Power Parity and the Real Exchange Rate." International Monetary Fund Staff Papers 49: 65-105. 42 Suppel, R. 2003. "Economic Dynamics in EU Accession Countries: A Case for Exchange Rate Flexibility?" European Central Bank, Frankfurt. 43 Taylor, A. M., and M. P. Taylor. 2004. "The Purchasing Power Parity Debate." Journal of Economic Perspectives 18: 135-158. 44 Taylor, M. P. 1995. "The Economics of Exchange Rates." Journal of Economic Literature 33: 13-47. 45 Taylor, M. P., and L. Sarno. 1998. "The Behavior of Real Exchange Rates During the Post-Bretton Woods Period." Journal of International Economics 46, no. 2: 281-312. 46 Taylor, M. P., and L. Sarno. 2001. "Nonlinear Mean-Reversion in Real Exchange Rates: Towards a Solution to the Purchasing Power Parity Puzzles." International Economic Review 42, no. 4: 1015-1042. 47 Zellner, A. 1962. "An Efficient Method of Estimating Seemingly Unrelated Regressions and Tests for Aggregation Bias." Journal of the American Statistical Association 57: 348-368. 48 Zhou, S. 2008. "Stationarity of Asian-Pacific Real Exchange Rates." Economics Letters 98, no. 1: 16-22. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:42-59 Template-Type: ReDIF-Article 1.0 Author-Name: Jane Bogoev Author-X-Name-First: Jane Author-X-Name-Last: Bogoev Author-Name: Goran Petrevski Author-X-Name-First: Goran Author-X-Name-Last: Petrevski Author-Name: Bruno S. Sergi Author-X-Name-First: Bruno S. Author-X-Name-Last: Sergi Title: Investigating the Link Between Central Bank Independence and Inflation in Central and Eastern Europe Abstract: This paper investigates the relationship between central bank independence (CBI) and inflation by using two different CBI measures in seventeen transition economies from Central and Eastern Europe from 1990 to 2009. It employs a fixed effects panel data model, which incorporates several control variables and accounts for possible autocorrelation in the residuals. The main finding of our empirical research is that central bank independence is negatively associated with inflation, even after controlling for the effects of other macroeconomic and institutional variables, such as the overall progress of liberalization. These results are broadly in line with the previous empirical findings in the literature. Journal: Eastern European Economics Pages: 78-96 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L01H707737235461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agénor, P. R., and P. J. Montiel. 1996. Development Macroeconomics. Princeton: Princeton University Press. 2 Alesina, A. F. 1988. "Macroeconomics and Politics." In National Bureau of Economic Research Macroeconomics Annual, ed. S. Fischer, 13-61. Cambridge: MIT Press. 3 Alesina, A. F. 1989. "Politics and Business Cycles in Industrial Democracies." Economic Policy 8, no. 8: 57-98. 4 Alesina, A. F., and A. Stella. 2010. "The Politics of Monetary Policy." Working Paper no. 15856, National Bureau of Economic Research, Cambridge, MA. 5 Bade, R., and M. Parkin. 1988. "Central Bank Laws and Monetary Policy." Working Paper, Department of Economics, University of Western Ontario, London (available at http://economics.uwo.ca/faculty/parkin/CentralBankLaws.pdf 6 Barro, R., and D. Gordon. 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model." Journal of Political Economy 91, no. 4: 589-610. 7 Campillo, M., and J. A. Miron. 1996. "Why Does Inflation Differ Across Countries?" Working Paper no. 5540, National Bureau of Economic Research, Cambridge, MA. 8 Cottarelli, C., and C. Giannini. 1998. "Inflation, Credibility, and the Role of the International Monetary Fund." Papers on Policy Analysis and Assessment no. PPAA/98/12, International Monetary Fund, Washington, DC. 9 Cottarelli, C.; M. Griffiths; and R. Moghadam. 1998. "The Nonmonetary Determinants of Inflation: A Panel Data Study." Working Paper no. WP/98/23, International Monetary Fund, Washington, DC. 10 Crowe, C., and E. Meade. 2008. "Central Bank Independence and Transparency: Evolution and Effectiveness." Working Paper no. 08/119, International Monetary Fund, Washington, DC. 11 Cukierman, A. 1992. Central Bank Strategy, Credibility and Independence: Theory and Evidence. Cambridge: MIT Press. 12 Cukierman, A.; G. P. Miller; and B. Neyapti. 2002. "Central Bank Reform, Liberalization and Inflation in Transition Economies—An International Perspective." Journal of Monetary Economics 49, no. 2: 237-264. 13 Cukierman, A.; S. B. Webb; and B. Neyapti. 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes." World Bank Economic Review 6, no. 3: 353-398. 14 de Haan, J., and W. J. Kooi. 2000. "Does Central Bank Independence Really Matter? New Evidence for Developing Countries Using a New Indicator." Journal of Banking & Finance 24, no. 4: 643-664. 15 Destefanis, S., and M. O. Rizza. 2007. "Central Bank Independence and Democracy: Does Corporatism Matter?" Rivista Internazionale di Scienze Sociali 115, no. 4: 477-502. 16 Edwards, S. 1995. Capital Controls, Exchange Rates and Monetary Policy in the World Economy. Cambridge: Cambridge University Press. 17 Eijffinger, S. C. W., and E. Schaling. 1993. "Central Bank Independence in Twelve Industrial Countries." Banca Nationale del Lavoro Quarterly Review 184 (March): 1-41. 18 Eijffinger, S. C. W., and P. Stadhouders. 2003. "Monetary Policy and the Rule of Law." Discussion Paper no. 3698, Centre for Economic Policy Research, London. 19 European Bank for Reconstruction and Development (EBRD). 1999. Transition Report: Ten Years of Transition. London. 20 European Bank for Reconstruction and Development (EBRD). 2000. Transition Report 2000: Employment, Skills and Transition. London. 21 European Bank for Reconstruction and Development (EBRD). 2001. Transition Report 2001: Energy in Transition. London. 22 European Bank for Reconstruction and Development (EBRD). 2002. Transition Report 2002: Agriculture and Rural Transition. London. 23 European Bank for Reconstruction and Development (EBRD). 2003. Transition Report 2003: Integration and Regional Cooperation. London. 24 European Bank for Reconstruction and Development (EBRD). 2004. Transition Report 2004: Infrastructure. London. 25 European Bank for Reconstruction and Development (EBRD). 2005. Transition Report 2005: Business in Transition. London. 26 European Bank for Reconstruction and Development (EBRD). 2006. Transition Report 2006: Finance in Transition. London. 27 European Bank for Reconstruction and Development (EBRD). 2007. Transition Report 2007: People in Transition. London. 28 European Bank for Reconstruction and Development (EBRD). 2008. Transition Report 2008: Growth in Transition. London. 29 European Bank for Reconstruction and Development (EBRD). 2009. Transition Report 2009: Transition in Crises. London. 30 Ghosh, A. R.; A. Gulde; J. D. Ostry; and H. C. Wolf. 1997. "Does the Nominal Exchange Rate Regime Matter?" Working Paper no. 5874, National Bureau for Economic Research, Cambridge, MA. 31 Greene, W. H. 2003. Econometric Analysis, 5th ed. Upper Saddle River, NJ: Prentice Hall. 32 Grilli, V.; D. Masciandaro; and G. Tabellini. 1991. "Political and Monetary Institutions and Public Financial Policies in the Industrial Countries." Economic Policy 6, no. 13: 342-382. 33 Guitián, M. 1992. "The Unique Nature of the Responsibilities of the International Monetary Fund." Pamphlet Series no. 46, International Monetary Fund, Washington, DC. 34 Hausman, J. A. 1978. "Specification Tests in Econometrics." Econometrica 46, no. 6: 1251-1271. 35 Issing, O. 2006. "Central Bank Independence-Economic and Political Dimensions." National Institute Economic Review 196, no. 1: 66-76. 36 Jacome, L., and F. Vazquez. 2005. "Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean." Working Paper no. 05/75, International Monetary Fund, Washington, DC. 37 Klomp, J., and J. de Haan. 2010. "Inflation and Central Bank Independence: A Meta-Regression Analysis." Journal of Economic Surveys 24, no. 4: 593-621. 38 Kydland, F., and E. Prescott. 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans." Journal of Political Economy 85, no. 3: 473-492. 39 Loungani, P., and N. Sheets. 1997. "Central Bank Independence, Inflation, and Growth in Transition Economies." Journal of Money Credit and Banking 29, no. 3: 381-399. 40 Lybek, T. 1999. "Central Bank Autonomy and Inflation and Output Performance in the Baltic States, Russia and Other Countries of the Former Soviet Union, 1995-1997." Working Paper no. 99/4, International Monetary Fund, Washington, DC. 41 Maliszewski, W. 2000. "Central Bank Independence in Transition Economies." Economics of Transition 8, no. 3: 749-789. 42 Mishkin, F. S. 1997. "Strategies for Controlling Inflation." In Monetary Policy and Inflation Targeting, ed. P. Lowe, 7-38. Sydney: Reserve Bank of Australia. 43 Mishkin, F. S. 1998. "The Dangers of Exchange-Rate Pegging in Emerging-Market Countries." International Finance 1, no. 1: 81-101. 44 Mishkin, F. S. 1999. "International Experiences with Different Monetary Policy Regimes." Journal of Monetary Economics 43, no. 3: 579-606. 45 Mishkin, F. S., and M. A. Savastano. 2001. "Monetary Policy Strategies for Latin America." Journal of Development Economics 66, no. 2: 415-444. 46 Oatley, T. 1999. "Central Bank Independence and Inflation: Corporatism, Partisanship, and Alternative Indices of Central Bank Independence." Public Choice 98, nos. 3-4: 399-413. 47 Obstfeld, M., and K. Rogoff 1995. "The Mirage of Fixed Exchange Rates." Journal of Economic Perspectives 9, no. 4: 73-96. 48 Panagiotidis, T., and A. Triampella. 2006. "Central Bank Independence and Inflation: The Case of Greece." Revista de Economia del Rosario Bogota (Colombia) 9, no. 1: 95-109. 49 Reinhart, C. M., and K. S. Rogoff. 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation." Quarterly Journal of Economics 119, no. 1: 1-48. 50 Rogoff, K. 1985. "The Optimal Degree of Commitment to a Monetary Target." Quarterly Journal of Economics 100, no. 4: 1169-1189. 51 Romer, D. 1993. "Openness and Inflation: Theory and Evidence." Quarterly Journal of Economics 108, no. 4: 869-903. 52 Sergi, B. S. 1994. "On the Statutory Autonomy of the Czech National Bank." Eastern European Economics 32, no. 5 (September-October): 23-35. 53 Sergi, B. S. 1997. "Maastricht Constraints and the Role of the European Central Bank: Some Critical Views." Central European Journal for Operations Research and Economics 5, nos. 3-4: 269-281. 54 Sergi, B. S. 2000. "A New Index of Independence of 12 European National Banks: The 1980s and Early 1990s." Journal of Transnational Management Development 5, no. 2: 41-57. 55 Temple, J. 2002. "Openness, Inflation, and the Phillips Curve: A Puzzle." Journal of Money, Credit and Banking 34, no. 2: 450-468. 56 Terra, C. T. 1998. "Openness and Inflation: A New Assessment." Quarterly Journal of Economics 113, no. 2: 641-648. 57 Walsh, C. 1995. "Optimal Contracts for Central Bankers." American Economic Review 85, no. 1: 150-167. 58 Wooldridge, J. 2002. Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:78-96 Template-Type: ReDIF-Article 1.0 Author-Name: Jesus Felipe Author-X-Name-First: Jesus Author-X-Name-Last: Felipe Author-Name: Utsav Kumar Author-X-Name-First: Utsav Author-X-Name-Last: Kumar Title: The Role of Trade Facilitation in Central Asia Abstract: With a decrease in formal trade barriers, trade facilitation has come into prominence as a policy tool for promoting trade. In this paper, we use a gravity model to examine the relationship between bilateral trade flows and trade facilitation. We also estimate the gains in trade derived from improvements in trade facilitation for the Central Asian countries. Trade facilitation is measured through the World Bank's Logistic Performance Index (LPI). Our results show that there have been significant gains in trade as a result of improving trade facilitation in the Central Asian countries. These gains in trade vary from 28 percent in the case of Azerbaijan to as much as 63 percent in the case of Tajikistan. Furthermore, intraregional trade has increased by 100 percent. Among the different components of the LPI, we find that the greatest increase in total trade comes from improvement in infrastructure, followed by logistics and efficiency of customs and other border agencies. Journal: Eastern European Economics Pages: 5-20 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q13K446036JM0U83 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, J. 1979. "A Theoretical Foundation for the Gravity Equation." American Economic Review 69, no. 1: 106-116. 2 Anderson, J., and E. van Wincoop. 2003. "Gravity with Gravitas: A Solution to the Border Puzzle." American Economic Review 93, no. 1: 170-192. 3 Arvis, J.-F.; M. A. Mustra; J. Panzer; L. Ojala; and T. Naula. 2007. Connecting to Compete: Trade Logistics in the Global Economy: The Logistics Performance Index and Its Indicators. Washington, DC: World Bank (available at http://siteresources.worldbank.org/INTTLF/Resources/lpireport.pdf 4 Djankov S.; C. Freund; and C. Pham. 2006. "Trading on Time." Policy Research Working Paper no. 3909, World Bank, Washington, DC. 5 Felipe, J., and U. Kumar. 2010a. "The Impact of Geography and Natural Resource Abundance on Growth in Central Asia." Working Paper no. 629, Levy Economics Institute, Annandale-on-Hudson, NY. 6 Felipe, J., and U. Kumar. 2010b. "The Role of Trade Facilitation in Central Asia: A Gravity Model." Working Paper no. 628, Levy Economics Institute, Annandale-on-Hudson, NY. 7 Gaulier, G., and S. Zignago. 2008. "BACI: A World Database of International Trade at the Product-Level: 1995-2004." Centre d'Etudes Prospectives et d'Informations Internationales (CEPII), Paris, July. 8 Hertel, T., and T. Mirza. 2009. "The Role of Trade Facilitation in South Asian Economic Integration." In Study on Intraregional Trade and Investment in South Asia, 12-39. Manila: Asian Development Bank (available at www.adb.org/sites/default/files/intraregionaltrade-investment.pdf 9 Martin, W., and C. S. Pham. 2008. "Estimating the Gravity Equation When Zero Trade Flows Are Frequent." School of Accounting, Economics, and Finance, Deakin University (available at www.deakin.edu.au/buslaw/aef/workingpapers/papers/2008_03eco.pdf 10 Pöyhönen, P. 1963. "A Tentative Model for the Volume of Trade Between Countries." Weltwirtschaftliches Archiv 90, no. 1: 93-99. 11 Tinbergen, J. 1962. Shaping the World Economy: Suggestions for an International Economic Policy. New York: Twentieth Century Fund. 12 Tobin, J. 1958. "Estimation of Relationships for Limited Dependent Variables." Econometrica 26, no. 1: 24-36. 13 Wilson, J.; C. Mann; and T. Otsuki. 2003. "Trade Facilitation and Economic Development." Policy Research Working Paper no. 2988, World Bank, Washington, DC. 14 Wilson, J.; C. Mann; and T. Otsuki. 2005. "Assessing the Potential Benefit of Trade Facilitation: A Global Perspective." Policy Research Working Paper no. 3224, World Bank, Washington, DC. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Oleksiy Ivaschenko Author-X-Name-First: Oleksiy Author-X-Name-Last: Ivaschenko Author-Name: Anton Nivorozhkin Author-X-Name-First: Anton Author-X-Name-Last: Nivorozhkin Author-Name: Eugene Nivorozhkin Author-X-Name-First: Eugene Author-X-Name-Last: Nivorozhkin Title: The Role of Economic Crisis and Social Spending in Explaining Crime in Russia Abstract: The paper investigates crime rate dynamics and its determinants using a panel data set for the Russian regions over the period 1995-2007. We focus on the determinants of convergence and divergence of crime rates across regions, focusing on the periods of economic turbulence such as the 1998 financial crisis. We also simulate the impact of the 2008-10 financial crisis on crime rates in Russia and identify the impact of government spending on reducing crime. Real income, unemployment level, and income inequality are found to be the most important factors explaining the crime rates. High levels of urbanization are also closely linked to higher crime rates. We find that the observed convergence in the regional crime rates during the 1998 crisis was driven mainly by the deteriorating crime situation in the regions with relatively low crime rates. The finding allows us to draw policy conclusions with respect to the role of the anti-crisis government programs in reducing crime. With respect to the types of crime, our analysis confirms that economic and property crimes tend to be the most responsive to the changing economic conditions. Journal: Eastern European Economics Pages: 21-41 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RL0475231R1X2500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andrienko, Y. 2001. "Factors of Crime Growth in Russia: Regional Approach." Working Paper no. WP2001/021, New Economic School, Moscow. 2 Andrienko, Y., and L. Shelley. 2005. "Crime, Violence and Political Conflict in Russia." In Understanding Civil War: Evidence and Analysis, ed. N. Sambanis, 87-118. Washington, DC: World Bank. 3 Arellano, M., and S. Bond. 1991. "Some Tests of Specifications for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58, no. 2: 277-297. 4 Atkinson, G.; A. Healey; and S. Mourato. 2005. "Valuing the Costs of Violent Crime: A Stated Preference Approach." Oxford Economic Papers 57, no. 4: 559-585. 5 Bartel, A. 1975. "An Analysis of Firm Demand for Protection Against Crime." Journal of Legal Studies 4, no. 2: 443-478. 6 Bourguignon, F. 1999. "Crime, Violence and Inequitable Development." In Annual Bank Conference on Development Economics, ed. B. Pleskovic and J. Stiglitz, 199-220. Washington, DC: World Bank. 7 Bourguignon, F.; J. Nuñez; and F. Sanchez. 2003. "A Structural Model of Crime and Inequality in Colombia." Journal of the European Economic Association 1, nos. 2-3: 440-449. 8 Buonanno, P. 2006. "Crime and Labour Market Opportunities in Italy (1993-2002)." Labour 20, no. 4: 601-624. 9 Buonanno, P., and L. Leonida. 2009. "Non-Market Effects of Education on Crime: Evidence from Italian Regions." Economics of Education Review 28, no. 1: 11-17. 10 Carpenter, C., and C. Dobkin. 2008. "The Drinking Age, Alcohol Consumption, and Crime." Working Paper, University of California, Santa Cruz. 11 Clotfelter, C. 1997. "Public Services, Private Substitutes, and the Demand for Protection Against Crime." American Economic Review 67, no. 5: 867-877. 12 Conley, J., and P. Wang. 2006. "Crime and Ethics." Journal of Urban Economics 60, no. 1: 107-123. 13 Cullen, J., and S. Levitt. 1999. "Crime, Urban Flight, and the Consequences for Cities." Review of Economics and Statistics 81, no. 2: 159-169. 14 Daniele, V., and M. Ugo. 2008. "Organized Crime and Foreign Direct Investment: The Italian Case." Working Paper no. 2416, CESifo Group, Munich. 15 Davidson, R., and J. MacKinnon. 1993. Estimation and Inference in Econometrics. Oxford: Oxford University Press. 16 Donohue, J., and P. Siegelman. 1998. "Allocating Resources Among Prisons and Social Programs in the Battle Against Crime." Journal of Legal Studies 27, no. 1: 1-43. 17 Estrada, F., and A. Nilsson. 2004. "Victimization, Inequality and Welfare During an Economic Recession." British Journal of Criminology 43, no. 4: 655-672. 18 Fajnzylber, P.; D. Lederman; and N. Loayza. 1998. Determinants of Crime Rates in Latin America and the World: An Empirical Assessment. Washington, DC: World Bank. 19 Fajnzylber, P.; D. Lederman; and N. Loayza. 2000. "Crime and Victimization: An Economics Perspective." Economia: Journal of the Latin American and Caribbean Economic Association 1, no. 1: 219-278. 20 Gould, E.; D. Mustard; and B. Weinberg. 2002. "Crime Rates and Local Labor Market Opportunities in the United States: 1977-1997." Review of Economics and Statistics 84, no. 1: 45-61. 21 Handelman, S. 1994. "The Russian Mafiya." Foreign Affairs 73, no. 2: 83-96. 22 Ivaschenko, O. 2005. "The Patterns and Determinants of Longevity in Russia's Regions: Evidence from PD Data." Journal of Comparative Economics 33, no. 4: 788-831. 23 Johnson R.; S. Kantor; and P. Fishback. 2007. "Striking at the Roots of Crime: The Impact of Social Welfare Spending on Crime During the Great Depression." Working Paper no. 12825, National Bureau for Economic Research, Cambridge, MA. 24 Konrad, K., and S. Skaperdas. 1998. "Extortion." Economica 65, no. 260: 461-477. 25 Ledeneva, A., and M. Kurkchiyan. 2000. Economic Crime in Russia. London: Kluwer Law. 26 Lederman D.; N. Loayza; and A. Menéndez. 2001. "Violent Crime: Does Social Capital Matter?" Economic Development and Cultural Change 50, no. 3: 509-539. 27 Levantis, T., and G. Azmat. 2000. "Tourism Demand and the Nuisance of Crime." International Journal of Social Economics 27, no. 7-10: 959-967. 28 Lin, M. 2008. "Does Unemployment Increase Crime? Evidence from U. S. Data 1974-2000." Journal of Human Resources 43, no. 2: 413-436. 29 Lokshin, M., and M. Ravallion. 2000. "Welfare Impacts of the 1998 Financial Crisis in Russia and the Response of the Public Safety Net." Economics of Transition 8, no. 2: 269-295. 30 Machin, S., and C. Meghir. 2004. "Crime and Economic Incentives." Journal of Human Resources 39, no. 4: 958-979. 31 Mehlum, H.; K. Moene; and R. Torvik. 2005. "Crime-Induced Poverty Traps." Journal of Development Economics 77, no. 2: 325-340. 32 Millett, R. 2002. Colombia's Conflicts: The Spillover Effects of a Wider War. Carlisle, PA: Strategic Studies Institute. 33 Morrison, A.; M. Ellsberg; and S. Bott. 2007. "Addressing Gender-Based Violence: A Critical Review of Interventions." World Bank Observer 22, no. 1: 25-51. 34 Orttung, R., and A. Latta. 2008. Russia's Battle with Crime, Corruption and Terrorism. New York: Routledge. 35 Powdthavee, N. 2005. "Unhappiness and Crime: Evidence from South Africa." Economica 72, no. 3: 531-547. 36 PricewaterhouseCoopers. 2009. "Economic Crime in a Downturn: The 5th Global Economic Crime Survey." Moscow (available at www.pwc.com/ru/en/economic-crime-survey/index.html 37 Raphael, S., and R. Winter-Ember. 2001. "Identifying the Effect of Unemployment on Crime." Journal of Law and Economics 44, no. 1: 259-283. 38 Sabates, R., and L. Feinstein. 2008. "Effects of Government Initiatives on Youth Crime." Oxford Economic Papers 60, no. 3: 462-483. 39 Sachs, J. D., and K. Pistor. 1997. The Rule of Law and Economic Reform in Russia. Boulder, CO: Westview Press. 40 Sah, R. 1991. "Social Osmosis and Patterns of Crime." Journal of Political Economy 949, no. 6: 1272-1295. 41 Sánchez, F.; A. Solimano; and M. Formisano. 2005. "Conflict, Violence and Crime in Columbia." In Understanding Civil War: Evidence and Analysis, ed. N. Sambanis, 119-159. Washington, DC: World Bank. 42 Shelley, L. 1980. "The Geography of Soviet Criminality." American Sociological Review 45, no. 1: 111-122. 43 Walberg, P.; M. McKee; and V. Shkolnikov. 1998. "Economic Change, Crime, and Mortality Crisis in Russia: Regional Analysis." British Medical Journal 317: 312-318. 44 World Bank. 2007. "Crime, Violence and Economic Development in Brazil: Elements for Effective Public Policy." Report no. 36525, World Bank, Washington DC. 45 Yemtsov, R. 2003. "Quo Vadis? Inequality and Poverty Dynamics Across Russian Regions." Working Paper no. DP2003/67, World Institute for Development Economics Research (UNU-WIDER), Washington, DC. 46 Zhang, J. 1997. "The Effect of Welfare Programs on Criminal Behavior: A Theoretical and Empirical Analysis." Economic Inquiry 35, no. 1: 120-137. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:21-41 Template-Type: ReDIF-Article 1.0 Author-Name: Etienne Farvaque Author-X-Name-First: Etienne Author-X-Name-Last: Farvaque Author-Name: Catherine Refait-Alexandre Author-X-Name-First: Catherine Author-X-Name-Last: Refait-Alexandre Author-Name: Laurent Weill Author-X-Name-First: Laurent Author-X-Name-Last: Weill Title: Are Transparent Banks More Efficient? Abstract: This study examines the relationship between bank transparency and efficiency. Using a unique data set for Russian banks, we find that transparency is important and that, among the dimensions of transparency, the transparency in board and management structure and process represents the most significant determinant. These results are controlled for size effects, the structure of liabilities, the structure of assets, and nonperforming loans. This highlights the role of transparency in improving efficiency, particularly in transition economies. Journal: Eastern European Economics Pages: 60-77 Issue: 4 Volume: 50 Year: 2012 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U716W4R225460533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Akhigbe, A., and A. D. Martin. 2006. "Valuation Impact of Sarbanes-Oxley: Evidence from Disclosure and Governance Within the Financial Services Industry." Journal of Banking & Finance 30, no. 3: 989-1006. 2 Akhigbe, A., and A. D. Martin. 2008. "Influence of Disclosure and Governance on Risk of U. S. Financial Services Firms Following Sarbanes-Oxley." Journal of Banking & Finance 32, no. 10: 2124-2135. 3 Altunbas, Y.; E. P. M. Gardener; P. Molyneux; and B. Moore. 2001. "Efficiency in European Banking." European Economic Review 45, no. 10: 1931-1955. 4 Barlev, B., and J. R. Haddad. 2003. "Fair Value Accounting and the Management of the Firm." Critical Perspectives on Accounting 14, no. 4: 383-415. 5 Battese, G. E., and T. J. Coelli. 1995. "A Model for Technical Inefficiency Effects in a Stochastic Production Frontier for Panel Data." Empirical Economics 20, no. 2: 325-332. 6 Baumann, U., and E. Nier. 2004. "Disclosure, Volatility, and Transparency: An Empirical Investigation into the Value of Bank Disclosure." Economic Policy Review, Federal Reserve Bank of New York 10, no. 2: 31-45. 7 Berger, A. N. 1991. "Market Discipline in Banking." Paper presented at the 28th Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago. 8 Bhat, G.; K. Hope; and T. Kang. 2006. "Does Corporate Governance Transparency Affect the Accuracy of Analyst Forecasts?" Accounting & Finance 46, no. 5: 715-732. 9 Bonin, J.; I. Hasan; and P. Wachtel. 2005. "Bank Performance, Efficiency and Ownership in Transition Countries." Journal of Banking & Finance 29, no. 1: 31-53. 10 Central Bank of Russia (CBR). Various issues. "Bulletin of Banking Statistics." Moscow. 11 Central Bank of Russia 2009. "Annual Report." Moscow. 12 Claeys, S., and K. Schoors. 2007. "Bank Supervision Russian Style: Evidence of Conflicts Between Micro- and Macro-Prudential Concerns." Journal of Comparative Economics 35, no. 3: 630-657. 13 Coates, J. C., IV. 2007. "The Goals and Promise of the Sarbanes-Oxley Act." Journal of Economic Perspectives 21, no. 1: 91-116. 14 Collver, C. 2007. "Is There Less Informed Trading After Regulation Fair Disclosure?" Journal of Corporate Finance 13, nos. 2-3: 270-281. 15 Diamond, D., and R. E. Verrecchia. 1991. "Disclosure, Liquidity and the Cost of Capital." Journal of Finance 46, no. 4: 1325-1349. 16 Farvaque, E.; Refait-Alexandre; and D. Saïdane. 2011. "Corporate Disclosure: A Review of Its (Direct and Indirect) Benefits and Costs." International Economics 128, no. 4: 5-32. 17 Ferrell, A. 2007. "Mandatory Disclosure and Stock Returns: Evidence from the Over-the-Counter Market." Journal of Legal Studies 36, no. 2: 213-253. 18 Flannery, M. 2001. "The Faces of Market Discipline." Journal of Financial Services Research 20, nos. 2-3: 107-119. 19 Fungacova, Z., and L. Solanko. 2008. "Risk-Taking by Russian Banks: Do Location, Ownership and Size Matter?" Discussion Paper no. 21/2008, Bank of Finland, Helsinki. 20 Hermalin, B. E., and M. S. Weisbach. 2007. "Transparency and Corporate Governance." Working Paper no. 12875, National Bureau of Economic Research, Cambridge, MA. 21 Hyytinen, A., and T. Takalo. 2002. "Enhancing Bank Transparency: A Re-Assessment." European Finance Review 6, no. 3: 429-445. 22 Jondrow, J.; C. A.K Lovell; I. Materov; and P. Schmidt. 1982. "On the Estimation of Technical Inefficiency in the Stochastic Frontier Production Function Model." Journal of Econometrics 19, nos. 2-3: 233-238. 23 Jordan, J. S.; J. Peek; and E. S. Rosengren. 2000. "The Market Reaction to the Disclosure of Supervisory Actions: Implications for Bank Transparency." Journal of Financial Intermediation 9, no. 3: 298-319. 24 Kanodia, C., and D. Lee. 1998. "Investment and Disclosure: The Disciplinary Role of Periodic Performance Reports." Journal of Accounting Research 36, no. 1: 33-55. 25 Karas, A., and K. Schoors. 2005. "Heracles or Sisyphus? Finding, Cleaning and Reconstructing a Database on Russian Banks." Working Paper no. 05/327, Ghent University. 26 Karas, A.; W. Pyle; and K. Schoors. 2010. "Sophisticated Discipline in a Nascent Deposit Market: Evidence from Post-Communist Russia." Oxford Economic Papers 62, no. 1: 36-61. 27 Karas, A.; K. Schoors; and L. Weill. 2010. "Are Private Banks More Efficient Than Public Banks: Evidence from Russia." Economics of Transition 18, no. 1: 209-244. 28 Khurana, I. K.; R. Pereira; and X. Martin. 2006. "Firm Growth and Disclosure: An Empirical Analysis." Journal of Financial and Quantitative Analysis 41, no. 2: 357-380. 29 Kumbhakar, S., and C. A. K. Lovell. 2000. Stochastic Frontier Analysis. Cambridge: Cambridge University Press. 30 Lambert, R.; C. Leuz; and R. E. Verrecchia. 2007. "Accounting Information, Disclosure, and the Cost of Capital." Journal of Accounting Research 45, no. 2: 385-420. 31 Leuz, C., and P. D. Wysocki. 2008. "Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research." Working paper, University of Chicago, Booth School of Business, March (available at http://ssrn.com/abstract=1105398/ 32 Maudos, J.; J. M. Pastor; F. Perez; and J. Quesada. 2002. "Cost and Profit Efficiency in European Banks." Journal of International Financial Markets, Institutions and Money 12, no. 1: 33-58. 33 Mester, L. 1996. "A Study of Bank Efficiency Taking into Account Risk-Preferences." Journal of Banking and Finance 20, no. 6: 1025-1045. 34 Mitchell, J. 1993. "Creditor Passivity and Bankruptcy: Implications for Economic Reform." In Capital Markets and Financial Intermediation, ed. C. Mayer and X. Vives, 197-224. Cambridge: Cambridge University Press. 35 Organization for Economic Cooperation and Development (OECD). 2009. Economic Survey of Russia. Paris. 36 Spiegel, M., and N. Yamori. 2005. "Determinants of Voluntary Bank Disclosure: Evidence from Japanese Shinkin Banks." Working Paper no. 1135, CESifo, Munich. 37 Standard & Poor's. 2005. Transparency and Disclosure by Russian Banks 2004. New York: McGraw-Hill. 38 Standard & Poor's. 2006. Transparency and Disclosure by Russian Banks 2005. New York: McGraw-Hill. 39 Standard & Poor's. 2007. Transparency and Disclosure by Russian Banks 2006. New York: McGraw-Hill. 40 Ungan, E.; S. Caner; and S. Özyildirim. 2008. "Depositors' Assessment of Bank Riskiness in the Russian Federation." Journal of Financial Services Research 33, no. 2: 77-100. 41 Verrecchia, R. E. 2001. "Essays on Disclosure." Journal of Accounting and Economics 32, nos. 1-3: 91-180. 42 Weill, L. 2003. "Banking Efficiency in Transition Economies: The Role of Foreign Ownership." Economics of Transition 11, no. 3: 569-592. 43 Weill, L. 2011. "How Corruption Affects Bank Lending in Russia." Economic Systems 35, no. 2: 230-243. 44 Wheelock, D., and P. Wilson. 1995. "Evaluating the Efficiency of Commercial Banks: Does Our View of What Banks Do Matter?" Federal Reserve Bank of Saint-Louis 77, no. 4: 39-52. 45 Wu, I. X., and J. S. Zang. 2009. "The Voluntary Adoption of Internationally Recognized Accounting Standards and Firm Internal Performance Evaluation. Accounting Review 84, no. 4: 1281-1310. Handle: RePEc:mes:eaeuec:v:50:y:2012:i:4:p:60-77 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 50 Year: 2012 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=121634R06U330138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Luigi Moretti Author-X-Name-First: Luigi Author-X-Name-Last: Moretti Title: Bank Concentration, Private Credit, and Firm Turnover Abstract: This study focuses on the role of credit constraints as important determinants of firm entry and exit. In particular, the relationship between the banking market structure and the turnover of firms in nonfinancial sectors is estimated for the period 2001-5 using industry-level data across a cross-section of EU-15 countries and new member states. Estimation results show that a higher degree of bank concentration is associated with lower firm turnover only in countries with a large banking sector (i.e., in EU-15 countries). This suggests that bank concentration in itself is not a barrier to firm turnover but has different net effects on different levels of financial, institutional, and economic development. Journal: Eastern European Economics Pages: 5-22 Issue: 5 Volume: 50 Year: 2012 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R3164583UN512524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:5:p:5-22 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Growiec Author-X-Name-First: Jakub Author-X-Name-Last: Growiec Title: Determinants of the Labor Share Abstract: This paper analyzes the sources of labor share variations and the general downward trend of the labor share observed recently in most European economies. Using a unique quarterly firm-level panel data set from the Polish business sector for the period 1995-2008, the author quantifies the impacts on the observed variation in labor shares of (1) firms' "demographics," including age as well as entry and exit behavior; (2) selected labor market characteristics, such as newly filled vacancies, labor market tightness, and human capital measures; (3) firm- and sector-level measures of export intensity, competition, and ownership structure; and (4) shifts in the sectoral makeup of gross domestic product. The potential cross-effects among these variables are also tested. The author concludes that while sector-specific factors, changes in the ownership structure, and the accumulation of human capital explain a large fraction of the observed downward trend in the labor share, labor market characteristics, market structures, and firm demographics are robust correlates of labor share changes at high frequency. Journal: Eastern European Economics Pages: 23-65 Issue: 5 Volume: 50 Year: 2012 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T557582125417650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:5:p:23-65 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Szulc Author-X-Name-First: Adam Author-X-Name-Last: Szulc Title: Social Policy and Poverty Abstract: The present study examines the distribution and impact of the transfers directed, by definition, to the low-income population (hereafter, social assistance). During the period observed, both the volume and the number of recipients increased considerably. Those benefits appeared to be moderately effective as a tool to prevent the nonpoor from falling into poverty and relatively successful in supporting the poor in escaping from poverty. Most types of households exposed to a higher than average risk of poverty are more likely than other types to obtain social assistance while facing poverty. The analysis of behavioral responses confirmed the relatively high proportion of foregone income among the recipients. Journal: Eastern European Economics Pages: 66-92 Issue: 5 Volume: 50 Year: 2012 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U2708704505M810G File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:5:p:66-92 Template-Type: ReDIF-Article 1.0 Author-Name: Todor Yalamov Author-X-Name-First: Todor Author-X-Name-Last: Yalamov Title: Hiding, Circumvention, Public Procurement, and Shaping Laws Abstract: This paper looks at corruption as noncompliant behavior. It argues that bribery is a substitute for being connected and statistically tests various forms of this proposition in the context of Bulgaria. This approach is tested with two illegitimate goals (hiding and circumvention) of economic behavior and two legitimate goals (influencing laws and public procurement) that might be achieved by noncompliant means. The findings suggest that bribery is used primarily when companies are engaged in hidden economic activities and circumvention of the law, while networks turn out to be the only significant variable when firms attempt to influence new legislation or acquire public procurement contracts. Journal: Eastern European Economics Pages: 93-111 Issue: 5 Volume: 50 Year: 2012 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V366K108042161J3 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:5:p:93-111 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 50 Year: 2012 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G801N5844870K8X1 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Narek Sahakyan Author-X-Name-First: Narek Author-X-Name-Last: Sahakyan Author-Name: Kyle W. Stiegert Author-X-Name-First: Kyle W. Author-X-Name-Last: Stiegert Title: Corruption and Firm Performance Abstract: Most empirical research on the subject of corruption has found evidence of its deleterious effects on firms, industries, and society in general. Yet the persistence of corruption, which is present in virtually every form of public governance, suggests that the disparate benefits are difficult to unravel and lead to support for the status quo. In this paper, the authors analyze survey data from over 400 Armenian businesses to study the perceived favorability and impact of corruption on firm-level performance. The research relies on the data from two ordered response survey questions on corruption that were collected as part of a broad survey of issues facing firms pertaining to competition and industry structure. The dual role of the perceived favorability and degree of impact of corruption are modeled in a seemingly unrelated bivariate ordered probit framework. We find that corruption is perceived as more favorable among firms that (1) do not face significant competition, (2) are relatively larger, and (3) younger. Personal characteristics of the respondents, except for the level of education, explain neither the perceived favorability nor impact of corruption. The results show that the model has high predictive power. Our results suggest that enforcement of antitrust policies, encouragement of polices that foster competition, and possibly nonprotectionist trade policies will assist in the battle against corruption. Journal: Eastern European Economics Pages: 5-27 Issue: 6 Volume: 50 Year: 2012 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=962854623548HK18 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: Zafar Nazarov Author-X-Name-First: Zafar Author-X-Name-Last: Nazarov Author-Name: Alisher Akhmedjonov Author-X-Name-First: Alisher Author-X-Name-Last: Akhmedjonov Title: Education, On-the-Job Training, and Innovation in Transition Economies Abstract: The aim of this paper is to establish the effect of on-the-job training and university education on innovation decisions made by firms in transition economies of Eastern Europe and the former Soviet Union. The authors use the 2002 and 2005 waves of the Business Environment and Enterprise Performance Survey (BEEPS). Based on a mixed discrete-continuous model with endogenous variables in the firm-innovation equation, their findings suggest that further investments in education will not lead to necessary improvements in firms' demonstrated ability to innovate. This is in contrast to on-the-job training, which the authors find increases a firm's ability to innovate in countries with transition economies. Journal: Eastern European Economics Pages: 28-56 Issue: 6 Volume: 50 Year: 2012 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H43U4K62307467U7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:28-56 Template-Type: ReDIF-Article 1.0 Author-Name: Ardiana N. Gashi Author-X-Name-First: Ardiana N. Author-X-Name-Last: Gashi Author-Name: Nick Adnett Author-X-Name-First: Nick Author-X-Name-Last: Adnett Title: Technology, Training, and Transition Abstract: This study addresses the link between technological change and employer-provided training in the western Balkans. It is hypothesized that firms subject to technological change have an increased demand for skills and one mechanism to accommodate this demand is by providing additional training for their workforce. To test this proposition, data are extracted from the European Bank for Reconstruction and Development-World Bank Business Environment and Enterprise Performance Survey (BEEPS) from waves 2002 and 2005. Probit and tobit estimations are used to analyze the impact of technological change upon training incidence and intensity. The findings of this analysis suggest that firms that undergo technological change are indeed more likely to provide training and there is some evidence that the training is of greater intensity. This positive association between technological change and training suggests that one way to address underinvestment in training in the western Balkans is to enhance incentives for firms to undertake technological change. Journal: Eastern European Economics Pages: 57-80 Issue: 6 Volume: 50 Year: 2012 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A8157MQ7N71T6HQ4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:57-80 Template-Type: ReDIF-Article 1.0 Author-Name: Biswajit Banerjee Author-X-Name-First: Biswajit Author-X-Name-Last: Banerjee Title: Banking Sector Efficiency in New EU Member States Abstract: This paper reviews cross-country studies on banking efficiency in new European Union (EU) member states that apply frontier techniques. The paper examines the relative rankings in efficiency of individual countries across the studies and the effect of ownership structure on bank performance. Different techniques and efficiency concepts yield different results for efficiency rankings, but some common patterns are discernible. The Czech banking system ranks among the highest in technical and profit efficiency but lowest in cost efficiency. Banks in Slovenia and Estonia rank among the most cost efficient. The evidence on the relationship between foreign ownership and cost efficiency is not conclusive. Journal: Eastern European Economics Pages: 81-115 Issue: 6 Volume: 50 Year: 2012 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J367475WWP547864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:81-115 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 51 Year: 2013 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X3J7171G204N412Q File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Andrzej Cieślik Author-X-Name-First: Andrzej Author-X-Name-Last: Cieślik Author-Name: Monika Tarsalewska Author-X-Name-First: Monika Author-X-Name-Last: Tarsalewska Title: Privatization, Convergence, and Growth Abstract: In this paper, the authors study the empirical relationship between privatization, income convergence, and economic growth using the open economy versions of two competing growth models. The predictions of the theory are tested empirically for transition countries using static and dynamic panel data estimation techniques. The results for privatization are robust with respect to the estimation method used and reveal that only small-scale privatization is positively associated with growth. The evidence for external openness is mixed and depends on the estimation method employed and the presence of individual time effects for particular years of the sample. In most specifications, the authors document the presence of the income convergence effect. This implies that privatization and external openness have only temporary effects on the rate of growth in transition countries. Journal: Eastern European Economics Pages: 5-20 Issue: 1 Volume: 51 Year: 2013 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F85129442LU26182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:1:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Fabio Filipozzi Author-X-Name-First: Fabio Author-X-Name-Last: Filipozzi Author-Name: Karsten Staehr Author-X-Name-First: Karsten Author-X-Name-Last: Staehr Title: Covered Interest Parity and the Global Financial Crisis in Four Central and Eastern European Countries Abstract: This paper examines the empirical validity of the covered interest parity (CIP) hypothesis in the Czech Republic, Hungary, Poland, and Romania. Before the global financial crisis, CIP was mostly satisfied for the first three countries but not for Romania. During and after the crisis, deviations from CIP have been substantial in all cases but with large differences across the countries. Estimations tie the observed pattern to developments in both global and country-specific risks. In the case of the Czech Republic, increased global risks led to a lower risk premium, indicating that Czech assets functioned as a "safe haven." In Hungary and Poland, increased global risks led to higher risk premiums, suggesting a flight to quality out of Hungarian and Polish assets. Finally, for Romania the deviations from CIP were unrelated to developments in global or local financial risks, reflecting a repressed financial system. Journal: Eastern European Economics Pages: 21-35 Issue: 1 Volume: 51 Year: 2013 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=00641UK556Q18X41 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:1:p:21-35 Template-Type: ReDIF-Article 1.0 Author-Name: Kadri Männasoo Author-X-Name-First: Kadri Author-X-Name-Last: Männasoo Title: Determinants of Bank Interest Spreads in Estonia Abstract: The recent global financial turmoil increased bank interest spreads in Estonia to the highest levels recorded since the Russian crisis in 1998-99. The pure spread concept and the two-step estimation approach of Ho and Saunders (1981) have been used to break down the interest spreads in Estonia. The pure spread is determined mainly by risk aversion and the market structure of the banking sector, with money market interest volatility playing quite a modest role in the long-term equilibrium. The regulatory, efficiency, and bank portfolio effects bear roughly equal responsibility for the observed spread, whereas credit risk adds only a tiny portion to the interest markup. Strong liquidity and foreign capital permit lower spreads. Journal: Eastern European Economics Pages: 36-60 Issue: 1 Volume: 51 Year: 2013 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=81608817867546L0 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:1:p:36-60 Template-Type: ReDIF-Article 1.0 Author-Name: Bert Van Landeghem Author-X-Name-First: Bert Author-X-Name-Last: Van Landeghem Author-Name: Johan Swinnen Author-X-Name-First: Johan Author-X-Name-Last: Swinnen Author-Name: Liesbet Vranken Author-X-Name-First: Liesbet Author-X-Name-Last: Vranken Title: Land and Happiness Abstract: The distribution of land rights is an important economic and political issue, and it played a central role in the transition process in Europe and Asia. This paper analyzes the impact of the distribution of land on household welfare by using subjective well-being data from a rural household survey in Moldova, the poorest country in Europe. The recent land reform in Moldova provides a natural experiment on the impact of land ownership distribution on subjective well-being. We find that household land holdings have a positive effect on subjective well-being, but neighbors' average land holdings have a negative effect on subjective well-being. People, regardless of the land distribution and even given the relatively low living standards of these households, rate their welfare by looking at how much other people possess. Journal: Eastern European Economics Pages: 61-85 Issue: 1 Volume: 51 Year: 2013 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q1U24L485RV674PG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:1:p:61-85 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 51 Year: 2013 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WR5026T45G8RH004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Petar Sorić Author-X-Name-First: Petar Author-X-Name-Last: Sorić Author-Name: Blanka Škrabić Author-X-Name-First: Blanka Author-X-Name-Last: Škrabić Author-Name: Mirjana Čižmešija Author-X-Name-First: Mirjana Author-X-Name-Last: Čižmešija Title: European Integration in the Light of Business and Consumer Surveys Abstract: The process of European integration has necessitated the analysis of the economic convergence between the old and new member states of the European Union (EU). To this end, this paper examines business and consumer surveys (BCS) through the prism of the economic convergence of new member countries. The main aim of this paper is to analyze whether the quality of BCS indicators in transition countries is comparable to the quality of those in developed European countries. This paper provides several extensions to other related BCS studies: (1) it is the first empirical paper to observe each specific BCS indicator and its sector-related macroeconomic variable at the EU level; (2) the data set is extensive, comprising all EU members; and (3) the analysis is based on the recent panel vector autoregressive methodology. It is found that new member states' indicators exhibit pronounced predictive properties and can be used as leading indicators of related macroeconomic variables for even four quarters ahead. This shows that they are as efficient as the indicators in EU15 and that the Joint Harmonised EU Programme of Business and Consumer Surveys is fully justified on its fiftieth jubilee. Journal: Eastern European Economics Pages: 5-20 Issue: 2 Volume: 51 Year: 2013 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E83060QR10327456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:2:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Jaanika Meriküll Author-X-Name-First: Jaanika Author-X-Name-Last: Meriküll Author-Name: Helen Poltimäe Author-X-Name-First: Helen Author-X-Name-Last: Poltimäe Author-Name: Tiiu Paas Author-X-Name-First: Tiiu Author-X-Name-Last: Paas Title: International Technology Diffusion Abstract: This paper investigates the effect of foreign research and development (R&D) stock on the productivity of Central and Eastern European (CEE) countries. We employ industry-level panel data on twenty-two manufacturing industries from six CEE countries from 1995 to 2007. The findings indicate that foreign R&D contributes significantly to productivity in CEE countries—foreign R&D stock elasticities of productivity are around ten times greater than those of the industry's internal R&D. The results are robust to various measures of productivity, while the strongest diffusion of technology occurs through imports and not through intermediate imports or foreign direct investment. The effect of R&D on productivity growth is greater in medium-tech industries where the level of productivity is closest to that of developed economies. There is also remote evidence of the role of human capital in the better absorption of foreign R&D. Journal: Eastern European Economics Pages: 21-38 Issue: 2 Volume: 51 Year: 2013 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N265175289468500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:2:p:21-38 Template-Type: ReDIF-Article 1.0 Author-Name: Rudolf Sivak Author-X-Name-First: Rudolf Author-X-Name-Last: Sivak Author-Name: Anetta Caplanova Author-X-Name-First: Anetta Author-X-Name-Last: Caplanova Author-Name: John Hudson Author-X-Name-First: John Author-X-Name-Last: Hudson Title: It Takes Two to Tango Abstract: The paper studies the firm's decision to apply for credit and the acceptance/rejection of a credit application. The results suggest that low access to credit of small and young firms, certainly in Central and Eastern Europe (CEE), is mainly due to low application rates. However, there is evidence to suggest that firms may be anticipating the bank's decision on a loan application by not applying for credit. Using the Heckman methodology suggests that marginal applications are more likely to be rejected. There are significant country and regional differences in applications, with the latter also evident in the rejection decision. There is no evidence that rural firms have significantly lower application or acceptance rates, given their other characteristics, or that foreign firms crowd domestic ones out of the market for credit. Finally, the credit process differs between CEE and other transition countries in Eurasia. Journal: Eastern European Economics Pages: 39-57 Issue: 2 Volume: 51 Year: 2013 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N4P667817XJ85804 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:2:p:39-57 Template-Type: ReDIF-Article 1.0 Author-Name: Kevin H. McIntyre Author-X-Name-First: Kevin H. Author-X-Name-Last: McIntyre Author-Name: Christopher A. Martin Author-X-Name-First: Christopher A. Author-X-Name-Last: Martin Title: Estimates and Determinants of Firm Efficiency in Eastern Europe Abstract: Romanian enterprise is widely considered to be inefficient relative to that found in other postcommunist nations in Central and Eastern Europe. This paper places the relative (in)efficiency of Romanian firms in context by estimating stochastic frontier production functions using Romanian microdata. We find that, on average, Romanian firms are 10 percent less efficient than firms in Poland, Hungary, and the Czech Republic. Evidence suggests that the measurable industrial drivers of technical efficiency tend to be consistent across countries, suggesting that the relative inefficiency of Romanian enterprise is due to institutional factors. Journal: Eastern European Economics Pages: 58-89 Issue: 2 Volume: 51 Year: 2013 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=PT4970P01200HV1T File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:2:p:58-89 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=52519202J22N26V1 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Mariusz Próchniak Author-X-Name-First: Mariusz Author-X-Name-Last: Próchniak Author-Name: Bartosz Witkowski Author-X-Name-First: Bartosz Author-X-Name-Last: Witkowski Title: Real β-Convergence of Transition Countries Abstract: The aim of the paper is to analyze whether there is and, possibly, how strong the gross domestic product (GDP) β-convergence is in a group that includes most postcommunist countries, which, we believe, are a relatively homogeneous group compared to all countries. We use country-level panel data from the 1960-2009 period. In order to verify the β-convergence hypothesis, we use the Bayesian averaging of classical estimates (BACE) approach proposed by Sala-i-Martin et al. (2004). We estimate a convergence model without imposing an a priori assumption regarding the exact set of growth factors used as control variables in the regression. We use twenty potential growth factors (and an initial GDP level as an additional factor) and additional dummy variables (for Central and Eastern European and Commonwealth of Independent States countries) to further reduce the heterogeneity of the considered population. Our research allows us to robustly confirm the existence of β-convergence at a rate of 1.5 percent to 2 percent per annum. Using the BACE approach, we also identify the most relevant growth factors to be included in the β-convergence model. Our results are not controversial but in some respects differ from those present in the mainstream literature. Journal: Eastern European Economics Pages: 6-26 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6306R247KG77K0J8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:6-26 Template-Type: ReDIF-Article 1.0 Author-Name: Leticia Blázquez Author-X-Name-First: Leticia Author-X-Name-Last: Blázquez Author-Name: Carmen Díaz-Mora Author-X-Name-First: Carmen Author-X-Name-Last: Díaz-Mora Author-Name: Rosario Gandoy Author-X-Name-First: Rosario Author-X-Name-Last: Gandoy Title: Production Networks in the Enlarged European Union Abstract: This paper examines the changes that have taken place in European production networks in the automotive industry since the mid-1990s, when the European Union [EU] integration process intensified. Descriptive analysis suggests that advances in European integration have led to a spatial extension of the networks to the east rather than to a replacement of traditional locations. Using an extended gravity panel data model, econometric results corroborate that EU membership and comparative advantages are key determining factors to being integrated in cross-border production networks. Moreover, other variables such as good quality infrastructure, a minimum threshold of development, a headquarters effect, as well as other unobserved country characteristics also seem to matter. These results open the door to the implementation of regional and industrial policies in order to strengthen these European production networks. Journal: Eastern European Economics Pages: 27-49 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D7W356H7R37U4205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:27-49 Template-Type: ReDIF-Article 1.0 Author-Name: Adnan Kasman Author-X-Name-First: Adnan Author-X-Name-Last: Kasman Author-Name: Saadet Kasman Author-X-Name-First: Saadet Author-X-Name-Last: Kasman Title: Efficiency Convergence in All EU Member and Candidate Countries' Banking Markets Abstract: This paper examines whether there has been convergence of cost and profit efficiency levels among all European Union (EU) member and candidate countries following the process of legislative harmonization, using dynamic panel data models. The test results indicate evidence of β-convergence and σ-convergence in both cost and profit efficiency among all EU member and candidate countries. Hence, the results provide evidence in favor of the process of banking markets integration in the European Union. The results also indicate that the mean cost efficiency levels are higher than those of profit efficiency, verifying the importance of inefficiencies on the revenue side of banking activity in EU banking markets. The results further suggest that there have been significant efficiency gains in the newer member and candidate countries' banking sectors. Journal: Eastern European Economics Pages: 50-70 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D8U20711KX628711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:50-70 Template-Type: ReDIF-Article 1.0 Author-Name: Andres Kuusk Author-X-Name-First: Andres Author-X-Name-Last: Kuusk Author-Name: Tiiu Paas Author-X-Name-First: Tiiu Author-X-Name-Last: Paas Title: A Meta-Analysis-Based Approach for Examining Financial Contagion with Special Emphasis on CEE Economies Abstract: This paper provides an insight into the realm of financial contagion, and applies a meta-analytical approach to focus on Central and Eastern European (CEE) economies. Our results show that, on average, asset market correlations have increased, albeit moderately, during turbulent periods as compared to more tranquil times. The selected financial crises are found to vary in terms of their contagiousness. Interestingly, the level of development in a given country is not shown to significantly influence the susceptibility to contagion. Our testing of CEE transition economies indicates that, relative to the sample average, they are less susceptible to financial contagion. An interesting finding relating to CEE transition countries is that they seem to have been affected mostly by crises originating in the United States, even though we have also considered crises originating in Russia and the Czech Republic in the sample. Journal: Eastern European Economics Pages: 71-90 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D343866049XH2776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:71-90 Template-Type: ReDIF-Article 1.0 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Inflation and Hospitality Industry Prices Abstract: This paper investigates the dynamics of inflation and hospitality industry prices in a stochastic time-series framework using unit root tests, cointegration, and the vector error correction model in the seasonally unadjusted data from January 2000 to December 2011 by using the data expressed in the levels, which are near random walk. The cointegration relation implies a common stochastic trend of variables, which are modeled in the empirical analysis. Inflation rate and hospitality industry prices are found to be integrated of order one with a nonzero mean, suggesting that the present level of prices can be composed as a sum of all the previous shocks to inflation and hospitality industry prices. The general price level has an effect on hospitality industry prices in the short run, but less in the long-term equilibrium price relation in the dynamic specifications. Journal: Eastern European Economics Pages: 91-108 Issue: 3 Volume: 51 Year: 2013 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WG68M3W975393257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:91-108 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 51 Year: 2013 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L576W1214648V644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Andreja Jaklič Author-X-Name-First: Andreja Author-X-Name-Last: Jaklič Author-Name: Anže Burger Author-X-Name-First: Anže Author-X-Name-Last: Burger Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: The Quest for More Efficient R&D Subsidies Abstract: We study the dynamic effects of research and development (R&D) subsidies on private R&D spending in Slovenia and examine the changes in corporate R&D spending behavior due to R&D subsidies by applying propensity score matching methodology. Taking the difference-in-differences approach, we evaluate how much the supported firm would have spent on R&D if it had not received the subsidy. The results confirm the complementary effect of public subsidies on private R&D spending and prove that R&D subsidies are an influential variable for the increase in private R&D spending. The results also point to three sources of subsidized firms' heterogeneity that have significant effects on the scope of R&D subsidies: (1) the larger the previous private R&D spending of firms, the smaller the increase in current R&D spending of subsidized firms; (2) the larger the sales, the higher the increase in private R&D spending of subsidized firms; and (3) the effect of R&D subsidies decreases with persistency of subsidizing. Firms that had received subsidies more than twice previously increased their R&D expenditures more slowly than nonsubsidized and less frequently subsidized firms. Journal: Eastern European Economics Pages: 5-25 Issue: 4 Volume: 51 Year: 2013 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=52047L4QG86X7076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Author-X-Name-First: Martin Author-X-Name-Last: Mandel Author-Name: Vladimír Tomšík Author-X-Name-First: Vladimír Author-X-Name-Last: Tomšík Title: Causes and Consequences of Emerging Market Central Banks' Long-Term Foreign Exchange Exposure Abstract: The paper analyzes how central banks pay attention to foreign exchange exposure and the profit function in pursuing monetary policy. The results of the paper document that in practice, central banks do not take the microeconomic approach based on profit maximization in making decisions on the level of foreign exchange reserves or the magnitude of the open foreign exchange position. According to the authors' estimations, only the interest rate differential plays a role in central banks' decisions. Central banks do not seem to take into account in their foreign exchange interventions any possible negative impacts on the profit and loss statement that may result from an adverse exchange rate trend, the costs of sterilizing foreign exchange interventions, or high exchange rate volatility. Journal: Eastern European Economics Pages: 26-49 Issue: 4 Volume: 51 Year: 2013 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M3432747J351WUN2 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:26-49 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastian Lazăr Author-X-Name-First: Sebastian Author-X-Name-Last: Lazăr Title: Effective Corporate Taxation in Romania Abstract: Using data from publicly available corporate reports, this study performs computations of effective tax rates for Romanian-listed companies between 2000 and 2010, while introducing two alternative measures of effective tax rates meant to capture the burden triggered by nonprofit taxes and labor-related taxes. It was found that the effective tax rate computed as the ratio of profit tax to pretax income was below the statutory corporate income tax rate throughout the period, except for 2009 and 2010 (when an alternative minimum tax was levied). When computing the effective tax rate as a ratio between total taxes and contributions charged to companies' accounts and net profit before all taxes and contributions, the results are consistent with those found by World Bank/PricewaterhouseCoopers in their series of Doing Business/Paying Taxes surveys. The last of the effective tax rates computed by plotting all the taxes and contributions borne to companies' turnover showed a declining trend over the period, except again for 2009 and 2010. The distribution of the tax burden showed that among all public finance liabilities, corporate income tax recorded the lowest share of companies' turnover, whereas social security contributions imposed the highest burden, which increased since the adoption of the flat tax in 2005. Journal: Eastern European Economics Pages: 50-83 Issue: 4 Volume: 51 Year: 2013 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6860K0224273M68U File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:50-83 Template-Type: ReDIF-Article 1.0 Author-Name: Nebojsa Stojcic Author-X-Name-First: Nebojsa Author-X-Name-Last: Stojcic Author-Name: Iraj Hashi Author-X-Name-First: Iraj Author-X-Name-Last: Hashi Author-Name: Shqiponja Telhaj Author-X-Name-First: Shqiponja Author-X-Name-Last: Telhaj Title: Restructuring and Competitiveness Abstract: This paper explores the competitiveness of firms in transition economies. Using a large panel of firms from several Central and Eastern European countries, the paper identifies factors influencing the competitiveness of firms in conditions of transition. Competitiveness, measured by firms' market share, is defined as a function of several elements of firms' restructuring behavior (e.g., improvements in cost-efficiency and labor productivity and investment in new machinery and equipment) as well as characteristics of firms and their environment, such as location, experience, technological intensity of their industries, and intensity of competition. To control for the dynamic nature of competitiveness and the potential endogeneity of its determinants, and to distinguish between short- and long-run effects of firm behavior, a dynamic panel methodology is employed. Our results indicate that the competitiveness of firms in transition economies is enhanced by improvements in their cost efficiency and labor productivity, investment, and their previous business experience, but stronger competition has a negative effect on it. Journal: Eastern European Economics Pages: 84-107 Issue: 4 Volume: 51 Year: 2013 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N81253X220232055 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:84-107 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 51 Year: 2013 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q40P567566137054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Oleksandr Shepotylo Author-X-Name-First: Oleksandr Author-X-Name-Last: Shepotylo Author-Name: David G. Tarr Author-X-Name-First: David G. Author-X-Name-Last: Tarr Title: Impact of WTO Accession on the Bound and Applied Tariff Rates of Russia Abstract: In this paper we use ten-digit trade data that allow an accurate assessment of how the tariff structure of the Russian Federation will change as a result of the phased implementation of its World Trade Organization (WTO) commitments between 2012 and 2020 and how it has changed as a result of Russia's agreement to participate in a customs union with Kazakhstan and Belarus. WTO commitments will progressively and significantly lower the applied tariffs of the Russian Federation. Russian tariffs will ultimately fall to between 45 and 68 percent of their pre-accession levels, with the larger fall being on a weighted average, rather than an unweighted average basis. Nonetheless, bound tariffs will exceed applied tariffs for almost 1,500 tariff lines. Russia's commitments are not unusual, especially when compared to the transition countries that have acceded to the WTO. Journal: Eastern European Economics Pages: 5-45 Issue: 5 Volume: 51 Year: 2013 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=94215GK4374K288P File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:5-45 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Title: Overhaul of a Doctrine Abstract: The aim of this paper is to empirically examine the effect of switching regimes, from exchange rate targeting to inflation targeting, on monetary policy conduct in developing economies. An augmented Taylor rule is estimated within a panel switching regression for a group of developing countries that have historically experienced such a switch and a group of comparable countries that in the same period continued to target the exchange rate. Results suggest that under inflation targeting, the investigated countries retained their focus on inflation, but their reaction to it moderated. The output gap and the change in the exchange rate are found to be not significant, suggesting that these countries likely implemented a monetary policy geared toward strict inflation targeting. Journal: Eastern European Economics Pages: 46-68 Issue: 5 Volume: 51 Year: 2013 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R441746531185412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:46-68 Template-Type: ReDIF-Article 1.0 Author-Name: Bas van Leeuwen Author-X-Name-First: Bas Author-X-Name-Last: van Leeuwen Author-Name: Peter Földvári Author-X-Name-First: Peter Author-X-Name-Last: Földvári Title: Capital Accumulation and Growth in Central Europe, 1920-2006 Abstract: Central and Eastern Europe is a region with widely divergent development paths. Until World War II, these countries experienced comparable growth patterns. Whereas Austria and West Germany remained part of the capitalist West and underwent periods of rapid growth, other countries, under state socialist regimes, experienced, on average, far lower growth rates. The lack of data, however, often limits the possibilities of a detailed, quantitative analysis. In this paper, we use a new data set on physical and human capital in seven Central and East European countries for the period 1920-2006 to calculate their effect on economic growth. In addition, we analyze the effect of including the quality of education in human capital. This allows us to perform a growth accounting analysis with the several production factors for Central Europe between 1920 and the present. The difference in growth path across countries is partly explained by differences in technical efficiency. Journal: Eastern European Economics Pages: 69-93 Issue: 5 Volume: 51 Year: 2013 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A236752114XN6H21 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:69-93 Template-Type: ReDIF-Article 1.0 Author-Name: Olga Demidova Author-X-Name-First: Olga Author-X-Name-Last: Demidova Author-Name: Enrico Marelli Author-X-Name-First: Enrico Author-X-Name-Last: Marelli Author-Name: Marcello Signorelli Author-X-Name-First: Marcello Author-X-Name-Last: Signorelli Title: Spatial Effects on the Youth Unemployment Rate Abstract: The purpose of this study is to identify the common and different determinants of youth unemployment in the eastern and western regions of Russia, and especially to determine whether there are spatial effects. Dynamic panel models were estimated using the Arellano-Bond method; these models included four boundary-weighted matrices and four types of explanatory variables: (1) variables characterizing the demographic situation in a region, (2) variables on the migration processes in a region, (3) variables characterizing the economic situation in a region, and (4) variables on the export-import activity of a region. Journal: Eastern European Economics Pages: 94-124 Issue: 5 Volume: 51 Year: 2013 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TG6445761H74855K File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:94-124 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 51 Year: 2013 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1200213K4406R166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Tomasz Łyziak Author-X-Name-First: Tomasz Author-X-Name-Last: Łyziak Title: Formation of Inflation Expectations by Different Economic Agents Abstract: This paper presents survey-based measures of the inflation expectations of consumers, companies, and financial sector analysts in Poland. It then goes on to provide the results of testing the features of inflation expectations that seem the most important from a macroeconomic perspective. Journal: Eastern European Economics Pages: 5-33 Issue: 6 Volume: 51 Year: 2013 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H09V483W06Q4J313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:5-33 Template-Type: ReDIF-Article 1.0 Author-Name: Silvo Dajcman Author-X-Name-First: Silvo Author-X-Name-Last: Dajcman Title: Are Stock Market Returns in the CEE Countries and in the Eurozone, Russia, and the United States Asymmetric? Abstract: This paper investigates the (a)symmetry between stock market returns in Central and Eastern European (CEE) countries (Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, and Poland) on the one hand, and in the eurozone, Russia, and the United States on the other. Correlation asymmetry is investigated by applying a dynamic version of the test developed by Hong et al. (2007). The results show that the correlation when returns fall simultaneously in two stock markets (lower-tail correlation) normally exceeds the correlation when returns increase simultaneously (upper-tail correlation). The CEE stock markets that are the most correlated (as measured by Pearson's correlation) with the stock markets of the eurozone, Russia, and the United States exhibit a higher degree of symmetry between upper- and lower-tail correlation than do CEE markets that are less strongly correlated with these other markets. The dynamic version of Hong et al.'s test revealed that there were more periods of asymmetric correlation for the stock markets of the Baltic region than for other stock markets in CEE countries. Journal: Eastern European Economics Pages: 34-53 Issue: 6 Volume: 51 Year: 2013 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=210VW47W145N5P4G File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:34-53 Template-Type: ReDIF-Article 1.0 Author-Name: Jason Jones Author-X-Name-First: Jason Author-X-Name-Last: Jones Title: Cross-Border Banking in the Expanded European Union Abstract: Cross-border banking directed toward the new member states (NMS) of the European Union has grown substantially in the last ten years. Aligning politically and economically with the rest of Europe through membership in the European Union and the Economic and Monetary Union (EMU) has played an important role in this expansion. The channels through which the creation of the euro led to increased cross-border banking among the original members of the EMU help but do not fully explain the increased flow of cross-border banking from the EMU to the NMS. This indicates that for the NMS, joining the European Union and eventually the EMU changes the perceptions of EMU banks regarding the benefits of expanding. The improved perception leads to almost an immediate expansion of banking from the EMU at a rate that is higher than it would be if only pure market effects were taken into account. Journal: Eastern European Economics Pages: 54-74 Issue: 6 Volume: 51 Year: 2013 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J741022RW460647X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:54-74 Template-Type: ReDIF-Article 1.0 Author-Name: Žiga Čepar Author-X-Name-First: Žiga Author-X-Name-Last: Čepar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Macro-Level Determinants of Relative Participation in Undergraduate Higher Education in Slovenia Abstract: This paper investigates the determinants of the relative participation in undergraduate higher education in Slovenia. The determinants of participation in higher education can be investigated at the micro or macro level. Using regression analysis we focus on the macro-level determinants of the increasing relative rate at which the relevant population of youth participates in undergraduate higher education in Slovenia from 1980-81 to 2006-7. Since 1980 the relative participation in higher education has increased more than twice the initial level. We investigate possible reasons for that dramatic increase in association with the overall economic conditions, the financial conditions of individuals, the expected benefits from undergraduate higher education, the proportion of the relevant population who fulfilled the enrollment requirements, the changing personal and social values related to higher education, and the supply side variables of higher education. In a regression analysis we include trend and autoregression effects. Finally, we make a simple simulation estimate of the expected development of the relative participation in undergraduate higher education in Slovenia in the near future. Journal: Eastern European Economics Pages: 75-92 Issue: 6 Volume: 51 Year: 2013 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=37U15W0M5203424K File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:75-92 Template-Type: ReDIF-Article 1.0 Author-Name: Laurent Weill Author-X-Name-First: Laurent Author-X-Name-Last: Weill Author-Name: Christophe J. Godlewski Author-X-Name-First: Christophe J. Author-X-Name-Last: Godlewski Title: Collateral and Adverse Selection in Transition Countries Abstract: This paper tackles the question of knowing whether collateral helps to solve adverse selection problems in transition countries. We use a unique data set of about four hundred bank loans in sixteen transition countries. Our findings support the view of a positive link between the presence of collateral and the risk premium, which accords with the observed risk hypothesis. This suggests that collateral does not mitigate adverse selection problems in transition countries. Journal: Eastern European Economics Pages: 29-40 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=035P516084848K77 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Allen, F., and D. Gale. 2000. >i>Comparing Financial Systems.>/i> Cambridge, MA: MIT Press. 2 Berger, A., and G. Udell. 1990. "Collateral, Loan Quality, and Bank Risk." >i>Journal of Monetary Economics>/i> 25, no. 1: 21-42. 3 Berger, A., and G. Udell. 1995. "Relationship Lending and Lines of Credit in Small Firm Finance." >i>Journal of Business>/i> 68, no. 3: 351-382. 4 Besanko, D., and A. Thakor. 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets." >i>International Economic Review>/i> 28, no. 3: 671-689. 5 Bester, H. 1985. "Screening vs. Rationing in Credit Markets with Imperfect Information." >i>American Economic Review>/i> 25, no. 4: 21-42. 6 Blazy, R., and L. Weill. 2005. "Why Do Banks Ask for Collateral?" Paper presented at the Northern Finance Conference, Vancouver, October 1. 7 Bratkowski, A.; I. Grosfeld; and J. Rostowski. 2000. "Investment and Finance in De Novo Private Firms: Empirical Results from the Czech Republic, Hungary, Poland." >i>Economics of Transition>/i> 8, no. 1: 101-116. 8 Chan, Y., and G. Kanatas. 1985. "Asymmetric Valuation and the Role of Collateral in Loan Agreements." >i>Journal of Money, Credit, and Banking>/i> 17: 85-95. 9 Degryse, H., and P. van Cayseele. 2000. "Relationship Lending Within a Bank-Based System: Evidence from European Small Business Data." >i>Journal of Financial Intermediation>/i> 9, no. 1: 90-109. 10 Djankov, S.; C. McLiesh; and A. Shleifer. 2007. "Private Credit in 129 Countries." >i>Journal of Financial Economics>/i> 84, no. 2: 299-329. 11 Dvorak, V. 2004. "Financing of Companies in the Czech Republic." In >i>Financial Markets in the Czech Republic>/i>, ed. M. Mejstrik, pp. 259-285. Prague: Karolinum Press. 12 Gadanecz, B. 2004. "The Syndicated Loan Market: Structure, Development, and Implications." >i>BIS Quarterly Review>/i> (December): 75-89. 13 Harhoff, D., and T. Körting. 1998. "Lending Relationships in Germany—Empirical Evidence from Survey Data." >i>Journal of Banking and Finance>/i> 22, nos. 10-11: 1317-1353. 14 Jimenez, G.; V. Salas; and J. Saurina. 2006. "Determinants of Collateral." >i>Journal of Financial Economics>/i> 81, no. 2: 255-281. 15 Jimenez, G., and J. Saurina. 2004. "Collateral, Type of Lender, and Relationship Banking as Determinants of Credit Risk." >i>Journal of Banking and Finance>/i> 28, no. 9: 2191-2212. 16 La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. Vishny. 1998. "Law and Finance." >i>Journal of Political Economy>/i> 106, no. 6: 1113-1155. 17 Llewellyn, D. 2002. "An Analysis of the Causes of Recent Banking Crises." >i>European Journal of Finance>/i> 8, no. 2: 152-175. 18 Pissarides, F. 1999. "Is Lack of Funds the Main Obstacle of Growth? EBRD's Experience with Small- and Medium-Sized Businesses in Central and Eastern Europe." >i>Journal of Business Venturing>/i> 14, nos. 5-6: 519-539. 19 Spamann, H. 2006. "On the Insignificance and/or Endogeneity of La Porta et al.'s ‘Antidirector Rights Index’ Under Consistent Coding." Harvard Law School, John M. Olin Center Discussion Paper no. 7, Cambridge, MA, March. 20 Stiglitz, J., and A. Weiss. 1981. "Credit Rationing in Markets with Imperfect Information." >i>American Economic Review>/i> 71, no. 3: 393-410. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:29-40 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Zientara Author-X-Name-First: Piotr Author-X-Name-Last: Zientara Title: Restructuring the Coal Mining Industry: Unionism, Conflict, and Cooperation: Evidence from Poland Abstract: Apart from periods of temporary profitability, Poland's state-owned coal industry has generated huge financial losses since 1989. Despite restructuring efforts that cost taxpayers billions of złotys, the government has failed to make Silesian pits economically viable. This stands in contrast to the experience of the Bogdanka colliery, which managed to turn itself into a profitable economic business. This paper explores coal-mining reform in the broader context of conflict and cooperation in the workplace. Unions' nonconfrontational stance and managers' participative style support consensus building and cooperation, which, in turn, facilitates restructuring efforts, ultimately producing win-win outcomes. This paper also enters the debate on the role of trade unions in modern economies. Poland—the largest ex-communist East European country, in which Solidarity transformed itself into a political force—and its union-dominated mining sector offer particularly informative insights. Journal: Eastern European Economics Pages: 41-59 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=463057R618060302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ashworth, W. 1986. >i>A History of the British Coal Industry: A Nationalized Industry 1942-1982.>/i> Oxford: Oxford University Press. 2 Balcerowicz, L.; B. Błaszczyk; and M. Dąbrowskim. 1997. "The Polish Way to the Market Economy, 1989-1995." In Economies in Transition, ed. S. Parker, J. D. Sachs, and W. T. Woo, pp. 131-160. Cambridge, MA: MIT Press. 3 Balibar, E. 1995. >i>The Philosophy of Marx.>/i> London: Verso. 4 Beynon, H., ed. 1985. >i>Digging Deeper: Issues in the Miners' Strike.>/i> London: Verso. 5 Beynon, H. 1991. >i>A Tale of Two Industries: The Contraction of Coal and Steel in the North East.>/i> Milton Keynes, UK: Open University Press. 6 Bijańska, J., and A. Karbownik. 2000. >i>Restructuring of the Polish Coal Industry in 1990-1999.>/i> Gliwice: Wydawnictwo Politechniki Śląskiej. 7 Booth, J. A., and P. B. Richard. 1998. "Civil Society, Political Capital, and Democratization in Central America." >i>Journal of Politics>/i> 60, no. 3: 780-800. 8 Burawoy, M., and E. O. Wright. 1990. "Coercion and Consent in Contested Exchange." >i>Politics and Society>/i> 18, no. 2: 251-266. Central Statistical Office (2007). Polish Statistical Yearbook 2006. Warsaw. 9 Central Statistical Office (2006/2007). Statistical Yearbook of Voivodships. Warsaw. Available at: >a target="_blank" href='http://www.stat.gov.pl/'>http://www.stat.gov.pl/>/a> >a target="_blank" href='http://epp.eurostat.cec.eu.int/'>epp.eurostat.cec.eu.int/>/a> 10 Cieszewska, B. 2004. "Another Manifestation of Power." >i>Rzeczpospolita>/i>, July 3-4, B2. 11 Coleman, J. 1988. "Social Capital in the Creation of Human Capital." >i>American Journal of Sociology>/i> 94 (Supplement): 95-120. 12 Crowley, S., and D. Ost, eds. 2001. >i>Workers After Workers' States: Labor and Politics in Postcommunist Eastern Europe.>/i> Lanham, MD: Rowman and Littlefield. 13 Dyer, W. G., and A. L. Wilkins. 1991. "Better Stories, Not Better Constructs, to Generate Better Theory: A Rejoinder to Eisenhardt." >i>Academy of Management Review>/i> 16, no. 3: 613-619. 14 Edwards, P.; J. Bélanger; and M. Wright. 2006. "The Bases of Compromise in the Workplace: A Theoretical Framework." >i>British Journal of Industrial Relations>/i> 44, no. 1: 125-145. 15 Eisenhardt, K. M. 1989. "Building Theories from Case Study Research." >i>Academy of Management Review>/i> 14, no. 4: 532-550. 16 Eisenhardt, K. M., and M. E. Graebner. 2007. "Theory Building from Cases: Opportunities and Challenges." >i>Academy of Management Journal>/i> 50, 1: 25-32. 17 Field, J. 2003. >i>Social Capital.>/i> London: Routledge. 18 Freeman, R.; P. Boxall; and P. Haynes, eds. 2007. >i>What Workers Say: Employee Voice in the Anglo-American Workplace.>/i> Ithaca: Cornell University Press. 19 Friedman, A. L. 1977. >i>Industry and Labor.>/i> London: Macmillan. 20 Gadowska, K. 2002. >i>The Phenomenon of Politico-Economic Cronyism: Systemic Analysis of Networks in the Restructuring of Poland's Coal Mining Sector.>/i> Krakow: University of Krakow Press. 21 Gardawski, J. 2007. "Social Dialogue from Guild Rights to the Directives of the European Union." >i>Dialogue>/i> (December): 13-23. 22 Grosse, T. G. 2006. "The East European Quality of Dialogue." >i>Dialogue>/i> (June): 23-30. 23 Hanson, C. G. 1991. >i>Taming Trade Unions: A Guide to the Thatcher Government's Employment Reform, 1980-1990.>/i> London: Macmillan. 24 Jankowicz, A. D. 1994. "The New Journey to Jerusalem: Mission and Meaning in the Managerial Crusade to Eastern Europe." >i>Organization Studies>/i> 15, no. 4: 479-507. 25 Jasiecki, K. 2007. "Reform of the Country Possible Only Through Social Dialogue." >i>Dialogue>/i> (December): 61-66. 26 MacGregor, I., and R. Tyler. 1986. >i>Enemies Within: The Story of the Miners' Strike, 1984-85.>/i> London: Macmillan. 27 Maczynski, J. 1994. "Culture and Leadership Styles: A Comparison of Polish, Austrian, and U. S. Managers." >i>Polish Psychological Bulletin>/i> 28, no. 3: 255-267. 28 Martin, R. (2006). Segmented Employment Relations: Post-Socialist Managerial Capitalism and Employment Relations in Central and Eastern Europe. >i>International Journal of Human Resource Management>/i>, 17 (8), 1353-1365. 29 Meadowcroft, J., and M. Pennington. 2007. >i>Rescuing Social Capital from Social Democracy.>/i> London: Institute of Economic Affairs. 30 Miles, M. B., and A. M. Huberman. 1994. >i>Qualitative Data Analysis: An Expanded Sourcebook.>/i> Beverly Hills, CA: Sage. 31 Ministry of Economy. 2007. >i>Strategy of the Operation of the Coal Mining Industry in Poland in 2007-2015.>/i> Warsaw: Ministry of Economy. 32 Musson, G., and J. Duberley. 2007. "Change, Change or Be Exchange: The Discourse of Participation and the Manufacture of Identity." >i>Journal of Management Studies>/i> 44, no. 1: 143-164. 33 Neuman, W. L. 2003. >i>Social Research Methods: Qualitative and Quantitative Approaches.>/i> Boston: Allyn and Bacon. 34 Pańków, W., and B. Gąciarz. 2006. "Polish Work Against the European Background." >i>Dialogue>/i> (June): 65-71. 35 Phillips, N.; T. B. Lawrence; and C. Hardy. 2004. "Discourse and Institutions." >i>Academy of Management Review>/i> 29, no. 4: 635-652. 36 Purcell, J., and B. Ahlstrand. 1994. >i>Human Resource Management in the Multi-Divisional Company.>/i> Oxford: Oxford University Press. 37 Putnam, R. D. 1995. "Bowling Alone: America's Declining Social Capital." >i>Journal of Democracy>/i> 6, no. 1: 65-78. 38 Rogowski, W. 2003. "A Miner Wise After the Event." >i>Rzeczpospolita>/i>, November 29-30, B4. 39 Rychly, L., and M. Vylitova. 2005. >i>National Social Dialogue on Employment Policies in Europe.>/i> Geneva: International Labor Organization. 40 Sánchez, D. L. 2007. "Explaining Union Membership of Temporary Workers in Spain: The Role of Local Representatives and Workers' Participative Potential." >i>Industrial Relations Journal>/i> 38, no. 1: 51-69. 41 Sroka, J. 2007. "Does Poland Need a New Social Agreement?" >i>Dialogue>/i> (December): 24-33. 42 Steinhoff, J., and A. Karbownik. 2004. "Healing or Stagnation." >i>Rzeczpospolita>/i>, December 4-5, B4. 43 Supreme Chamber of Control. 2002. >i>Financial and Organizational Restructuring of the Coal Mining Sector in 1990-2001.>/i> Warsaw: Supreme Chamber of Control. 44 Tischner, J. 1992. >i>The Ethics of Solidarity: Homo Sovieticus.>/i> Krakow: Znak. 45 Tittenbrun, J. 1992. >i>The Collapse of Real Socialism in Poland.>/i> Poznań: Rebis. 46 Van Maanen, J. 1979. "Reclaiming Qualitative Methods for Organizational Research." >i>Administrative Science Quarterly>/i> 24, no. 4: 52-56. 47 Watson, T. J. 1987. >i>Sociology, Work, and Industry>/i>, 2d ed. London: Routledge and Kegan Paul. 48 Wood, S. 1999. "HRM and Performance." >i>International Journal of Management Reviews>/i> 1, no. 4: 387-413. 49 World Coal Institute. 2005. >i>The Coal Resource: A Comprehensive Overview of Coal.>/i> London. 50 World Coal Institute. 2007. >i>Ecoal: Energy for a Changing World.>/i> London. 51 Yin, R. K. 2003. >i>Case Study Research: Design and Methods.>/i> Newbury Park, CA: Sage. 52 Zientara, P. 2007a. "How Trade Unions Are a Roadblock to Poland's Economic Renaissance." >i>Economic Affairs>/i> 27, no. 1: 44-51. 53 Zientara, P. 2007b. "Polish Government Policy for Coal (1989-2006)." >i>International Journal of Energy Sector Management>/i> 1, no. 3: 273-294. 54 Zybertowicz, A., and M. Spławski. 2006. "Is Social Dialogue an Alien Organism in Polish Social Life?" >i>Dialogue>/i> (June): 16-22. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:41-59 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos Mulas-Granados Author-X-Name-First: Carlos Author-X-Name-Last: Mulas-Granados Author-Name: Jorge Onrubia Author-X-Name-First: Jorge Author-X-Name-Last: Onrubia Author-Name: Javier Salinas-Jiménez Author-X-Name-First: Javier Author-X-Name-Last: Salinas-Jiménez Title: Do Budget Institutions Matter?: Fiscal Consolidation in the New EU Member States Abstract: This paper studies the influence that the recently reformed budgetary institutions in the new EU member states may have had on their public finances. We test if their newly formed institutions have already started to shape their fiscal outcomes, as EU-15 institutions did in the past. To answer this question, this paper develops new institutional indices and performs an empirical analysis on the sample of new EU member states—those that joined in 2004 and 2007—for the period 1993-2004. The results confirm that budgetary institutions have a similar influence in the new member states as they had in the EU-15. The role of a strong finance minister is even more important than previous studies suggest. Journal: Eastern European Economics Pages: 60-91 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=86017427Q9402314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Afonso, A.; C. Nickel; and P. C. Rother. 2006. "Fiscal Consolidations in Central and Eastern European Countries." Working Paper Series no. 473, European Central Bank, Frankfurt. 2 Campos, E., and S. Pradhan. 1996. "Budgetary Institutions and Expenditure Outcomes: Binding Governments to Fiscal Performance." Working Paper no. 1646, World Bank Policy Research, Washington, DC. 3 de Haan, J., and J. E. Sturm. 1994. "Political and Institutional Determinants of Fiscal Policy in the European Community." >i>Public Choice>/i> 80, nos. 1-2: 157-172. 4 European Commission. 2001. "Public Finances in EMU." European Economy Reports and Studies no. 3, Office for Official Publications of the EC, Luxembourg. 5 Giavazzi, F., and M. Pagano. 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries." Working Paper no. 3372, National Bureau of Economic Research, Cambridge, MA. 6 Gleich, H. 2002. "The Evolution of Budget Institutions in Central and Eastern European Countries." Ph. D. dissertation, Department of Economics, University of Bonn. 7 Gleich, H. 2003. "Budget Institutions and Fiscal Performance in Central and Eastern European Countries." Working Paper no. 215, European Central Bank, Frankfurt. 8 Gupta, S.; B. Clements; E. Baldacci; and C. Mulas-Granados. 2005. "Fiscal Policy Expenditure Composition, and Growth in Low Income Countries." >i>Journal of International Money and Finance>/i> 24, no. 3: 441-463. 9 Hallerberg, M. 2004. >i>Domestic Budgets in a United Europe: Fiscal Governance from the End of Bretton Woods to EMU.>/i> Ithaca: Cornell University Press. 10 Hallerberg, M.; R. Strauch; and J. von Hagen. 2001. "The Use and Effectiveness of Budgetary Rules and Norms in EU Member States." Report prepared for the Dutch Ministry of Finance by the Institute of European Integration Studies, June 11. 11 Hallerberg, M.; R. Strauch; and J. von Hagen. 2004. "The Design of Fiscal Rules and Forms of Governance in European Union Countries." >i>Working>/i> Paper, no. 419, European Central Bank. 12 Hallerberg, M., and J. von Hagen 1999. "Electoral Institutions, Cabinet Negotiations, and Budget Deficits Within the European Union." In >i>Fiscal Institutions and Fiscal Performance>/i>, ed. J. Poterba and J. von Hagen, pp. 209-232. Chicago: University of Chicago Press. 13 Mulas-Granados, C. 2006. >i>Economics, Politics, and Budgets: The Political Economy of Fiscal Consolidations in Europe.>/i> Basingstoke, UK: Palgrave-Macmillan. 14 Purfield, C. 2003. "Fiscal Adjustment in Transition Countries: Evidence from the 1990s." Working Paper no. WP/03/36, International Monetary Fund, Washington, DC. 15 Roubini, N., and J. D. Sachs. 1989. "Political and Economic Determinants of Budget Deficits in the Industrial Democracies." >i>European Economic Review>/i> 33 (May): 903-938. 16 von Hagen, J. 1992. "Budgeting Procedures and Fiscal Performance in the European Communities." Economic Paper no. 96, Commission of the European Communities, Brussels. 17 von Hagen, J.; A. H. Hallett; and R. Strauch. 2001. "Budgetary Consolidation in EMU." Economics Paper no. 148, Commission of the European Communities, Brussels. 18 von Hagen, J., and I. J. Harden. 1994. "Budget Processes and Commitment to Fiscal Discipline." >i>European Economic Review>/i> 39, nos. 3-4: 771-779. 19 Yalloutinen, S. 2004. "Fiscal Institutions in CEECs." Ph. D. dissertation, Department of Economics, University of Jyväskyla, Finland. 20 Zápal, J., and O. Schneider. 2006. "What Are Their Words Worth? The Political Pains of Fiscal Consolidations in the New EU Member States." >i>Eastern European Economics>/i> 44, no. 5: 6-37. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:60-91 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D6X3Q8V205N74312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Podpiera Author-X-Name-First: Jiří Author-X-Name-Last: Podpiera Author-Name: Marie Raková Author-X-Name-First: Marie Author-X-Name-Last: Raková Title: The Price Effects of an Emerging Retail Market Abstract: This paper analyzes the effects of a changing market structure on the price dynamics of final goods in an emerging Czech retail market. We estimate the extent of up-and downstream market power and find that the changing market structure was responsible for an average yearly price decrease of retailed products by 0.8 percentage points during 2000-2005. At the same time, however, we anticipate that a period of mergers and acquisitions that has already started could cause yearly price increases of retailed products by 1.2 percentage points—approximately 0.5 percentage points in the consumer price index inflation—over the next ten years. Journal: Eastern European Economics Pages: 92-105 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J67093446K7512VQ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Asplund, M., and R. Friberg. 2002. "Food Prices and Market Structure in Sweden." >i>Scandinavian Journal of Economics>/i> 104, no. 4: 547-566. 2 Barros, P. P.; D. Brito; and D. Lucena. 2004. "Mergers in the Food Retailing Sector: An Empirical Investigation." >i>European Economic Review>/i> 50, no. 2: 447-468. 3 Czech Capital Information Agency. 2007. Database Magnus. Prague, Czech Republic (available at >a target="_blank" href='http://www.magnus.cz/?idf=contents'>www.magnus.cz/?idf=contents>/a>< /BIBTEXT> 4 Dobson Consulting. 1999. "Buyer Power and Its Impact on Competition in the Food Retail Distribution Sector of the European Union." Nottingham, UK (available at >a target="_blank" href='http://ec.europa.eu/comm/competition/publications/studies/bpifrs/'>h ttp://ec.europa.eu/comm/competition/publications/studies/bpifrs/>/a> 5 Euromonitor. 2007. "Number of Retail Outlets." (available at >a target="_blank" href='http://www.euromonitor.com/World_Retail_Data_and_Statistics_2006_200 7'>www.euromonitor.com/World_Retail_Data_and_Statistics_2006_2007>/a> 6 Hopenhayn, H. A. 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium." >i>Econometrica>/i> 60, no. 5: 1127-1150. 7 Horvath, M.; F. Schivardi; and M. Woywode. 2001. "On Industry Life Cycles: Delay, Entry, and Shakeout in Beer Brewing." >i>International Journal of Industrial Organization>/i> 19, no. 7: 1023-1052. 8 Incoma Research. 2007. "Supermarket & Diskont 2006." Prague, Czech Republic (available at >a target="_blank" href='http://www.incoma.cz/en/default.aspx'>www.incoma.cz/en/default.aspx> /a> 9 Janda, K.; J. McCluskey; and G. Rausser. 2000. "Food Import Demand in the Czech Republic." >i>Journal of Agricultural Economics>/i> 1, no. 51: 22-44. 10 Klusák, V., and F. Remunda. 2004. >i>Czech Dream.>/i> Documentary, Czech 80 min. >a target="_blank" href='http://www.csfd.cz/film/158202-cesky-sen/'>www.csfd.cz/film/158202-c esky-sen/>/a> 11 Král, P.; R. Murárik; and R. Å nobl. 2005. "Analýza strukturálních příin nízké inflace v ČR-pohled na vývoj v maloobchodě" [Analysis of the structural cause of low inflation in Czech Republic]. Czech National Bank, July. 12 Lamm, R. M. 1981. "Prices and Concentration in the Food Retailing Industry." >i>Journal of Industrial Economics>/i> 43, no. 3: 301-315. 13 Newmark, C. M. 1990. "A New Test of the Price-Concentration Relationship in Grocery Retailing." >i>Economic Letters>/i> 33, no. 4: 369-373. 14 Panzar, J. C., and J. N. Rosse. 1987. "Testing For ‘Monopoly’ Equilibrium." >i>Journal of Industrial Economics>/i> 35, no. 4: 443-456. 15 Planet Retail. 2007. "Regional Market Shares of Top 10 Retailers in 2008" (available at >a target="_blank" href='http://www.planetretail.net'>www.planetretail.net>/a> 16 Setala, V. A. 2002. "The Effect of Concentration and Market Power on Food Prices: Evidence from Finland." >i>Journal of Retailing>/i> 78, no. 3 (Fall): 207-216. 17 Smith, H. 2004. "Supermarket Choice and Supermarket Competition in Market Equilibrium." >i>Review of Economic Studies>/i> 71, no. 1: 235-263. 18 Thompson, P., and M. Pintea. 2007. "Sorting, Selection, and Industry Shakeouts." Working Paper no. 0702, Department of Economics, Florida International University, Miami, FL. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:92-105 Template-Type: ReDIF-Article 1.0 Author-Name: Burcu Eke Author-X-Name-First: Burcu Author-X-Name-Last: Eke Author-Name: Ali M. Kutan Author-X-Name-First: Ali M. Author-X-Name-Last: Kutan Title: Are International Monetary Fund Programs Effective?: Evidence from East European Countries Abstract: We extend the literature on the effectiveness of International Monetary Fund (IMF) programs in two directions. First, we undertake a sensitivity analysis by applying several assessment methods commonly used in the literature to a common data set to check the robustness of inferences regarding the effectiveness of IMF-related programs. Second, we employ a new set of countries that are largely ignored in the literature—namely, those of Eastern Europe. The findings show that the inferences regarding the effectiveness of IMF programs obtained under different approaches seem robust: IMF programs in East European countries appear to be ineffective. However, it may be simplistic to blame solely the IMF for ineffective programs, as effectiveness may be determined by many factors, including the nature of the programs, the commitment of the corresponding country's officials, policy changes, and external shocks. Journal: Eastern European Economics Pages: 5-28 Issue: 1 Volume: 47 Year: 2009 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LX26408536682654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bird, G. 2001. "IMF Programs: Do They Work? Can They Be Made to Work Better?" >i>World Development>/i> 29, no. 11: 1849-1865. 2 Conway, P. 1994. "IMF Lending Programs: Participation and Impact." >i>Journal of Development Economics>/i> 45, no, 2: 365-391. 3 Conway, P. 2000. "IMF Programs and Economic Crisis: An Empirical Study of Transition." Working Paper, Department of Economics, University of North Carolina (available at >a target="_blank" href='http://www.unc.edu/~pconway/dload/imfhaz.pdf'>www.unc.edu/~pconway/d load/imfhaz.pdf>/a> 4 Csaba, L. 1995. "Hungary and the IMF: The Experience of a Cordial Discord." >i>Journal of Comparative Economics>/i> 20, no. 2: 211-234. 5 Dicks-Mireaux, L.; M. Mecagni; and S. Schadler. 2000. "Evaluating the Effect of IMF Lending to Low-Income Countries." >i>Journal of Development Economics>/i> 61 (April): 495-526. 6 Eichengreen, B. 1998. "International Economic Policy in the Wake of the Asian Crisis." Center for International and Development Economics Research Working Paper C98102, University of California, Berkeley. 7 Eke, B., and A. M. Kutan. 2005. "Are IMF-Supported Programs in Transition Economies Effective?" >i>Comparative Economic Studies>/i> 47 (March): 23-40. 8 Evrensel, A. 2002. "Effectiveness of IMF-Supported Stabilization Programs in Developing Countries." >i>Journal of International Money and Finance>/i> 21 (October): 565-587. 9 Goldstein, M., and P. J. Montiel. 1986. "Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls." >i>IMF Staff Papers>/i> 3: 304-344. 10 >i>International Financial Statistics>/i> (IFS). 2004. Washington, D. C: International Monetary Fund. 11 International Monetary Fund (IMF). 1986-2003. Annual reports. Washington, DC. 12 Mussa, M., and M. Savastona. 1999. "The IMF Approach to Economic Stabilization." Working Paper no. WP/99/104, International Monetary Fund, Washington, DC. 13 Rodlauer, M. 1995. "The Experience with IMF-Supported Reform Programs in Central and Eastern Europe." >i>Journal of Comparative Economics>/i> 20, no. 1: 95-115. 14 Sachs, J. 1997. "The Wrong Medicine for Asia." >i>New York Times>/i>, November 3. 15 Stone, R. 2002. >i>Lending Credibility: The International Monetary Fund and the Post-Communist Transition.>/i> Princeton: Princeton University Press. 16 Ul Haque, N., and M. Khan. 1998. "Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence." Working Paper no. 98/169, International Monetary Fund, Washington, DC. 17 Zecchini, S. 1995. "The Role of International Financial Institutions in the Transition Processes." >i>Journal of Comparative Economics>/i> 20, no. 1: 116-138. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2H438168731U55MT File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Péter Földvári Author-X-Name-First: Péter Author-X-Name-Last: Földvári Author-Name: Bas van Leeuwen Author-X-Name-First: Bas Author-X-Name-Last: van Leeuwen Title: Average Years of Education in Hungary: Annual Estimates, 1920-2006 Abstract: The average years of education, an indicator of the average educational attainment in a population, is a widely used proxy of human capital stock in the empirical literature. Its application is somewhat limited by data availability, even though annual series have already been created for a few countries. This paper offers an annual series of the average years of education in Hungary between 1920 and 2006, estimated by a version of the Barro-Lee (2001) methodology modified to correct the systematic bias arising from the assumption that mortality and educational attainment are uncorrelated. Using the new series, we also carry out a simple growth-accounting exercise and find that human capital accumulation was a major determinant of economic growth in Hungary, though only in the 1990s. Journal: Eastern European Economics Pages: 5-20 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A4465257635T581X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R.W., and J.-W. Lee. 1993. "International Comparisons of Educational Attainment." >i>Journal of Monetary Economics>/i> 32, no. 3: 363-394. 2 Barro, R.W., and J.-W. Lee. 1996. "International Measures of Schooling Years and Schooling Quality." >i>American Economic Review>/i> 86, no. 2: 218-223. 3 Barro, R.W., and J.-W. Lee. 2001. "International Data on Educational Attainment: Updates and Implications." >i>Oxford Economic Papers>/i> 53, no. 3: 541-563. 4 Campos, N.F., and D. Jolliffe. 2003. "After, Before, and During: Returns to Education in Hungary (1986-1998)." >i>Economic Systems>/i> 27, no. 4: 377-390. 5 Cohen, D., and M. Soto. 2007. "Growth and Human Capital: Good Data, Good Results." >i>Journal of Economic Growth>/i> 12, no. 1: 51-76. 6 De la Croix, D.; T. Lindh; and B. Malmberg. 2008. "Swedish Economic Growth and Education Since 1800." >i>Canadian Journal of Economics>/i> 41, no. 1: 166-185. 7 De la Fuente, A., and R. Doménech. 2000. "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make?" OECD Economics Department Working Paper no. 262: 2-68. 8 Dennison, E.F. 1974. >i>Accounting for United States Economic Growth, 1929 to 1969.>/i> Washington, DC: Brookings Institution. 9 Godo, Y. 2001. "Estimation of Average Years of Schooling by Levels of Education for Japan and the United States, 1890-1990." FASID (Foundation for Advanced Studies on International Development) Development Database no. 2000-1, Japan. 10 Hall, R.E., and C.I. Jones. 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?" >i>Quarterly Journal of Economics>/i> 114, no. 1: 83-116. 11 Hayami, Y., and J. Ogasawara. 1999. "Changes in the Sources of Modern Economic Growth: Japan Compared with the United States." >i>Journal of the Japanese and International Economies>/i> 13, no. 1: 1-21. 12 Hungarian Central Statistical Bureau (KSH). 1969. >i>Az állóeszközállomány és a termelés növekedése 1950-1968>/i> [The Capital Stock and Growth of Production, 1950-1968]. Budapest: KSH. 13 Hungarian Central Statistical Bureau (KSH). 1974. >i>A nemzeti vagyon és az állóeszközállomány 1960-1973>/i> [National Wealth and the Capital Stock, 1960-1973]. Budapest: KSH. 14 Hungarian Central Statistical Bureau (KSH). 1979. >i>Az állóeszközállomány és a termelés növekedése 1970-1978>/i> [The Capital Stock and Growth of Production, 1970-1978]. Budapest: KSH. 15 Hungarian Central Statistical Bureau (KSH). 1980a. >i>Az állóeszközállomány és a termelés növekedése 1979>/i> [The Capital Stock and Growth of Production, 1979.] Budapest: KSH. 16 Hungarian Central Statistical Bureau (KSH). 1980b. >i>Az állóeszközállomány és a termelés növekedése 1980>/i> [The Capital Stock and Growth of Production, 1980]. Budapest: KSH. 17 Hungarian Central Statistical Bureau (KSH). 1981. >i>Az állóeszközállomány és a termelés növekedése 1981>/i> [The Capital Stock and Growth of Production, 1981]. Budapest: KSH. 18 Kyriacou, G.A. 1991. "Level and Growth Effects of Human Capital: A Cross-Country Study of the Convergence Hypothesis." Economic Research Reports 19-26, C.V. Starr Center for Applied Economics, New York University. 19 Lains, P. 2003. "Catching Up to the European Core: Portuguese Economic Growth, 1910-1990." >i>Explorations in Economic History>/i> 40, no. 4: 369-386. 20 Lau, L.J.; D.T. Jamison; F.F. Louat. 1991. "Education and Productivity in Developing Countries: An Aggregate Production Function Approach." World Bank PRE Working Paper Series 612, Washington, DC. 21 Mincer, J. 1974. >i>Schooling, Experience, and Earnings.>/i> Cambridge, MA: National Bureau of Economic Research. 22 Nehru, V.; E. Swanson; and A. Dubey. 1995. "A New Database on Human Capital Stock in Developing and Industrial Countries: Sources, Methodology, and Results." >i>Journal of Development Economics>/i> 46, no. 2: 379-401. 23 Organization for Economic Cooperation and Development. "Unit Labor Costs—Annual Indicators." Paris (available at >a target="_blank" href='http://stats.oecd.org/WBOS/Index.aspx?QueryName=427&QueryType=View&L ang=en'>http://stats.oecd.org/WBOS/Index.aspx?QueryName=427&QueryType=View &Lang=en>/a> 24 Portela, M.; R. Alessie; and C. Teulings. 2004. "Measurement Error in Education and Growth Regressions." Tinbergen Institute Discussion Paper TI 2004-040/3, Amsterdam. 25 Psacharopoulos, G., and A.M. Arriagada. 1986. "The Educational Composition of the Labor Force: An International Comparison." >i>International Labor Review>/i> 125, no. 5: 561-574. 26 Pula, G. 2003. "Capital Stock Estimation in Hungary: A Brief Description of Methodology and Results." MNB Working Paper 2003/7, National Bank of Hungary, Budapest. 27 Simkus, A., and R. Andorka. 1982. "Inequalities in Educational Attainment in Hungary, 1923-1973." >i>American Sociological Review>/i> 47, no. 6: 740-751. 28 Solow, R.M. 1957. "Technical Change and the Aggregate Production Function." >i>Review of Economics and Statistics>/i> 39, no. 3: 312-320. 29 Turner, C.; R. Tamura; S. Mulholland; and S. Baier. 2007. "Education and Income of the States of the United States: 1840-2000." >i>Journal of Economic Growth>/i> 12, no. 2: 101-158. 30 Varga, J. 1995. "Returns to Education in Hungary." >i>Acta Oeconomica>/i> 47, no. 1-2: 201-216. 31 World Bank. 2007. "World Development Indicators." ESDS International, (MIMAS) University of Manchester, December. 32 Wössmann, L. 2003. "Specifying Human Capital." >i>Journal of Economic Surveys>/i> 17, no. 3: 239-270. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Colin C. Williams Author-X-Name-First: Colin C. Author-X-Name-Last: Williams Title: The Commonality of Envelope Wages in Eastern European Economies Abstract: This paper evaluates the common practice in East European economies whereby formal employers pay their formal employees both a declared wage and an undeclared "envelope wage." Until now, little survey evidence has been available. Here, an extensive Eurobarometer survey involving 10,171 face-to-face interviews in East European economies conducted in 2007 is reported. It finds that one in ten formal employees had received envelope wages in the previous year, amounting on average to two-fifths of their gross annual wage. This is found to be a ubiquitous practice, albeit more common in some countries, sectors, occupations, and population groups than others. A more in-depth evaluation of this wage practice in Eastern Europe and greater discussion of how the arrangement might be tackled is called for. Journal: Eastern European Economics Pages: 37-52 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B6758200M42R9424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arrowsmith, J.; M. Gilman; P. Edwards; and M. Ram. 2003. "The Impact of the National Minimum Wage in Small Firms." >i>British Journal of Industrial Relations>/i> 41, no. 3: 435-456. 2 Bajada, C., and F. Schneider. 2005. >i>Size, Causes, and Consequences of the Underground Economy: An International Perspective.>/i> Aldershot, UK: Ashgate. 3 European Commission. 2007. >i>Stepping Up the Fight Against Undeclared Work.>/i> Brussels. 4 European Industrial Relations Observatory. 2005. "Thematic Issue: Industrial Relations and Undeclared Work." Dublin (available at >a target="_blank" href='http://eurofound.europa.eu/eiro/thematicfeature11.html'>http://eurof ound.europa.eu/eiro/thematicfeature11.html>/a> 5 Fernandez-Kelly, P. 2006. "Introduction." In >i>Out of the Shadows: Political Action and the Informal Economy in Latin America>/i>, ed. P. Fernandez-Kelly and J. Shefner, pp. 1-17. University Park, PA: Pennsylvania State University Press. 6 Gilman, M.; P. Edwards; M. Ram; and J. Arrowsmith. 2002. "Pay Determination in Small Firms in the UK: The Case of the National Minimum Wage." >i>Industrial Relations Journal>/i> 33, no. 1: 52-67. 7 Hazans, M. 2005. "Latvia: Working Too Hard?" In >i>Working and Employment Conditions in the New EU Member States: Convergence or Diversity?>/i> ed. D. Vaughan-Whitehead, pp. 161-212. Geneva: ILO-EU. 8 Karpuskiene, V. 2007. "Undeclared Work, Tax Evasion and Avoidance in Lithuania." Paper presented at colloquium of the Belgian Federal Service for Social Security on Undeclared Work, Tax Evasion, and Avoidance, Brussels, June. 9 Kirchler, E. 2007. >i>The Economic Psychology of Tax Behavior.>/i> Cambridge: Cambridge University Press. 10 Neef, R. 2002. "Aspects of the Informal Economy in a Transforming Country: The Case of Romania." >i>International Journal of Urban and Regional Research>/i> 26, no. 2: 299-322. 11 Organization for Economic Cooperation and Development. 2003. >i>Labour Market and Social Policies in the Baltic Countries.>/i> Paris. 12 Pavlovskaya, M. 2004. "Other Transitions: Multiple Economies of Moscow Households in the 1990s." >i>Annals of the Association of American Geographers>/i> 94, no. 3: 329-351. 13 Pedersen, S. 2003. >i>The Shadow Economy in Germany, Great Britain, and Scandinavia: A Measurement Based on Questionnaire Surveys.>/i> Copenhagen: Rockwool Foundation Research Unit. 14 Ram, M.; P. Edwards; and T. Jones. 2002a. >i>Employers and Illegal Migrant Workers in the Clothing and Restaurant Sectors.>/i> London: DTI Central Unit Research. 15 Ram, M.; M. Gilman; J. Arrowsmith; and P. Edwards. 2003. "Once More into the Sunset? Asian Clothing Firms After the National Minimum Wage." >i>Environment and Planning C: Government and Policy>/i> 71, no. 3: 238-261. 16 Ram, M.; T. Jones; T. Abbas; and B. Sanghera. 2002b. "Ethnic Minority Enterprise in Its Urban Context: South Asian Restaurants in Birmingham." >i>International Journal of Urban and Regional Research>/i> 26, no. 1: 24-40. 17 Round, J., and C.C. Williams. 2008. "Everyday Tactics and Spaces of Power: The Role of Informal Economies in Post-Soviet Ukraine." >i>Social and Cultural Geography>/i> 9, no. 2: 171-185. 18 Round, J.; C.C. Williams; and P. Rodgers. 2008. "Corruption in the Post-Soviet Workplace: The Experiences of Recent Graduates in Contemporary Ukraine." >i>Work, Employment, and Society>/i> 22, no. 1: 149-166. 19 Schneider, F. 2008. >i>The Hidden Economy.>/i> Cheltenham, UK: Edward Elgar. 20 Sedlenieks, K. 2003. "Cash in an Envelope: Corruption and Tax Avoidance as an Economic Strategy in Contemporary Riga." In >i>Everyday Economy in Russia, Poland, and Latvia>/i>, ed. K.-O. Arnstberg and T. Boren, pp. 25-69. Stockholm: Almqvist & Wiksell. 21 Small Business Council. 2004. >i>Small Business in the Informal Economy: Making the Transition to the Formal Economy.>/i> London. 22 Smith, A., and A. Stenning. 2006. "Beyond Household Economies: Articulations and Spaces of Economic Practice in Postsocialism." >i>Progress in Human Geography>/i> 30, no. 1: 1-14. 23 TNS Infratest, Rockwool Foundation, and Regioplan. 2006. >i>Feasibility Study on a Direct Survey About Undeclared Work VC/2005/0276.>/i> Brussels: Directorate General of Employment and Social Affairs, European Commission. 24 Wallace, C., and C. Haerpfer. 2002. "Patterns of Participation in the Informal Economy in East-Central Europe." In >i>The Social Impact of Informal Economies in Eastern Europe>/i>, ed. R. Neef and M. Stanuclescu, pp. 114-133. Aldershot, UK: Ashgate. 25 Wallace, C., and R. Latcheva. 2006. "Economic Transformation Outside the Law: Corruption, Trust in Public Institutions, and the Informal Economy in Transition Countries of Central and Eastern Europe." >i>Europe-Asia Studies>/i> 58, no. 1: 81-102. 26 Williams, C.C. 2006. >i>The Hidden Enterprise Culture: Entrepreneurship in the Underground Economy.>/i> Cheltenham, UK: Edward Elgar. 27 Williams, C.C. 2007. "Tackling Undeclared Work in Europe: Lessons from a Study of Ukraine." >i>European Journal of Industrial Relations>/i> 13, no. 2: 219-237. 28 Williams, C.C. 2008. "A Critical Evaluation of Public Policy Toward Undeclared Work in the European Union." >i>Journal of European Integration>/i> 30, no. 2: 273-290. 29 Williams, C.C., and J. Round. 2007. "Beyond Negative Depictions of Informal Employment: Some Lessons from Moscow." >i>Urban Studies>/i> 44, no. 12: 2321-2338. 30 Williams, C.C., and J. Round. 2008. "Retheorizing the Nature of Informal Employment: Some Lessons from Ukraine." >i>International Sociology>/i> 23, no. 3: 367-388. 31 Williams, C.C., and J. Windebank. 1998. >i>Informal Employment in the Advanced Economies: Implications for Work and Welfare.>/i> London: Routledge. 32 Woolfson, C. 2007. "Pushing the Envelope: The ‘Informalization’ of Labor in Postcommunist New EU Member States." >i>Work, Employment, and Society>/i> 21, no. 3: 551-564. 33 Žabko, M.A., and F. Rajevska. 2007. "Undeclared Work and Tax Evasion: Case of Latvia." Paper presented at a colloquium of the Belgian Federal Service for Social Security on Undeclared Work, Tax Evasion and Avoidance, Brussels, June. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:37-52 Template-Type: ReDIF-Article 1.0 Author-Name: Ryszard Rapacki Author-X-Name-First: Ryszard Author-X-Name-Last: Rapacki Author-Name: Mariusz Próchniak Author-X-Name-First: Mariusz Author-X-Name-Last: Próchniak Title: Economic Growth Accounting in Twenty-Seven Transition Countries, 1990-2003 Abstract: The aim of this paper is to conduct a growth accounting exercise for twentyseven transition economies in Central and Eastern Europe and the Commonwealth of Independent States. The analysis is divided into two parts. In part one we discuss the most salient features of these countries' growth paths between 1990 and 2003. The objective of the second part is to establish what proportion of the real GDP growth resulted from increased inputs of labor and capital and what was the contribution to growth of increased productivity of these factors (TFP). Our analysis has shown that changes in TFP were the most important driving force behind the GDP growth in former socialist countries. Journal: Eastern European Economics Pages: 69-112 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L307R66572R12464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arora, V., and A. Bhundia. 2003. "Potential Output and Total Factor Productivity Growth in Post-Apartheid South Africa." Working Paper no. 178, International Monetary Fund, Washington, DC. 2 Baier, S.L.; G.P. Dwyer Jr.; and R. Tamura. 2002. "How Important Are Capital and Total Factor Productivity for Economic Growth?" Working Paper no. 2002-2a, Federal Reserve Bank of Atlanta. 3 Barro, R.J. 1998. "Notes on Growth Accounting." Working Paper no. 6654, National Bureau of Economic Research, Cambridge, MA. 4 Barro, R.J., and X. Sala-i-Martin. 2003. >i>Economic Growth.>/i> Cambridge, MA: MIT Press. 5 Carlaw, K.I., and R.G. Lipsey. 2003. "Productivity, Technology, and Economic Growth: What Is the Relationship?" >i>Journal of Economic Surveys>/i> 17, no. 3: 457-495. 6 Caselli, F., and S. Tenreyro. 2005. "Is Poland the Next Spain?" Working Paper no. 11045, National Bureau of Economic Research, Cambridge, MA. 7 Chen, E.K.Y. 1997. "The Total Factor Productivity Debate: Determinants of Economic Growth in East Asia." >i>Asian-Pacific Economic Literature>/i> 11, no. 1: 18-39. 8 Chou, W.L., and K.Y. Wong. 2001. "Economic Growth and International Trade: The Case of Hong Kong." >i>Pacific Economic Review>/i> 6, no. 3: 313-329. 9 Chow, G., and A.I. Lin. 2002. "Accounting for Economic Growth in Taiwan and Mainland China: A Comparative Analysis." >i>Journal of Comparative Economics>/i> 30, no. 3: 507-530. 10 Colecchia, A., and P. Schreyer. 2002. "ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case?" >i>Review of Economic Dynamics>/i> 5, no. 2: 408-442. 11 De Broeck, M., and V. Koen. 2000. "The Great Contractions in Russia, the Baltics, and the Other Countries of the Former Soviet Union: A View from the Supply Side." Working Paper no. 32, International Monetary Fund, Washington, DC. 12 Englander, S., and A. Gurney. 1994. "OECD Productivity Growth: Medium-Term Trends." >i>OECD Economic Studies>/i> 22 (Spring): 111-128. 13 European Bank for Reconstruction and Development (EBRD). 1996-2004. >i>Transition Report.>/i> London. 14 Färe, R.; S. Grosskopf; and D. Margaritis. 2001. "APEC and the Asian Economic Crisis: Early Signals from Productivity Trends." >i>Asian Economic Journal>/i> 15, no. 3: 325-341. 15 Gapinski, J.H. 1996. "Heterogeneous Capital, Economic Growth, and Economic Development." >i>Journal of Macroeconomics>/i> 18, no. 4: 561-585. 16 Glikman, P. 2000. "Najważniejszy jest nowy majątek" [The Most Important Is New Wealth]. >i>Rzeczpospolita>/i>, June 26. 17 Glikman, P. 2002. "Szybszy wzrost nie zapewnia zmniejszenia bezrobocia" [Faster Growth Does Not Guarantee Decreasing Unemployment]. >i>Rzeczpospolita>/i>, March 23-24. 18 Gollin, D. 2002. "Getting Income Shares Right." >i>Journal of Political Economy>/i> 110, no. 2: 458-474. 19 Han, G.; K. Kalirajan; and N. Singh. 2002. "Productivity and Economic Growth in East Asia: Innovation, Efficiency, and Accumulation." >i>Japan and the World Economy>/i> 14, no. 4: 401-424. 20 Harberger, A.C. 1996. "Reflections on Economic Growth in Asia and the Pacific." >i>Journal of Asian Economics>/i> 7, no. 3: 365-392. 21 Hayami, Y., and J. Ogasawara. 1999. "Changes in the Sources of Modern Economic Growth: Japan Compared with the United States." >i>Journal of the Japanese and International Economics>/i> 13, no. 1: 1-21. 22 Hsieh, C.T. 2002. "What Explains the Industrial Revolution in East Asia? Evidence from the Factor Markets." >i>American Economic Review>/i> 92, no. 3: 502-526. 23 Imai, H. 2001. "Structural Transformation and Economic Growth in Hong Kong: Another Look at Young's Hong Kong Thesis." >i>Journal of Comparative Economics>/i> 29, no. 2: 366-382. 24 International Monetary Fund (IMF). 2005. "World Economic Outlook Database." Washington, DC (available at >a target="_blank" href='http://www.imf.org/external/pubs/ft/weo/2005/01/data/index.htm'>www. imf.org/external/pubs/ft/weo/2005/01/data/index.htm>/a> 25 Kim, J.I., and L.J. Lau. 1994. "The Sources of Economic Growth of the East Asian Newly Industrialized Countries." >i>Journal of the Japanese and International Economics>/i> 8, no. 3: 235-271. 26 King, R.G., and R. Levine. 1994. "Capital Fundamentalism, Economic Development, and Economic Growth." >i>Carnegie-Rochester Conference Series on Public Policy>/i> 40, no. 1: 259-292. 27 Kohli, U. 1997. "Accounting for Recent Economic Growth in Southeast Asia." >i>Review of Development Economics>/i> 1, no. 3: 245-256. 28 Krüger, J.J. 2003. "The Global Trends of Total Factor Productivity: Evidence from the Nonparametric Malmquist Index Approach." >i>Oxford Economic Papers>/i> 55, no. 2: 265-286. 29 Lains, P. 2003. "Catching Up to the European Core: Portuguese Economic Growth, 1910-1990." >i>Explorations in Economic History>/i> 40, no. 4: 369-386. 30 Mahadevan, R. 2002. "A Frontier Approach to Measuring Total Factor Productivity Growth in Singapore's Services Sector." >i>Journal of Economic Studies>/i> 29, no. 1: 48-58. 31 Nehru, V., and A. Dhareshwar. 1994. "New Estimates of Total Factor Productivity Growth for Developing and Industrial Countries." Policy Research Working Paper no. 1313, World Bank, Washington, DC. 32 Rapacki, R. 2002. "Możliwości przyspieszenia wzrostu gospodarczego w Polsce" [The Feasibility of Accelerating Economic Growth in Poland]. >i>Ekonomista>/i> 4: 469-493. 33 Rzońca, A. 2002. "Rachunek wzrostu na przykładzie gospodarki Irlandii w latach dziewięćdziesiątych" [Growth Accounting for the Irish Economy During the 1990s]. Materiały i Studia NBP no. 149, National Bank of Poland, Warsaw. 34 Voon, J.P., and E.K.Y. Chen. 2003. "Contributions of Capital Stock Quality Improvement to Economic Growth: The Case of Hong Kong." >i>Journal of Asian Economics>/i> 14, no. 4: 631-644. 35 Wang, Y., and Y. Yao. 2003. "Sources of China's Economic Growth 1952-1999: Incorporating Human Capital Accumulation." >i>China Economic Review>/i> 14, no. 1: 32-52. 36 World Bank. 2005. "World Development Indicators." Washington, DC (available at >a target="_blank" href='http://devdata.worldbank.org/data-query/'>http://devdata.worldbank.o rg/data-query/>/a> 37 Young, A. 1994. "Lessons from the East Asian NICs: A Contrarian View." >i>European Economic Review>/i> 38, nos. 3-4: 964-973. 38 Young, A. 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience." >i>Quarterly Journal of Economics>/i> 110, no. 3: 641-680. 39 Zienkowski, L. 2001. "Wydajność pracy i kapitału w Polsce" [Labor and Capital Productivity in Poland]. >i>Wiadomości Statystyczne>/i> 2: 36-49. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:69-112 Template-Type: ReDIF-Article 1.0 Author-Name: Shirley J. Gedeon Author-X-Name-First: Shirley J. Author-X-Name-Last: Gedeon Author-Name: Dzenan Djonlagic Author-X-Name-First: Dzenan Author-X-Name-Last: Djonlagic Title: Monetary Policy in Bosnia and Herzegovina Under the Currency Board Regime Abstract: It is widely held that one major strength of a currency board regime (CBR) over traditional central banking is that monetary policy is deactivated and the central bank primarily acts as a warehouse, issuing domestic currency against foreign currency holdings. The payments adjustment mechanism, functioning like the price-specie-flow mechanism of the gold standard, is understood to provide for endogenous changes in domestic money supply. We challenge the argument that monetary policy intervention is not necessary or pursued under CBRs. Using the CBR of Bosnia and Herzegovina as a case study, we show that banks resort to creating their own central bank intermediaries to carry out open market operations needed to address liquidity challenges and the mismatch of maturity of deposits with loans. Journal: Eastern European Economics Pages: 21-36 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T22H6V1149267Q65 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Balino, T.; C. Enoch; and A. Ize. 1997. "Currency Board Arrangements: Issues and Experiences." Occasional Paper no. 151, International Monetary Fund, Washington, DC, August. 2 Berensmann, K. 2004. "Monetary Policy Under Currency Board Arrangements: A Necessary Flexibility for Transition Countries?" In >i>Modern-Day European Currency Boards: Practice and Prospects>/i>, ed. D. Kovacevic, pp. 84-123. Sarajevo: Central Bank of Bosnia and Herzegovina. 3 Causevic, F. 2001. "Employment and Privatization." In >i>International Support Policies to South-East European Countries: Lessons (Not) Learned in B-H>/i>, ed. Z. Papic, pp. 70-80. Sarajevo: Open Society Fund BH, Soros Foundation. 4 Causevic, F. 2004. >i>Razvoj Trzista Novca u Bosni I Hercegovini>/i> [Money Market Development in Bosnia and Herzegovina]. Sarajevo: Economics Institute of Sarajevo, December 2004. 5 Central Bank of Bosnia and Herzegovina (CBBH). 2007a. >i>Annual Report.>/i> Sarajevo: CBBH. 6 Central Bank of Bosnia and Herzegovina (CBBH). 2007b. >i>Quarterly Bulletin>/i> no. 4. CBBH, Sarajevo. 7 Desquilbet J.-B., and N. Nenovsky. 2004. "Credibility and Adjustment: Gold Standards Versus Currency Boards." Discussion Paper no. 39, Bulgarian National Bank, Sofia. 8 Dornbusch, R., and F. Giavazzi. 1999. "Hard Currency and Sound Credit: A Financial Agenda for Central Europe." >i>EIP Papers>/i> 4, no. 2: 24-32. 9 Ghosh, A.; A.M. Gulde; and H. Wolf. 1998. "Currency Boards: The Ultimate Fix?" Working Paper no. 9818, International Monetary Fund, Washington, DC, January. 10 Gravel, I. 2003. "Predicting Financial Crisis in Developing Economies: Astronomy or Astrology?" >i>Eastern Economic Journal>/i> 29, no. 2 (Spring): 243-258. 11 Hanke, S.H., and K. Schuler. 1991. >i>Currency Boards for Eastern Europe.>/i> Washington, DC: Heritage Foundation. 12 Hanke, S.H., and K. Schuler. 1994. >i>Currency Boards for Developing Countries: A Handbook.>/i> San Francisco: ICS Press. 13 International Monetary Fund. 2006a. "Bosnia and Herzegovina: Financial System Stability Assessment." Country Report 06/403, International Monetary Fund, Washington, DC, November. 14 International Monetary Fund. 2006b. "Credit Flows, Fiscal Policy, and the External Deficit of Bosnia and Herzegovina." Working Paper WP/06/276, International Monetary Fund, Washington, DC. 15 International Monetary Fund. 2007a. "Bosnia and Herzegovina: 2007 Article IV Consultation—Staff Report." Country Report no. 07/268, International Monetary Fund (August), Washington, DC. 16 International Monetary Fund. 2007b. "Bosnia and Herzegovina: Selected Issues," Country Report no. 07/269, Washington, DC, August. 17 Kanda, D. 2006a. "Bosnia and Herzegovina: Financial System Stability Assessment." Country Report 06/403, International Monetary Fund, Washington, DC, November. 18 Kanda, D. 2006b. "Credit Flows, Fiscal Policy, and the External Deficit of Bosnia and Herzegovina." Working Paper no. 06/276, International Monetary Fund, Washington, DC, December. 19 Kopcke, R.W. 1999. "Currency Boards: Once and Future Monetary Regimes?" >i>New England Economic Review>/i> (May): 21-37. 20 Krstic, G., and P. Sanfey. 2007. "Mobility, Poverty and Well-Being Among the Informally Employed in Bosnia and Herzegovina." >i>Economic Systems>/i> 31, no. 3: 311-335. 21 Lewis, M.K. 2002. "Currency Boards and Currency Arrangements in Transition Economies." In >i>Banking Reforms in South East Europe>/i>, ed. Z. Sevic, pp. 125-145. Cheltenham, UK: Edward Elgar. 22 Minsky, H. 1982a. "The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to ‘Standard’ Theory." In >i>Can "It" Happen Again?>/i> ed. H. Minsky, pp. 59-70. Armonk, NY: M.E. Sharpe. 23 Minsky, H. 1982b. "The Financial Instability Hypothesis: A Restatement." In >i>Can "It" Happen Again?>/i> ed. H. Minsky, pp. 90-116. Armonk, NY: M.E. Sharpe. 24 Ponsot, J.F. 2006. "European Experiences of Currency Boards: Estonia, Lithuania, Bulgaria, and Bosnia and Herzegovina." In >i>Monetary Integration and Dollarization>/i>, ed. M. Vernengo, pp. 28-60. Cheltenham, UK: Edward Elgar. 25 Schwartz, A. 1993. "Currency Boards: Their Past, Present, and Possible Future Role." >i>Carnegie-Rochester Conference Series on Public Policy>/i> 39, no. 1: 147-187. 26 Silajdzic, S. 2005. "The Currency Board Trap: The Case of Bosnia and Herzegovina." >i>International Journal of Applied Econometrics and Quantitative Studies>/i> 2, no. 2: 47-79. 27 Stojanov, D.; F. Hadzic; Z. Racic; and A. Efendic. 2004. "Survey and Analysis of the Debt Structure of a Sample of Bosnian Enterprises." Economic Institute of Sarajevo, Sarajevo, September. 28 Treadgold, M.L. 2003. "The Philippine Currency Board Arrangement, 1945-48: A Case of Deflationary Bias?" >i>Financial History Review>/i> 10, no. 1 (April): 57-74. 29 Williamson, J. 1995. >i>What Role for Currency Boards?>/i> Washington, DC: Institute for International Economics. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:21-36 Template-Type: ReDIF-Article 1.0 Author-Name: Srečko Devjak Author-X-Name-First: Srečko Author-X-Name-Last: Devjak Author-Name: Andraž Grum Author-X-Name-First: Andraž Author-X-Name-Last: Grum Author-Name: Nina VerÅ¡nik Čemas Author-X-Name-First: Nina VerÅ¡nik Author-X-Name-Last: Čemas Title: Entering the Euro System: Banking System Experience in Slovenia Abstract: With Slovenia's entry in the euro system, the instruments of the Bank of Slovenia matured gradually. Banks and savings banks within the banking system invested the acquired liquidity in line with an investment strategy and tendency to assume risks for investments in alternative debt securities. Using a mathematical model, this paper estimates how much the interest rate risk as a market (price) risk has increased within the entire banking system since Slovenia's entry into the euro system. The estimated increase of interest rate risk is compared to the portfolio of alternative debt securities, volume of regulatory capital, and net profit sum of banks and savings banks in the Slovenian financial area in 2006, to assess accurately the significance of interest rate risk within the banking system and on the required supervisory operations of the Bank of Slovenia. Our findings are also of interest to countries with central banks that have not been integrated into the euro system and also issue securities in conducting their monetary policies. Journal: Eastern European Economics Pages: 53-68 Issue: 2 Volume: 47 Year: 2009 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U6356M56X3151V87 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bank for International Settlements (BIS). 1999. >i>Zero-Coupon Yield Curves: Technical Documentation.>/i> Basel. 2 Beeck, H.; J. Lutz; and R. Bernd. 1999. "Value at Risk Limitstrukturen zur Steuerung und Begrenzung von Marktrisike im Aktienbereich" [Value at Risk Limit Structure for Management and Limitation of Market Risk in Trading with Equities]. >i>OR-Spektrum>/i> 1-2: 259-286. 3 Best, P. 1998. >i>Implementing Value at Risk.>/i> Chichester, UK: John Wiley and Sons. 4 Bolder, D.J., and S. Gusba. 2002. "Exponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of Canada." Working Paper 2002-29, Bank of Canada, Ottawa. 5 Bollerslev, T. 1986. "Generalized Autoregressive Conditional Heteroskedasticity." >i>Journal of Econometrics>/i> 31, no. 3: 307-327. 6 Boudoukh, J.; M.P. Richardson; and R. Whitelaw. 1998. "The Best of Both Worlds: A Hybrid Approach to Calculating Value at Risk." >i>Risk>/i> 11, no. 5: 64-67. 7 Darbha, G. 2001. "Value-at-Risk for Fixed Income Portfolios—A Comparison of Alternative Models." National Stock Exchange, Mumbai. 8 Dombrecht, M., and R. Wouters. 1999. "Technical Note on the Estimation Procedure for the Belgian Yield Curve." Zero-Coupon Yield Curves: Technical Documentation, Bank for International Settlements, Basel, March 1-2. 9 Duffie, D., and J. Pan. 1997. "An Overview of Value at Risk." >i>Journal of Derivatives>/i> 4, no. 3: 7-49. 10 European Central Bank (ECB). 2005. >i>Statistical Classification of Financial Markets Instruments.>/i> Frankfurt. 11 Grum, A. 2006. "Development of Slovenian Government Debt Market and the Estimation of the Yield Curve." Financial Stability Report, Professional Papers, Bank of Slovenia, Ljubljana. 12 Hull, J., and A. White. 1998. "Incorporating Volatility into the Historical Simulation Method for VaR." >i>Journal of Risk>/i> 1, no. 1: 5-20. 13 Jorion, P. 2001. >i>Value at Risk: The New Benchmark for Controlling Market Risk>/i>, 2d ed. New York: McGraw-Hill. 14 Mausser, H., and D. Rosen. 1998. "Beyond VaR: From Measuring Risk to Managing Risk." >i>Algo Research Quarterly>/i> 1, no. 2: 5-20. 15 Nelson, C., and A.F. Siegel. 1987. "Parsimonious Modelling of Yield Curves." >i>Journal of Business>/i> 60, no. 4: 473-489. 16 Penza, P., and V.K. Bansal. 2001. >i>Measuring Market Risk with Value at Risk.>/i> New York: John Wiley. 17 Poon, S.-I., and C. Granger. 2003. "Forecasting Volatility in Financial Markets: A Review." >i>Journal of Economic Literature>/i> 41, no. 2: 478-539. 18 Pritsker, M. 1997. "Evaluating Value at Risk Methodologies." >i>Journal of Financial Services Research>/i> 12, nos. 2-3: 201-242. 19 Svensson, L.E.O. 1995. "Estimating Forward Interest Rates with the Extended Nelson and Siegel Method." >i>Sveriges Riksbank Quarterly Review>/i> 3: 13-26. 20 Taylor, S.J. 1986. >i>Modelling Financial Time Series.>/i> Chichester, UK: John Wiley. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:2:p:53-68 Template-Type: ReDIF-Article 1.0 Author-Name: Athanasios Vamvakidis Author-X-Name-First: Athanasios Author-X-Name-Last: Vamvakidis Title: Convergence in Emerging Europe Abstract: The emerging European economies have been converging rapidly toward the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper up to the end of 2007 and based on a number of methodologies suggests that the convergence trend of emerging Europe is based on strong fundamentals and is expected to continue, but at a slower pace. Moreover, the convergence path may be volatile, as countries with large external imbalances adjust, with risks of a hard landing in some cases. The results also suggest that policy could do more to address the region's imbalances. Journal: Eastern European Economics Pages: 5-27 Issue: 3 Volume: 47 Year: 2009 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=41H376046M421030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abiad, A., and D. Leigh. 2005. "Growth and Current Account Performance: Results from a Cross-Country Model." In >i>Hungary: Selected Issues>/i>, ch. 1. Washington, DC: International Monetary Fund. 2 Abiad, A., and A. Mody. 2007. "International Finance and Income Convergence: Europe Is Different." Working Paper 07/64, International Monetary Fund, Washington, DC. 3 Aghion, P., and S.N. Durlauf. 2005. >i>Handbook of Economic Growth.>/i> Amsterdam: North-Holland. 4 Arora, V., and A. Vamvakidis. 2005. "How Much Do Trading Partners Matter for Economic Growth?" >i>IMF Staff Papers>/i> 52, no. 1: 24-40. 5 Barro, R., and X. Sala-í-Martin. 2004. >i>Economic Growth>/i>, 2d ed. New York: McGraw-Hill. 6 Berg, A.; E. Borensztein, G. Maria Milesi-Ferretti; and C. Pattillo. 2000. "Anticipating Balance of Payments Crises: The Role of Early Warning Systems." IMF Occasional Paper 186, International Monetary Fund, Washington, DC. 7 Berg, A.; E. Borensztein; and C. Pattillo. 2004. "Assessing Early Warning Systems: How Have They Worked in Practice?" IMF Working Paper 04/52, International Monetary Fund, Washington, DC. 8 Berg, A., and C. Pattillo. 1999. "Predicting Currency Crises: The Indicators Approach and an Alternative." >i>Journal of International Money and Finance>/i> 18, no. 4: 561-586. 9 Blanchard, O., and F. Giavazzi. 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle?" >i>Brookings Papers on Economic Activity>/i> 2: 147-186. 10 Fischer, S. 1993. "The Role of Macroeconomic Factors in Growth." >i>Journal of Monetary Economics>/i> 32, no. 3: 485-512. 11 George, D.A.R.; L. Oxley; and K.I. Carlaw. 2004. >i>Surveys in Economic Growth: Theory and Empirics.>/i> Oxford: Blackwell. 12 Gray, G., and K. Miyajima. 2006. "Integration, External Imbalances, and Adjustment: The Latvian Experience." In >i>Republic of Latvia: Selected Issues>/i>, ch. 1. Washington, DC: International Monetary Fund. 13 Helpman, E. 2004. >i>The Mystery of Economic Growth.>/i> Cambridge, MA: Belknap Press. 14 Hilbers, P.L.C.; I. Ötker; C. Pazarbasioglu; and G. Johnsen. 2005. "Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies." Working Paper 05/151, International Monetary Fund, Washington, DC. 15 Hodrick, R., and E.C. Prescott. 1997. "Postwar U.S. Business Cycles: An Empirical Investigation." >i>Journal of Money, Credit, and Banking>/i> 29, no. 1: 1-16. 16 International Monetary Fund (IMF). 2007. "Regional Economic Outlook: Europe." European Department, Washington, DC, November. 17 International Monetary Fund (IMF). 2008. "Regional Economic Outlook: Europe." European Department, Washington, DC, April. 18 Kaminsky, G.; S. Lizondo; and C.M. Reinhart. 1998. "Leading Indicators of Currency Crises." >i>IMF Staff Papers>/i> 45, no. 1: 1-48. 19 Leigh, D. 2005. "Current Account Sustainability." In >i>Republic of Lithuania: Selected Issues>/i>, ch. 2. Washington, DC: International Monetary Fund. 20 Levine, R., and D. Renelt. 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions." >i>American Economic Review>/i> 82, no. 4: 942-963. 21 Milesi-Ferretti, G.M., and A. Razin. 1997. "Sharp Reductions in Current Account Deficits: An Empirical Analysis." Working Paper 97/168, International Monetary Fund, Washington, DC. 22 Moore, D., and A. Vamvakidis. 2008. "Economic Growth in Croatia: Potential and Constraints." >i>Financial Theory and Practice>/i> 32, no. 1: 1-28. 23 Pritchett, L. 1997. "Divergence, Big Time." >i>Journal of Economic Perspectives>/i> 11, no. 3: 3-17. 24 Rahman, J. 2008. "Current Account Developments in New Member States of the European Union: Equilibrium, Excess, and EU-Phoria." Working Paper 08/92, International Monetary Fund, Washington, DC. 25 Schadler, S.; A. Mody; A. Abiad; and D. Leigh. 2006. "Growth in the Central and Eastern European Countries of the European Union." Occasional Paper 252, International Monetary Fund, Washington, DC. 26 Temple, J. 2000. "Growth Regressions and What the Textbooks Don't Tell You." >i>Bulletin of Economic Research>/i> 52, no. 3: 181-205. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:3:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: Annekatrin Niebuhr Author-X-Name-First: Annekatrin Author-X-Name-Last: Niebuhr Author-Name: Friso Schlitte Author-X-Name-First: Friso Author-X-Name-Last: Schlitte Title: EU Enlargement and Convergence Abstract: Economic integration in Europe has been accompanied by concerns about the effect of integration on regional disparities in the European Union. This paper investigates the effects of the most recent EU enlargement on convergence among countries and regions in the EU-27. Departing from a new economic geography framework, we focus on integration effects caused by changes in market access, released by a reduction of trade impediments. Special attention is paid to the catching-up process of the new member states (NMSs) and the development of regional disparities within the East European countries. From 1995 to 2004, the EU integration process was marked by an economic catching-up of the NMSs. At the same time, regional within-country disparities in the NMSs have been increasing. Our simulation analysis shows that trade integration has a strong effect on market potentials in East European regions. Comparatively strong changes in market access are supposed to foster the East European catching-up at the national and regional levels. However, accounting for these integration effects does not significantly alter the findings of our convergence analysis. Journal: Eastern European Economics Pages: 28-56 Issue: 3 Volume: 47 Year: 2009 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=68123154225J7505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abreu, M.; H.L.F. De Groot; and R.J.G.M. Florax. 2005. "Space and Growth: A Survey of Empirical Evidence and Methods." >i>Région et Développement>/i> 21, no. 1: 13-44. 2 Anselin, L. 1988. >i>Spatial Econometrics: Methods and Models.>/i> Boston: Kluwer Academic. 3 Anselin, L., and R.J.G.M. Florax. 1995. "Small Sample Properties of Tests for Spatial Dependence in Regression Models." In >i>New Directions in Spatial Econometrics>/i>, ed. L. Anselin and R.J.G.M. Florax, pp. 3-18. Berlin: Springer. 4 Armstrong, H.W. 1995. "Convergence Among Regions in the European Union, 1950-1990." >i>Papers in Regional Science>/i> 74, no. 2: 143-152. 5 Baldwin, R.; J. François; and R. Portes. 1997. "The Costs and Benefits of Eastern Enlargement: The Impact on the EU and Central Europe." >i>Economic Policy>/i> 24: 127-176. 6 Barro, R.J., and X. Sala-í-Martin. 1995. >i>Economic Growth.>/i> New York: McGraw-Hill. 7 Behrens, K.; C. Gaigne; G.I.P. Ottaviano; and J.-F. Thisse. 2007. "Countries, Regions, and Trade: On the Welfare Impacts of Economic Integration." >i>European Economic Review>/i> 51, no. 5: 1277-1301. 8 Brakman, S.; H. Garretsen; and M. Schramm. 2002. "New Economic Geography in Germany: Testing the Helpman-Hanson Model." Discussion Paper 172, Hamburg Institute of International Economics, Hamburg. 9 Breuss, F. 2001. "Macroeconomic Effects of EU Enlargement for Old and New Members." Working Paper 143, Austrian Institute of Economic Research, WIFO, Vienna. 10 Bröcker, J. 1998. "How Would an EU Membership of the Visegrád Countries Affect Europe's Economic Geography?" >i>Annals of Regional Science>/i> 32, no. 1: 91-114. 11 Brülhart, M.; M. Crozet; P. Koenig. 2004. "Enlargement and the EU Periphery: The Impact of Changing Market Potential." >i>World Economy>/i> 27, no. 6: 853-875. 12 Crozet, M., and P. Koenig-Soubeyran. 2004. "EU Enlargement and the Internal Geography of Countries." >i>Journal of Comparative Economics>/i> 32, no. 2: 265-279. 13 De la Fuente, A., and X. Vives. 1995. "Infrastructure and Education as Instruments of Regional Policy: Evidence from Spain." >i>Economic Policy>/i> 10, no. 20: 13-51. 14 European Commission. 2004. >i>A New Partnership for Cohesion: Convergence, Competitiveness, Cooperation.>/i> Third report on economic and social cohesion. Luxembourg. 15 Feldkircher, M. 2006. "Regional Convergence Within the EU-25: A Spatial Econometric Analysis." In >i>New Regional Economics in Central European Economies: The Future of CENTROPE>/i>, ed. Österreichische Nationalbank, pp. 101-119. Vienna: Oesterreichische Nationalbank. 16 Fischer, M., and C. Stirböck. 2004. "Regional Income Convergence in the Enlarged Europe, 1995-2000: A Spatial Econometric Perspective." Discussion Paper 04-42, Centre for European Economic Research, ZEW. 17 Fujita, M.; P. Krugman; and A.J. Venables. 1999. >i>The Spatial Economy.>/i> Cambridge, MA: MIT Press. 18 Geppert, K.; M. Happich; and A. Stephan. 2005. "Regional Disparities in the European Union: Convergence and Agglomeration." Discussion Paper 525, German Institute for Economic Research, DIW, Berlin. 19 Hanson, G.H. 2005. "Market Potential, Increasing Returns, and Geographic Concentration." >i>Journal of International Economics>/i> 67, no. 1: 1-24. 20 Head, K., and T. Mayer. 2000. "Non-Europe: The Magnitude and Causes of Market Fragmentation in the EU." >i>Weltwirtschaftliches Archiv>/i> 136, no. 2: 284-314. 21 Jasmand, S., and S. Stiller. 2005. "Capital Cities in the New EU-States: Current Trends and Economic Status Quo." >i>Intereconomics>/i> 38, no. 5: 298-305. 22 Krugman, P. 1993. "Integration, Specialization, and Adjustment." Working Paper 4559, National Bureau of Economic Research, Cambridge, MA. 23 Krugman, P., and R. Livas Elizondo. 1996. "Trade Policy and the Third World Metropolis." >i>Journal of Development Economics>/i> 49, no. 1: 137-150. 24 Krugman, P., and A.J. Venables. 1990. "Integration and the Competitiveness of Peripheral Industry." In >i>Unity with Diversity in the European Economy: The Community's Southern Frontier>/i>, ed. C. Bliss, pp. 56-77. Cambridge: Cambridge University Press. 25 LeGallo, J.; C. Ertur; and C. Baumont. 2003. "A Spatial Econometric Analysis of Convergence Across European Regions, 1980-1995." In >i>European Regional Growth>/i>, ed. B. Fingleton, pp. 11-53. Berlin: Springer. 26 Midelfart, K.-H.; H.G. Overman; and A.J. Venables. 2003. "Monetary Union and the Economic Geography of Europe." >i>Journal of Common Market Studies>/i> 41, no. 5: 847-868. 27 Mion, G. 2004. "Spatial Externalities and Empirical Analysis: The Case of Italy." >i>Journal of Urban Economics>/i> 56, no. 1: 97-118. 28 Monfort, P., and R. Nicolini. 2000. "Regional Convergence and International Integration." >i>Journal of Urban Economics>/i> 48, no. 2: 286-306. 29 Niebuhr, A. 2006. "Market Access and Regional Disparities: New Economic Geography in Europe." >i>Annals of Regional Science>/i> 40, no. 2: 313-334. 30 Niebuhr, A. 2008. "The Impact of EU Enlargement on European Border Regions." >i>International Journal of Public Policy>/i> 3, nos. 3-4: 163-186. 31 Paas, T., and F. Schlitte. 2008. "Regional Income Inequality and Convergence Processes in the EU-25." >i>Italian Journal of Regional Science>/i> 7, no. 2: 29-49. 32 Pace, R.K., J.P. LeSage. 2006. "Interpreting Spatial Econometric Models." Paper presented at the North American Meeting of the Regional Science Association International, Toronto, November. 33 Paluzie, E. 2001. "Trade Policies and Regional Inequalities." >i>Papers in Regional Science>/i> 80, no. 1: 67-85. 34 Pfaffermayr, M.; P. Huber; and Y. Wolfmayr. 2004. "Market Potential and Border Effects in Europe." Working Paper 235, Austrian Institute of Economic Research, WIFO, Vienna. 35 Quah, D.T. 1996. "Empirics for Economic Growth and Convergence." >i>European Economic Review>/i> 40, no. 6: 1353-1375. 36 Tondl, G., and G. Vuksic. 2007. "Catching Up of Eastern European Regions: The Role of Foreign Investment, Human Resources, and Geography." In >i>Trade, Integration, and Institutional Reforms in Latin America and the EU>/i>, ed. R. Eisen, A.M. Diaz Cafferata, A.E. Neder, and M.L. Recalde, pp. 65-90. Frankfurt: Lang. 37 Wooldridge, J. 2006. >i>Introductory Econometrics>/i>, 3d ed. Mason, OH: Thomson South Western. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:3:p:28-56 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislav Cernosa Author-X-Name-First: Stanislav Author-X-Name-Last: Cernosa Title: Intra-Industry Trade and Industry-Specific Determinants in Slovenia: Manual Labour as Comparative Advantage Abstract: This paper tests the industry-specific hypothesis for Slovenia as a former party to the Central European Free Trade Agreement. The values of horizontal and vertical intra-industry trade (IIT) of the ninety chosen manufacturing activities represent the dependent variable, whereas product differentiation, economies of scale, market structure, and multinational enterprises represent independent variables. The results obtained from panel techniques find strong support for the effects of industry-specific determinants of vertical IIT. Manual labor intensity in production is a comparative advantage, whereas capital intensity in production is a disadvantage. Journal: Eastern European Economics Pages: 84-99 Issue: 3 Volume: 47 Year: 2009 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F075K8385041567M File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abd-el-Rahman, K. 1991. "Firms Competitive and National Comparative Advantages as Joint Determinants of Trade Composition." >i>Weltwirtschaftliches Archiv>/i> 127, no. 1: 83-97. 2 Aturupane, C.; S. Djankov; and B. Hoekman. 1999. "Horizontal and Vertical Intra-Industry Trade Between Eastern Europe and the European Union." >i>Weltwirtschaftliches Archiv>/i> 135, no. 1: 63-81. 3 Brander, J. 1981. "Intra-Industry Trade in Identical Commodities." >i>Journal of International Economics>/i> 11, no. 1: 1-14. 4 Brander, J., and P. Krugman. 1983. "A ‘Reciprocal Dumping’ Model of International Trade." >i>Journal of International Economics>/i> 15, no. 2: 313-321. 5 Crespo, N.F., and P. Fontoura. 2004. "Intra-Industry Trade Types: What Can We Learn from Portuguese Data?" >i>Weltwirtschaftliches Archiv>/i> 140, no. 1: 53-79. 6 ČernoÅ¡a, S. 2007. "Horizontal and Vertical Intra-Industry Trade Between the Former CEFTA Countries and European Union." >i>Managing Global Transitions>/i> 5, no. 2: 157-178. 7 Dixit, A.K., and V. Norman. 1980. >i>Theory of International Trade.>/i> Cambridge: Cambridge University Press. 8 Durkin, T.J., and M. Krygier. 2000. "Differences in GDP per Capita and the Share of Intra-Industry Trade: The Role of Vertically Differentiated Trade." >i>Review of International Economics>/i> 8, no. 4: 760-774. 9 Eaton, J., and H. Kierzkowski. 1984. "Oligopolistic Competition, Product Variety, and International Trade." In >i>Monopolistic Competition and International Trade>/i>, ed. H. Kierzkowski, pp. 69-83. Oxford: Clarendon Press. 10 Falvey, E.R. 1981. "Commercial Policy and Intra-Industry Trade." >i>Journal of International Economics>/i> 11, no. 4: 495-511. 11 Greenaway, D.; R. Hine; and C. Milner. 1994. "Country-Specific Factors and the Pattern of Horizontal and Vertical Intra-Industry Trade in the UK." >i>Weltwirtschaftliches Archiv>/i> 130, no. 1: 77-100. 12 Greenaway, D.; R. Hine; and C. Milner. 1995. "Vertical and Horizontal Intra-Industry Trade: A Cross-Industry Analysis for the UK." >i>Economic Journal>/i> 105, no. 433: 1505-1518. 13 Grubel, H., and P. Lloyd. 1975. >i>Intra-Industry Trade: The Theory and Measurement of International Trade in Differentiated Products.>/i> London: Macmillan. 14 Helpman, E. 1981. "International Trade in the Presence of Product Differentiation, Economies of Scale, and Monopolistic Competition: A Chamberlin-Hecksher-Ohlin Approach." >i>Journal of International Economics>/i> 11, no. 3: 305-340. 15 Helpman, E., and P. Krugman. 1985. >i>Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy.>/i> Brighton: Wheatsheaf Books. 16 Krugman, P. 1980. "Scale Economies, Product Differentiation, and the Pattern of Trade." >i>American Economic Review>/i> 70, no. 4: 950-959. 17 Markusen, R.J., and A.J. Venables. 1996. "Theory of Endowment, Intra-Industry Trade, and Multinational Trade." Discussion Paper 1341, Center for Economic Policy Research, London. 18 Milgram-Baleix, J., and A. Moro-Egido. 2006. "Do Endowments Matter for Vertical Intra-Industry Trade with Emerging Countries? Empirical Evidence for Spain." >i>Economics Bulletin>/i> 6, no. 12: 1-17. 19 Shaked, A., and J. Sutton. 1984. "Natural Oligopolies and International Trade." In >i>Monopolistic Competition and International Trade>/i>, ed. H. Kierzkowski, pp. 34-50. Oxford: Oxford University Press. 20 Veeramani, C. 2007. "Industry-Specific Determinants of Intra-Industry Trade in India." >i>Indian Economic Review>/i> 42, no. 2: 211-219. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:3:p:84-99 Template-Type: ReDIF-Article 1.0 Author-Name: Kamila Fialová Author-X-Name-First: Kamila Author-X-Name-Last: Fialová Author-Name: Ondřej Schneider Author-X-Name-First: Ondřej Author-X-Name-Last: Schneider Title: Labor Market Institutions and Their Effect on Labor Market Performance in the New EU Member Countries Abstract: This paper focuses on the role of labor market institutions in explaining different labor market developments in European countries, paying special attention to the new EU member countries. This may allow us to analyze the effects of various institutional setups and their changes to major labor market indicators. We complement several studies from the late 1990s by using more recent data that allow us to compare institutional setups from the mid-1990s and early 2000s in both old and new EU member states. We estimate the effects of labor market institutions on various performance indicators (unemployment, long-term unemployment, employment, activity rate). Our results confirm that high taxes increase unemployment, whereas active labor market policies tend to reduce it. We also show that stricter employment protection, higher taxes, and a larger economic burden represented by the minimum wage decrease employment and activity rates. Statistical tests indicate a difference in the institutional effects between old and new EU members. Journal: Eastern European Economics Pages: 57-83 Issue: 3 Volume: 47 Year: 2009 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N25761T381215138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baker, D.; D. Howell; and J. Schmitt. 2005. "Labor Market Institutions and Unemployment." In >i>Fighting Unemployment: The Limits of Free Market Orthodoxy>/i>, ed. D.R. Howell, pp. 72-118. Oxford: Oxford University Press. 2 Blanchard, O., and J. Wolfers. 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence." >i>Economic Journal>/i> 110, no. 462: C1-C33. 3 Blanchflower, D.G. 2001. "Unemployment, Well-Being, and Wage Curves in Eastern and Central Europe." >i>Journal of the Japanese and International Economies>/i> 15, no. 4: 364-402. 4 Boeri, T. 2005. "Reforming Labor and Product Markets: Some Lessons from Two Decades of Experiments in Europe." Working Paper 05/97, International Monetary Fund, Washington, DC. 5 Brandt, N.; J.-M. Burniaux; and R. Duval. 2005. "Assessing the OECD Jobs Strategy: Past Developments and Reforms." Working Paper 429, Economics Department, Organization for Economic Cooperation and Development, Paris. 6 Brown, C.; C. Gilroy; and A. Kohen. 1982. "The Effect of the Minimum Wage on Employment and Unemployment." >i>Journal of Economic Literature>/i> 20, no. 2: 487-528. 7 Cahuc, P., and P. Michel. 1996. "Minimum Wage, Unemployment, and Growth." >i>European Economic Review>/i> 40, no. 7: 1463-1482. 8 Calmfors, L., and J. Drifill. 1988. "Bargaining Structure, Corporatism, and Macroeconomic Performance." >i>Economic Policy>/i> 3, no. 6: 14-61. 9 Cazes, S. 2002. "Do Labor Market Institutions Matter in Transition Economies? An Analysis of Labor Market Flexibility in the Late Nineties." Discussion Paper DP/140/2002, International Labor Organization, Geneva. 10 Cazes, S., and A. Nesporova. 2003. >i>Labor Markets in Transition: Balancing Flexibility and Security in Central and Eastern Europe.>/i> Geneva: International Labor Organization. 11 Daveri, F., and G. Tabellini. 2000. "Unemployment, Growth, and Taxation in Industrial Countries." >i>Economic Policy>/i> 15, no. 30: 47-104. 12 Dolado, J.; F. Kramarz; S. Machin; A. Manning; D. Margolis; and C. Teulings. 1996. "The Economic Impact of Minimum Wages in Europe." >i>Economic Policy>/i> 23, no. 23: 317-372. 13 European Commission. 2005. >i>Second Implementation Report on the Internal Market Strategy 2003-2006.>/i> Brussels: European Commission. 14 Flek, V., and J. Vecernik. 2005. "The Labor Market in the Czech Republic: Trends, Policies, and Attitudes." >i>Czech Journal of Economics and Finance>/i> 55, no. 1-2: 5-24. 15 Freeman, R.B. 2007. "Labor Market Institutions Across the World." Working Paper 13242, National Bureau of Economic Research, Cambridge, MA. 16 Freeman, R.B., and E.P. Lazear. 1995. "An Economic Analysis of Works Councils." In >i>Works Councils: Consultations, Representations, Cooperation>/i>, ed. J. Rogers, pp. 27-50. Chicago: University of Chicago Press. 17 Griffith. R.; R. Harrison; and G. Macartney. 2006. "Product Market Reforms, Labor Market Institutions, and Unemployment." Discussion Paper 5599, Center for Economic Policy Research, London. 18 Heckman, J.J. 2007. "Comments on >i>Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence>/i> by David Howell, Dean Baker, Andrew Glyn, and John Schmitt." >i>Capitalism and Society>/i> 2, no. 1: article 5. 19 International Labor Organization (ILO). 2001. "Changing Labor Markets in Europe: The Role of Institutions and Policies." Geneva. 20 Keefer, P. 2005. "DPI2004 Database of Political Institutions: Changes and Variables Definitions." World Bank, Washington, DC. 21 Korpi, W. 1991. "Political and Economic Explanations for Unemployment: A Cross-National and Long-Term Analysis." >i>British Journal of Political Science>/i> 21, no. 3: 315-348. 22 Layard, R.; S. Nickell; and R. Jackman. 1991. >i>Unemployment: Macroeconomic Performance and the Labor Market.>/i> Oxford: Oxford University Press. 23 Lechner, M., and C. Wunsch. 2006. "Active Labor Market Policy in East Germany." Discussion Paper 2006/24, University of St. Gallen, St. Gallen. 24 Lindbeck, A. 1996. "Incentives in the Welfare State—Lessons for Would-Be Welfare States." Institute for International Economic Studies, Stockholm. 25 Manning, A. 1995. "How Do We Know That Real Wages Are Too High?" >i>Quarterly Journal of Economics>/i> 110, no. 4: 1111-1125. 26 Martin, J. 2000. >i>What Works Among Active Labor Market Policies: Evidence from OECD Countries' Experiences.>/i> OECD Economic Studies 30. Paris: OECD. 27 Nesporova, A. 2002. "Why Unemployment Remains So High in Central and Eastern Europe." Employment Paper 43/2002, International Labor Organization, Geneva. 28 Nickell, S. 1997. "Unemployment and Labor Market Rigidities: Europe Versus North America." >i>Journal of Economic Perspectives>/i> 11, no. 3: 55-74. 29 Nickell, S.J.; L. Nunziata; and W. Ochel. 2005. "Unemployment in the OECD Since the 1960s: What Do We Know?" >i>Economic Journal>/i> 115 (January): 1-27. 30 Nickell, S., and R. Layard. 1999. "Labor Market Institutions and Economic Performance." In >i>Handbook of Labor Economics>/i>, ed. O. Ashenfelter and D. Card, pp. 3029-3084. Amsterdam: Elsevier Science/North-Holland. 31 Organization for Economic Cooperation and Development (OECD). 1993. >i>Employment Outlook.>/i> Paris. 32 Organization for Economic Cooperation and Development (OECD). 1994. >i>The OECD Jobs Study: Facts, Analysis, Strategies.>/i> Paris. 33 Organization for Economic Cooperation and Development (OECD). 1997. >i>Employment Outlook.>/i> Paris. 34 Organization for Economic Cooperation and Development (OECD). 1998. >i>Employment Outlook.>/i> Paris. 35 Organization for Economic Cooperation and Development (OECD). 1999. >i>OECD Economic Outlook.>/i> Paris. 36 Organization for Economic Cooperation and Development (OECD). 2004. >i>Employment Outlook.>/i> Paris. 37 Olson, M. 1990. "How Bright Are the Northern Lights? Crafoord Lectures." Institute of Economic Research, Lund, Sweden. 38 Rebitzer, J., and L. Taylor. 1995. "The Consequences of Minimum Wage Laws: Some New Theoretical Ideas." >i>Journal of Public Economics>/i> 56, no. 2 (February): 245-255. 39 Riboud, M.; C. Sánchez-Páramo; and C. Silva-Jáuregui. 2001. >i>Does Eurosclerosis Matter? Institutional Reform and Labor Market Performance in Central and Eastern European Countries in the 1990s.>/i> Washington, DC: World Bank. 40 Scarpetta, S. 1996. "Assessing the Role of Labour-Market Policies and Institutional Factors on Unemployment: A Cross Country Study." OECD Economic Studies no. 26, Paris, October. 41 Schulten, T. 2005. "Changes in National Collective Bargaining Systems Since 1990." >i>EIROnline>/i>, May 17 (available at >a target="_blank" href='http://www.eurofound.europa.eu/eiro/2005/03/study/tn0503102s.htm'>ww w.eurofound.europa.eu/eiro/2005/03/study/tn0503102s.htm>/a> 42 Stigler, G. 1946. "The Economics of Minimum Wage Legislation." >i>American Economic Review>/i> 36, no. 3: 358-365. 43 Teulings, C., and J. Hartog. 1998. >i>Corporatism or Competition>/i>? Cambridge: Cambridge University Press. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:3:p:57-83 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 47 Year: 2009 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U0511J1221238252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Emre Ozsoz Author-X-Name-First: Emre Author-X-Name-Last: Ozsoz Title: Evaluating the Effects of Deposit Dollarization in Financial Intermediation in Transition Economies Abstract: The dollarization of bank deposits in developing economies may result in a currency mismatch in domestic banking activities, as recent literature has suggested. This may, in return, increase financial fragility, create balance sheet problems, and affect bank profitability in such economies. This paper empirically tests the effect of dollarization on bank performance in nine dollarized transition economies. We fail to find empirical evidence to support the assertions of the currency mismatch theory. Our results suggest that though there is no direct link between bank profitability and dollarization in these economies, the high level of deposit dollarization lowers the level of provisions set aside for banks' loan losses. Journal: Eastern European Economics Pages: 5-24 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D341854U25Q44328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bahmani-Oskooee, M., and I. Domac. 2003. "On the Link Between Dollarization and Inflation: Evidence from Turkey." >i>Comparative Economic Studies>/i> 45, no. 3: 306-328. 2 Barth, J.R.; D.E. Nolle; and T.N. Rice. 1997. "Commercial Banking Structure, Regulation, and Performance: An International Comparison." Working Paper no. 97-6, Office of the Comptroller of the Currency, Washington, DC. 3 Berger, A. 1995. "The Relationship Between Capital and Earnings in Banking." >i>Journal of Money, Credit, and Banking>/i> 27, no. 2 (May): 432-456. 4 Calvo, G.A., and C.A. Vegh. 1992. "Currency Substitution in Developing Countries: An Introduction." Working Paper no. 92/40, International Monetary Fund, Washington, DC. 5 Cespedes, L.F.; R. Chang; and A. Velasco. 2000. "Balance Sheets and Exchange Rate Policy." Working Paper Series no. 7840, National Bureau of Economic Research, Cambridge, MA. 6 Chang, R., and A. Velasco. 2002. "Dollarization: Analytical Issues." Working Paper Series no. 8838, National Bureau of Economic Research, Cambridge, MA. 7 De Nicolo, G.; P. Honohan; and A. Ize. 2005. "Dollarization of Bank Deposits: Causes and Consequences." >i>Journal of Banking and Finance>/i> 29, no. 7: 1697-1727. 8 Demirguc-Kunt, A., and H. Huizinga. 1999. "Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence." >i>World Bank Economic Review>/i> 13, no. 2 (May): 379-408. 9 2000. "Financial Structure and Bank Profitability." Policy Research Working Paper no. 2430, World Bank, Washington, DC. 10 Edwards, S., and I. Magendzo. 2001. "Dollarization: Myths and Realities." >i>Journal of Policy Modeling>/i> 23, no. 3: 249-265. 11 Eichengreen, B.J., and R. Hausmann. 1999. "Exchange Rates and Financial Fragility." Working Paper Series no. 7418, National Bureau of Economic Research, Cambridge, MA. 12 Engel, C., and A. Rose. 2002. "Currency Unions and International Integration." >i>Journal of Money, Credit, and Banking>/i> 34, no. 4: 1067-1089. 13 Feige, E.L. 2003. "Dynamics of Currency Substitution, Asset Substitution, and De Facto Dollarization and Euroization in Transition Countries." >i>Comparative Economic Studies>/i> 45 (Fall): 358-383. 14 Honohan, P., and A. Shi. 2002. "Deposit Dollarization and the Financial Sector in Emerging Economies." Policy Research Working Paper no. 2748, World Bank, Washington, DC. 15 Levine, R. 1997. "Financial Development and Economic Growth." >i>Journal of Economic Literature>/i> 35, no. 2: 688-726. 16 Levy-Yeyati, E. 2006. "Financial Dollarization: Evaluating the Consequences." >i>Economic Policy>/i> 21, no. 45 (January): 61-118. 17 Mizen, P., and E. Pentecost. 1996. >i>The Macroeconomics of International Currencies: Theory, Policy, and Evidence.>/i> Cheltenham, UK: Edward Elgar. 18 Quispe-Agnoli, M., and E. Whistler. 2006. "Official Dollarization and the Banking System in Ecuador and El Salvador." >i>Atlanta FED Reserve Economic Review>/i> 91, no. 3: 55-71. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: Nivelin Noev Author-X-Name-First: Nivelin Author-X-Name-Last: Noev Author-Name: Liesbeth Dries Author-X-Name-First: Liesbeth Author-X-Name-Last: Dries Author-Name: Johan F. M. Swinnen Author-X-Name-First: Johan F. M. Author-X-Name-Last: Swinnen Title: Institutional Change, Contracts, and Quality in Transition Agriculture Abstract: This paper investigates major developments in the Bulgarian dairy sector over the last decade. The evidence presented is based on a unique data set of agricultural households as well as interviews with dairy processors. We show that important structural changes have occurred in the dairy supply chain. These changes have been stimulated by both private initiatives at the dairy-processing level and increased government enforcement of stringent quality and hygiene regulations. As a result, vertical coordination has increased significantly. Foreign investors have played a major role. Also, the nature of vertical relations is changing, affecting contractual arrangements, payment delays, quality of the milk supply, and dairy processors' assistance to farmers. Journal: Eastern European Economics Pages: 62-85 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E0417G2336406371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agrawal, P. 2002. "Incentives, Risk, and Agency Costs in the Choice of Contractual Arrangements in Agriculture." >i>Review of Development Economics>/i> 6, no. 3: 460-477. 2 Alfaro, L.; A. Chanda; S. Kalemli-Ozcan; and S. Sayek. 2004. "FDI and Economic Growth: The Role of Local Financial Markets." >i>Journal of International Economics>/i> 64, no. 1: 89-112. 3 Blanchard, O. 1999. >i>The Economics of Post-Communist Transition.>/i> Oxford: Clarendon. 4 Crawford, V.P., and J.L. Guasch. 1983. "The Theory of Contracts and Agency." >i>American Journal of Agricultural Economics>/i> 65, no. 2: 373-379. 5 Dries, L., and J.F.M. Swinnen. 2004a. "Foreign Direct Investment, Vertical Integration, and Local Suppliers: Evidence from the Polish Dairy Sector." >i>World Development>/i> 32, no. 9: 125-154. 6 Dries, L., and J.F.M. Swinnen. 2004b. "Trade Credit and Successful Restructuring in the Polish Dairy Sector." In >i>Building Market Institutions in Post-Communist Agriculture: Land, Credit and Assistance>/i>, ed. D.A.J. Macey, W. Pyle, and S.K. Wegren. Lanham, MD: Lexington Books. 7 Dries, L.; E. Germenji; N. Noev; and J.F.M. Swinnen. 2009. "Foreign Investment, Supermarkets, and the Restructuring of Supply Chains: Evidence from Eastern European Dairy Sectors." >i>World Development>/i>, 37, no. 11 (November): forthcoming. 8 Eswaran, M., and A. Kotwal. 1985. "A Theory of Contractual Structure in Agriculture." >i>American Economic Review>/i> 75, no. 3: 352-367. 9 Food and Agriculture Organization (FAO). 2002. >i>Bulgaria: Investing in Private Dairy Farming.>/i> FAO Report 00/058. Rome. 10 Food and Agriculture Organization (FAO). 2004. FAOSTAT agriculture data. Rome (available at >a target="_blank" href='http://faostat.fao.org/default.aspx'>http://faostat.fao.org/default. aspx>/a> 11 Goodhue, R. 1999. "Input Control in Agricultural Production Contracts." >i>American Journal of Agricultural Economics>/i> 81 (August): 616-620. 12 Gorton, M.; M. Dumitrashko; and J. White. 2006. "Overcoming Supply Chain Failure in the Agri-Food Sector: A Case Study from Moldova." >i>Food Policy>/i> 31, no. 1: 90-103. 13 Gow, H.; D. Streeter; and J. Swinnen. 2000. "How Private Contract Enforcement Mechanisms Can Succeed Where Public Institutions Fail: The Case of Juhosucor A.S." >i>Agricultural Economics>/i> 23, no. 3: 253-265. 14 Gow, H., and J.F.M. Swinnen. 2001. "Private Enforcement Capital and Contract Enforcement in Transition Economies." >i>American Journal of Agricultural Economics>/i> 83, no. 3: 686-690. 15 Key, N., and D. Runsten. 1999. "Contract Farming, Smallholders, and Rural Development in Latin America: The Organization of Agroprocessing Firms and the Scale of Outgrower Production." >i>World Development>/i> 27, no. 2: 381-401. 16 Konings, J. 2001. "The Effects of Foreign Direct Investment on Domestic Firms: Evidence from Firm-Level Panel Data in Emerging Economies." >i>Economics of Transition>/i> 9, no. 3: 619-633. 17 Konings, J., and P.P. Walsh. 1999. "Disorganization in the Process of Transition: Firm-Level Evidence from Ukraine." >i>Economics of Transition>/i> 7, no. 1: 29-46. 18 National Statistical Institute (NSI). 2001. >i>Survey of Bulgarian Rural Households.>/i> Sofia. 19 Noev, N. 2006. "The Bulgarian Wine Sector: Policy Issues and Implications After Fifteen Years of Transition." >i>Journal of Wine Research>/i> 17, no. 2: 73-93. 20 Noev, N. 2008. "Contracts and Rental Behavior in the Bulgarian Rental Market: An Empirical Analysis." >i>Eastern European Economics>/i> 46, no. 4: 49-82. 21 Sterns, P.A., and T. Reardon. 2002. "Determinants and Effects of Institutional Change: A Case Study of Dry Bean Grades and Standards." >i>Journal of Economic Issues>/i> 36, no. 1: 1-16. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:62-85 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Kučerová Author-X-Name-First: Zuzana Author-X-Name-Last: Kučerová Title: Measuring Financial Integration in Central Europe Through International Investment Positions Abstract: The establishment of Economic and Monetary Union in January 1999 was an important step in the process of European economic integration. Full financial market integration is one of the inevitable conditions for successful introduction of common currency, so the currency could circulate within the monetary union without any barriers. This allows more efficient allocation of the capital. This paper is focused on the analysis of the international investment positions of eight new EU member countries as one of the possible ways of measuring the level of financial integration. Journal: Eastern European Economics Pages: 25-41 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M6UT676XP00V7116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baele, L.; A. Ferrando; P. Hördahl; E. Krylova; and C. Monnet. 2004. "Measuring Financial Integration in the Euro Area." Occasional Paper no. 14, European Central Bank, Frankfurt, April. 2 Buch, C.M.; K. Carstensen; and A. Schertler. 2005. "Macroeconomic Shocks and Foreign Bank Assets." Working Paper no. 1254, Kiel Institute for the World Economy, Kiel, July. 3 European Central Bank. 2003. "The Integration of Europe's Financial Markets." >i>ECB Monthly Bulletin>/i> (October): 53-66. 4 European Commission. 2004. "Financial Integration Monitor 2004: Background Document." Internal Market Working Paper, European Commission, Brussels. 5 Frankel, J.A., and A.K. Rose. 1998. "The Endogeneity of the Optimum Currency Area Criteria." >i>Economic Journal>/i> 108, no. 449 (July): 1009-1025. 6 Goldberg, L.S. 2005. "The International Exposure of U.S. Banks." Working Paper no. 11365 (May), National Bureau of Economic Research, Cambridge, MA. 7 Lane, P.R., and G.M. Milesi-Ferretti. 2001. "Long-Term Capital Movements." Working Paper no. 8366 (July), National Bureau of Economic Research, Cambridge, MA. 8 Lane, P.R., and G.M. Milesi-Ferretti. 2003. "International Financial Integration." Working Paper no. 86, International Monetary Fund, Washington, DC, April. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:25-41 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V7H7NN018072V001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Ramón María-Dolores Author-X-Name-First: Ramón Author-X-Name-Last: María-Dolores Title: Exchange Rate Pass-Through in Central and East European Countries Abstract: This paper studies the degree of exchange rate pass-through to the prices of imports in eleven new member states (NMSs) of the European Union and one candidate country, Turkey, analyzing some of its structural determinants. This analysis is based on a vector autoregressive (VAR) model that partly includes the distribution chain of prices (import prices and consumer prices). I observe how the size and speed of the pass-through decrease along the distribution chain. Exchange rate pass-through is larger for these developing countries than that derived in previous studies of the United States and euro area. I also find evidence for Taylor's (2001) hypothesis of a positive relation between the degree of the exchange rate pass-through and inflation, observing less inflation and long-run exchange pass-through in inflation targeting countries, such as Hungary, Poland, and the Czech Republic. The relation between exchange rate pass-through and openness is unclear. Finally, I analyze exchange rate pass-through by industry, comparing results in the manufacturing and energy sectors and finding evidence of a larger response in energy than in manufacturing. Journal: Eastern European Economics Pages: 42-61 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W465567000654056 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bachetta, P., and E. van Wincoop. 2003. "Why Do Consumer Prices React Less Than Import Prices to Exchange Rates?" >i>Journal of the European Economic Association>/i> 1, nos. 2-3: 662-670. 2 Burstein, A.; M. Eichenbaum; and S. Rebelo. 2003. "Distribution Costs and Real Exchange Rate Dynamics During Exchange Rate-Based Stabilizations." >i>Journal of Monetary Economics>/i> 50, no. 6: 1189-1214. 3 Bussiere, M., and T. Peltonen. 2007. "Export and Import Prices in Emerging Markets: What Role for Exchange Rate Pass-Through?" European Central Bank, Frankfurt. 4 Campa, J.M., and J.M. González-Mínguez. 2006. "Differences in Exchange Rate Pass-Through in the Euro Area." >i>European Economic Review>/i> 50, no. 1: 121-145. 5 Campa, J.M.; L. Goldberg; and J.M. González-Mínguez. 2005. "Exchange Rate Pass-Through to Import Prices in the Euro Area." Working Paper no. 11632, National Bureau of Economic Research, Cambridge, MA. 6 Ca'Zorzi, M.; E. Kahn; and M. Sánchez. 2007. "Exchange Rate Pass-Through in Emerging Markets." Working Papers Series no. 739, European Central Bank, Frankfurt. 7 Choudri, E., and D. Hakura. 2002. "Exchange Rate Pass-Through to Domestic Prices: Does the Inflationary Environment Matter?" >i>Journal of International Money and Finance>/i> 25, no. 4: 614-639. 8 Clark, T.E. 1999. "The Responses of Prices at Different Stages of Production to Monetary Policy Shocks." >i>Review of Economics and Statistics>/i> 81, no. 3: 420-433. 9 Coricelli, F.; J. Bostjani; and I. Masten. 2003. "Exchange Rate Pass-Through in Candidate Countries." Center for Economic Policy Research Discussion Paper no. 3894, Washington, DC. 10 Darvas, Z. 2001. "Exchange Rate Pass-through and Real Exchange Rate in EU Candidate Countries." Deutsche Bundesbank Discussion Paper No. 3894. 11 de Bandt, O.; A. Banerjee; and T. Koźluk. 2008. "Measuring Long-Run Exchange Rate Pass-Through." >i>Economics: The Open-Access, Open-Assessment E-Journal>/i> 2, no. 6 (available at >a target="_blank" href='http://www.economics-ejournal.org/economics/journalarticles/2008-6'> www.economics-ejournal.org/economics/journalarticles/2008-6>/a> 12 Den Haan, W.J. 2000. "The Comovement Between Output and Prices." >i>Journal of Monetary Economics>/i> 46, no. 1: 3-30. 13 Favero, C. 2001. >i>Applied Macroeconomics.>/i> Oxford: Oxford University Press. 14 Gagnon, J., and J. Ihring. 2004. "Monetary Policy and Exchange Rate Pass-Through." >i>International Journal of Finance and Economics>/i> 9, no. 7: 315-338. 15 Gust, C.; S. Leduc; and R.J. Vigfusson. 2006. "Trade Integration, Competition, and the Decline in Exchange Rate Pass-Through." International Finance Discussion Paper no. 864, Federal Reserve Board, Washington, DC, August. 16 Hahn, E. 2003. "Pass-Through of External Shocks to Euro Area Inflation." Working Paper no. 243, European Central Bank, Frankfurt. 17 Marazzi, M.; N. Sheets; R. Vigfusson; J. Faust; J. Gagnon; J. Marquez; R. Martin; T. Revve; and J. Rogers. 2005. "Exchange Rate Pass-Through to U.S. Import Prices: Some New Evidence." International Finance Discussion Papers no. 2005-833, Federal Reserve Board, Washington, DC. 18 Marcet, A. 2005. "Overdifferencing VARs is OK." Universitat Pompeu Fabra, Barcelona, Spain. 19 María-Dolores, R. 2009. "Exchange-Rate Pass-Through in the New Member States and Candidate Countries of the EU." >i>International Review of Economic and Finance>/i> forthcoming. 20 McCarthy, J. 2000. "Pass-Through Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies." Staff Report, Federal Reserve Bank of New York. 21 Obstfeld, M. 2001. "International Macroeconomics: Beyond the Mundell-Fleming Model." >i>IMF Staff Papers>/i> 47 (special issue): 1-39. 22 Olivei, G. 2002. "Exchange Rates and the Prices of Manufacturing Products Imported into the United States." >i>New England Economic Review>/i>, first quarter, Federal Reserve Bank of Boston, pp. 3-8. 23 Otani, A.; S. Shiratsuka; and T. Shirota. 2006. "Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japan's Import Prices." >i>Monetary and Economic Studies>/i> 24, no. 1: 61-75. Institute for Monetary and Economic Studies, Bank of Japan. 24 Romer, D. 1993. "Openness and Inflation: Theory and Evidence." >i>Quarterly Journal of Economics>/i> 4, no. 4: 869-903. 25 Sekine, T. 2006. "Time-Varying Exchange Rate Pass-Through: Experiences of Some Industrial Countries." Working Paper no. 202, Bank for International Settlements, Basel. 26 Taylor, J.B. 2001. "Low Inflation, Pass-Through, and the Pricing Power of Firms." >i>European Economic Review>/i> 44, no. 7: 1389-1408. 27 Thomas, C.P., and J. Marquez. 2006. "Measurement Matters for Modeling U.S. Import Prices." International Finance Discussion Papers no. 883, Board of Governors of the Federal Reserve System, Washington, DC. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:42-61 Template-Type: ReDIF-Article 1.0 Author-Name: Mojmir Mrak Author-X-Name-First: Mojmir Author-X-Name-Last: Mrak Author-Name: Andrej Horvat Author-X-Name-First: Andrej Author-X-Name-Last: Horvat Title: Macroeconomic and Financial Absorption Capacity of Turkey for the Use of EU Structural Funds Abstract: The main objective of the paper is to assess macroeconomic and financial absorption capacity of the EU candidate country Turkey for the use of preaccession funds in the period before the country will join the European Union as well as for the use of structural action funds in the period following its accession to the European Union. Journal: Eastern European Economics Pages: 86-113 Issue: 4 Volume: 47 Year: 2009 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X6022X0U50013762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Akgüç Alici, A., and M. Şengün Ucal. 2003. "Foreign Direct Investment, Exports, and Output Growth in Turkey: Causality Analysis." Paper presented at the European Trade Study Group (ETSG) Fifth Annual Conference, Universidad Carlos III de Madrid, September 11-13. 2 European Commission. 2002. Internal documents on forecasted financial flows between the EU budget and the 10 new EU member states in the 2004-6 period. Brussels, December. 3 European Commission. 2005. "Multi-Annual Indicative Financial Framework 2008-2010." Brussels. 4 European Council. 2005. Document 15915. Brussels, December. 5 European Parliament. 2006. "Implications of Further EU Enlargements on the Effectiveness of the Cohesion Policy." Working Paper, Committee for Regional Development, Brussels. 6 Gros, D. 2004. "Turkey and the EU Budget: Prospects and Issues." Paper presented at the First Annual LUISS-CEPS Workshop, Brussels, September. 7 Horvat, A. 2005. "Why Does Nobody Care About the Absorption? Some Aspects Regarding Administrative Absorption Capacity for the EU Structural Funds in the Czech Republic, Estonia, Hungary, Slovakia, and Slovenia Before Accession." Working Paper no. 258/2005, WIFO, Vienna. 8 NEI. 2002. "Key Indicators for Candidate Countries to Effectively Manage the Structural Funds." Rotterdam, February (available at >a target="_blank" href='http://www.strukturalni-fondy.cz/CMSPages/GetFile.aspx?guid=556e4938 -9227-4a3f-b566-99e88bbda375'>www.strukturalni-fondy.cz/CMSPages/GetFile.a spx?guid=556e4938-9227-4a3f-b566-99e88bbda375>/a> 9 Peree, E., and T. Valila. 2007. "A Primer on Public Investment in Europe, Old and New." Economic and Financial Report 2007/01, European Investment Bank, Luxembourg. 10 Republic of Slovenia. 2007. "EU Budget Review: An Opportunity for a Thorough Reform or for Minor Adjustments." EU Budget Reform Task Force, Government Office for European Affairs, Ljubljana, October. 11 Republic of Turkey. 2001. "Long-Term Strategy and Eight Five-Year Development Plan 2001-2005." State Planning Organization, Ankara. 12 Republic of Turkey. 2006. "Ninth Development Plan 2007-2013." State Planning Organization, Ankara. 13 Republic of Turkey. 2007a. "2007 Annual Programme of the Ninth Development Plan 2007-2013." State Planning Organization Ankara. 14 Republic of Turkey. 2007b. "Pre-Accession Economic Program 2007." Ankara, December. 15 Republic of Turkey. 2007c. "Strategic Coherence Framework." State Planning Organization, Ankara. 16 Republic of Turkey. 2008. Internal document prepared for the "2008 Annual Programme of the Ninth Development Plan 2007-2013." State Planning Organization, Ankara. 17 World Bank. 2006. "Public Finance Management on the Way to the EU." >i>Turkey: Country Economic Memorandum Promoting Sustained Growth and Convergence with the European Union report>/i>, chapter 2. Washington, DC. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:4:p:86-113 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Majcen Author-X-Name-First: Boris Author-X-Name-Last: Majcen Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Author-Name: Ali Bayar Author-X-Name-First: Ali Author-X-Name-Last: Bayar Author-Name: Mitja Čok Author-X-Name-First: Mitja Author-X-Name-Last: Čok Title: The Income Tax Reform in Slovenia Abstract: In 2007, Slovenia launched a comprehensive tax reform. This paper analyzes several proposed tax reform scenarios, including the flat tax proposal, with a dynamic general equilibrium model of the Slovenian economy, linked to a microsimulation model. We focus on the macroeconomic and welfare aspects of the proposed scenarios, capturing the effects on individual taxpayers and the government budget. The main characteristics of the model are presented along with the results of different reform scenarios, including that which finally passed the parliament and is now part of Slovenia's tax system. Our results suggest that choices other than the flat tax system are better suited to the country's longterm economic development. Journal: Eastern European Economics Pages: 5-24 Issue: 5 Volume: 47 Year: 2009 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=415063154N227J14 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Armington, P. S. 1969. "A Theory of Demand for Products Distinguished by Place of Production." >i>IMF Staff Papers>/i> 16, no. 1: 159-178. 2 Bayar, A.; C. Mohora; B. Majcen; M. Čok; M. Opese; M. Verbič; and N. Kump. 2006. >i>An Analysis of Complex Sectoral and Macro Effects of the Tax Reform and Reform of Social Transfers with a Dynamic General Equilibrium Model of the Slovenian Economy.>/i> Ljubljana: Institute for Economic Research. 3 Blažič, H. 1999. "Consumption as a Measure of Equality: The Example of Croatia." >i>Financijska praksa>/i> 23, no. 3: 355-374. 4 Chamber of Accountants, Financials, and Auditors of Slovenia. 2007. >i>Provisions on Charges.>/i> Ljubljana: Chamber of Accountants, Financials, and Auditors of Slovenia. 5 Cowell, F. A. 1977. >i>Measuring Inequality.>/i> Oxford: Philip Allan. 6 Derviş, K.; J. de Melo; and S. Robinson. 1982. >i>General Equilibrium Models for Development Policy.>/i> Cambridge: Cambridge University Press. 7 Dixon, P. B., and M. T. Rimmer. 2002. >i>Dynamic General Equilibrium Modeling for Forecasting and Policy: A Practical Guide and Documentation of MONASH.>/i> Amsterdam: North-Holland. 8 Ferris, M. C., and T. S. Munson. 2000. >i>GAMS/PATH User Guide: Version 4.3.>/i> Washington, DC: GAMS Development Corporation. 9 GAMS Development Corporation. 2008. >i>GAMS—A User's Guide.>/i> Washington, DC. 10 Geary, R. 1950. "A Note on a Constant Utility Index of the Cost of Living." >i>Review of Economic Studies>/i> 18, no. 1: 55-56. 11 Government of the Republic of Slovenia. 2005. >i>The Programme of Reforms for the Implementation of the Lisbon Strategy in Slovenia.>/i> Ljubljana. 12 Government Office for Growth. 2005. >i>Guidelines for Economic and Social Reforms for the Increase of Economic Growth and Employment.>/i> Ljubljana. 13 Hall, R. E., and A. Rabushka. 1995. >i>The Flat Tax.>/i> Stanford: Hoover Institution Press. 14 Harrison, G. W., and B. Kriström. 1999. "General Equilibrium Effects of Increasing Carbon Taxes in Sweden." In >i>Green Taxes: Economic Theory and Empirical Evidence from Scandinavia>/i>, ed. R. Brännlund and I.-M. Gren, pp. 59-108. Cheltenham, UK: Edward Elgar. 15 Krajčir, Z., and L. Odor. 2005. "First Year of the Tax Reform, or 19 Percent at Work." Economic Analysis no. 8, Financial Policy Institute, Ministry of Finance of the Slovak Republic, Bratislava. 16 Löfgren, H.; R. L. Harris; and S. Robinson. 2002. "A Standard Computable General Equilibrium (CGE) in GAMS." IFPRI Microcomputer Series no. 5, International Food Policy Research Institute, Washington, DC. 17 Majcen, B.; M. Čok; M. Verbič; and N. Kump. 2007. >i>Development and Usage of the Microsimulation Model.>/i> Ljubljana: Institute for Economic Research. 18 Stone, R. 1954. "Linear Expenditure Systems and Demand Analysis: An Application to the Pattern of British Demand." >i>Economic Journal>/i> 64, no. 255: 511-527. 19 Å uÅ¡terÅ¡ič, J.; M. Rojec; and K. Korenika. 2005. >i>The Strategy of Development of Slovenia.>/i> Ljubljana: Institute of Macroeconomic Analysis and Development. 20 Varian, H. R. 1992. >i>Microeconomic Analysis>/i>, 3d ed. New York: W. W. Norton. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:5:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 47 Year: 2009 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=453597024P135168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:47:y:2009:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Klaus Weyerstrass Author-X-Name-First: Klaus Author-X-Name-Last: Weyerstrass Title: A Macroeconometric Model for Bosnia and Herzegovina Abstract: This paper describes and evaluates a quarterly macroeconometric model for Bosnia and Herzegovina. Following the declaration of independence in 1992, Bosnia and Herzegovina plunged into a war that ended in 1995 with the Dayton/Paris peace agreement. The war caused major destruction as well as sharply rising inflation and unemployment. In addition, the peace agreement led to a significant fragmentation of competences between different entities. The unfavorable starting position of the transformation process toward a parliamentary democracy and a market economy, as well as the fragmented political structure, complicate the building of a macroeconomic model and limit the availability of reliable data. Data before 1999 are strongly influenced by the effects of the war and transformation. Moreover, some aggregates, such as the capital stock and quarterly national accounts series, are not officially published and had to be constructed. Nevertheless, the macroeconometric model can replicate the endogenous variables reasonably well. Journal: Eastern European Economics Pages: 61-90 Issue: 5 Volume: 47 Year: 2009 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=46T1N88761T31712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Jorgensen, D. W. 1963. "Capital Theory and Investment Behavior." >i>American Economic Review, Papers and Proceedings>/i> 53, no. 2: 247-259. 2 Roberts, B. V. 2002. "An Analysis of Macedonian Economic Growth During 1997-2001." Republic of Macedonia, Ministry of Finance, Bulletin 11-12/2002, 67-71. 3 Weyerstrass, K.; U. Schuh; H. Hofer; and D. Grozea-Helmenstein. 2009. "European Economic Integration of Bosnia and Herzegovina." Development of a Decision Support System, Institute for Advanced Studies (IHS) Research Report, Vienna. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:5:p:61-90 Template-Type: ReDIF-Article 1.0 Author-Name: Erdinç Telatar Author-X-Name-First: Erdinç Author-X-Name-Last: Telatar Author-Name: Mübariz Hasanov Author-X-Name-First: Mübariz Author-X-Name-Last: Hasanov Title: Purchasing Power Parity in Central and East European Countries Abstract: This paper analyzes the validity of purchasing power parity (PPP) across twelve Central and Eastern European countries (CEECs). PPP is tested through linear and nonlinear unit root tests. The results suggest that when structural changes and nonlinearities are accounted for, the PPP hypothesis is supported for the CEECs. Journal: Eastern European Economics Pages: 25-41 Issue: 5 Volume: 47 Year: 2009 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V2WN06256L77371W File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abuaf, N., and P. Jorion. 1990. "Purchasing Power Parity in the Long Run." >i>Journal of Finance>/i> 45, no. 1: 157-174. 2 Alba, J. D., and D. Park. 2005. "An Empirical Investigation of Purchasing Power Parity (PPP) for Turkey." >i>Journal of Policy Modeling>/i> 27, no. 8: 989-1000. 3 Apergis, N. 2003. "Testing Purchasing Power Parity: Results from a New Foreign Exchange Market." >i>Applied Economics Letters>/i> 10, no. 2: 91-95. 4 Bahmani-Oskooee, M.; A. M. Kutan; and S. Zhou. 2007. "Testing PPP in the Nonlinear STAR Framework." >i>Economics Letters>/i> 94, no. 1: 104-110. 5 Bahmani-Oskooee, M.; A. M. Kutan; and S. Zhou. 2008. "Do Real Exchange Rates Follow a Nonlinear Mean Reverting Process in Developing Countries?" >i>Southern Economic Journal>/i> 74, no. 4: 1049-1062. 6 Barlow, D. 2003. "Purchasing Power Parity in Three Transition Economies." >i>Economics of Planning>/i> 36, no. 3: 201-221. 7 Barlow, D., and R. Radulescu. 2002. "Purchasing Power Parity in the Transition: The Case of the Romanian Leu Against the Dollar." >i>Post-Communist Economies>/i> 14, no. 1: 123-135. 8 Bekő, J., and D. BorÅ¡ič. 2007. "Purchasing Power Parity in Transition Economies: Does It Hold in the Czech Republic, Hungary, and Slovenia?" >i>Post-Communist Economies>/i> 19, no. 4: 417-432. 9 BorÅ¡ič, D., and J. Bekő. 2006. "Testing the Theory of Purchasing Power Parity for Slovenia and Hungary." >i>Eastern European Economics>/i> 44, no. 4: 82-96. 10 Brada, J. C. 1998. "Exchange Rates, Capital Flows, and Commercial Policies in Transition Economies." >i>Journal of Comparative Economics>/i> 26, no. 4: 613-620. 11 Cashin, P., and C. J. McDermott. 2003. "An Unbiased Appraisal of Purchasing Power Parity." >i>IMF Staff Papers>/i> 50, no. 3: 321-351. 12 Cheptea, A. 2007. "Trade Liberalization and Institutional Reforms." >i>Economics of Transition>/i> 15, no. 2: 211-255. 13 Christev, A., and A. Noorbakhsh. 2000. "Long-Run Purchasing Power Parity, Prices, and Exchange Rates in Transition: The Case of Six Central and East European Countries." >i>Global Finance Journal>/i> 11, nos. 1-2: 87-108. 14 Cuestas, J. C. 2009. "Purchasing Power Parity in Central and Eastern European Countries: An Analysis of Unit Roots and Nonlinearities." >i>Applied Economics Letters>/i> 16, no. 1: 87-94. 15 De Broeck, M., and T. Slok. 2006. "Interpreting Real Exchange Rate Movements in Transition Countries." >i>Journal of International Economics>/i> 68, no. 2: 368-383. 16 Dickey, D. A., and W. A. Fuller. 1979. "Distribution of the Estimators for Autoregressive Time Series with a Unit Root." >i>Journal of the American Statistical Association>/i> 74, no. 366: 427-431. 17 Doganlar, M. 2006. "Long-Run Validity of Purchasing Power Parity and Cointegration Analysis for Central Asian Countries." >i>Applied Economics Letters>/i> 13, no. 7: 547-561. 18 Dumas, B. 1992. "Dynamic Equilibrium and the Real Exchange Rate in a Spatially Separated World." >i>Review of Financial Studies>/i> 5, no. 2: 153-180. 19 Egert, B., and A. M. Kutan. 2005. "Exchange Rate Economics in Transition Countries." >i>Economic Systems>/i> 29, no. 2: 123-139. 20 Egert, B.; L. Halpern; and R. MacDonald. 2006. "Equilibrium Exchange Rates in Transition Countries: Taking Stock of the Issues." >i>Journal of Economic Surveys>/i> 20, no. 2: 257-324. 21 Enders, W., and C. W. J. Granger. 1998. "Unit-Root Tests and Asymmetric Adjustment with an Example Using the Term Structure of Interest Rates." >i>Journal of Business and Economic Statistics>/i> 16, no. 3: 304-311. 22 Fidrmuc, J. 2005. "Trade Structure During Accession to the EU." >i>Post-Communist Economies>/i> 17, no. 2: 225-234. 23 Fischer, S., and R. Sahay. 2000. "The Transition Economies After Ten Years." Working Paper no. 7664, National Bureau of Economic Research, Cambridge, MA. 24 Fischer, S.; R. Sahay; and C. A. Vegh. 1996. "Stabilization and Economic Growth in Transition Economies: The Early Experience." >i>Journal of Economic Perspectives>/i> 10, no. 2: 45-66. 25 Foster, N., and R. Stehrer. 2007. "Modeling Transformation in CEECs Using Smooth Transitions." >i>Journal of Comparative Economics>/i> 35, no. 1: 57-86. 26 Frankel, J. A. 1986. "International Capital Mobility and Crowding Out in the U. S. Economy: Imperfect Integration of Financial Markets or Goods Markets?" In >i>How Open Is the U. S. Economy? Proceedings of the Tenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis>/i>, ed. R. W. Hafer, pp. 33-67. Lexington, MA: Lexington Books. 27 Frankel, J. A. 1990. "Zen and the Art of Macroeconomics." In >i>Monetary Policy for a Volatile Global Economy>/i>, ed. W. S. Haraf and T. D. Willett, pp. 117-123. Washington, DC: American Enterprise Institute. 28 Frankel, J. A., and A. K. Rose. 1996. "A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries." >i>Journal of International Economics>/i> 40, nos. 3-4: 209-224. 29 Halpern, L., and C. Wyplosz. 1997. "Equilibrium Exchange Rates in Transition Countries." >i>IMF Staff Papers>/i> 44, no. 4: 430-461. 30 Havrylyshyn, O., and H. Al-Atrash. 1998. "Opening Up and Geographic Diversification of Trade in Transition Economies." Working Paper 98/22, International Monetary Fund, Washington, DC. 31 Hegwood, N. D., and D. H. Papell. 1998. "Quasi Purchasing Power Parity." >i>International Journal of Finance and Economics>/i> 3, no. 4: 279-289. 32 Kapetanios, G.; Y. Shin; and A. Snell. 2003. "Testing for a Unit Root in the Nonlinear STAR Framework." >i>Journal of Econometrics>/i> 112, no. 2: 359-379. 33 Koukouritakis, M. 2009. "Testing the Purchasing Power Parity: Evidence from the New EU Countries." >i>Applied Economics Letters>/i> 16, no. 1: 39-44. 34 Kutan, A. M., and T. M. Yigit. 2007. "European Integration, Productivity Growth, and Real Convergence." >i>European Economic Review>/i> 51, no. 6: 1370-1395. 35 Kwiatkowski, D.; P. C. B. Phillips; P. Schmidt; and Y. Shin. 1992. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?" >i>Journal of Econometrics>/i> 54, nos. 1-3: 159-178. 36 Leybourne, S.; P. Newbold; and D. Vougas. 1998. "Unit Roots and Smooth Transitions." >i>Journal of Time Series Analysis>/i> 19, no. 1: 83-97. 37 Lothian, J. R., and M. P. Taylor. 1996. "Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries." >i>Journal of Political Economy>/i> 104, no. 3: 488-509. 38 Mark, N. C. 1990. "Real and Nominal Exchange Rates in the Long Run: An Empirical Analysis." >i>Journal of International Economics>/i> 28, nos. 1-2: 115-136. 39 Meese, R., and K. Rogoff. 1988. "Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period." >i>Journal of Finance>/i> 43, no. 4: 933-948. 40 Michael, P.; A. R. Nobay; and D. A. Peel. 1997. "Transactions Costs and Nonlinear Adjustment in Real Exchange Rates: An Empirical Investigation." >i>Journal of Political Economy>/i> 105, no. 4: 862-879. 41 Papell, D. H., and R. Prodan. 2006. "Additional Evidence of Long-Run Purchasing Power Parity with Restricted Structural Change." >i>Journal of Money, Credit, and Banking>/i> 38, no. 5: 1329-1349. 42 Payne, J.; J. Lee; and R. Hofler. 2005. "Purchasing Power Parity: Evidence from a Transition Economy." >i>Journal of Policy Modeling>/i> 27, no. 6: 665-672. 43 Perron, P. 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis." >i>Econometrica>/i> 57, no. 6: 1361-1401. 44 Perron, P. 1997. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables." >i>Journal of Econometrics>/i> 80, no. 2: 355-385. 45 Perron, P., and T. Vogelsang. 1992. "Nonstationarity and Level Shifts with an Application to Purchasing Power Parity." >i>Journal of Business and Economic Statistics>/i> 10, no. 3: 301-320. 46 Rogoff, K. 1996. "The Purchasing Power Parity Puzzle." >i>Journal of Economic Literature>/i> 34, no. 2: 647-648. 47 Sarno, L., and M. P. Taylor. 2002. "Purchasing Power Parity and the Real Exchange Rate." >i>IMF Staff Papers>/i> 49, no. 1: 65-105. 48 Sercu, P.; R. Uppal; and C. Van Hulle. 1995. "The Exchange Rate in the Presence of Transaction Costs: Implications for Tests of Purchasing Power Parity." >i>Journal of Finance>/i> 50, no. 4: 1309-1319. 49 Sideris, D. 2006. "Purchasing Power Parity in Economies in Transition: Evidence from Central and East European Countries." >i>Applied Financial Economics>/i> 16, nos. 1-2: 135-143. 50 Solakoglu, E. G. 2006. "Testing Purchasing Power Parity Hypothesis for Transition Economies." >i>Applied Financial Economics>/i> 16, no. 7: 561-568. 51 Sollis, R. 2004. "Asymmetric Adjustment and Smooth Transitions: A Combination of Some Unit-Root Tests." >i>Journal of Time Series Analysis>/i> 25, no. 3: 409-417. 52 Taylor, M. P. 1988. "An Empirical Examination of Long-Run Purchasing Power Parity Using Cointegration Techniques." >i>Applied Economics>/i> 20, no. 10: 1369-1381. 53 Taylor, M. P. 2003. "Purchasing Power Parity." >i>Review of International Economics>/i> 11, no. 3: 436-452. 54 Taylor, M. P., and L. Sarno. 1998. "The Behavior of Real Exchange Rates During the Post-Bretton Woods Period." >i>Journal of International Economics>/i> 46, no. 2: 281-312. 55 Thacker, N. 1995. "Does the PPP Hold in Transition Economies? The Case of Poland and Hungary." >i>Applied Economics>/i> 27, no. 6: 477-481. 56 Varamini, H., and H. G. Lisachuk. 1998. "The Application of Purchasing Power Parity to Ukraine by Using the Cointegration Approach." >i>Russian and East European Finance and Trade>/i> 34, no. 3: 60-69. 57 Zivot, E., and D. W. K. Andrews. 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis." >i>Journal of Business and Economic Statistics>/i> 10, no. 3: 251-270. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:5:p:25-41 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Zientara Author-X-Name-First: Piotr Author-X-Name-Last: Zientara Author-Name: Grzegorz Kuczyński Author-X-Name-First: Grzegorz Author-X-Name-Last: Kuczyński Title: Human Resources Practices and Work-Related Attitudes in Polish Public Administration Abstract: This paper reports findings from a questionnaire survey conducted among low-ranking public administration employees in the Polish region of Pomerania. It focuses on employee perceptions of human resources (HR) practices and whether they are positively correlated with job satisfaction and organizational commitment. Contrary to our a priori assumptions, respondents neither perceived HR practices as underdeveloped nor found themselves treated unfairly, dissatisfied with their jobs, and uncommitted to their organizations. In line with previous research, job satisfaction turned out to predict organizational commitment. Moreover, distributive justice, teamwork, and communication were found to positively affect job satisfaction and organizational commitment, and participation was positively associated with organizational commitment. Building on these insights, we discuss some policy implications and provide ideas for further research. Journal: Eastern European Economics Pages: 42-60 Issue: 5 Volume: 47 Year: 2009 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V816568W666T7GWJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Armstrong-Sassen, M. 2008. "Organizational Practices and the Post-Retirement Employment Experience of Older Workers." >i>Human Resource Management Journal>/i> 18, no. 1: 36-53. 2 Banai, M., and W. D. Reisel. 1993. "Expatriate Managers' Loyalty to the MNC: Myth or Reality? An Exploratory Study." >i>Journal of International Business Studies>/i> 24, no. 2: 233-248. 3 Bartol, K. M. 1977. "Factors Related to EDP Personnel Commitment to the Organization." In >i>Proceedings of the 1977 ACM Annual Conference>/i>, pp. 216-219. New York: ACM Press. 4 Batt, R. 2004. "Who Benefits from Teams? Comparing Workers, Supervisors, and Managers." >i>Industrial Relations>/i> 43, no. 1: 183-212. 5 Begin, J. P. 1993. "Identifying Patterns in HRM Systems: Lessons from Organizational Theory." >i>Research in Personnel and Human Resources Management>/i> Supplement 3: 3-20. 6 Begley, T. M., and J. M. Czajka. 1993. "Panel Analysis of the Moderating Effects of Commitment on Job Satisfaction, Intent to Quit, and Health Following Organizational Change." >i>Journal of Applied Psychology>/i> 78, no. 44: 552-556. 7 Błaś, A.; J. Boć; and J. Jeżewski. 2004. >i>Public Administration>/i>. Wrocław: Kolonia Limited. 8 Brown, G. D. A. J. Gardner; A. J. Oswald; and J. Qian. 2008. "Does Wage Rank Affect Employees' Well-Being?" >i>Industrial Relations: A Journal of Economy and Society>/i> 47, no. 3: 355-389. 9 Buck, J. M., and J. L. Watson. 2002. "Retaining Staff Employees: The Relationship Between Human Resources Management Strategies and Organizational Commitment." >i>Innovative Higher Education>/i> 26, no. 3: 175-193. 10 Carsten, J. M., and P. E. Spector. 1987. "Unemployment, Job Satisfaction, and Employee Turnover: A Meta-Analytic Test of the Muchinsky Model." >i>Journal of Applied Psychology>/i> 72, no. 3: 374-381. 11 Central Statistical Office. 2008. "Incomes of Population." Warsaw (available at >a target="_blank" href='http://www.stat.gov.pl/gus/praca_ludnosc_PLK_HTML.htm'>www.stat.gov. pl/gus/praca_ludnosc_PLK_HTML.htm>/a> 12 Clark, A. E. 1996. "Job Satisfaction in Britain." >i>British Journal of Industrial Relations>/i> 34, no. 2: 189-217. 13 Cohen, A. 1999. "Relationships Among Five Forms of Commitment: An Empirical Assessment." >i>Journal of Organizational Behavior>/i> 20, no. 3: 285-308. 14 Cohen, A. 2003. >i>Multiple Commitments at Work: An Integrative Approach>/i>. Hillsdale, NJ: Lawrence Erlbaum. 15 Cohen, A., and U. E. Gattiker. 1994. "Rewards and Organizational Commitment Across Structural Characteristics: A Meta-Analysis." >i>Journal of Business Psychology>/i> 9, no. 2: 137-157. 16 Cohen, S. G., and G. E. Ledford. 1994. "The Effectiveness of Self-Managing Teams: A Quasi-Experiment." >i>Human Relations>/i> 47, no. 1: 13-43. 17 Crampton, S. M., and J. A. Wagner III. 1994. "Percept-Percept Inflation in Microorganizational Research: An Investigation of Prevalence and Effect." >i>Journal of Applied Psychology>/i> 79, no. 1: 67-76. 18 Delery, J. E., and D. H. Doty. 1996. "Theoretical Frameworks in Strategic Human Resource Management: Universalistic, Contingency, and Configurational Perspectives." >i>Academy of Management Journal>/i> 39, no. 4: 802-835. 19 Dobosz, D., and A. D. Jankowicz. 2002. "Knowledge Transfer of the Western Concept of Quality." >i>Human Resource Development International>/i> 5, no. 3: 353-367. 20 Dobosz, D., and A. D. Jankowicz. 2006. "Reframing Resistance to Change: Experience from General Motors Poland." >i>International Journal of Human Resource Management>/i> 17, no. 12: 2021-2034. 21 Dopson, S., and R. Stewart. 1990. "What Is Happening to Middle Management?" >i>British Journal of Management>/i> 1, no. 1: 3-16. 22 Fey, C.; P. Engström; and I. Björkman. 1999. "Effective Human Resource Management Practices for Foreign Firms in Russia." >i>Organizational Dynamics>/i> (Autumn): 69-79. 23 Garavan, T.; M. Morley; N. Heraty; J. Lucewicz; and A. Suchodolski. 1998. "Managing Human Resources in a Post-Command Economy: Personnel Administration or Strategic HRM." >i>Personnel Review>/i> 27, no. 3: 200-212. 24 Ginberg, A., and N. Venkatraman. 1985. "Contingency Perspectives of Organizational Strategy: A Critical Review of Empirical Research." >i>Academy of Management Review>/i> 10, no. 3: 421-434. 25 Godard, J. 2001. "High Performance and the Transformation of Work? The Implications of Alternative Work Practices for the Experience and Outcome of Work." >i>Industrial and Labor Relations Review>/i> 54, no. 4: 776-805. 26 Green, F. 2008. "Leeway for the Loyal: A Model of Employee Discretion." >i>British Journal of Industrial Relations>/i> 46, no. 1: 1-32. 27 Guest, D. E. 1997. "Human Resource Management and Performance: A Review and Research." >i>International Journal of Human Resource Management>/i> 8, no. 3: 263-276. 28 Habuda, L. 2008. >i>Administration and Politics: The Decision Making Process in Public Administration>/i>. Wrocław: Wydawnictwo Uniwersytetu Wrocławskiego. 29 Hackett, R. D., and R. M. Guion. 1985. "A Re-evaluation of the Absenteeism—Job Satisfaction Relationship." >i>Organizational Behavior and Human Decision Processes>/i> 35, no. 3: 340-381. 30 Hall, D. T.; B. Schneider; and H. T. Nygren. 1970. "Personal Factors in Organizational Identification." >i>Administrative Science Quarterly>/i> 15, no. 2: 176-190. 31 Hausner, J. 2005. >i>Public Administration>/i>. Warsaw: PWN. 32 Hetrick, S. 2002. "Transferring HR Ideas and Practices: Globalization and Convergence in Poland." >i>Human Resource Development International>/i> 5, no. 3: 333-351. 33 Hofer, C. 1975. "Toward a Contingency Theory of Business Strategy." >i>Academy of Management Journal>/i> 18, no. 4: 784-810. 34 Hood, C. 1991. "A Public Management for All Seasons." >i>Public Administration>/i> 69, no. 1: 3-19. 35 Humphreys, L. G., and D. Ilgen. 1969. "Note on a Criterion for the Number of Common Factors." >i>Educational and Psychological Measurements>/i> 29: 571-578. 36 Izdebski, H., and M. Kulesza. 2004. >i>Public Administration: General Issues>/i>. Warsaw: LexisNexis. 37 Jankowicz, A. D. 1998. "Issues in Human Resource Management in Central Europe." >i>Personnel Review>/i> 27, no. 3: 169-176. 38 Jermier, J. M., and L. J. Berkes. 1979. "Leader Behavior in a Police Command Bureaucracy: A Closer Look at the Quasi-Military Model." >i>Administrative Science Quarterly>/i> 24, no. 1: 1-23. 39 Kahancová, M., and M. van der Meer. 2006. "Coordination, Employment Flexibility, and Industrial Relations in Western European Multinationals: Evidence from Poland." >i>International Journal of Human Resource Management>/i> 17, no. 8: 1379-1395. 40 Kalmi, P., and A. Kauhanen. 2008. "Workplace Innovations and Employee Outcomes." >i>Industrial Relations: A Journal of Economy and Society>/i> 47, no. 3: 430-459. 41 Kirkman, B., and D. Shapiro. (2001). "The Impact of Cultural Values on Job Satisfaction and Organizational Commitment in Self-Managing Work Teams: The Mediating Role of Employee Resistance." >i>Academy of Management Journal>/i> 44, no. 3: 557-569. 42 Knoke, D. 1988. "Incentives in Collective Action Organization." >i>American Sociological Review>/i> 53, no. 3: 311-329. 43 Koubeck, J., and C. Brewster. 1995. "Human Resource Management in Turbulent Times: HRM in the Czech Republic." >i>International Journal of Human Resource Management>/i> 6, no. 2: 223-247. 44 Krysakowska, B., and A. D. Jankowicz. 1991. "Poland's Road to Capitalism." >i>Salisbury Review>/i> 10, no. 1: 28-31. 45 Maczynski, J. 1994. "Culture and Leadership Styles: A Comparison of Polish, Austrian, and U. S. Managers." >i>Polish Psychological Bulletin>/i> 28, no. 3: 255-267. 46 Magd, H. 2003. "Management Attitudes and Perceptions of Older Workers." >i>International Journal of Contemporary Hospitality Management>/i> 15, no. 7: 393-401. 47 Martin, R. 2006. "Segmented Employment Relations: Post-Socialist Managerial Capitalism and Employment Relations in Central and Eastern Europe." >i>International Journal of Human Resource Management>/i> 17, no. 8: 1353-1365. 48 Mathieu, J. E., and D. M. Zajac. 2002. "A Review and Meta Analysis of the Antecedents, Correlates, and Consequences of Organizational Commitment." >i>Psychological Bulletin>/i> 80, no. 2: 171-194. 49 Mayer, R. C., and F. D. Schoorman. 1998. "Differentiating Antecedents of Organizational Commitment: A Test of March and Simon's Model." >i>Journal of Organizational Behavior>/i> 19, no. 1: 15-28. 50 Meade, A. W.; A. M. Watson; and C. M. Kroustalis. 2007. "Assessing Common Methods Bias in Organizational Research." Paper presented at the 22nd Annual Meeting of the Society for Industrial and Organizational Psychology, New York, April. 51 Meyer, J. P., and N. J. Allen. 1991. "A Three-Component Conceptualization of Organizational Commitment." >i>Human Resource Management Review>/i> 1, no. 1: 61-89. 52 Meyer, J. P., and N. J. Allen. 1997. >i>Commitment in the Workplace: Theory, Research, and Application>/i>. Newbury Park, CA: Sage. 53 Meyer, J. P.; D. Stanley; L. Herscovich; and L. Topolnytsky. 2002. "Affective, Continuance, and Normative Commitment to the Organization: A Meta-Analysis of Antecedents, Correlates, and Consequences." >i>Journal of Vocational Behavior>/i> 61, no. 1: 20-52. 54 Mises, L., von. 1949. >i>Human Action: A Treatise on Economics>/i>. New Haven: Yale University Press. 55 Mowday, R. T.; L. W. Porter; and R. W. Steers. 1982. >i>Employee—Organization Linkages: The Psychology of Commitment, Absenteeism, and Turnover>/i>. New York: Academic Press. 56 Nunnally, J. 1978. >i>Psychometric Theory>/i>. New York: McGraw-Hill. 57 Parker, M., and D. Jary. 1995. "The McUniversity: Organization, Management, and Academic Subjectivity." >i>Organization>/i> 2, no. 2: 319-338. 58 Podsakoff, P. M.; S. B. MacKenzie; N. P. Podsakoff; Y.-E. Lee. 2003. "Common Method Biases in Behavioral Research: A Critical Review of the Literature and Recommended Remedies." >i>Journal of Applied Psychology>/i> 88, no. 5: 879-903. 59 Pollitt, C., and M. Bouckaert. 2004. >i>Public Management Reform: A Comparative Analysis>/i>. Oxford: Oxford University Press. 60 Porter, L. W.; R. M. Steers; R. T. Mowday; and P. W. Boulian. 1974. "Organizational Commitment, Job Satisfaction, and Turnover Among Psychiatric Technicians." >i>Journal of Applied Psychology>/i> 59, no. 5: 603-609. 61 Purcell, J., and B. Ahlstrand. 1994. "Human Resource Management in the Multi Divisional Company." Oxford: Oxford University Press. 62 Reid, M. F.; M. W. Allen; S. Riemenschneider; and D. J. Armstrong. 2006. "Affective Commitment in the Public Sector: The Case of IT Employees." In >i>Proceedings of the 2006 ACM SIGMIS CPR Conference on Computer Personnel Research: Forty-Four Years of Computer Personnel Research: Achievements, Challenges, and the Future>/i>, pp. 321-332. New York: ACM Press. 63 Rice, E. M. 2006. "Public Administration in Post-Socialist Eastern Europe." In >i>Research in Public Policy Analysis and Management, vol. 15: Comparative Public Administration: The Essential Readings>/i>, ed. E. E. Otenyo and N. S. Lind, pp. 863-882. Greenwich, CT: JAI Press. 64 Roney, J. L. 1997. "Cultural Implications of Implementing TQM in Poland." >i>Journal of World Business>/i> 32, no. 3: 152-168. 65 Shore, L. M., and K. Barksdale. 1998. "Examining Degree of Balance and Level of Obligation in the Employment Relationship." >i>Journal of Organizational Behavior>/i> 19 (Special Issue): 731-744. 66 Smeenck, S. G. A.; J. C. Eisinga; J. C. Teelken; and J. A. C. M. Doorewaard. 2006. "The Effects of HRM Practices and Antecedents on Organizational Commitment on University Employees." >i>International Journal of Human Resource Management>/i> 17, no. 12: 2035-2054. 67 Smith, P. C.; L. M. Kendall; and C. L. Hulin. 1969. >i>The Measurement of Satisfaction in Work and Retirement.>/i> Chicago: Rand McNally. 68 Sparrow, P., and J. Hiltrop. 1997. >i>European Human Resource Management in Transition>/i>. London: Prentice Hall. 69 Spector, P. E. 1997. >i>Job Satisfaction: Application, Assessment, Cause, and Consequences>/i>. Thousand Oaks, CA: Sage. 70 Spector, P. E. 2006. "Method Variance in Organization Research: Truth or Urban Legend?" >i>Organizational Research Methods>/i> 9, no. 2: 221-232. 71 Tung, R., and S. Havlovic. 1996. "Human Resource Management in Transitional Economies: The Case of Poland and the Czech Republic." >i>International Journal of Human Resource Management>/i> 7, no. 1: 1-19. 72 Weinstein, M., and K. Obloj. 2002. "Strategic and Environmental Determinants of HRM Innovations in Post-Socialist Poland." >i>International Journal of Human Resource Management>/i> 13, no. 4: 642-659. 73 Yin, R. K. 2003. >i>Case Study Research: Design and Methods>/i>. Newbury Park, CA: Sage. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:5:p:42-60 Template-Type: ReDIF-Article 1.0 Author-Name: Josip Tica Author-X-Name-First: Josip Author-X-Name-Last: Tica Author-Name: Petra Posedel Author-X-Name-First: Petra Author-X-Name-Last: Posedel Title: Threshold Model of the Exchange Rate Pass-Through Effect Abstract: This paper investigates the exchange rate pass-through (ERPT) effect in Croatia using a threshold model. To date, empirical studies have failed to find a high degree of ERPT in Croatia, even though exchange rate stability has been one of the goals of monetary policy throughout the transition period. Using a nonlinear model, this study demonstrates that ERPT is present in the data and shows why it cannot be detected with a linear model. According to our estimates, there is a threshold at 5.91 percent of the monthly growth rate of the nominal exchange rate of the German mark (euro), with the 95 percent interval between about 2.7 and 21.8 percent. Consistent with the theories of sticky prices or pricing to market, ERPT is asymmetric around the threshold: below it, the ERPT effect is weak or statistically insignificant, and above it, the effect is strong and significant. Journal: Eastern European Economics Pages: 43-59 Issue: 6 Volume: 47 Year: 2009 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D637703136X8155G File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anusic, Z.; Z. Rohatinski; V. Sonje; R. Martic; A. Mervar; Z. Miljenovic; and M. Skreb. 1995. >i>A Road to Low Inflation>/i>. Zagreb: Government of the Republic of Croatia. 2 Babic, M. 2006. >i>Od dezinflacije u zaduzenosti: Hrvatska privreda 1994-2004>/i> [From Disinflation to Indebtedness]. Zagreb: Binoza Press. 3 Bacchetta, P., and E. van Wincoop. 2003. "Why Do Consumer Prices React Less than Import Prices to Exchange Rates?" >i>Journal of European Economic Association>/i> 1, nos. 2-3: 662-670. 4 Billmeier, A., and L. Bonato. 2004. "Exchange Rate Pass-Through and Monetary Policy in Croatia." >i>Journal of Comparative Economics>/i> 32, no. 3: 426-444. 5 Botric, V., and B. Cota. 2006. "Sources of Inflation in Transition Economy: The Case of Croatia." >i>Ekonomski pregled>/i> 57, no. 12: 835-855. 6 Burstein, A.; J. Neves; and S. Rebelo. 2003. "Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations." >i>Journal of Monetary Economics>/i> 50, no. 6: 1189-1214. 7 Chan, K.S. 1993. "Consistency and Limiting Distribution of the Least Squares Estimator of a Threshold Autoregressive Model." >i>Annals of Statistics>/i> 21, no. 1: 520-533. 8 Coricelli, F.; B. Jazbec; and I. Masten. 2004. "Exchange Rate Policy and Inflation in Acceding Countries: The Role of Pass-Through." Working Papers Series 2004-674, William Davidson Institute, Ann Arbor, MI. 9 Croatian National Bank. 2007. "Statistical Indicators." Zagreb (available at >a target="_blank" href='http://www.hnb.hr/statistika/hstatistika.htm?tsfsg=f77d02b773916768a 6208a85ae007a93'>www.hnb.hr/statistika/hstatistika.htm?tsfsg=f77d02b773916 768a6208a85ae007a93>/a> 10 Devereux, M., and C. Engel. 2001. "Endogenous Currency of Price Setting in a Dynamic Open Economy Model." Working Paper no. 8559, National Bureau of Economic Research, Cambridge, MA. 11 Devereux, M., and J. Yetman. 2002. "Price-Setting and Exchange Rate Pass-Through: Theory and Evidence, Price Adjustment, and Monetary Policy Conference." Central Bank of Canada, Ottawa (available at >a target="_blank" href='http://currencymuseum.ca/en/conference/2002/Devereux_Yetman-v3.pdf'> currencymuseum.ca/en/conference/2002/Devereux_Yetman-v3.pdf>/a> 12 Dornbusch, R. 1987. "Exchange Rates and Prices." >i>American Economic Review>/i> 77, no. 1: 93-106. 13 Druzic, I.; J. Tica; and A. Mamic. 2006. "The Challenge of Application of Phillips Curve: Case of Croatia." >i>Zagreb International Review of Economics and Business>/i>, Special Conference Issue (December): 45-59. 14 Enders, A. 2004. >i>Applied Econometric Time Series>/i>, 2d ed. Hoboken, NJ: John Wiley & Sons. 15 Gagnon, J., and J. Ihrig. 2004. "Monetary Policy and Exchange Rate Pass-Through." >i>International Journal of Finance and Economics>/i> 9, no. 4: 315-338. 16 Gattin-Turkalj, K., and A. Pufnik. 2002. "Koeficijent prijenosa tečaja na cijene" [Coefficient of the Pass-Through Effect] Discussion paper, Croatian National Bank, Zagreb. 17 Goldberg, P.K., and M. Knetter. 1997. "Good Prices and Exchange Rates: What Have We Learned?" >i>Journal of Economic Literature>/i> 35 (September): 1243-1272. 18 Grgic, M., and S. Zdunic. 1999. "Exchange Rate and Protection Policy in Croatian Development Strategy." >i>Zagreb International Review of Economics and Business>/i> 2, no. 1: 83-98. 19 Hansen, B.E. 1996. "Sample Splitting and Threshold Estimation." Boston College Working Papers in Economics 319, Boston. 20 Ito, T., and K. Sato. 2006. "Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through." Working Paper no. 12395, National Bureau of Economic Research, Cambridge, MA. 21 Kraft, E. 2003. "Monetary Policy Under Dollarization: The Case of Croatia." >i>Comparative Economic Studies>/i> 45, no. 3: 256-277. 22 Krugman, P. 1987. "Pricing to Market When the Exchange Rate Changes." In >i>Financial Linkages Among Open Economies>/i>, ed. S. Arndt and J. Richardson, pp. 49-70. Cambridge, MA: MIT Press. 23 McCarthy, J. 2000. "Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies." Staff Report no. 111, Federal Reserve Bank of New York. 24 Menon, J. 1995. "Exchange Rate Pass-Through." >i>Journal of Economic Surveys>/i> 9, no. 2: 197-231. 25 Mihaljek, D., and M. Klau. 2001. "A Note on the Pass-Through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies." >i>BIS Papers No.>/i> 8: 69-81. 26 Nestic, D. 2000. "Visoka razina cijena u Hrvatskoj—Neki uzroci i posljedice" [Some Causes and Consequences]. HNB Povremene publikacije-istrazivanja [Occasional Publications-Research Papers] no. 1-2, Croatian National Bank, Zagreb, March. 27 Nikic, G. 2004. "Gospodarski aspekti pristupa Hrvatske Europskoj uniji—proteklih deset godina i deset godina ispred nas" [Economic Aspects of Croatia's Accession to the European Union—Passed Ten and the Forthcoming Ten Years]. >i>Ekonomski pregled>/i> 55, nos. 3-4: 197-226. 28 Sonje, V. 2000. "Tecaj i proizvodnja nakon velike ekonomske krize i tijekom tranzicijskog razdoblja u Srednjoj Europi" [Exchange Rate and Production After Great Depression and During Transition in Central Europe]. HNB Povremene publikacije-istrazivanja [Occasional Publication-Research Papers] no. 1-6, Croatian National Bank, Zagreb, September. 29 Sonje, V., and M. Skreb. 1997. "Exchange Rate and Prices in a Stabilization Program: The Case of Croatia." In >i>Macroeconomic Stabilization in Transition Economies>/i>, ed. M. Blejer and M. Skreb, pp. 212-233. Cambridge: Cambridge University Press. 30 Sonje, V., and B. Vujcic. 2000. "Hrvatska u drugoj fazi tranzicije, 1994-1999" [Croatia in the Second Stage of Transition, 1994-1999] HNB Povremene publikacije-istrazivanja [Occasional Publications-Research Papers] no. 1-4, Croatian National Bank, Zagreb, June. 31 Tica, J., and P. Posedel. 2008. "Threshold Autoregressive Model of Exchange Rate Pass-Through Effect: The Case of Croatia." Paper presented at ESAM08 Markets and Models: Policy Frontiers in the AWH Phillips Tradition, 49th Annual Conference of the NZ Association of Economists, Wellington, New Zealand (available at >a target="_blank" href='http://nzae.org.nz/conferences/2008/110708/nr1215388273.pdf'>nzae.or g.nz/conferences/2008/110708/nr1215388273.pdf>/a> 32 Zdunic, S. 2003. "Relativne cijene, tecaj i konkurentnost hrvatskoga gospodarstva—uz desetu godisnjicu Stabilizacijskog programa" [Relative Prices, Rate of Exchange and Competitiveness of the Croatian Economy—The Tenth Anniversary of the Stabilization Program]. >i>Ekonomski pregled>/i> 54, nos. 11-12: 859-881. 33 Zdunic, S. 2004a "Politika stabilizacije i razvoja u hrvatskoj 90-ih" [Croatian Stabilization and Development Policy in the 1990s]. >i>Ekonomski pregled>/i> 55, nos. 3-4: 256-301. 34 Zdunic, S. 2004b. "Relativne cijene i izvori rasta—komparativna analiza" [Relative Prices and Sources of Growth—Comparative Analysis]. >i>Ekonomski pregled>/i> 55, nos. 11-12: 853-893. 35 Zdunic, S., and M. Grgic. 1995. >i>Politika intervalutarnog tecaja i zastite u strategiji razvitka hrvatskog gospodarstva>/i> [Exchange Rate Policy and Protectionism in the Croatian Development Strategy]. Zagreb: Ekonomski institut Zagreb, Hrvatska gospodarska komora. 36 Zorzi, M.C.; E. Hahn; and M. Sanchez. 2007. "Exchange Rate Pass-Through in Emerging Markets." Working Paper Series no. 739, European Central Bank, Frankfurt am Main. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:6:p:43-59 Template-Type: ReDIF-Article 1.0 Author-Name: Arjana Brezigar Masten Author-X-Name-First: Arjana Brezigar Author-X-Name-Last: Masten Author-Name: Igor Masten Author-X-Name-First: Igor Author-X-Name-Last: Masten Title: Control of Inflation on the Road to the European Monetary Union Abstract: This paper analyzes the monetary policy of Slovenia on the path to euro adoption. Analysis of the exchange rate pass-through effect supports the link between the practice of real exchange rate targeting within the managed float regime and inflationary developments. With a counterfactual policy experiment in a cointegrating vector autoregressive (VAR) model, it is shown that stabilizing the nominal exchange rate and entering into the European Exchange Rate Mechanism (ERM II) sustainably reduced inflation to a level compatible with the Maastricht criteria, without creating any significant imbalances in the economy. For this reason, it can be expected that the stabilizing effects of exchange rate stability will continue under the European Monetary Union (EMU). Journal: Eastern European Economics Pages: 5-21 Issue: 6 Volume: 47 Year: 2009 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LK878H887064P821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bole, V. 2003. "Managed Float as a Second Best Option: Lessons from Slovenia." Economic Institute of the Law School (EIPF) Working Paper no. 6, Ljubljana. 2 Brüggemann, R.; H. Lütkepohl; and P. Saikkonen. 2006. "Residual Autocorrelation Testing for Vector Error-Correction Models." >i>Journal of Econometrics>/i> 134, no. 2: 579-604. 3 Calvo, A.G.; C.M. Reinhart; and C.A. Vegh. 1995. "Targeting the Real Exchange Rate: Theory and Evidence." >i>Journal of Development Economics>/i> 47, no. 1: 97-133. 4 Coricelli, F.; B. Jazbec; and I. Masten. 2003. "Exchange Rate Pass-Through in Candidate Countries." Discussion Paper no. 3894, Center for Economic Policy Research, London. 5 Coricelli, F.; B. Jazbec; and I. Masten. 2006. "Exchange Rate Pass-Through in EMU Acceding Countries: Empirical Analysis and Policy Implications." >i>Journal of Banking and Finance>/i> 30, no. 5: 1375-1391. 6 Hendry, D.F. 1995. >i>Dynamic Econometrics>/i>. Oxford: Oxford University Press. 7 Johansen, S. 1995. >i>Likelihood-Based Inference in Cointegrated Vector Auto-Regressive Models>/i>. Oxford: Oxford University Press. 8 Johansen, S., and K. Juselius. 2001. "Controlling Inflation in a Cointegrated Vector Autoregressive Model with and Application to US Data." Working Paper no. 2001/2, European University Institute, San Domenico di Fiesole. 9 Lavrač, V. 1999. "Exchange Rate of the Slovenian Tolar in the Context of Slovenia's Inclusion in the EU and in the EMU." Institute for Economic Research Working Paper no. 1, Slovenia. 10 Leeper, E.M.; C.A. Sims; and T. Zha. 1996. "What Does Monetary Policy Do?" >i>Brookings Papers on Economic Activity>/i> 2: 1-63. 11 Lucas, R.E. 1976. "Econometric Policy Evaluation: A Critique." >i>Carnegie-Rochester Conference on Public Policy>/i> 1: 19-46. 12 Marcellino, M., and G.E. Mizon. 2000. "Modeling Shifts in the Wage-Price and Unemployment-Infiltration Relationships in Italy, Poland and the UK." >i>Economic Modeling>/i> 17: 387-413. 13 Masten, I. 2004. "Identification of Exchange Rate Pass-Through Effect in Cointegrated VAR: An Application to New EU Member Countries." Working Paper no. 161, Faculty of Economics, University of Ljubljana. 14 Morley, J.C.; C.R. Nelson; and E. Zivot. 2003. "Why Are the Beveridge-Nelson and Unobservable-Components Decompositions of GDP So Different?" >i>Review of Economics and Statistics>/i> 85 no. 2: 235-243. 15 Svensson, L.E.O. 2000. "Open-Economy Inflation Targeting." >i>Journal of International Economics>/i> 50: 155-183. 16 Uribe, M. 2003. "Real Exchange Rate Targeting and Macroeconomic Instability." >i>Journal of International Economics>/i> 59, no. 1: 137-159. 17 Woodford, M. 2003. >i>Interest and Prices>/i>. Princeton: Princeton University Press. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:6:p:5-21 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 47 Year: 2009 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U4145133P815V3R8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:47:y:2009:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Mojca Duh Author-X-Name-First: Mojca Author-X-Name-Last: Duh Author-Name: Polona Tominc Author-X-Name-First: Polona Author-X-Name-Last: Tominc Author-Name: Miroslav Rebernik Author-X-Name-First: Miroslav Author-X-Name-Last: Rebernik Title: The Importance of Family Enterprises in Transition Economies Abstract: Family enterprises are important to many established market economies; however, little empirical research has been conducted to identify the importance and distinctiveness of family enterprises in postsocialist transition economies. Our exploratory study examines how family ownership and management influence the performance and internalization of family businesses in transition economies and estimates their importance for these economies, based on the case of Slovenia as one of the most developed European transition countries. Our proposals and conclusions could be useful for policymakers and family business owners and managers in other transition countries. Journal: Eastern European Economics Pages: 22-42 Issue: 6 Volume: 47 Year: 2009 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V63258102350H136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bird, B.; H. Welsch; J.H. Astrachan; and D. Pistrui. 2002. "Family Business Research: The Evolution of an Academic Field." >i>Family Business Review>/i> 15, no. 4: 337-349. 2 Chrisman, J.J.; J.H. Chua; and R.A. Litz. 2004. "Comparing the Agency Costs of Family and Nonfamily Firms: Conceptual Issues and Exploratory Evidence." >i>Entrepreneurship Theory and Practice>/i> 28, no. 4: 335-354. 3 Chrisman, J.J.; J.H. Chua; and P. Sharma. 2005. "Trends and Directions in the Development of a Strategic Management Theory of the Family Firm." >i>Entrepreneurship Theory and Practice>/i> 29, no. 5: 555-575. 4 Corbetta, G., and C. Salvato. 2004. "Self-Serving or Self-Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on ‘Comparing the Agency Costs of Family and Nonfamily Firms: Conceptual Issues and Exploratory Evidence.’" >i>Entrepreneurship Theory and Practice>/i> 28, no. 4: 355-362. 5 Duh, M. 2003. "Family Enterprises as an Important Factor of Economic Development: The Case of Slovenia." >i>Journal of Enterprising Culture>/i> 11, no. 2: 111-130. 6 Duh, M., and J. Belak. 2008. "Special Knowledge Needs of Family Enterprises in Transition Economies: Experiences from Slovenia." >i>Knowledge Management Research and Practice>/i> 6, no. 3: 187-198. 7 Duh, M., and P. Tominc. 2005. "Importance, Characteristics, and Future of Family Enterprises." In >i>Slovenian Entrepreneurship Observatory 2004-2>/i>, ed. M. Rebernik, P. Tominc, M. Duh, T. Kroslin, and G. Radonjic, pp. 19-31. Maribor: Faculty of Economics and Business. 8 Dyer, W.G., Jr. 2006. "Examining the ‘Family Effect’ on Firm Performance." >i>Family Business Review>/i> 19, no. 4: 253-273. 9 Dyer, W.G., Jr., and S. Panicheva Mortensen. 2005. "Entrepreneurship and Family Business in a Hostile Environment: The Case of Lithuania." >i>Family Business Review>/i> 18, no. 3: 247-259. 10 Estrin, S.; K.E. Meyer; and M. Bytchkova. 2006. "Entrepreneurship in Transition Economies." In >i>The Oxford Handbook of Enterpreneurship>/i>, ed. M. Casson, B. Yeung, A. Basu, and N. Wadeson, pp. 693-725. Oxford: Oxford University Press. 11 Fernández, Z., and M.J. Nieto. 2005. "Internationalization Strategy of Small and Medium-Sized Family Businesses: Some Influential Factors." >i>Family Business Review>/i> 18, no. 1: 77-89. 12 Fogel, G., and A. Zapalska. 2001. "A Comparison of Small and Medium-Sized Enterprise Development in Central and Eastern Europe." >i>Comparative Economic Studies>/i> 43, no. 3: 35-69. 13 Galetić, L. 2002. "Characteristics of Family Firms Management in Croatia." >i>MER Journal for Management and Development>/i> 4, no. 1: 74-81. 14 Gersick, K.E.; J.A. Davis; M. McCollom Hampton; and I. Lansberg. 1997. >i>Generation to Generation: Life Cycles of the Family Business>/i>. Boston: Harvard Business School Press. 15 Graves, C., and J. Thomas. 2006. "Internationalization of Australian Family Businesses: A Managerial Capabilities Perspective." >i>Family Business Review>/i> 19, no. 3: 207-224. 16 Graves, C., and J. Thomas. 2008. "Determinants of the Internationalization Pathways of Family Firms: An Examination of Family Influence." >i>Family Business Review>/i> 21, no. 2: 151-167. 17 Habbershon, T.G.; M.L. Williams; and I.C. MacMillan. 2003. "A Unified Systems Perspective of Family Firm Performance." >i>Journal of Business Venturing>/i> 18, no. 4: 451-465. 18 Hirsch, R.D., and G. Fülöp. 1997. "Women Entrepreneurs in Family Business: The Hungarian Case." >i>Family Business Review>/i> 10, no. 3: 281-302. 19 Hulshoff, H. 2001. "Family Business in the Dutch SME Sector: Definitions and Characteristics." Strategic Study, EIM, Zoetermeer (available at >a target="_blank" href='http://www.entrepreneurship-sme.eu/sys/cftags/assetnow/design/widget s/site/ctm_getFile.cfm?file=B200004.pdf&perId=0'>www.entrepreneurship-sme. eu/sys/cftags/assetnow/design/widgets/site/ctm_getFile.cfm?file=B200004.pd f&perId=0>/a> 20 IFERA (International Family Enterprise Research Academy). 2003. "Family Businesses Dominate." >i>Family Business Review>/i> 16, no. 4: 235-239. 21 Jorissen, A.; E. Laveren; R. Martens; and A.-M. Reheul. 2005. "Real Versus Sample-Based Differences in Comparative Family Business Research." >i>Family Business Review>/i> 18, no. 3: 229-245. 22 Kadocsa, G. 2003. "Lage der Familienunternehmen in Ungarn" [State of Family Businesses in Hungary]. >i>MER Journal for Management and Development>/i> 5, no. 1: 54-61. 23 Kelly, L.M.; N. Athanassiou; and W.F. Crittenden. 2000. "Founder Centrality and Strategic Behavior in the Family-Owned Firm." >i>Entrepreneurship Theory and Practice>/i> 25, no. 2: 27-42. 24 Leonidou, L., and C.S. Katsikeas. 1996. "The Export Development Process: An Integrative Review of Empirical Models." >i>Journal of International Business Studies>/i> 27, no. 3: 517-551. 25 Lu, J.W., and P.W. Beamish. 2001. "The Internationalization and Performance of SMEs." >i>Strategic Management Journal>/i> 22, no. 6/7: 565-586. 26 Lussier, N., and M.C. Sonfield. 2006. "The Effect of Family Business Size as Firms Grow: A USA-France Comparison." >i>Journal of Small Business and Enterprise Development>/i> 13, no. 3: 314-321. 27 McCann, G.; M. DeMoss; P. Dascher; and S. Barnett. 2003. "Educational Needs of Family Businesses: Perceptions of University Directors." >i>Family Business Review>/i> 16, no. 4: 283-291. 28 McMillan, J., and C. Woodruff. 2002. "The Central Role of Entrepreneurs in Transition Economies." >i>Journal of Economic Perspective>/i> 16, no. 3: 153-170. 29 Morck, R., and B. Yeung. 2003. "Agency Problems in Large Family Business Groups." >i>Entrepreneurship Theory and Practice>/i> 27, no. 4: 367-382. 30 Poutziouris, P.; K. O'Sullivan; and L. Nicolescu. 1997. "The (Re)-Generation of Family-Business Entrepreneurship in the Balkans." >i>Family Business Review>/i> 10, no. 3: 239-261. 31 Rebernik, M., and K. Pusnik. 2008. "Internationalization of Slovenian SMEs as Learning and Unlearning Process." In >i>Handbook of Research on European Business and Entrepreneurship: Towards a Theory of Internationalization>/i>, d. L.-P. Dana, I.M. Welpe, M. Han, and V. Ratten, pp. 580-597. Cheltenham, UK: Edward Elgar. 32 Rebernik, M.; P. Tominc; and K. PuÅ¡nik. 2007. >i>Počasene spremembe podjetniÅ¡ke stvarnosti>/i> [Slow Changes of Entrepreneurial Reality]. GEM Slovenia 2006. Maribor: Faculty of Economics and Business. 33 Rus, M., and M. Rebernik. 2007. "Slovenska podjetja v letu 2005" [Slovenian Enterprises in 2005]. In >i>Podobe slovenskego podjetniÅ¡tva v letu 2006>/i> [Slovenian Entrepreneurship in 2006 in Focus], ed. M. Rebernik and T. KroÅ¡lin, pp. 129-161. Maribor: Faculty of Economics and Business. 34 Safin, K. 2002. "Die Zukunft polnisher Familienunternehmen" [The Future of Polish Family Businesses]. >i>MER Journal for Management and Development>/i> 4, no. 1: 82-90. 35 Schulze, W.S.; M.H. Lubatkin; and R.N. Dino. 2003. "Toward a Theory of Agency and Altruism in Family Firms: Theory and Evidence." >i>Journal of Business Venturing>/i> 18, no. 4: 473-490. 36 Sirmon, D.G., and M.A. Hitt. 2003. "Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms." >i>Entrepreneurship Theory and Practice>/i> 27, no. 4: 339-358. 37 Sonfield, M.C.; R.N. Lussier; S. Pfeifer; and S. Manikutty. 2005. "A Cross-National Investigation of First-Generation, Second-Generation, and Third-Generation Family Businesses: A Four Country ANOVA Comparison." >i>Journal of Small Business Strategy>/i> 16, no. 1: 9-26. 38 Vadnjal, J. 2005. "Developmental Orientation of Family Enterprises in Slovenia." Ph.D. dissertation, Faculty of Economics, University of Ljubljana. 39 Westhead, P., and M. Cowling. 1997. "Performance Contrasts Between Family and Non-family Unquoted Companies in the UK." >i>International Journal of Entrepreneurial Behaviour and Research>/i> 3, no. 1: 30. 40 Westhead, P., and M. Cowling. 1998. "Family Firm Research: The Need for a Methodological Rethink." >i>Entrepreneurship Theory and Practice>/i> 23, no. 1: 31-56. 41 Westhead, P., and C. Howorth. 2006. "Ownership and Management Issues Associated with Family Firm Performance and Company Objectives." >i>Family Business Review>/i> 19, no. 4: 301-316. 42 Westhead, P.; M. Wright; and D. Ucbasaran. 2001. "The Internationalization of New and Small Firms: A Resource-Based View." >i>Journal of Business Venturing>/i> 16, no. 4: 333-358. 43 Wolff, J.A., and T.L. Pett. 2000. "Internationalization of Small Firms: An Examination of Export Competitive Patterns, Firm Size, and Export Performance." >i>Journal of Small Business Management>/i> 38, no. 2: 34-48. 44 Wyrwicka, M.K. 2003. "Nachfolgeprobleme von Familienunternehmen in Polen" [Succession Problems in Family Businesses in Poland]. >i>MER Journal for Management and Development>/i> 5, no. 1: 62-66. 45 Zabunov, G. 2003. "Traditional Bulgarian Values and Family Business in Bulgaria." >i>MER Journal for Management and Development>/i> 5, no. 1: 78-80. 46 Zahra, S.A. 2003. "International Expansion of U.S. Manufacturing Family Businesses: The Effect of Ownership and Involvement." >i>Journal of Business Venturing>/i> 18, no. 4: 495-512. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:6:p:22-42 Template-Type: ReDIF-Article 1.0 Author-Name: Arjan Lejour Author-X-Name-First: Arjan Author-X-Name-Last: Lejour Author-Name: Andrea Mervar Author-X-Name-First: Andrea Author-X-Name-Last: Mervar Author-Name: Gerard Verweij Author-X-Name-First: Gerard Author-X-Name-Last: Verweij Title: The Economic Effects of Croatia's Accession to the European Union Abstract: We explore the economic implications of Croatia's possible accession to the European Union. We focus on two main changes associated with EU membership: accession to the internal European market and institutional reforms in Croatia triggered by EU membership. Consumption per capita in Croatia is estimated to rise by 2.6 percent as a result of accession to the internal market. In particular, the textile and wearing apparel sectors expand. If Croatia successfully reforms its domestic institutions in response to EU membership, income levels in Croatia could increase even more. Tentative estimates suggest that gross domestic product per capita in Croatia could rise by an additional 8 percent. Overall, the macroeconomic implications for the existing EU countries are negligible. Journal: Eastern European Economics Pages: 60-83 Issue: 6 Volume: 47 Year: 2009 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W62208GP9382U7M8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baldwin, R.E.; J.F. François; and R. Portes. 1997. "The Costs and Benefits of Eastern Enlargement: The Impact on the EU and Central Europe." >i>Economic Policy>/i> 24 (April): 125-170. 2 Brenton, P., and D. Gros. 1997. "Trade Reorientation and Recovery in Transition Economies." >i>Oxford Review of Economic Policy>/i> 13, no. 2: 65-76. 3 CBS (Central Bureau of Statistics). 2006a. >i>Statistical Yearbook>/i>. Zagreb: Central Bureau of Statistics (available at >a target="_blank" href='http://www.dzs.hr'>www.dzs.hr>/a> 4 CBS (Central Bureau of Statistics) 2006b. >i>Projekcije stanovniÅ¡tva Republike Hrvatske: 2004-2051>/i> [Population Projections for the Republic of Croatia: 2004-2051]. Zagreb: Central Bureau of Statistics. 5 De Groot, H.L.F.; G.-J. Linders; P. Rietveld; and U. Subramanian. 2004. "The Institutional Determinants of Bilateral Trade Patterns." >i>Kyklos>/i> 57, no. 1: 103-123. 6 Dimaranan, B.V., and R.A. McDougall. 2004. Global Trade Assistance and Protection: The GTAP 6 Database (prerelease). Center for Global Trade Analysis, Purdue University, West Lafayette, IN. 7 Ederveen, S.; J. Gorter; R.A. de Mooij; and R. Nahuis. 2002. >i>Funds and Games: The Economics of European Cohesion Policy>/i>. CPB Special Publication. The Hague: CPB Netherlands Bureau for Economic Policy Analysis. 8 EurActiv. 2006. "Croatia Wants to Join by 2009 Despite ‘Enlargement Pause.’" Brussels (available at >a target="_blank" href='http://www.euractiv.com'>www.euractiv.com>/a> 9 European Commission. 2006. "Standard Eurobarometer: National Report Croatia." Executive Summary, Brussels (available at >a target="_blank" href='http://www.delhrv.ec.europa.eu/en/static/view/id/317'>www.delhrv.ec. europa.eu/en/static/view/id/317>/a> 10 Eurostat. 2006. "Structural Indicators." Luxembourg, available at >a target="_blank" href='http://epp.eurostat.ec.europe.eu/portal/page/structural_indicators/i ntroduction'>epp.eurostat.ec.europe.eu/portal/page/structural_indicators/i ntroduction>/a> 11 Fidrmuc, J., and J. Fidrmuc. 2003. "Disintegration and Trade." >i>Review of International Economics>/i> 11, no. 5: 811-830. 12 Flam, H. 2003. "Turkey and the EU: Politics and Economics of Accession." Working Paper no. 893, CESIfo, Munich. 13 Lejour, A.M., and R.A. de Mooij. 2005. "Turkish Delight: Does Turkey's Accession to the EU Bring Economic Benefits?" >i>Kyklos>/i> 58, no. 1: 87-120. 14 Lejour, A.M.; R.A. de Mooij; and R. Nahuis. 2004. "EU Enlargement: Economic Implications for Countries and Industries." In >i>Managing EU Enlargement>/i>, ed. H. Berger, T. Moutos, and H.-W. Sinn, pp. 217-255. Cambridge, MA: MIT Press. 15 Lejour, A.M.; V. Solanic; and P.J.G. Tang. 2009. "EU accession and Income Growth: An Empirical Approach." >i>Transition Studies Review>/i> 16, no. 1: 127-144. 16 Lejour, A.M.; P. Veenendaal; G. Verweij; and N. van Leeuwen. 2006. "WorldScan: A Model for International Economic Policy Analysis." CPB Document no. 111, CPB Netherlands Bureau for Economic Analysis, The Hague. 17 MFAEI (Ministry of Foreign Affairs and European Integration of the Republic of Croatia). 2009. "Overview of Progress in Negotiations." Zagreb (available at >a target="_blank" href='http://www.eu-pregovori.hr/Download/2008/12/30/Tabela_pregled_stanja _pregovora_23_12_08-hrv.pdf'>www.eu-pregovori.hr/Download/2008/12/30/Tabel a_pregled_stanja_pregovora_23_12_08-hrv.pdf>/a> 18 OECD (Organization for Economic Cooperation and Development). 2006. >i>OECD Investment Compact's Investment Reform Index Report 2006 (for South-East Europe)>/i>. Paris. 19 United Nations. 2002. >i>World Population Prospects>/i>, rev. New York. Handle: RePEc:mes:eaeuec:v:47:y:2009:i:6:p:60-83 Template-Type: ReDIF-Article 1.0 Author-Name: Kym Anderson Author-X-Name-First: Kym Author-X-Name-Last: Anderson Author-Name: Johan Swinnen Author-X-Name-First: Johan Author-X-Name-Last: Swinnen Title: How Distorted Have Agricultural Incentives Become in Europe's Transition Economies? Abstract: Over the past two decades, earnings from farming in the former communist countries of Eastern Europe and Central Asia have been altered hugely by government sectoral and trade policy reforms. This paper summarizes evidence on the changing extent of distortions to markets for farm products since the transition away from planned prices began. In particular, it examines the extent to which, following initial shocks, there has been a gradual improvement in farmer incentives. This new evidence is not inconsistent with the past pattern of earlier-developing countries, but the speed of assistance increase is relatively rapid and is linked with actual or desired accession to the European Union. The final section focuses on future prospects, particularly what might be done to prevent agricultural protection levels from becoming excessive. Journal: Eastern European Economics Pages: 79-109 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=17W673V212208680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, J.E., and J.P. Neary, 2005. >i>Measuring the Restrictiveness of International Trade Policy.>/i> Cambridge, MA: MIT Press. 2 Anderson, K. 1995. "Lobbying Incentives and the Pattern of Protection in Rich and Poor Countries." >i>Economic Development and Cultural Change>/i> 43, no. 2: 401-423. 3 Anderson, K., and J. Croser, 2009. "National and Global Agricultural Trade and Welfare Reduction Indexes, 1955 to 2007." World Bank, Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/agdistortions'>www.worldbank.org/agdistorti ons>/a> 4 Anderson, K., and Y. Hayami (eds.). 1986. >i>The Political Economy of Agricultural Protection: East Asia in International Perspective.>/i> Boston: Allen and Unwin. 5 Anderson, K.; M. Kurzweil; W. Martin; D. Sandri; and E. Valenzuela, 2008. "Measuring Distortions to Agricultural Incentives, Revisited." >i>World Trade Review>/i> 7, no. 4: 675-704. 6 Anderson, K., and W. Masters, eds. 2009. >i>Distortions to Agricultural Incentives in Africa.>/i> Washington, DC: World Bank. 7 Anderson, K., and J. Swinnen, eds. 2008. >i>Distortions to Agricultural Incentives in Europe's Transition Economies.>/i> Washington, DC: World Bank. 8 Anderson, K., and E. Valenzuela, 2008. "Estimates of Global Distortions to Agricultural Incentives, 1955 to 2007." World Bank, Washington DC (available at >a target="_blank" href='http://www.worldbank.org/agdistortions'>www.worldbank.org/agdistorti ons>/a> 9 Bacchetta, M., and Z. Drabek, 2002. "Effects of WTO Accession on Policy-Making in Sovereign States: Preliminary Lessons from the Recent Experience of Transition Countries." Staff Working Paper DERD-2002-02, World Trade Organization, Geneva. 10 Broadman, H.G., ed. 2006. >i>From Disintegration to Reintegration: Europe and Central Asia in International Trade.>/i> Washington, DC: World Bank. 11 Chen., S., and M. Ravallion, 2007. "Absolute Poverty Measures for the Developing World, 1981-2004." Policy Research working paper 4211, World Bank, Washington, DC. 12 Christensen, G., and R. Pomfret, 2008. "The Kyrgyz Republic." In >i>Distortions to Agricultural Incentives in Europe's Transition Economies>/i>, ed. K. Anderson and J. Swinnen, pp. 265-296. Washington, DC: World Bank. 13 Conquest, R. 1986. >i>The Harvest of Sorrow.>/i> London: Oxford University Press. 14 Cook, E.C.; W.M. Liefert; and R.B. Koopman, 1991. >i>Government Intervention in Soviet Agriculture: Estimates of Consumer and Producer Subsidy Equivalents.>/i> Staff Report no. AGES 9146, Economic Research Service. Washington, DC: U.S. Department of Agriculture. 15 Crafts, N., and G. Toniolo, 2008. "European Economic Growth, 1950-2005: An Overview." Discussion paper no. 6863, Center for Economic and Policy Research, London. 16 De Gorter, H., and J. Swinnen, 2002. "Political Economy of Agricultural Policies." In >i>Handbook of Agricultural Economics>/i>, vol. 2, ed. B. Gardner and G. Rausser, pp. 2073-2123. Amsterdam: Elsevier Science. 17 Dries, L., and J. Swinnen, 2004. "Foreign Direct Investment, Vertical Integration, and Local Suppliers: Evidence from the Polish Dairy Sector." >i>World Development>/i> 32, no. 9: 125-154. 18 Dries, L.; T. Reardon; and J. Swinnen, 2004. "The Rapid Rise of Supermarkets in Central and Eastern Europe: Implications for the Agrifood Sector and Rural Development." >i>Development Policy Review>/i> 22, no. 5: 525-556. 19 Ellman, M. 1988. "Contract Brigades and Normless Teams in Soviet Agriculture." In >i>Socialist Agriculture in Transition: Organizational Response to Failing Performance>/i>, ed. J.C. Brada and K.-E. Wädekin, pp. 23-33. Boulder, CO: Westview Press. 20 Gray, K.R., ed. 1990. >i>Soviet Agriculture: Comparative Perspectives.>/i> Ames: Iowa State University Press. 21 Josling, T. 2008. "Distortions to Agricultural Incentives in Western Europe." Agricultural Distortions Working Paper no. 61, World Bank, Washington DC (available at >a target="_blank" href='http://www.worldbank.org/agdistortions'>www.worldbank.org/agdistorti ons>/a> 22 Kostova Huffman, S., and S.R. Johnson, 2004. "Impacts of Economic Reform in Poland: Incidence and Welfare Changes Within a Consistent Framework." >i>Review of Economics and Statistics>/i> 86, no. 2: 626-636. 23 Krueger, A.O.; M. Schiff; and A. Valdés, 1991. >i>The Political Economy of Agricultural Pricing Policy, Volume 3: Africa and the Mediterranean.>/i> Baltimore: Johns Hopkins University Press. 24 Lerner, A. 1936. "The Symmetry Between Import and Export Taxes." >i>Economica>/i> 3, no. 11: 306-313. 25 Liefert, W., and O. Liefert, 2008. "The Russian Federation," In >i>Distortions to Agricultural Incentives in Europe's Transition Economies>/i>, ed. K. Anderson and J. Swinnen, pp. 735-774. Washington, DC: World Bank. 26 Liefert, W., and J. Swinnen, 2002. "Changes in Agricultural Markets in Transition Economies." Agricultural Economics Report no. AER806, Economic Research Service, U.S. Department of Agriculture, Washington, DC. 27 Lloyd, P.J. 1974. "A More General Theory of Price Distortions in an Open Economy." >i>Journal of International Economics>/i> 4, no. 4: 365-386. 28 Lloyd, P.J.; J.L. Croser; and K. Anderson, 2009. "Global Distortions to Agricultural Markets: New Indicators of Trade and Welfare Impacts, 1955 to 2007." Policy Research Working Paper no. 4865, World Bank, Washington, DC. 29 Milanovic, B., and L. Ersado, 2008. "Reform and Inequality During the Transition: An Analysis Using Panel Household Survey Data, 1990-2005." Policy Research Working Paper no. 4780, World Bank, Washington, DC. 30 Pomfret, R. 2008a. "Kazakhstan." In >i>Distortions to Agricultural Incentives in Europe's Transition Economies>/i>, ed. K. Anderson and J. Swinnen, pp. 219-264. Washington, DC: World Bank. 31 Pomfret, R. 2008b. "Tajikistan, Turkmenistan, and Uzbekistan." In >i>Distortions to Agricultural Incentives in Europe's Transition Economies>/i>, ed. K. Anderson and J. Swinnen, pp. 297-338. Washington, DC: World Bank. 32 Sandri, D.; E. Valenzuela; and K. Anderson, 2007. "Economic and Trade Indicators for Europe's Transition Economies, 1990 to 2004." Agricultural Distortions Working Paper no. 22, World Bank, Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/agdistortions'>www.worldbank.org/agdistorti ons>/a> 33 Swinnen, J. 1994. "A Positive Theory of Agricultural Protection." >i>American Journal of Agricultural Economics>/i> 76, no. 1: 1-14. 34 Swinnen, J. 2002. "Transition and Integration in Europe: Implications for Agricultural and Food Markets, Policy and Trade Agreements." >i>World Economy>/i> 25, no. 4: 481-501. 35 Swinnen, J., and S. Rozelle, 2006. >i>From Marx and Mao to the Market: The Economics and Politics of Agricultural Transition.>/i> New York: Oxford University Press. 36 Valdés, A., ed. 2000. "Agricultural Support Policies in Transition Economies." Technical paper no. 470, World Bank, Washington, DC. 37 World Bank. 2007. >i>World Development Indicators.>/i> Washington, DC. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:79-109 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=21358N8UQ1H63151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Boeri, T., and Garibaldi, P. 2006. "Are Labour Markets in the New Member States Sufficiently Flexible for EMU?" >i>Journal of Banking and Finance>/i> 30, no. 6: 1394-1407. 2 Onaran, O. 2008. "Jobless Growth in the Central and East European Countries: A Country-Specific Panel Data Analysis of the Manufacturing Industry." >i>Eastern European Economics>/i> 46, no. 4 (July-August): 90-115. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Joanna Tyrowicz Author-X-Name-First: Joanna Author-X-Name-Last: Tyrowicz Author-Name: Piotr Wójcik Author-X-Name-First: Piotr Author-X-Name-Last: Wójcik Title: Some Stylized Facts on Unemployment Dynamics in Transition Abstract: >p>This paper examines the dynamics of regional unemployment rates in transition economies. We use policy-relevant NUTS 4 unemployment rates for transition economies characterized by both relatively intense (Poland, Slovakia) and relatively mild labor market hardships (the Czech Republic). We apply diverse analytical techniques to seek traces of convergence, including β and σ convergence as well as a time-series approach.>/p>>p>The transition economies typically experienced rapid growth of unemployment rates due to profound restructuring. Naturally, these processes affected local labor markets asymmetrically, as regions were diversified with respect to industry composition and economic outlooks. The results in each of the countries suggest that diverging unemployment rates seem nested in the data. Further, regions with both very high and very low unemployment show signs of high persistence and low mobility in the national distribution. The findings allow us to define the patterns of local labor market dynamics, pointing out differentiated divergence paths. These tendencies persist despite cohesion policy financing schemes, which allocate relatively more resources to deprived regions in all these countries.>/p> Journal: Eastern European Economics Pages: 5-22 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=246P850578T52785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Armstrong, H., and J. Taylor, 2000. >i>Regional Economics and Policy>/i>, 3d ed. Oxford: Blackwell. 2 Bayer, C., and F. Juessen, 2007. "Convergence in West German Regional Unemployment Rates." >i>German Economic Review>/i> 8, no. 4: 510-535. 3 Blanchard, O., and L. Katz, 1992. "Regional Evolutions." >i>Brookings Papers on Economic Activity>/i> 1: 1-75. 4 Boeri, T., and K. Terrell, 2002. "Institutional Determinants of Labor Reallocation in Transition." >i>Journal of Economic Perspectives>/i> 16, no. 1: 51-76. 5 Breitung, J., and W. Meyer, 1994. "Testing for Unit Roots in Panel Data: Are Wages on Different Bargaining Levels Cointegrated?" >i>Applied Economics>/i> 26, no. 4: 353-361. 6 Buettner, T. 2007. "Unemployment Disparities and Regional Wage Flexibility: Comparing EU Members and EU-Accession Countries." >i>Empirica>/i> 34, no. 4: 287-297. 7 Camarero, M.; J.L. Carrion-i Silvestre; and C. Tamarit, 2006. "Testing for Hysteresis in Unemployment in OECD Countries: New Evidence Using Stationarity Panel Tests with Breaks." >i>Oxford Bulletin of Economics and Statistics>/i> 68, no. 2: 167-182. 8 Carlino, G.A., and L.O. Mills, 1993. "Are U.S. Regional Incomes Converging? A Time Series Analysis." >i>Journal of Monetary Economics>/i> 32, no. 2: 335-346. 9 Dixon, R.; D. Shepherd; and J. Thomson, 2001. "Regional Unemployment Disparities in Australia." >i>Regional Studies>/i> 35, no. 2: 93-102. 10 Ferragina, A.M., and F. Pastore, 2008. "Mind the Gap: Unemployment in the New EU Regions." >i>Journal of Economic Surveys>/i> 22, no. 1: 73-113. 11 Flek, V.; K. Galuscak; J. Gottvald; J. Hurnik; S. Jurajda; and D. Navrati, 2004. "Anatomy of the Czech Labor Market: From Overemployment to Underemployment in Ten Years?" Working Paper no. 2004/07, Czech National Bank, Research Department, Prague. 12 Gomes, F.A.R., and C.G. da Silva, 2009. "Hysteresis vs. Nairu and Convergence vs. Divergence: The Behavior of Regional Unemployment Rates In Brazil." >i>Quarterly Review of Economics and Finance>/i> 49, no. 2: 308-322. 13 Góra, M., and H. Lehman, 1995. "How Divergent Is Regional Labor Market Adjustment in Poland?" In >i>The Regional Dimension of Unemployment in Transition Countries: A Challenge for Labor Market and Social Policies>/i>, ed. S. Scarpetta and A. Wörgötter. Paris: Organization for Economic Cooperation and Development. 14 Gray, D. 2004. "Persistent Regional Unemployment Differentials Revisited." >i>Regional Studies>/i> 38, no. 2: 167-176. 15 Grotkowska, G. 2006. "The Case of Poland: Recent Changes of Nonstandard Employment and Labor Market Flexibility." In >i>Trends in Employment Stability and Labor Market Segmentation>/i>, ed. C. Kohler, K. Junge, T. Schroder, and O. Struck, pp. 51-69. Mitteilungen: Universitat Jena. 16 Huber, P. 2007. "Regional Labor Market Developments in Transition: A Survey of the Empirical Literature." >i>European Journal of Comparative Economics>/i> 4, no. 2: 263-298. 17 Im, K.S.; M.H. Pesaran; and Y. Shin, 2003. "Testing for Unit Roots in Heterogeneous Panels." >i>Journal of Econometrics>/i> 115, no. 1: 53-74. 18 Lehmann, H., and P. Walsh, 1998. "Gradual Restructuring and Structural Unemployment in Poland: A Legacy of Central Planning." LICOS, Centre for Transition Economies, Katholieke Universiteit Leuven, Leuven. 19 Levin, A.; C.-F. Lin; and C.-S. Chu, 2002. "Unit-Root Tests in Panel Data: Asymptotic and Finite-Sample Properties." >i>Journal of Econometrics>/i> 108, no. 1: 1-24. 20 Maddala, G.S., and S. Wu, 1999. "A Comparative Study of Unit-Root Tests with Panel Data and a New Simple Test." >i>Oxford Bulletin of Economics and Statistics>/i> 61 (special issue): 631-652. 21 Martin, E. 2006. "The Impact upon Employment of the Decline in Danube Transport." >i>South-East Europe Review>/i> 1, no. 1: 81-88. 22 Newell, A., and F. Pastore, 1999. "Structural Unemployment and Structural Change in Poland." >i>Studi Economici>/i> 69, no. 3: 81-100. 23 Ng, S., and P. Perron, 1995. "Estimation and Inference in Nearly Unbalanced, Nearly Cointegrated Systems." >i>Journal of Econometrics>/i> 79, no. 1: 53-81. 24 Pehkonen, J., and H. Tervo, 1998. "Persistence and Turnover in Regional Unemployment Disparities." >i>Regional Studies>/i> 32, no. 5: 445-458. 25 Sala-i Martin, X. 2002. "Fifteen Years of New Growth Economics: What Have We Learnt?" Working paper, Department of Economics, Columbia University, New York. 26 Sarno, L., and M.P. Taylor, 1998. "Real Interest Rates, Liquidity Constraints, and Financial Deregulation: Private Consumption Behavior in the U.K." >i>Journal of Macroeconomics>/i> 20, no. 2: 221-242. 27 Scarpetta, S., and P. Huber, 1995. "Regional Economic Structures and Unemployment in Central and Eastern Europe: An Attempt to Identify Common Patterns." In >i>The Regional Dimension of Unemployment in Transition Countries: A Challenge for Labor Market and Social Policies>/i>, ed. S. Scarpetta and A. Wörgötter. Paris: Organization for Economic Cooperation and Development. 28 Silverman, B. 1986. >i>Density Estimation for Statistics and Data Analysis>/i>. London: Chapman & Hall. 29 Svejnar, J. 2002. "Transition Economies: Performance and Challenges." >i>Journal of Economic Perspectives>/i> 16, no. 1: 3-28. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:5-22 Template-Type: ReDIF-Article 1.0 Author-Name: Stoyan Totev Author-X-Name-First: Stoyan Author-X-Name-Last: Totev Author-Name: Grigor Sariiski Author-X-Name-First: Grigor Author-X-Name-Last: Sariiski Title: Industrial Delocalization in an Integrating Europe Abstract: This paper examines the process of industrial delocalization of the footwear industry in the European Union; evidence has been gathered from a survey of enterprises from five EU countries. The results for the footwear industry are evaluated in comparison with results for the other industries under investigation: software, electronics, and clothing. The study is enriched by a cross-country analysis based on secondary data indicators for the footwear industry. Outlined are the specific features and effects of the delocalization processes. Patterns of the footwear industry's development as well as its location, specialization, and trade performance; countries' competitiveness; and their relation to the delocalization processes are examined. The benefits to the participants in the delocalization process are outlined and possible future scenarios and prospects are also analyzed in light of the ongoing economic development in the EU-27 regarding delocalization issues. Journal: Eastern European Economics Pages: 43-63 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=653X741X14724803 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Commission of the European Communities (CEC). 2001. >i>Report on the Promotion of Competitiveness and Employment in the European Footwear Industry.>/i> Commission Staff Working Document. Brussels. 2 Commission of the European Communities (CEC). 2005. >i>Economic and Competitive Analysis of the Footwear Sector in the EU-25.>/i> Commission Staff Working Document. Brussels. 3 Falk, M., and Y. Wolfmayer, 2005. "The Impact of International Outsourcing on Employment: Empirical Evidence from EU Countries." Paper presented at the joint workshop organized by Hamburg Institute of International Economics and Vienna University of Economics and Business Administration, Hamburg, Germany, September 16-17. 4 Klodt, H. 1991. "Comparative Advantages and Prospective Structural Adjustment in Eastern Europe." Working paper no. 477, Kiel Institute of World Economics, Kiel. 5 Totev, S. 2005. "Foreign Direct Investments in Bulgaria: Advantages and Disadvantages to Invest." >i>South East European Review>/i> 4: 91-104. 6 Totev, S. 2006. "Comparative Analysis of the Process of Regional Specialization and Concentration in the Framework of the EU." >i>Economic Studies>/i> 15, no. 1: 67-89. 7 Totev, S. 2007. "Economic Integration and Structural Change: The Case of Bulgarian Regions." In >i>The Impact of European Integration on Regional Structural Change and Cohesion>/i>, ed. E.M.C. Krieger-Boden and G. Petrakos, pp. 248-265. New York: Routledge. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:43-63 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Mikek Author-X-Name-First: Peter Author-X-Name-Last: Mikek Title: The Dynamics of Shock Correlations Between the Old and New Members of the European Union Abstract: This paper examines the convergence of shocks in new member states (NMSs) to their European counterparts through time. The decision to adopt the euro is associated with higher implicit costs for NMSs with a more asymmetric shock structure. I employ rolling regressions and the Kalman (1960) filter to calculate time-varying regression coefficients relating previously identified structural shocks in NMSs and the European Monetary Union. In general, the results show no evidence of convergence and therefore imply limited merits of accession. Additionally, they suggest that the catching-up process in NMSs is slowing down. Journal: Eastern European Economics Pages: 23-42 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L7817W601634MK11 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agneloni, I.; M. Flad; and F.P. Mongelli, 2007. "Monetary Integration of the New EU Member States: What Sets the Pace of Euro Adoption?" >i>Journal of Common Market Studies>/i> 45, no. 2: 367-409. 2 Artis, M.; M. Marcellino; and T. Proietti, 2004. "Characterizing the Business Cycles for Accession Countries." Discussion Paper no. 4457, Center for Economic Policy Research, London. 3 Babetskii, I. 2005. "Trade Integration and Synchronization of Shocks." >i>Economics of Transition>/i> 13, no. 1: 105-138. 4 Babetskii, I.; L. Boone; and M. Maurel, 2004. "Exchange Rate Regimes and Shocks Asymmetry: The Case of the Accession Countries." >i>Journal of Comparative Economics>/i> 32, no. 2: 212-229. 5 Bayoumi, T., and B. Eichengreen, 1992. "Shocking Aspects of European Monetary Unification." Working paper no. 3949, National Bureau of Economic Research, Cambridge, MA. 6 Blanchard, O.J., and D. Quah, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances." >i>American Economic Review>/i> 79, no. 4: 655-673. 7 Boone, L. 1997. "Symmetry and Asymmetry of Supply and Demand Shocks in the European Union: A Dynamic Analysis." Working paper no. 97-03, Centre d'Etudes Prospectives et d'Informations Internationales, Paris. 8 Brada, J.C., and A.M. Kutan, 2001. "The Convergence of Monetary Policy Between Candidate Countries and the European Union." >i>Economic Systems>/i> 25, no. 3: 215-231. 9 Brada, J.C.; A.M. Kutan; and S. Zhou, 2005. "Real and Monetary Convergence Between the European Union's Core and Recent Member Countries: A Rolling Cointegration Approach." >i>Journal of Banking and Finance>/i> 29, no. 1: 249-270. 10 Campos, N.F., and F. Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should." >i>Journal of Economic Literature>/i> 40, no. 3: 793-836. 11 Clarida, R.; J. Gali; and M. Gertler, 2000. "The Science of Monetary Policy: A New Keynesian Perspective." >i>Journal of Economic Literature>/i> 37, no. 4: 1661-1707. 12 Cohen, D., and C. Wyplosz, 1989. "The European Monetary Union: An Agnostic Evaluation." Discussion paper no. 306, Center for Economic and Policy Research, London. 13 Coricelli, F., and B. Jazbec, 2001. "Real Exchange Rate Dynamics in Transition Economies." Discussion paper no. 2869, Center for Economic and Policy Research, London. 14 Corsetti, G., and P. Pesenti, 2002. "Self-Validating Optimum Currency Areas." NBER Working paper no. 8783, Cambridge, MA. 15 Darvas, Z., and G. Szapary, 2005. "Business Cycle Synchronization in the Enlarged EU: Comovements in the New and Old Members." Discussion paper no. 5179, Center for Economic and Policy Research, London. 16 De Broeck, M., and T. Slok, 2001. "Interpreting Real Exchange Rate Movements in Transition Countries." Working paper 01/56, International Monetary Fund, Washington, DC. 17 DeGrauwe, P., and W. Vanhalberbeke, 1991. "Is Europe an Optimum Currency Area? Evidence from Regional Data." Discussion paper no. 555, Center for Economic and Policy Research, London. 18 Fidrmuc, J. 2004. "Is Accession to the EMU More Justifiable Ex Post Than Ex Ante?" In >i>The Euro Area and the New EU Member Status>/i>, ed. L.V. De Souza and B. Van Aarle, pp. 23-38. New York: Palgrave Macmillan. 19 Fidrmuc, J., and I. Korhonen, 2001. "Similarity of Supply and Demand Shocks Between the Euro Area and CEECs." Discussion paper no. 14. Bank of Finland, Helsinki. 20 Fidrmuc, J., and I. Korhonen, 2006. "Meta-Analysis of the Business Cycle Correlation Between the Euro Area and the CEECs." >i>Journal of Comparative Economics>/i> 34: 518-537. 21 Frankel, J.A., and A.K. Rose, 1998. "The Endogeneity of the Optimum Currency Area Criteria." >i>Economic Journal>/i> 108, no. 449: 1009-1025. 22 Frenkel, M., and C. Nickel, 2005. "How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries?" >i>Journal of Common Market Studies>/i> 43, no. 1: 53-74. 23 Funke, M. 1997. "The Nature of Shocks in Europe and in Germany." >i>Economica>/i> 64, no. 255: 461-469. 24 Gilson, N. 2006. "About the Future of EMU." Facultés universitaires catholiques de Mons, Mons, France. Available at >a target="_blank" href='http://evenements.univ-lille3.fr/recherche/jemb/programme/papiers/gi lson_lille06.pdf'>http://evenements.univ-lille3.fr/recherche/jemb/programm e/papiers/gilson_lille06.pdf>/a> 25 Goodhart, C. 1996. "European Monetary Integration." >i>European Economic Review>/i> 40, nos. 3-5: 1083-1090. 26 Halpern, L., and J. Nemenyi, 2001. "Fiscal Foundation of Convergence to the European Union in Preaccession Transition Countries." In >i>Transition: The First Decade>/i>, ed. M.I. Blejer and M. Skreb, pp. 153-174. Cambridge, MA: MIT Press. 27 Hamilton, J.D. 1994. >i>Time Series Analysis>/i>. Princeton, NJ: Princeton University Press. 28 Horvath, J. 2003. "Optimum Currency Area Theory: A Selective Review." Discussion paper no. 15, Bank of Finland, Helsinki. 29 Horvath, J., and A. Ratfai, 2004. "Supply and Demand Shocks in Accession Countries to the Economic and Monetary Union." >i>Journal of Comparative Economics>/i> 32, no. 2: 202-211. 30 Ingram, J.C. 1969. "Comment: The Currency Area Problem." In >i>Monetary Problems of the International Economy>/i>, ed. R.A. Mundel and A.R. Swoboda, pp. 95-100. Chicago: University of Chicago Press. 31 Kalman, R.E. 1960. "A New Approach to Linear Filtering and Problems." >i>Journal of Basic Engineering>/i> 82, series D: 35-45. 32 Kennen, P. 1969. "The Theory of Optimum Currency Areas: An Eclectic View." In >i>Monetary Problems of the International Economy>/i>, ed. R.A. Mundell and A.R. Swoboda, pp. 41-60. Chicago: University of Chicago Press. 33 Kocenda, E.; A.M. Kutan; and T.M. Yigit, 2005. "Pilgrims to the Eurozone: How Far, How Fast?" >i>Economic Systems>/i> 30, no. 4: 311-327. 34 Kocenda, E., and J. Valachy, 2006. "Exchange Rate Volatility and Regime Change: A Visegrad Comparison." >i>Journal of Comparative Economics>/i> 34, no. 4: 727-753. 35 Kopits, G., and I. Székely, 2003. "Fiscal Policy Challenges of EU Accession for the Baltics and Central Europe." In >i>Structural Challenges for Europe>/i>, ed. G. Tumpel-Gugerell and P.C. Mooslechner, pp. 277-297. Cheltenham, UK: Edward Elgar. 36 Kovacs, M.A. 2002. "On the Estimated Size of the Balassa-Samuelson Effect in Five Central and Eastern European Countries." Working paper no. 2002/5, National Bank of Hungary, Budapest. 37 Krugman, P. 1993. "Integration, Specialization, and Adjustment." Working paper no. 4559, National Bureau of Economic Research, Cambridge, MA. 38 Kutan, A.M., and T.M. Yigit, 2004. "Nominal and Real Stochastic Convergence of Transition Economies." >i>Journal of Comparative Economics>/i> 32, no. 1: 23-36. 39 Lewis, J. 2007. "Fiscal Policy in Central and Eastern Europe: What Happened in the Run-up to EU Accession?" >i>International Economics and Economic Policy>/i> 4, no. 1: 15-31. 40 McKinnon, R. I. 1963. "Optimum Currency Area." >i>American Economic Review>/i> 54 (September): 717-725. 41 Melitz, J. 1995. "The Current Impasse in Research on Optimum Currency Areas." >i>European Economic Review>/i> 30, nos. 3-5: 492-500. 42 Mikek, P. 2008. "Alternative Monetary Policies, Fiscal Regime, and New EU Members." >i>Economic Systems>/i> 32, no. 4: 335-353. 43 Mikek, P. 2009. "Shocks to New and Old Europe: How Symmetric?" >i>Journal of Common Market Studies>/i> 47 (September): 811-830. 44 Mundell, R.A. 1961. "A Theory of Optimum Currency Areas." >i>American Economic Review>/i> 51, no. 4: 409-517. 45 Sanchez, M. 2006. "Implications of Monetary Union for Catching-Up Member States." Working paper series no. 630, European Central Bank, Frankfurt, Germany. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:23-42 Template-Type: ReDIF-Article 1.0 Author-Name: Lajos Zoltán Bakucs Author-X-Name-First: Lajos Zoltán Author-X-Name-Last: Bakucs Author-Name: Imre Fertő Author-X-Name-First: Imre Author-X-Name-Last: Fertő Author-Name: Heinrich Hockmann Author-X-Name-First: Heinrich Author-X-Name-Last: Hockmann Author-Name: Oleksandr Perekhozhuk Author-X-Name-First: Oleksandr Author-X-Name-Last: Perekhozhuk Title: Estimating Oligopsony Power in the Hungarian Market for Slaughter Hogs Abstract: A structural market model is estimated to analyze the effect of market power on resource allocation in the Hungarian pork supply chain. Regression analysis suggests that market power exists, though at a relatively low level. Moreover, the estimates show that processors might pursue Cournot strategies. In addition, we observe that market power of processors in the Hungarian sector is increasing. These results are consistent with the structural developments in pork production and pork processing. Journal: Eastern European Economics Pages: 64-78 Issue: 1 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P52R277RH72V2875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anders, S. 2005. "Measuring Market Power in German Food Retailing: Regional Evidence." Discussion Papers in Agricultural Economics no. 76, Justus Liebig University, Giessen. 2 Appelbaum, E. 1982. "The Estimation of the Degree of Oligopoly Power." >i>Journal of Econometrics>/i> 19, no. 2-3: 287-299. 3 Ashenfelter, O., and D. Sullivan, 1987. "Nonparametric Tests of Market Structure: An Application to the Cigarette Industry." >i>Journal of Industrial Economics>/i> 35, no. 4: 483-498. 4 Bakucs, L.Z., and I. Fertő. 2005. "Marketing Margins and Price Transmission on the Hungarian Pork Meat Market." >i>Agribusiness>/i> 21, no. 2: 273-286. 5 Bresnahan, T.F. 1981. "Duopoly Models with Consistent Conjectures." >i>American Economic Review>/i> 71, no. 5: 934-945. 6 Bresnahan, T.F. 1982. "The Oligopoly Solution Concept Is Identified." >i>Economics Letters>/i> 10, nos. 1-2: 87-92. 7 Bresnahan, T.F. 1989. "Empirical Studies of Industries with Market Power." In >i>Handbook of Industrial Economics>/i> 2, ed. R. Schmalensee and R.D. Willig, pp. 1011-1057. Amsterdam: North-Holland. 8 Chavas, J.-P., and T.L. Cox, 1988. "A Nonparametric Analysis of Agricultural Technology." >i>American Journal of Agricultural Economics>/i> 70, no. 2: 303-309. 9 Chavas, J.-P., and T.L. Cox, 1992. "A Nonparametric Analysis of the Influence of Research on Agricultural Productivity." >i>American Journal of Agricultural Economics>/i> 74, no. 3: 583-591. 10 Corts, K.S. 1999. "Conduct Parameter and the Measurement of Market Power." >i>Journal of Econometrics>/i> 88, no. 2: 227-250. 11 Daughety, A. 1985. "Reconsidering Cournot: The Cournot Equilibrium Is Consistent." >i>RAND Journal of Economics>/i> 16, no. 3: 368-379. 12 Dobson, P.W.; M. Waterson; and S.W. Davies, 2003. "The Patterns and Implications of Increasing Concentration in European Food Retailing." >i>Journal of Agricultural Economics>/i> 54, no. 1: 111-125. 13 Fawson, C., and R.C. Shumway, 1988. "A Nonparametric Investigation of Agricultural Production Behavior for U.S. Subregions." >i>American Journal of Agricultural Economics>/i> 70, no. 2: 311-317. 14 Greene, W.H. 2003. >i>Econometric Analysis>/i>, 5th ed. Upper Saddle River, NJ: Prentice Hall. 15 Hall, R.E. 1988. "The Relation Between Price and Marginal Cost in U.S. Industry." >i>Journal of Political Economy>/i> 96, no. 5: 921-947. 16 Harberger, A. 1954. "Monopoly and Resource Allocation." >i>American Economic Review>/i> 44, no. 1: 77-87. 17 Hyde, C.E., and J.M. Perloff, 1995. "Can Market Power Be Estimated?" >i>Review of Industrial Organization>/i> 10, no. 4: 465-485. 18 Jansik, C. 2000. "Determinants and Influence of Foreign Direct Investments in the Hungarian Food Industry in a Central and Eastern European Context." Publication 102, Agrifood Research Finland Economic Research, Helsinki, Finland. 19 Lau, L.J. 1982. "On Identifying the Degree of Competitiveness from Industry Price and Output Data." >i>Economics Letters>/i> 10, nos. 1-2: 93-99. 20 Lindh, T. 1992. "The Inconsistency of Consistent Conjectures: Coming Back to Cournot." >i>Journal of Economic Behavior and Organization>/i> 18, no. 1: 69-90. 21 Love, A.H., and R.C. Shumway, 1994. "Nonparametric Tests for Monopsonistic Market Power." >i>American Journal of Agricultural Economics>/i> 76, no. 5: 1156-1162. 22 McCorriston, S. 2002. "Why Should Imperfect Competition Matter to Agricultural Economists?" >i>European Review of Agricultural Economics>/i> 29, nos. 3-4: 349-371. 23 Morrison, P.C.J. 2003. "Cost Economics: A Driving Force for Consolidation and Concentration?" >i>Southern Economic Journal>/i> 70, no. 1: 110-127. 24 Muth, M.K., and M.K. Wohlgenant, 1999. "Measuring the Degree of Oligopsony Power in the Beef Packing Industry in the Absence of Marketing Input Quantity Data." >i>Journal of Agricultural and Resource Economics>/i> 24, no. 2: 299-312. 25 Panzar, J.C., and J.N. Rosse, 1987. "Testing for ‘Monopoly’ Equilibrium." >i>Journal of Industrial Economics>/i> 35, no. 4: 443-456. 26 Park, T., and A. Weliwita, 1999. "Competitive Behavior in the U.S. Food Retailing Industry." >i>Canadian Journal of Agricultural Economics>/i> 47, no. 1: 45-55. 27 Perloff, J.M., and E.Z. Shen, 2001. "Maximum Entropy and Bayesian Approaches to the Ratio Problem." >i>Journal of Econometrics>/i> 104, no. 2: 289-315. 28 SAS. 2000. >i>SAS/ETS User's Guide, Version 8.>/i> Cary, NC: SAS. 29 Sexton, R.J., and N. Lavoie, 2001. "Food Processing and Distribution: An Industrial Organization Approach." In >i>Handbook of Agricultural Economics, 1B>/i>, ed. B. Gardner and G.C. Rausser, pp. 863-932. Amsterdam: North-Holland. 30 Shazam. 2004. >i>Econometrics Software: User's Reference Manual, Version 10.>/i> Vancouver, BC: Northwest Econometrics. 31 White, K.J. 1992. "Durbin-Watson Test for Autocorrelation in Nonlinear Models." >i>Review of Economics and Statistics>/i> 74, no. 2: 370-373. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:1:p:64-78 Template-Type: ReDIF-Article 1.0 Author-Name: Scott W. Hegerty Author-X-Name-First: Scott W. Author-X-Name-Last: Hegerty Title: Central European Business Cycles Abstract: Optimal currency area (OCA) theory stresses that the comovement of the business cycles of member countries is an important criterion for a successful common currency. This study analyzes the cross-correlations of real gross domestic product and its components for six euro hopefuls from 1993 to 2008. No country is consistently matched more closely to Germany than to world output or consumption, and consumption correlations are found to be weak overall. Although the Baltic states seem to show stronger comovements with the world than with Germany, they show even closer linkages to each other, suggesting that this part of Europe forms a distinct economic subregion that may not benefit from joining the euro. Journal: Eastern European Economics Pages: 56-73 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=72764553R6432428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Artis, M. J.; J. Fidrmuc; and J. Scharler. 2008. "The Transmission of Business Cycles: Implications for EMU Enlargement." >i>Economics of Transition>/i> 16, no. 3: 559-582. 2 Babetskii, I. 2005. "Trade Integration and Synchronization of Shocks." >i>Economics of Transition>/i> 13, no. 1: 105-138. 3 Backus, D. K.; P. J. Kehoe; and F. E. Kydland. 1992. "International Real Business Cycles." >i>Journal of Political Economy>/i> 100, no. 4: 745-775. 4 Backus, D. K.; P. J. Kehoe; and F. E. Kydland. 1994. "Dynamics of the Trade Balance and the Terms of Trade: the J-Curve?" >i>American Economic Review>/i> 84, no. 1: 84-103. 5 Benczúr, P., and A. Rátfai. 2005. "Economic Fluctuations in Central and Eastern Europe: The Facts." Discussion Papers no. 4846, Center for Economic and Policy Research, Washington, DC. 6 Darvas, Z., and G. Szapáry. 2008. "Business Cycle Synchronization in the Enlarged EU." >i>Open Economies Review>/i> 19, no. 1: 1-19. 7 Fadejeva, L., and A. Melihovs. 2008. "The Baltic States and Europe: Common Factors of Economic Activity." >i>Baltic Journal of Economics>/i> 8, no. 1: 75-96. 8 Fidrmuc, J., and I. Korhonen. 2006. "Meta-Analysis of the Business Cycle Correlation Between the Euro Area and the CEECs." >i>Journal of Comparative Economics>/i> 34, no. 3: 518-537. 9 Frankel, J. A., and A. K. Rose. 1998. "The Endogeneity of the Optimum Currency Area Criteria." >i>Economic Journal>/i> 108, no. 449: 1009-1025. 10 Horvath, J., and A. Rátfai. 2004. "Supply and Demand Shocks in Accession Countries to the Economic and Monetary Union." >i>Journal of Comparative Economics>/i> 32, no. 2: 202-211. 11 Imbs, J. 2004. "Trade, Finance, Specialization, and Synchronization." >i>Review of Economics and Statistics>/i> 86, no. 3: 723-734. 12 Inagaki, K. 2006. "Output Correlation and EMU: Evidence from European Countries." >i>Journal of Economic Integration>/i> 21, no. 3: 458-473. 13 Mundell, R. A. 1961. "A Theory of Optimum Currency Areas." >i>American Economic Review>/i> 51, no. 4: 657-665. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:56-73 Template-Type: ReDIF-Article 1.0 Author-Name: Joanna Wolszczak-Derlacz Author-X-Name-First: Joanna Author-X-Name-Last: Wolszczak-Derlacz Title: Does One Currency Mean One Price? Abstract: This paper examines price differentials in the European Union to investigate whether the European Monetary Union has lowered the degree of price dispersion in the euro zone and increased the speed of price convergence. Both euro effects are evaluated using difference-in-difference methodology. Applied to the issue of introducing a single currency, the euro effects identified are the estimated differences in price dispersion and convergence rates pre- and posteuro between euro and noneuro groups of countries. An analysis of 144 products' price differentials does not support the hypothesis of a long-term euro effect. Journal: Eastern European Economics Pages: 87-114 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q811240K40G5GG2K File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Allington, N. F. B.; P. A. Kattuman; and F. A. Waldmann. 2005. "One Market, One Money, One Price? Price Dispersion in the European Union." >i>International Journal of Central Banking>/i> 1, no. 3: 73-116. 2 Anderson, M. A., and S. Smith. 2004. "Borders and Price Dispersion: New Evidence on Persistent Arbitrage Failures." Washington and Lee University, April (available at >a target="_blank" href='http://www.biz.uiowa.edu/economics/seminars/spring04/AndersonSmith.p df'>www.biz.uiowa.edu/economics/seminars/spring04/AndersonSmith.pdf>/a> 3 Barrett, C. B., and J. R. Li. 2002. "Distinguishing Between Equilibrium and Integration in Spatial Price Analysis." >i>American Journal of Agriculture Economics>/i> 84, no. 2: 292-307. 4 Barro, R. J, and X. Sala-i-Martin. 1992. "Convergence." >i>Journal of Political Economy>/i> 100, no. 2: 223-251. 5 Blundell, R., and S. Bond. 1998. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Model." >i>Econometric Review>/i> 19, no. 3: 321-340. 6 Blundell, R., and M. Costa Dias. 2000. "Evaluation Methods for Non-Experimental Data." >i>Fiscal Studies>/i> 21, no. 4: 427-468. 7 Bond, S. 2002. "Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice." Cemmap Working Paper no. CWP09/02, Institute for Fiscal Studies Department of Economics, University College London. 8 Carree, M., and L. Klomp. 1997. "Testing the Convergence Hypothesis: A Comment." >i>Review of Economics and Statistics>/i> 79, no. 4: 683-686. 9 Chen, S.-S., and C. Engel. 2005. "Does ‘Aggregation Bias’ Explain the PPP Puzzle?" >i>Pacific Economic Review>/i> 10, no. 1: 49-72. 10 Crucini, M. J., and M. Shintani. 2008. "Persistence in Law-of-One-Price Deviations: Evidence from Micro-Data." >i>Journal of Monetary Economics>/i> 55, no. 3 (April): 629-644. 11 De Blander, R., and G. Dhaene. 2007. "Unit Root Tests for Panel Data with AR(1) Errors and Small T." K. U. Leuven, Department of Economics (available at >a target="_blank" href='http://www.econ.kuleuven.be/ew/academic/econmetr/members/Dhaene/Pape rs/De%20Blander%20-%20Dhaene.pdf'>www.econ.kuleuven.be/ew/academic/econmet r/members/Dhaene/Papers/De%20Blander%20-%20Dhaene.pdf>/a> 12 Engel, C., and J. H. Rogers. 2004. "European Product Market Integration After the Euro." >i>Economic Policy>/i> 19, no. 39 (July): 347-384. 13 European Commission. 1990. "One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union." >i>European Economy>/i> no. 44 (October). 14 Goldberg, P. K., and F. Verboven. 2004. "Country Price Dispersion in the Europe Area: A Case Study of the European Car Market." >i>Economic Policy>/i> 19, no. 40: 483-521. 15 Goldberg, P. K., and F. Verboven. 2005. "Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market." >i>Journal of International Economics>/i> 65, no. 1: 49-73. 16 Harris, R. D. F., and E. Tzavalis. 1999. "Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed." >i>Journal of Econometrics>/i> 91, no. 2: 201-226. 17 Imbs, J.; H. Mumtaz; M. Ravn; and H. Rey. 2005. "PPP Strikes Back: Aggregation and the Real Exchange Rate." >i>Quarterly Journal of Economics>/i> 120, no. 1: 1-43. 18 Isgut, A. E. 2004. "Common Currencies and Market Integration Across Cities: How Strong Is the Link?" In >i>Unions and Hard Pegs: Effects on Trade>/i>, ed. A. Alexander, J. Mélitz, and G. M. von Furstenberg, pp. 113-133. Oxford: Oxford University Press. 19 Lutz, M. 2003. "Price Convergence Under EMU? First Estimates." Economics Discussion Paper no. 2003-08, University of St. Gallen, March. 20 Parsley, D., and S. J. Wei. 2001. "Explaining the Border Effect: The Role of Exchange Rate Variability, Shipping Costs, and Geography." >i>Journal of International Economics>/i> 55, no. 1: 87-105. 21 Parsley, D., and S. J. Wei. 2008. "In Search of Euro Effect: Big Lessons from a Big Mac Meal?" >i>Journal of International Money and Finance>/i> 27, no. 2: 260-276. 22 Rogers, J. H. 2007. "Monetary Union, Price Level Convergence, and Inflation: How Close Is Europe to the USA?" >i>Journal of Monetary Economics>/i> 54, no. 3: 785-796. 23 Wolszczak-Derlacz, J. 2008. "Price Convergence in the EU: Aggregate and Disaggregate Approach." >i>International Economic and Economic Policy>/i> 5, no. 1-2: 25-47. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:87-114 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T4J67115026HQJ55 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Alexander Muravyev Author-X-Name-First: Alexander Author-X-Name-Last: Muravyev Author-Name: Oleksandr Talavera Author-X-Name-First: Oleksandr Author-X-Name-Last: Talavera Author-Name: Olga Bilyk Author-X-Name-First: Olga Author-X-Name-Last: Bilyk Author-Name: Bogdana Grechaniuk Author-X-Name-First: Bogdana Author-X-Name-Last: Grechaniuk Title: Is Corporate Governance Effective in Ukraine? Abstract: This paper studies whether and how chief executive officer turnover in Ukrainian firms is related to their performance. Based on a novel data set covering Ukrainian joint stock companies from 2002 to 2006, the paper finds a statistically significant negative association between the past performance of firms, measured by return on sales and return on assets, and the likelihood of managerial turnover. Whereas the strength of the turnover-performance relationship does not seem to depend on factors such as managerial ownership and supervisory board size, we find significant entrenchment effects associated with ownership by managers. Overall, our analysis suggests that corporate governance in Ukraine operates with a certain degree of efficiency, despite the well-known lacunas in the country's institutional environment. Journal: Eastern European Economics Pages: 5-24 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=UV76152Q780P8K32 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barberis, N.; M. Boycko; A. Shleifer; and N. Tsukanova. 1996. "How Does Privatization Work? Evidence from the Russian Shops." >i>Journal of Political Economy>/i> 104, no. 4: 764-790. 2 Bevan, A. A.; S. Estrin; and M. E. Schaffer. 1999. "Determinants of Enterprise Performance during Transition." Discussion Paper no. 9903, Center for Economic Reforms and Transformation, Heriot-Watt University. 3 Claessens, S., and S. Djankov. 1999. "Enterprise Performance and Management Turnover in the Czech Republic." >i>European Economic Review>/i> 43, no. 4-6: 1115-1124. 4 Coughlan, A. T., and R. M. Schmidt. 1985. "Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation." >i>Journal of Accounting and Economics>/i> 7, no. 1-3: 43-66. 5 Denis, D. J., and D. K. Denis. 1995. "Performance Changes Following Top Management Dismissals." >i>Journal of Finance>/i> 50, no. 4: 1029-1057. 6 Djankov, S., and P. Murrell. 2002. "Enterprise Restructuring in Transition: A Quantitative Survey." >i>Journal of Economic Literature>/i> 40, no. 3: 739-792. 7 Dyck, A. 2001. "Privatization and Corporate Governance: Principles, Evidence, and Future Challenges." >i>World Bank Research Observer>/i> 16, no. 1: 59-84. 8 Earle, J. S. 1998. "Post-Privatization Ownership Structure and Productivity in Russian Industrial Enterprises." Working Paper no. 127, Stockholm Institute of Transition Economics, Stockholm School of Economics. 9 Eriksson, T. 2005. "Managerial Pay and Executive Turnover in the Czech and Slovak Republics." >i>Economics of Transition>/i> 13, no. 4: 659-677. 10 Estrin, S., and A. Rosevear. 2003. "Privatization in Ukraine." In >i>International Handbook on Privatization>/i>, ed. D. Parker and D. Saal, pp. 454-474. Cheltenham, UK: Edward Elgar. 11 European Bank for Reconstruction and Development (EBRD). 2001. >i>Transition Report>/i> London: EBRD. 12 Fidrmuc, J. P., and J. Fidrmuc. 2006. "Can You Teach Old Dogs New Tricks? On Complementarity of Human Capital and Incentives." >i>Journal of International Money and Finance>/i> 25, no. 3: 445-458. 13 Fidrmuc, J. P., and J. Fidrmuc. 2007. "Fire the Manager to Improve Performance? Managerial Turnover and Incentives After Privatization in the Czech Republic," >i>Economics of Transition>/i> 15, no. 3: 505-533. 14 Francoeur, C.; R. Labelle; and B. Sinclair-Desgagné. 2008. "Gender Diversity in Corporate Governance and Top Management." >i>Journal of Business Ethics>/i> 81, no. 1: 83-95. 15 Gibson, S. M. 2003. "Is Corporate Governance Ineffective in Emerging Markets?" >i>Journal of Financial and Quantitative Analysis>/i> 38, no. 1: 231-250. 16 Hermalin, B. E., and M. S. Weisbach. 2003. "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature." >i>Economic Policy Review>/i> 9, no. 1: 7-26. 17 Holmstrom, B. 1982. "Moral Hazard in Teams." >i>Bell Journal of Economics>/i> 13, no. 2: 324-340. 18 Jensen, M. C. 1989. "Eclipse of the Public Corporation." >i>Harvard Business Review>/i> 67, no. 5: 61-74. 19 Jensen, M. C. 1993. "The Modern Industrial Revolution, Exit, and the Failure of the Internal Control Systems." >i>Journal of Finance>/i> 48, no. 3: 831-880. 20 Jensen, M. C., and W. Meckling. 1976. "Theory of the Firm: Managerial Behavior, Agency Cost, and Capital Structure." >i>Journal of Financial Economics>/i> 3, no. 4: 305-360. 21 Jensen, M. C., and K. J. Murphy. 1990. "Performance Pay and Top-Management Incentives." >i>Journal of Political Economy>/i> 98, no. 2: 225-264. 22 Kang, J.-K., and A. Shivdasani. 1995. "Firm Performance, Corporate Governance, and Top Executive Turnover in Japan." >i>Journal of Financial Economics>/i> 38, no. 1: 29-58. 23 Kapeliushnikov, R., and N. Demina. 2005. "Turnover of Managers in Russian Manufacturing Enterprises: Evidence from Russian Economic Barometer." >i>Russian Journal of Management>/i> 3, no. 3: 27-42 (in Russian). 24 Kouznetsov, P., and A. Muravyev. 2001. "Ownership Structure and Firm Performance in Russia: The Case of Blue Chips of the Stock Market." Working Paper Series 01-10e, Economic Education and Research Consortium Research Network, Russia and CIS. 25 Lausten, M. 2002. "CEO Turnover, Firm Performance, and Corporate Governance: Empirical Evidence on Danidh Firms." >i>International Journal of Industrial Organization>/i> 20, no. 3: 391-414. 26 Mitra, P.; A. Muravyev; and M. E. Schaffer. 2008. "Convergence in Institutions and Market Outcomes: Cross-Country and Time-Series Evidence from the BEEPS Surveys in Transition Economies." Discussion Paper no. 3863, Institute for the Study of Labor, Bonn. 27 Muravyev, A. 2003a. "Turnover of Senior Managers in Russian Privatized Firms." >i>Comparative Economic Studies>/i> 45, no. 2: 148-172. 28 Muravyev, A. 2003b. "Turnover of Managers in Russian Privatized Enterprises: A Survey of Evidence." >i>Russian Journal of Management>/i> 1: 77-90 (in Russian). 29 Parrino, R. 1997. "CEO Turnover and Outside Succession: A Cross-Sectional Analysis." >i>Journal of Financial Economics>/i> 46, no. 2: 165-197. 30 Pistor, K.; R. Martin; and S. Gelfer. 2000. "Law and Finance in Transition Economies." >i>Economics of Transition>/i> 8, no. 2: 325-368. 31 Roland, G. 2000. "Transition and Economics: Politics, Markets, and Firms." London: MIT Press. 32 Rose, C. 2007. "Does Female Board Representation Influence Firm Performance? The Danish Evidence." >i>Corporate Governance: An International Review>/i> 15, no. 2: 404-413. 33 Rosenstein, S., and J. G. Wyatt. 1997. "Inside Directors, Board Effectiveness, and Shareholder Wealth." >i>Journal of Financial Economics>/i> 44, no. 2: 229-250. 34 Schaffer, M. E. 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence." >i>Journal of Comparative Economics>/i> 26, no. 1: 80-103. 35 Schnytzer, A., and T. Andreyeva. 2002. "Company Performance in Ukraine: Is This a Market Economy?" >i>Economic Systems>/i> 26, no. 2: 83-98. 36 Schubert, R.; M. Brown; M. Gysler; and H. W. Brachinger. 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?" >i>American Economic Review>/i> 89, no. 2: 381-385. 37 Shleifer, A., and D. Vasiliev. 1996. "Management Ownership and Russian Privatization." In >i>Corporate Governance in Central Europe and Russia>/i>, ed. R. Frydman, C. W. Gray, and A. Rapaczynski, vol. 2, pp. 62-77. Budapest: CEU Press. 38 Shleifer, A., and R. W. Vishny. 1997. "A Survey of Corporate Governance." >i>Journal of Finance>/i> 52, no. 2: 737-783. 39 Stelter, N. Z. 2002. "Gender Differences in Leadership: Current Social Issues and Future Organizational Implications." >i>Journal of Leadership and Organizational Studies>/i> 8, no. 4: 88-99. 40 Warner, J. B.; R. L. Watts; and K. H. Wruck. 1988. "Stock Prices and Top Management Changes." >i>Journal of Financial Economics>/i> 20, no. 1-2: 461-492. 41 Warzynski, F. 2003. "Managerial Change, Competition, and Privatization in Ukraine." >i>Journal of Comparative Economics>/i> 31, no. 2: 297-314. 42 Weisbach, M. S. 1988. "Outside Directors and CEO Turnover." >i>Journal of Financial Economics>/i> 20, no. 1-2: 431-460. 43 Yermack, D. 1996. "Higher Market Valuation of Companies with a Small Board of Directors." >i>Journal of Financial Economics>/i> 40, no. 2: 185-211. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: Jaanika Meriküll Author-X-Name-First: Jaanika Author-X-Name-Last: Meriküll Title: The Impact of Innovation on Employment Abstract: This paper investigates the implications of innovation on employment at the firm and industry levels using Estonian data. The paper contributes to the pertinent literature in two respects. First, in contrast to most other studies, which use data from developed and technologically leading countries, it analyzes data from a catching-up country undergoing rapid economic development. Second, regarding the nature of the data, we propose a novel dynamic estimation strategy based on community innovation surveys (CISs). Our results indicate that innovation positively affects employment growth, resulting from the strong effect of process innovation on employment in medium and low-tech industries. However, at the industry level, the effect on net employment vanishes. Journal: Eastern European Economics Pages: 25-38 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V75R4387K3122LW8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Antonucci, T., and M. Pianta. 2002. "Employment Effects of Product and Process Innovation in Europe." >i>International Review of Applied Economics>/i> 16, no. 3: 295-307. 2 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." >i>Review of Economic Studies>/i> 58, no. 2: 277-297. 3 Arellano, M., and O. Bover. 1995. "Another Look at the Instrumental Variable Estimation of Error-Components Models." >i>Journal of Econometrics>/i> 68, no. 1: 29-51. 4 Benavente, J. M., and R. Lauterbach. 2008. "Technological Innovation and Employment: Complements or Substitutes?" >i>European Journal of Development Research>/i> 20, no. 2: 318-329. 5 Blundell, R. W., and S. R. Bond. 1998. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models." >i>Journal of Econometrics>/i> 87, no. 1: 115-143. 6 Davis, S. J., and J. Haltiwanger. 1992. "Gross Job Creation, Gross Job Destruction, and Employment Reallocation." >i>Quarterly Journal of Economics>/i> 107, no. 3: 819-863. 7 Djellal, F., and F. Gallouj. 2007. "Innovation and Employment Effects in Services: A Review of the Literature and an Agenda for Research." >i>Service Industries Journal>/i> 27, no. 3: 193-213. 8 European Commission. 2005. >i>Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data>/i>, 3d ed. Paris: OECD. 9 Eurostat. 2008a. "Science and Technology: Research and Development: Statistics on Research and Development: R&D Expenditures at National and Regional Level." Brussels (available at >a target="_blank" href='http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&langu age=en&pcode=tsiir020&plugin=0'>http://epp.eurostat.ec.europa.eu/tgm/table .do?tab=table&init=1&language=en&pcode=tsiir020&plugin=0>/a> 10 Eurostat. 2008b. "Technology and Knowledge-Intensive Sectors." Brussels (available at >a target="_blank" href='http://epp.eurostat.ec.europa.eu/cache/ITY_SDDS/Annexes/reg_hrst_bas e_an3.pdf'>http://epp.eurostat.ec.europa.eu/cache/ITY_SDDS/Annexes/reg_hrs t_base_an3.pdf>/a> 11 Evangelista, R., and M. Savona. 2003. "Innovation, Employment, and Skills in Services: Firm and Sectoral Evidence." >i>Structural Change and Economic Dynamics>/i> 14, no. 4: 449-474. 12 Fung, K. M. 2006. "Are Labor-Saving Technologies Lowering Employment in the Banking Industry?" >i>Journal of Banking and Finance>/i> 30, no. 1: 179-198. 13 Greenan, N., and D. Guellec. 2001. "Technological Innovation and Employment Reallocation." >i>Labor>/i> 14, no. 4: 547-590. 14 Greenhalgh, C.; M. Longland; and D. Bosworth. 2001. "Technological Activity and Employment in a Panel of UK Firms." >i>Scottish Journal of Political Economy>/i> 48, no. 3: 260-282. 15 Hall, B. H.; F. Lotti; and J. Mairesse. 2008. "Employment, Innovation, and Productivity: Evidence from Italian Microdata." >i>Industrial and Corporate Change>/i> 17, no. 4: 813-839. 16 Harrison, R.; J. Jaumandreu; J. Mairesse; and B. Peters. 2008. "Does Innovation Stimulate Employment? A Firm-Level Analysis Using Comparable Micro-Data from Four European Countries." Working Paper no. 14216, National Bureau of Economic Research, Cambridge, MA. 17 Heidenreich, M. 2009. "Innovation Patterns and Location of European Low- and Medium-Technology Industries." >i>Research Policy>/i> 38, no. 3: 483-494. 18 Jaumandreu, J. 2003. "Does Innovation Spur Employment? A Firm-Level Analysis Using Spanish CIS Data." Project paper, Universidad Carlos III de Madrid (available at >a target="_blank" href='http://www.eco.uc3m.es/IEEF/emplics.pdf'>www.eco.uc3m.es/IEEF/emplic s.pdf>/a> 19 Lachenmaier, S., and H. Rottmann. 2007. "Effects of Innovation on Employment: A Dynamic Panel Analysis." Working Paper no. 2015, Munich Society for the Promotion of Economic Research, Munich. 20 Lundin, N.; F. Sjöholm; H. Ping; and J. Qian. 2007. "Technology Development and Job Creation in China." Working Paper no. 697, Research Institute of Industrial Economics, Stockholm. 21 Nickell, S. 1981. "Biases in Dynamic Models with Fixed Effects." >i>Econometrica>/i> 49, no. 6: 1417-1426. 22 Pianta, M. 2005. "Innovation and Employment." In >i>The Oxford Handbook of Innovation>/i>, ed. J. Fagerberg, D. C. Mowery, and R. R. Nelson, pp. 568-598. New York: Oxford University Press, 2005. 23 Smolny, W. 1998. "Innovations, Prices, and Employment: A Theoretical Model and an Empirical Application for West German Manufacturing Firms." >i>Journal of Industrial Economics>/i> 46, no. 3: 359-381. 24 Van Reenen, J. 1997. "Employment and Technological Innovation: Evidence from U. K. Manufacturing Firms." >i>Journal of Labor Economics>/i> 15, no. 2: 255-284. 25 Windmeijer, F. 2005. "A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators." >i>Journal of Econometrics>/i> 126, no. 25: 25-51. 26 Yang, C.-H., and C.-H. A. Lin. 2008. "Developing Employment Effects of Innovations: Microeconometric Evidence from Taiwan." >i>Developing Economies>/i> 46, no. 2: 109-134. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:25-38 Template-Type: ReDIF-Article 1.0 Author-Name: Tetsuya Konuki Author-X-Name-First: Tetsuya Author-X-Name-Last: Konuki Title: Estimating Potential Output and the Output Gap in Slovakia Abstract: This paper estimates potential output and the output gap for Slovakia, which has enjoyed rapid growth with few signs of economic overheating in recent years. The paper applies two broad sets of approaches: conventional methods, represented by a statistical method and a production function approach; and a multivariate (MV) Kalman filter method. The MV Kalman filter method produces estimates of excess demand that portray the situation in recent years in Slovakia much more sensibly than do the conventional methods because it can use more information to condition the paths of potential output. Journal: Eastern European Economics Pages: 39-55 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W08T6W8J52NH7281 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Benes, J., and P. N'Diaye. 2004. "A Multivariate Filter for Measuring Potential Output and the NAIRU: Application to the Czech Republic." Working Paper no. 04/45, International Monetary Fund, Washington, DC. 2 Burda, M., and B. Severgnini. 2008. "TFP Growth in Old and New Europe." Paper presented at the Fourteenth Dubrovnik Economic Conference, Dubrovni, Croatia, June 25-29. 3 Cerra, V., and S. C. Saxena. 2000. "Alternative Methods of Estimating Potential Output and the Output Gap: An Application to Sweden." Working Paper no. 00/59, International Monetary Fund, Washington, DC. 4 Choueiri, N. 2005. "Slovakia's Growth Potential and the Output Gap." In >i>Slovak Republic: Selected Issues and Statistical Appendix>/i>, IMF Country Report no. 05/72. Washington, DC: International Monetary Fund. 5 Elmeskov, J. 1993. "High and Persistent Unemployment: Assessment of the Problems and Causes." Economic Department Working Papers no. 132, Organization for Economic Cooperation and Development, Paris. 6 Gagales, A. 2006. "Growth in Greece: Can Better Performance be Sustained?" In >i>Greece: Selected Issues and Statistical Appendix>/i>, IMF Country Report no. 06/5. Washington, DC: International Monetary Fund. 7 Harvey, A. C., and A. Jaeger. 1993. "Detrending, Stylized Facts and the Business Cycle." >i>Journal of Applied Econometrics>/i> 8, no. 3: 231-247. 8 Izyumov, A., and J. Vahaly. 2006. "New Capital Accumulation in Transition Economies: Implications for Capital-Labor and Capital-Output Ratios." >i>Economic Change and Restructuring>/i> 39, no. 1: 63-83. 9 Laubach, T., and J. C. Williams. 2003. "Measuring the Natural Rate of Interest." >i>Review of Economics and Statistics>/i> 85, no. 4: 1063-1070. 10 Mileva, E. 2008. "The Impact of Capital Flows on Domestic Investment in Transition Economies." Working Paper Series no. 871, European Central Bank, Frankfurt. 11 Ravn, M., and H. Uhlig. 2002. "On Adjusting the Hodrick-Prescott Filter for the Frequency of Observations." >i>Review of Economics and Statistics>/i> 84, no. 2: 371-376. 12 Sohinger, J. 2005. "Growth and Convergence in European Transition Economies: The Impact of Foreign Direct Investment." >i>Eastern European Economics>/i> 43, no. 2 (March-April): 73-94. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:39-55 Template-Type: ReDIF-Article 1.0 Author-Name: Scott M. Smith Author-X-Name-First: Scott M. Author-X-Name-Last: Smith Author-Name: Phillip J. Bryson Author-X-Name-First: Phillip J. Author-X-Name-Last: Bryson Author-Name: Gary C. Cornia Author-X-Name-First: Gary C. Author-X-Name-Last: Cornia Title: Intergovernmental Fiscal Relations in the Czech Republic Abstract: A survey of Czech local officials probes perceptions of intergovernmental relations. Perceived autonomy and municipality size are tested as autonomy indicators. The impact of city size on municipal expenditures from different funding sources is evaluated. Cross-tabulations of city size identify revenue sources for various expenditures and activities. For all expenditures, use of funds is more effectively explained by city size than by the fiscal choices of high- and low-autonomy groups. A graphic analysis of relationships between expenditures and revenue sources complements the statistical analysis. Radar charts reveal revenue sources for small versus large and low- versus high-autonomy cities. Journal: Eastern European Economics Pages: 74-86 Issue: 2 Volume: 48 Year: 2010 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y8221V8N75332774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bahl, R. W., and J. Martinez-Vazquez. 2007. "Sequencing Fiscal Decentralization." Policy Research Working Paper no. 3914, World Bank, Washington, DC. 2 Bish, R. L., and R. J. Kirk. 1974. >i>Economic Principles and Urban Economics.>/i> Englewood Cliffs, NJ: Prentice Hall. 3 Bryson, P. J., and G. C. Cornia. 2000. "Fiscal Decentralization in Economic Transformation: The Czech and Slovak Cases." >i>Europe-Asia Studies>/i> 52, no. 3: 507-522. 4 Bryson, P. J., and G. C. Cornia. 2001. "Taxes on Real Property in the Czech Republic." In >i>The Development of Property Taxation in Economies in Transition: Case Studies from Central and Eastern Europe>/i>, ed. J. Youngman and J. Malme, pp. 39-50. Washington, DC: World Bank. 5 Kameničková, V. 1996. "Jak jsou na tom obce v České republice?" [The Situation in the Municipalities of the Czech Republic]. Ministry of Finance, Prague, November. 6 Litvak, J. I.; R. M. Bird; and J. Ahmand. 1998. >i>Rethinking Decentralization in Developing Countries.>/i> Washington, DC: World Bank. 7 Oates, W. E. 1998. "Introduction." In >i>The Economics of Fiscal Federalism and Local Finance>/i>, ed. W. E. Oates, pp. xiii-xix. Northhampton, MA: Edward Elgar. 8 Oliveira, J. D., and J. Martinez-Vazques. 2001. >i>Czech Republic: Intergovernmental Fiscal Relations in the Transition.>/i> Washington, DC: World Bank. 9 Tanzi, V. 1991. >i>Public Finance in Developing Countries.>/i> Aldershot, UK: Edward Elgar. 10 Tiebout, C. M. 1956. "A Pure Theory of Local Expenditures." >i>Journal of Political Economy>/i> 54, no 5: 416-424. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:74-86 Template-Type: ReDIF-Article 1.0 Author-Name: Patrizia Tiberi Vipraio Author-X-Name-First: Patrizia Tiberi Author-X-Name-Last: Vipraio Author-Name: Marco Giansoldati Author-X-Name-First: Marco Author-X-Name-Last: Giansoldati Title: On Various Types of Trade Abstract: Recent evidence on international fragmentation confirms that intraindustry and intrafirm trade may take place simultaneously, especially for parts and components. This bears important consequences, both for theory and practice. To help clarify these matters, we first critically review the most relevant scholarly contributions; then we estimate a panel regression model to test for fragmentation between the province of Udine (Italy) and five Central Eastern European countries, focusing on the furniture industry. Results show that imports of finished products mainly depend on lagged exports of furniture, meaning that the selected countries are definitely engaged in downstream operations. Journal: Eastern European Economics Pages: 52-67 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3V53781X4627U128 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andersson, T., and T. Fredriksson. 2000. "Distinction Between Intermediate and Finished Products in Intrafirm Trade." >i>International Journal of Industrial Organization>/i> 18, no. 5 (July): 773-792. 2 Ando, M. 2006. "Fragmentation and Vertical Intraindustry Trade in East Asia." >i>North American Journal of Economics and Finance>/i> 17, no. 3 (December): 257-281. 3 Antràs, P. 2003. "Firms, Contracts, and Trade Structure." >i>Quarterly Journal of Economics>/i> 118, no. 4 (November): 1375-1418. 4 Baldwin, R.; G. Barba Navaretti; and T. Boeri. 2007. >i>Come sta cambiando l'Italia>/i> [How Italy is Changing]. Bologna: Il Mulino. 5 Bardhan, A. D., and D. Jaffe. 2004. "On Intrafirm Trade and Multinationals: Foreign Out sourcing and Offshoring in Manufacturing." Haas School of Business, University of California Berkeley, April. 6 Becattini, G. 1979. "Dal settore industriale al distretto industriale: Alcune considerazioni sull'unità di indagine dell'economia industriale" [From Sector to District: A Few Considerations on the Unity of Inquiry in Industrial Economics]. >i>Rivista di economia e politica industriale>/i> 1, no. 1 (January-April): 7-21. 7 Borga, M., and W. J. Zeile. 2004. "International Fragmentation of Production and the Intrafirm Trade of U. S. Multinational Companies." U. S. Department of Commerce, Bureau of Economic Analysis, Working Paper no. 2, Washington, DC, January. 8 Castellani, D., and A. Zanfei. 2007. "Internationalisation, Innovation and Productivity: How do Firms Differ in Italy?" >i>World Economy>/i> 30, no. 1: 156-176. 9 Chetty, S., and D. B. Holm. 2000. "Internationalisation of Small to Medium-Sized Manufacturing Firms: A Network Approach." >i>International Business Review>/i> 9, no. 1 (February): 77-93. 10 Cho, K. R. 1990. "The Role of Product-Specific Factors in Intra-Firm Trade of U. S. Manufacturing Multinational Corporation." >i>Journal of International Business Studies>/i> 21, no. 2 (2d quarter): 319-330. 11 Cho, K. R. 1988. "Determinants of Intra-Firm Trade: A Search for a Theoretical Framework." >i>International Trade Journal>/i> 3, no. 2 (Winter): 167-185. 12 Corò, G., and M. Volpe. 2003. "Frammentazione produttiva e apertura internazionale nei sistemi di piccola e media impresa" [Production Fragmentation and International Openness in SME's Systems]. >i>Economia e società regionale>/i> 81, no. 1: 67-107. 13 Corò, G.; M. Volpe; and S. Bonaldo. 2005. "Local Production Systems in Italy Between Fragmentation and International Integration." Department of Economics, University of Venice Ca' Foscari, May 2005. 14 Coviello, N., and H. Munro. 1997. "Network Relationships and the Internationalization Process of Small Software Firms." >i>International Business Review>/i> 6, no. 4 (August): 361-386. 15 Dalli, D. 1995. "The Organization of Exporting Activities: Relationships Between Internal and External Relationships." >i>Journal of Business Research>/i> 34, no. 2 (October): 107-115. 16 Filipe, J.; M. Fontoura; and P. Saucier. 2002. "U. S. Intrafirm Trade: Sectoral, Country and Location determinants in the 90s." Working Paper no. 7, ISEG, Technical University of Lisbon. 17 Gankema, H. G. J.; H. R. Snuif; and K. A. van Dijken. 1997. "The Internationalisation Process of Small and Medium Sized Enterprises: An Evaluation of the Stage Theory." In >i>Entrepreneurship and SME Research: On Its Way to the Next Millennium>/i>, ed. R. Donckels and A. Miettinen, pp. 185-198. London: Ashgate. 18 Helleiner, G., and R. Lavergne. 1978. "Intra-Firm Trade and Industrial Exports to the United States." >i>Oxford Bulletin of Economics and Statistics>/i> 41, no. 4 (November): 297-311. 19 Hodgson, G. M. 1998. "Competence and Contract in the Theory of the Firm." >i>Journal of Economic Behavior & Organization>/i> 35, no. 1: 179-201. 20 Ivarsson, I. 1996. "Integrated International of Production. A Study of Foreign Transnational Corporation in Sweden." Ph.D. diss., Series B, no. 90, Department of Human and Economic Geography, School of Economics and Commercial Law, University of Göteborg. 21 Johansson, J., and L.-G. Mattsson. 1988. "Internationalisation in Industrial Systems—A Network Approach." In >i>Strategies in Global Competition>/i>, ed. N. Hood and J.-E. Vahlne, pp. 287-314. New York: Croom Helm. 22 Krugman, P. R. 1979. "Increasing Returns, Monopolistic Competition, and International Trade." >i>Journal of International Economics>/i> 9, no. 4 (November): 469-479. 23 Krugman, P. R. 1980. "Scale Economies, Product Differentiation and the Pattern of Trade." >i>American Economic Review>/i> 70, no. 5 (December): 950-959. 24 Krugman, P. R. 1981. "Intra-Industry Specialization and the Gains from Trade." >i>Journal of Political Economy>/i> 89, no. 5 (October): 959-973. 25 Lall, S. 1979. ‘The Pattern of Intra-Firm Exports by U. S. Multinationals." >i>Oxford Bulletin of Economics and Statistics>/i> 40, no. 3 (August): 209-222. 26 Mayer, T., and G. I. P. Ottaviano. 2007. >i>The Happy Few: The Internationalisation of European Firms: New Facts Based on Firm-Level Evidence.>/i> Brussels: Bruegel. 27 Meyanathan, S. D., and R. Munter. 1994. "Industrial Structures and the Development of Small and Medium Enterprise Linkages: An Overview." In >i>Industrial Structures and the Development of Small and Medium Enterprise Linkages>/i>, ed. S. D. Meyanathan, pp. 1-22. Washington, DC: World Bank. 28 Regione Autonoma Friuli-Venezia Giulia. 2007. Relazione semestrale al 30 giugno 2007. Stato di attuazione della Legge Regionale 4 marzo 2005, n. 4, capo I, Interventi per il sostegno e lo sviluppo delle PMI del Friuli-Venezia Giulia. 29 Siddharthan, N. S. and N. Kumar. 1990. "The Determinant's of Intra-Industry Variants in the Proportion of Intra-Firm Trade: The Behavior of U. S. Multinationals." >i>Weltwirtschaftliches Archiv>/i>, vol. 126. no. 3 (September): 581-591. 30 Teece, D. J. 1986. "Transaction Cost Economics and the Multinational Enterprise. An Assessment." >i>Journal of Economic Behaviour and Organization>/i> 7, no. 1 (March): 21-45. 31 Tiberi Vipraio, P. 2007. "Education, Research and Innovation for Sustainable Development: A Review of the G8-Unesco Forum." >i>Transition Studies Review>/i> 14, no. 2 (November): 381-396. 32 Tiberi Vipraio, P., and R. Danielis. 2002. "Scambi commerciali e investmenti esteri del Friuli-Venezia Giulia nell'est europeo: Un approccio evolutivo" [Trade Flows and International Investments from Friuli-Venezia Giulia to Eastern Europe: An Evolutionary Approach]. >i>Economia e Politica Industriale>/i> vol. xxix, no. 116 (3rd quarter): 127-156. 33 Tiberi Vipraio, P., and M. Giansoldati. 2006. "Sinergie tra istituzioni e piccole e medie imprese nello sviluppo e nel trasferimento delle innovazioni" [Synergies Among Institutions and SME's for Development and Innovation Transfer]. In >i>Sentieri dell'innovazione nel territorio. Dinamiche di sviluppo ed aggregazione: il caso Italia-Romania>/i> [Paths of Territorial Innovation: Development Dynamics and Aggregation: The Case of Italy-Romania], ed. F. Rosa, pp. 65-86. Udine: Forum Editrice Universitaria Udinese. 34 Tiberi Vipraio, P., and M. Giansoldati. 2008. "Fragmentation, Intra-Industry and Intra-Firm Trade: a Preliminary Test in the Furniture Industry." Paper presented at the ICES Conference "Transitional Challenges of EU Integration and Globalization," Sarajevo, October 9-10. 35 Tiberi Vipraio, P.; A. Hodgkinson; R. Iredale; P. McPhee; and D. Aylward. 2003. >i>Internationalisation, Information Flows and Networking in Rural and Regional Firms.>/i> Wollongong: University of Wollongong Printery. 36 Welch, L. S., and L. Luostarinen. 1988. "Internationalization: Evolution of a Concept." >i>Journal of General Management>/i> 14, no. 2: 35-64. 37 Williamson, O. E. 1975. >i>Markets and Hierarchies: Analysis and Antitrust Implications.>/i> New York: Free Press. 38 Williamson, O. E. 1985. >i>The Economic Institutions of Capitalism.>/i> New York: Free Press. 39 Zeile, W. J. 1997. "U. S. Intrafirm Trade in Goods." >i>Survey of Current Business>/i> (February): 23-38. 40 Zejan, M. (1989). "Intra-Firm Trade and Swedish Multinationals." >i>Weltwirtschaftliches Archiv>/i> 125, no. 4: 814-833. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:52-67 Template-Type: ReDIF-Article 1.0 Author-Name: Nijaz Bajgoric Author-X-Name-First: Nijaz Author-X-Name-Last: Bajgoric Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-8 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9574258453R56364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Å tefan Bojnec Author-X-Name-First: Å tefan Author-X-Name-Last: Bojnec Author-Name: Imre Fertoő Author-X-Name-First: Imre Author-X-Name-Last: Fertoő Title: Southeastern European Agrofood Trade Specialization Abstract: This article evaluates the agrofood trade specialization patterns of Southeastern European (SEE-6) countries with the European Union (EU-15) in the period 1995-2007. Agrofood trade specialization stability and duration are investigated by main agrofood products groups according to the degree of product processing and the dynamics in demand growth by EU-15 markets. Excepting Serbia and Montenegro, and to a lesser extent the Former Yugoslav Republic of Macedonia, the SEE experienced an increasing trade deficit in agrofood products with the EU-15. SEE-6 agrofood exports to the EU-15 markets are highly concentrated in bulk raw commodities with a lack of export specialization for higher-valued processed consumer-ready food. The most recent SEE agrofood export deconcentration is due to new emerging competitive niche products as a result of the SEE agrofood sector restructuring. Except in Bosnia and Herzegovina and Croatia, SEE agrofood export specialization is toward the most dynamic demand growth products by the EU-15 markets. Regression and survival analyses confirm that EU integration increases stability and duration of agrofood trade specialization on the EU-15 markets. Journal: Eastern European Economics Pages: 22-51 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A4Q714346727668V File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Balassa, B. 1965. "Trade Liberalization and Revealed Comparative Advantage." >i>Manchester School of Economic and Social Studies>/i> 33, no. 1: 99-123. 2 Bojnec, Å . 2001. "Trade and Revealed Comparative Advantage Measures: Regional and Central and East European Agricultural Trade." >i>Eastern European Economics>/i> 39, no. 2: 72-98. 3 Bojnec, Å ., and I. Fertő. 2007. "The Catching-Up Process of European Enlargement: Hungarian and Slovenian Agricultural, Food, and Forestry Trade." >i>Eastern European Economics>/i> 45, no. 5: 5-34. 4 Bojnec, Å ., and I. Fertő. 2009. "Former Central European Free Trade Agreement Countries' Agri-Food Trade Specialization." >i>Agrarwirtschaft>/i> 58, no. 8: 356-364. 5 Cantwell, J. 1989. >i>Technological Innovation and Multinational Corporations.>/i> Oxford: Blackwell. 6 Chen, K.; L. Xu; and Y. Duan. 2000. "Ex-Post Competitiveness of China's Export in Agri-Food Products: 1980-1996." >i>Agribusiness>/i> 16, no. 2: 281-294. 7 Crespo, N., and M. P. Fontoura. 2007. "Integration of CEECs into EU Market: Structural Change and Convergence." >i>Journal of Common Market Studies>/i> 45, no. 3: 611-632. 8 Dalum, B.; K. Laursen; and G. Villumsen. 1998. "Structural Change in OECD Export Specialization Patterns: Despecialization and Stickiness." >i>International Review of Applied Economics>/i> 12, no. 3: 423-443. 9 Dulleck, U.; N. Foster; R. Stehrer; and J. Woerz. 2005. "Dimensions of Quality Upgrading: Evidence from CEECs." >i>Economics of Transition>/i> 13, no. 1: 51-76. 10 Eiteljörge, U., and M. Hartmann. 1999. "Central and Eastern European Food Chain Competitiveness." In >i>The European Agrofood System and the Challenge of Global Competition>/i>, ed. R. Goldberg, pp. 187-224. Rome: International Food and Agribusiness Management Association (ISMEA). 11 EU Commission. 1999. >i>The Agricultural Situation in the European Community: 1998 Report.>/i> Brussels: European Commission. 12 Fertő, I. 2005. "Vertically Differentiated Trade and Differences in Factor Endowment: The Case of Agri-Food Products Between Hungary and the EU." >i>Journal of Agricultural Economics>/i> 56, no. 1: 117-134. 13 Fertő, I., and L. J. Hubbard. 2003. "Revealed Comparative Advantage and Competitiveness in Hungarian Agri-Food Sectors." >i>World Economy>/i> 26, no. 2: 247-259. 14 Fertő, I., and K. A. Soos. 2008. "Trade Specialization in the European Union and in European Former Communist Countries." >i>Eastern European Economics>/i> 46, no. 3: 7-31. 15 Kaplan, E. L., and P. Meier. 1958. "Nonparametric Estimation from Incomplete Observations." >i>Journal of the American Statistical Association>/i> 53, no. 282: 457-481. 16 Krugman, P. 1979. "Increasing Returns, Monopolistic Competition, and International Trade." >i>Journal of International Economics>/i> 9, no. 4: 469-479. 17 Lafay, G. 1992. "The Measurement of Revealed Comparative Advantages." In >i>International Trade Modelling>/i>, ed. M. G. Dagenais and P.-A. Plunet, pp. 209-236. London: Chapman and Hall. 18 Linder, S. 1961. >i>An Essay on Trade and Transformation.>/i> Uppsala: Almquist and Wicksells. 19 Wyzan, M. L. 1999. "Macedonian and Slovenian Trade: Contrasting Patterns and Focus on the European Union." >i>Post-Soviet Geography and Economics>/i> 40, no. 5: 309-334. 20 Yilmaz, B. 2005. "The Foreign Trade Pattern and Foreign Trade Specialization in the European Union: A Comparison of Six New Member/Candidate Countries and The EU/15." >i>Eastern European Economics>/i> 43, no. 5: 74-100. 21 Zaghini, A. 2005. "Evolution of Trade Patterns in the New EU Member States." >i>Economics of Transition>/i> 13, no. 4: 629-658. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:22-51 Template-Type: ReDIF-Article 1.0 Author-Name: Didar Erdinç Author-X-Name-First: Didar Author-X-Name-Last: Erdinç Title: Does a Credit Boom Increase Bank Fragility? Abstract: Based on a panel data analysis of thirty Bulgarian banks over the period 1999-2006, I identify the determinants of Bulgaria's rapid credit growth and evaluate whether the credit boom has increased bank fragility. I employ fixed effects and generalized method of moments approaches to explore the link between credit and capital base in a partial adjustment framework and find evidence of growing risks of credit expansion, which raise the probability of banking distress in the event of a downturn in global financial flows, as occurred in 2008. The credit boom has come at the expense of increased banking fragility, as banks reduced their capital base and registered an increase in nonperforming loans. Amid a quickly unfolding global financial crisis, conservative supervision of the banking sector by the Bulgarian National Bank and a stable currency board regime was a bulwark against potential banking distress and ensured financial and macroeconomic stability without resorting to International Monetary Fund funding. Journal: Eastern European Economics Pages: 68-87 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B7871704K4945718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aggarwal, R., and K. T. Jacques. 2001. "The Impact of FDICIA and Prompt Corrective Action on Bank Capital and Risk: Estimates Using a Simultaneous Equations Model." >i>Journal of Banking and Finance>/i> 25, no. 6: 1139-1160. 2 Baltagi, B. 2005. >i>Econometric Analysis of Panel Data.>/i> Hoboken, NJ: John Wiley & Sons. 3 Bhargava, A.; L. Franzini; and W. Narendranathan. 1982. "Serial Correlation and the Fixed Effects Models." >i>Review of Economic Studies>/i> 49, no. 158: 533-549. 4 Bond, S. 2002. "Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice." Working Paper no. CWP09/02, Institute for Fiscal Studies, London. 5 Bulgarian National Bank (BNB). Various years. Reports of Bulgarian banks. Sofia (available at >a target="_blank" href='http://www.bnb.bg'>www.bnb.bg>/a> 6 Cottarelli, C.; G. Dell'Ariccia; and I. Vladkova-Hollar. 2003. "Early Birds, Late Risers, and Sleeping Beauties: Bank Credit to the Private Sector in Central and Eastern Europe and the Balkans." Working Paper no. 03/213, International Monetary Fund, Washington, DC. 7 Duenwald, C.; N. Georguiev; and A. Schaechter. 2005. "Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine." Working Paper no. 05/128, International Monetary Fund, Washington, DC. 8 Erdinç, D. 2004. "Bank Performance and Credit Availability in the Bulgarian Banking Sector." >i>Journal of East-West Business>/i> 9, nos. 3-4: 137-161. 9 Faure, F. 2007. "Is the Rapid Growth of Lending in Central and Eastern Europe a Cause for Concern?" BNB Paribas, Economic Research, Sofia. 10 Hellman, T.; K. Murdock; and J. Stiglitz. 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?" >i>American Economic Review>/i> 90, no. 1: 147-165. 11 Hilbers, P.; I. Otker-Robe; and C. Pazarbaçıoğlu. 2006. "Going Too Fast? Managing Rapid Credit Growth in Central and Eastern Europe." >i>Finance and Development>/i> 43, no. 1. Available at >a target="_blank" href='http://www.imf.org/external/pubs/ft/fandd/2006/03/hilbers.htm'>www.i mf.org/external/pubs/ft/fandd/2006/03/hilbers.htm>/a> 12 Im, K. S.; M. H. Pesaran; and Y. Shin. 2003. "Testing for Unit Roots in Heterogeneous Panels." >i>Journal of Econometrics>/i> 115, no. 1: 53-74. 13 Kaminsky, G.; S. Lizondo; and C. Reinhart. 1998. "Leading Indicators of Currency Crises." >i>IMF Staff Papers>/i> 45 (March). 14 Kashyap, A. K.; J. C. Stein; and D. W. Wilcox. 1993. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance." >i>American Economic Review>/i> 83, no. 1: 78-98. 15 Kiss, G.; M. Nagy; and B. Vonnak. 2006. "Credit Growth in Central and Eastern Europe: Trend, Cycle, or Boom?" Paper presented at Finance and Consumption Workshop: Consumption and Credit in Countries with Developing Credit Markets, Florence, June 16-17. 16 Levin, A.; C. F. Lin; and J. Chu. 2002. "Unit Root in Panel Data: Asymptotic and Finite Sample Properties." >i>Journal of Econometrics>/i> 108, no. 1: 1-24. 17 Merton, R. C. 1977. "An Analytical Derivation of the Cost of Deposit Insurance and Loan Guarantees." >i>Journal of Banking and Finance>/i> 1: 3-11. 18 Milne, A., and E. Whaley. 2001. "Bank Capital Regulation and Incentives for Risk Taking." Cass Business School Research Paper, London, December. 19 Sorsa, P.; B. Bakker; C. Duenwal; A. Maecheler; and D. Tiffin. 2007. "Vulnerabilities in Emerging Southeastern Europe: How Much Cause for Concern?" Working Paper no. 07/236, International Monetary Fund, Washington, DC. 20 Stiglitz, J. E., and A. Weiss. 1981. "Credit Rationing in Markets with Imperfect Information." >i>American Economic Review>/i> 71, no. 3: 393-410. 21 Stolz, S. 2007. >i>Bank Capital and Risk Taking.>/i> Kiel: Springer Verlag. 22 Weller, C. 2001. "The Supply of Credit by Multinational Banks in Developing and Transition Economies: Determinants and Effects." Discussion Paper no. 16, Department of Economic and Social Affairs (DESA), New York. 23 World Bank. 2007. "EU8+2 Regular Economic Report." Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/eu8-report/'>www.worldbank.org/eu8-report/> /a> Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:68-87 Template-Type: ReDIF-Article 1.0 Author-Name: Jalal El Ouardighi Author-X-Name-First: Jalal Author-X-Name-Last: El Ouardighi Author-Name: Rabija Somun-Kapetanovic Author-X-Name-First: Rabija Author-X-Name-Last: Somun-Kapetanovic Title: Is Growth Pro-Poor in the Balkan Region? Abstract: The concept of pro-poor growth focuses on the interrelation between economic growth, inequality, and poverty. According to an absolute definition, growth is pro-poor if the absolute income gain of the poor is larger than those on average. In contrast, a relative definition requires that the growth rate of income is higher among the poor than the nonpoor. The pro-poor literature has often considered the concept of pro-poor growth within a country by using household data in one country, or a large cross section of countries and time periods. This paper measures pro-poor growth across countries. We show how the concept of pro-poor growth in income per capita can be applied easily to a set of economies in the course of growth. This approach enables us to highlight the link to income convergence studies. The empirical investigations consider the experience of five Balkan countries during the period 1989-2005. The results show that many episodes of growth are not pro-poor because poverty and inequality worsen between Balkan countries. Although economic reforms seem to have a positive effect on well-being in Balkan countries, the overall effect on growth has been small for most countries. Journal: Eastern European Economics Pages: 9-21 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RG37300257534V7P File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R. J., and X. Sala-i-Martin. 1995. >i>Economic Growth.>/i> New York: McGraw-Hill. 2 Bigsten, A.; B. Kebede; A. Shimeles; and M. Taddesse. 2002. "Growth and Poverty Reduction in Ethiopia: Evidence from Household Panel Surveys." Working Papers in Economics no. 65, Göteborg University, Göteborg. 3 Bourguignon, F. 2003. "The Poverty-Growth-Inequality Triangle." Paper delivered at the conference Poverty, Inequality and Growth, Agence Française de Développement/EU Development Network, Paris, November 13. 4 De la Fuente, A. 1997. "The Empirics of Growth and Convergence: A Selective Review." >i>Journal of Economic Dynamics and Control>/i> 21, no. 1: 23-73. 5 El Ouardighi, J., and R. Somun. 2007. "Do Balkan Countries Have a European Future? An Analysis of Real Economic Convergence, 1989-2005." >i>South East European Journal of Economics and Business>/i> 2, no. 2: 23-30. 6 Farrell, M. 2004. "Regional Integration and Cohesion: Lessons from Spain and Ireland in the EU." >i>Journal of Asian Economics>/i> 14, no. 6: 927-946. 7 Groningen Growth and Development Center (GGDC). 2007. The Conference Board and Groningen Growth and Development Center Total Economy Database, November (available at >a target="_blank" href='http://www.ggdc.net'>www.ggdc.net>/a> 8 Grimm, M. 2007. "Removing the Anonymity Axiom in Assessing Pro-Poor-Growth." >i>Journal of Economic Inequality>/i> 5, no. 2: 179-197. 9 Islam, N. 2003. "What Have We Learnt from the Convergence Debate?" >i>Journal of Economic Surveys>/i> 17, no. 3: 309-362. 10 Jenkins, S., and P. Van Kerm. 2006. "Trends in Income Inequality, Pro-Poor Income Growth, and Income Mobility." >i>Oxford Economic Papers>/i> 58, no. 3: 531-548. 11 Kakwani, N. 2000. "On Measuring Growth and Inequality Components of Poverty with Application to Thailand." >i>Journal of Quantitative Economics>/i> 16, no. 1: 67-79. 12 Kakwani, N., and E. Pernia. 2000. "What Is Pro-Poor Growth?" >i>Asian Development Review>/i> 16, no. 1: 1-22. 13 Kakwani, N., and H. H. Son. 2003. "Pro-Poor Growth: Concepts and Measurement with Country Case Studies." >i>Pakistan Development Review>/i> 42, no. 4: 417-444. 14 Kimenyi, M. S. 2006. "Economic Reforms and Pro-Poor Growth: Lessons for Africa and Other Developing Regions and Economies in Transition." Working Paper no. 2006-02, University of Connecticut. 15 Klasen, S. 2008. "Economic Growth and Poverty Reduction: Measurement Issues Using Income and Nonincome Indicators." >i>World Development>/i> 36, no. 3: 420-445. 16 Kraay, A. 2006. "When Is Growth Pro-Poor? Evidence from a Panel of Countries." >i>Journal of Development Economics>/i> 80, no. 1: 198-227. 17 McCulloch, N., and B. Baulch. 1999. "Tracking Pro-Poor Growth: New Ways to Stop the Biases and Benefits." ID21 Insights no. 31, Institute of Development Studies, Sussex. 18 O'Neill, D., and P. Van Kerm. 2008. "An Integrated Framework for Analyzing Income Convergence." >i>Manchester School>/i> 76, no. 1: 1-20. 19 Quah, D. 1993. "Galton's Fallacy and Tests of the Convergence Hypothesis." >i>Scandinavian Journal of Economics>/i> 95, no. 4: 427-443. 20 Ravallion, M. 2004. "Pro-Poor Growth: A Primer." Policy Working Paper no. 3242, World Bank, Washington, DC. 21 Ravallion, M., and S. Chen. 2003. "Measuring Pro-Poor Growth." >i>Economics Letters>/i> 78, no. 1: 93-99. 22 Ravallion, M., and G. Datt. 2002. "Why Has Economic Growth Been More Pro-Poor in Some States of India than Others?" >i>Journal of Development Economics>/i> 68, no. 2: 381-400. 23 Son, H. H. 2004. "A Note on Pro-Poor Growth." >i>Economics Letters>/i> 82, no. 3: 307-314. 24 Son, H. H., and N. Kakwani. 2008. "Global Estimates of Pro-Poor Growth." >i>World Development>/i> 36, no. 6: 1048-1066. 25 Urban, I., and P. J. Lambert. 2005. "Redistribution, Horizontal Inequity, and Reranking: How to Measure Them Properly." Economics Department Working Papers no. 2005-12, University of Oregon, Eugene. 26 Wodon, Q., and S. Yitzhaki. 2005. "Growth and Convergence: A Social Welfare Framework." >i>Review of Income and Wealth>/i> 51, no. 3: 443-454. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:9-21 Template-Type: ReDIF-Article 1.0 Author-Name: UroÅ¡ Pinterič Author-X-Name-First: UroÅ¡ Author-X-Name-Last: Pinterič Title: Development of E-Government Services for Citizens in Slovenia Abstract: In the process of Slovenian public administration reform from bureaucratic administration to modern administration following new public management and e-governance approaches, one can see logical development of all necessary legal and strategic acts but less so in the practice. The basic method used in our survey on e-communication of Slovenian public administration with citizens was sending e-mails with relevant questions to general e-mail addresses of the most important public administration and government institutions. Based on the results, we can argue that there was certain progress made in providing quality public service in the area of quality correspondence with citizens in Slovenia. However, more systematic efforts have to be made to improve the situation. This is necessary, especially in case of Slovenian municipalities, which usually have necessary human and technical resources, but they have to be additionally educated in "electronic literacy" as well as have an understanding that the public administration role has to be changed from self-sufficient organization to public service, enabling people to deal with things other than bureaucratic matters. Journal: Eastern European Economics Pages: 88-98 Issue: 3 Volume: 48 Year: 2010 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U3U6633V337H1042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Center vlade za informatiko [Government Center of RS for Informatics]. 2001. >i>Strategija e-poslovanja v javni upravi RS za obdobje od leta 2001 do leta 2004>/i> [Strategy of E-Services in Public Administration of Republic of Slovenia for the Period 2001 Until 2004]. Ljubljana: Center vlade za informatiko (Strategy 1). 2 Culbertson, S. 2004. "Building E-Government: Organizational and Cultural Change in Public Administrations." In >i>E-Government Reconsidered: Renewal of Governance for the Knowledge Age>/i>, ed. E. L. Oliver and L. Sanders, pp. 59-75. Regina: Saskatchewan Institute of Public Policy. 3 Culbertson, S. 2005. "Governmental Directive on Administrative Management." >i>Official Gazette of Republic of Slovenia>/i>, January 20. 4 Kanter, R. M. 2001. >i>Evolve! Succeeding in the Digital Culture of Tomorrow.>/i> Boston: Harvard Business School Press. 5 Kovač, P. 1999. "Tradicionalno in novo upravljanje javnega sektorja—primer upravnih enot" [Traditional and New Management of Public Sector—Case of Administrative Units]. >i>Javna uprava>/i> 35, no. 1 (January): 29-48. 6 Kragelj, B. 2003. "Ovrednotenje spletnih predstavitev vlade Republike Slovenije" [Evaluation of Internet Presentations of Government of Republic of Slovenia]. >i>Casopis za kritiko znanosti>/i> 31, no. 211: 136-152. 7 Oliver, E. L., and L. Sanders. 2004. "Introduction." In >i>E-Government Reconsidered: Renewal of Governance for the Knowledge Age>/i>, ed. E. L. Oliver and L. Sanders, pp. vii-xiv. Regina: Saskatchewan Institute of Public Policy. 8 Organization for Economic Cooperation and Development (OECD). 2003. >i>The E-Government Imperative.>/i> Paris: OECD. 9 Pinterič, U. 2004. "Uvajanje e-občinske uprave v praksi" [Introduction of Municipal E-Government in Practice]. In >i>Administrativna usposobljenost slovenskih občinskih uprav>/i> [Administrative Capability of Slovene Municipal Administration], ed. U. Pinterič, pp. 155-166. Ljubljana: FDV. 10 Vintar, M.; M. Decman; and M. Kunstelj. 2000. "Javni sektor in internet: analiza stanja v Sloveniji" [Public Sector and Internet: Analysis of the State-of-the-Art in Slovenia]. >i>Uporabna informatika>/i> 8, no. 3 (June): 146-158. 11 Virant, G. 2003. "Usmerjenost k uporabniku kot načelo delovanja javne uprave" [User-Oriented Administration as Principle of Public Administration Work]. >i>Uprava>/i> 1, no. 2 (April): 67-82. 12 Vlada Republike Slovenije. 2004. >i>Strategija delovanja in razvoja državne uprave Republike Slovenije na svetovnem spletu>/i> [Strategy of Performance and Development of Public Administration of Republic of Slovenia on the Web]. Ljubljana: Vlada Republike Slovenije (Strategy 2). 13 "Zakon o sploÅ¡nem upravnem postopku" [Act on General Administrative Procedure]. 2006. Ljubljana. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:3:p:88-98 Template-Type: ReDIF-Article 1.0 Author-Name: Borek Vasicek Author-X-Name-First: Borek Author-X-Name-Last: Vasicek Title: Monetary Policy Rules and Inflation Processes in Open Emerging Economies Abstract: This paper has three objectives. First, it aims to reveal the logic of interest rate settings pursued by the monetary authorities of twelve new EU members. Using an estimation of an augmented Taylor rule, we find that central banks in countries with flexible exchange rates respond mainly to (expected) inflation, though often rather loosely. Countries with fixed exchange rates seem to apply an interest rate peg with the euro. Second, it sheds light on the inflation processes of these countries. To this end, we estimate an open economy Phillips curve (PC) and find that inflation rates are not only driven by backward persistency, but also have a forward-looking component. Finally, we assess the viability of existing monetary arrangements for price stability, using the conditional inflation variance obtained from a generalized autoregressive conditional heteroskedasticity estimation of the PC. We conclude that inflation targeting is preferable to an exchange rate peg because it allows for decreasing inflation rates as well as anchoring inflation volatility. Journal: Eastern European Economics Pages: 36-58 Issue: 4 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3L0672143Q253732 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ball, L., and N. Sheridan. 2003. “Does Inflation Targeting Matter?” Working Paper no. 9577, National Bureau of Economic Research, Cambridge, MA. 2 BÃ¥rdsen, G.; E.S. Janssen; and R. Nymoen. 2004. “Econometric Evaluation of the New Keynesian Phillips Curve.” >i>Oxford Bulletin of Economics and Statistics>/i>, 66, no. S1: 671-686. 3 Batini, N.; B. Jackson; and S. Nickell. 2005. “An Open-Economy New Keynesian Phillips Curve for the U.K.” >i>Journal of Monetary Economics>/i> 52, no. 6: 1061-1071. 4 Benigno, G.; P. Benigno; and F. Ghironi. 2007. “Interest Rate Rules for Fixed Exchange Rate Regimes.” >i>Journal of Economic Dynamics and Control>/i> 31, no. 6: 2196-2211. 5 Bollerslev, T. 1986. “Generalized Autoregressive Conditional Heteroskedasticity.” >i>Journal of Econometrics>/i> 31, no. 3: 307-327. 6 Campa, J.M., and L.S. Goldberg. 2005. “Exchange Rate Pass-Through into Import Prices.” >i>Review of Economics and Statistics>/i> 87, no. 4: 679-690. 7 Clarida, R.; J. Galí; and M. Gertler. 1998. “Monetary Policy Rules in Practice: Some International Evidence.” >i>European Economic Review>/i> 42, no. 6: 1033-1067. 8 Clarida, R. 2000. “Monetary Policy Rules and Macroeconomic Stability.” >i>Quarterly Journal of Economics>/i> 115, no. 1: 147-180. 9 Coricelli, F.; B. Jazbec; and I. Masten. 2006. “ Exchange Rate Pass-Through in EMU Acceding Countries: Empirical Analysis and Policy Implications.” >i>Journal of Banking and Finance>/i> 30, no. 5: 1375-1391. 10 Engle, R.F. 1982. “Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of UK Inflation.” >i>Econometrica>/i> 50, no. 4: 987-1007. 11 Engle, R.F., and C.W.J. Granger. 1987. “ Cointegration and Error Correction: Representation, Estimation, and Testing.” >i>Econometrica>/i> 55, no. 2: 251-276. 12 Filosa, R. 2001. “Monetary Policy Rules in Some Mature Emerging Economies.” >i>BIS Papers>/i>, no. 8: 39-68. 13 Franta, M.; B. Saxa; and K. Å mídková. 2007. “Inflation Persistence: The Euro Area and the New EU member States.” Working Paper no. 810, European Central Bank. 14 Frömmel, M., and F. Schobert. 2006a. “Exchange Rate Regimes in Central and East European countries: Deeds vs. Words.” >i>Journal of Comparative Economics>/i> 34, no. 3: 467-483. 15 ---2006b. “Monetary Policy Rules in Central and Eastern Europe.” Discussion Paper WP341, University of Hannover. 16 Fuhrer, J.C., and G. Moore. 1995. “Inflation Persistence.” >i>Quarterly Journal of Economics>/i> 110, no. 1: 127-159. 17 Gagnon, J.E., and J. Ihrig. 2004. “Monetary Policy and Exchange Rate Pass-Through.” >i>International Journal of Finance and Economics>/i> 9, no. 4: 315-338. 18 Gali, J., and M. Gertler. 1999. “Inflation Dynamics: A Structural Econometric Analysis.” >i>Journal of Monetary Economics>/i> 44, no. 2: 195-222. 19 Gali, J.; M. Gertler; and J.D. Lopez-Salido. 2001. “European Inflation Dynamics.” >i>European Economic Review>/i> 45, no. 7: 1237-1270. 20 Kontonicas, A. 2004. “Inflation and Inflation Uncertainty in the United Kingdom: Evidence from GARCH Modelling.” >i>Economic Modelling>/i> 21, no. 3: 5250-543. 21 Linnemann, L., and A. Schabert, A. 2006. “Monetary Policy and the Taylor Principle in Open Economies.” >i>International Finance>/i> 9, no. 3: 343-367. 22 María-Dolores, R. 2005. “Monetary Policy Rules in Accession Countries to EU: Is Taylor Rule a Pattern?” >i>Economics Bulletin>/i> 5, no. 5: 1-16. 23 Markiewicz, A. 2006. “Choice of Exchange Rate Regime in Central and Eastern European Countries: An Empirical Analysis.” >i>Journal of Comparative Economics>/i> 34, no. 3: 484-498. 24 Mehra, Y.P. 2001. “The Bond Rate and Estimated Monetary Policy Rules.” >i>Journal of Economics and Business>/i> 53, no. 4: 345-358. 25 Mohanty, M.S., and M. Klau. 2007. “Monetary Policy Rules in Emerging Market Economies: Issues and Evidence.” >i>In Monetary Policy and Macroeconomic Stabilization in Latin America>/i>, ed. R.J. Langhammer and L.Vinhas de Souza, pp. 205-245. Berlin and Heidelberg: Springer. 26 Newey, W., and K. West. 1994. “Automatic Lag Selection in Covariance Matrix Estimation.” >i>Review of Economic Studies>/i> 61, no. 4: 631-653. 27 Obstfeld, M., and K. Rogoff. 1996. >i>Foundations of International Macroeconomics>/i>. Cambridge, MA: MIT Press. 28 Orlowski, L.T. 2005. “Monetary Convergence of the EU Accession Countries to the Eurozone: A Theoretical Framework and Policy Implications.” >i>Journal of Banking and Finance>/i> 29, no. 1: 203-225. 29 Rumler, F. 2007. “Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries.” >i>Open Economies Review>/i> 18, no. 4: 427-451. 30 Svensson, L.E.O. 2000. “Open-Economy Inflation Targeting.” >i>Journal of International Economics>/i> 50, no. 1: 155-183. 31 Taylor, J.B. 1993. “Discretion Versus Policy Rules in Practice.” >i>Carnegie-Rochester Conference Series on Public Policy>/i> 39, no. 1: 195-214. 32 Taylor, J.B. 2001. “Role of Exchange Rate in Monetary-Policy Rules.” >i>American Economic Review>/i> 91, no. 2: 263-267. 33 Toda, H.Y., and T. Yamamoto. 1995. “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” >i>Journal of Econometrics>/i> 66, nos. 1.2: 225-250. 34 Vašíček, B. 2009. “Inflation Dynamics and the New Keynesian Phillips Curve in EU.4.” Working Paper no. 971, William Davidson Institute, University of Michigan, Ann Arbor. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:4:p:36-58 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A48837PV5V1Q9316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Atsushi Iimi Author-X-Name-First: Atsushi Author-X-Name-Last: Iimi Title: Nonresidential Demand for Energy and Technical Inefficiency in Southeastern Europe Abstract: Recent volatility in international energy prices has revealed Southeastern Europe as one of the most vulnerable regions to such external shocks. Under the current global economic downturn, in addition, the region's energy-intensive industries are faced with the challenge of weakening demand for their outputs. This paper casts light on the relation between the price and demand for energy. Based on firm-level data, it shows that the price elasticity of industrial energy demand is about −0.4 on average. There are a number of data issues in interpreting the results correctly, but Albania and Macedonia are systematically found to have a relatively elastic demand for energy on the order of −0.7 to −0.8. In these countries, therefore, price adjustments would be one of the effective policy options to balance demand with supply during the period of energy crisis. In other countries, the demand response would be much weaker; pricing cannot be the only solution. Other policy measures, such as facilitation of firm energy efficiency and improvements in the quality of infrastructure services, may be required. Journal: Eastern European Economics Pages: 76-104 Issue: 4 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C4791263P0017106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, R. 1981. “On the Specification of Conditional Factor Demand Functions in Recent Studies of U.S. Manufacturing.” In >i>Modeling and Measuring Natural Resource Substitution>/i>, ed. E. Berndt and B. Field, pp. 119-144. Cambridge, MA: MIT Press. 2 Berger, A., and L. Mester. 1997. “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?” >i>Journal of Banking and Finance>/i> 21, no. 7: 895-947. 3 Berndt, E., and D. Wood. 1975. “Technology, Prices, and the Derived Demand for Energy.” >i>Review of Economics and Statistics>/i> 57, no. 3: 259-268. 4 Bernstein, M., and J. Griffin. 2005. “Regional Differences in the Price Elasticity of Demand for Energy.” Technical Report TR-292, RAND Corporation, Santa Monica, CA. 5 Bohi, D., and M. Zimmerman. 1984. “An Update of Econometric Studies of Energy Demand.” >i>Annual Review of Energy>/i> 9, no. 2: 105-154. 6 Christensen, L., and W. Greene. 1976. “Economies of Scale in U.S. Electric Power Generation.” >i>Journal of Political Economy>/i> 84, no. 4: 655-676. 7 Coelli, T. 1992. “A Computer Program for Frontier Production Function Estimation: FRONTIER Version 2.0.” >i>Economics Letters>/i> 39, no. 1: 29-32. 8 Denny, M.; M. Fuss; and L. Waverman. 1981. “Substitution Possibilities for Energy: Evidence from U.S. and Canadian Manufacturing Industries.” In >i>Modeling and Measuring Natural Resource Substitution>/i>, ed. E. Berndt and B. Field, pp. 230-258. Cambridge, MA: MIT Press. 9 Enterprise Surveys. 2007. “Albania: Country Profile 2007.” World Bank Group, Washington, DC (available at www.enterprisesurveys.org/ExploreEconomies/?economyid=3&year=2007). >a target="_blank" href='http://www.enterprisesurveys.org/ExploreEconomies/?economyid=3&year= 2007'>www.enterprisesurveys.org/ExploreEconomies/?economyid=3&year=2007>/a > 10 Espey, J., and M. Espey. 2004. “Turning on the Lights: A Meta-Analysis of Residential Electricity Demand Elasticities.” >i>Journal of Agricultural and Applied Economics>/i> 36, no. 1: 65-81. 11 European Commission. 2009. >i>Enlargement Strategy and Progress Reports 2009>/i>. Brussels. 12 Fida, E.; B. Islami; E. Bruci; B. Baraj; M. Kamberi; L. Mucaj; and M. Ndini. 2009. “Security of the Energy Sector in Albania in the Face of Climate Change.” In >i>Energy and Environmental Challenges to Security>/i>, ed. S. Stec and B. Baraj, pp. 331-370. Amsterdam: Springer. 13 Filippini, M., and L. Hunt. 2009. “Energy Demand and Energy Efficiency in the OECD Countries: A Stochastic Demand Frontier Approach.” Working Paper no. 68, Centre of Energy Policy and Economics (CEPE), Swiss Federal Institutes of Technology. 14 Filippini, M.; N. Hrovatin; and J. Zoric. 2008. “Cost Efficiency of Slovenian Water Distribution Utilities: An Application of Stochastic Frontier Methods.” >i>Journal of Productivity Analysis>/i> 29, no. 2: 169-182. 15 Iimi, A. 2008. “Effects of Improving Infrastructure Quality on Firm Costs: Evidence from Firm-Level Data.” Policy Research Working Paper no. 4581, World Bank, Washington, DC. 16 ---. 2010. “Price Elasticity of Nonresidential Demand for Energy in South Eastern Europe.” Policy Research Working Paper no. 5167, World Bank, Washington, DC. 17 International Energy Agency (IEA). 2008. >i>Energy in the Western Balkans>/i>. Paris: International Energy Agency and Organization for Economic Cooperation and Development. 18 IPA Energy and Water Economics. 2009. “Study on Tariff Methodologies and Impact on Prices and Energy Consumption Pattern in the Energy Community.” Available at www.energy-community.org/pls/portal/docs/284177.pdf (accessed March 31, 2010). >a target="_blank" href='http://www.energy-community.org/pls/portal/docs/284177.pdf'>www.ener gy-community.org/pls/portal/docs/284177.pdf>/a> 19 Kamerschen, D., and D. Porter. 2004. “The Demand for Res idential, Industrial, and Total Electricity, 1973-1998.” >i>Energy Economics>/i> 26, no. 1: 87-100. 20 Kwoka, J. 2002. “Vertical Economies in Electric Power: Evidence on Integration and Its Alternatives.” >i>International Journal of Industrial Organization>/i> 20, no. 5: 653-671. 21 Nerlove, M. 1963. “Returns to Scale in Electricity Supply.” In >i>Measurement in Economics: Studies in Mathematical Economics and Econometrics in Memory of Yehuda Grunfeld>/i>, ed. C. Christ, pp. 167-198. Palo Alto, CA: Stanford University Press. 22 Norsworthy, J.R., and M. Harper. 1981. “Dynamic Models of Energy Substitution in U.S. Manufacturing.” In >i>Modeling and Measuring Natural Resource Substitution>/i>, ed. E. Berndt and B. Field, pp. 177-208. Cambridge, MA: MIT Press. 23 Pindyck, R., and J. Rotemberg. 1983. “Dynamic Factor Demands and the Effects of Energy Price Shocks.” >i>American Economic Review>/i> 73, no. 5: 1066-1079. 24 Sheehan, M. 1991. “Why Ramsey Pricing Is Wrong: The Case of Telecommunications Regulation.” >i>Journal of Economic Issues>/i> 25, no. 1: 21-32. 25 Sickles, R.; D. Good; and R. Johnson. 1986. “Allocative Distortions and the Regulatory Transition of the U.S. Airline Industry.” >i>Journal of Econometrics>/i> 33, nos. 1-2: 143-163. 26 Taylor, L. 1975. “The Demand for Electricity: A Survey.” >i>Bell Journal of Economics>/i> 6, no. 1: 74-110. 27 Uzawa, H. 1962. “Production Functions with Constant Elasticities of Substation.” >i>Review of Economic Studies>/i> 29, no. 4: 291-299. 28 Weninger, Q. 2003. “Estimating Multiproduct Costs When Some Outputs Are Not Produced.” >i>Empirical Economics>/i> 28, no. 4: 753-765. 29 World Bank. 2006a. >i>Infrastructure in Europe and Central Asia Region: Approaches to Sustainable Services>/i>. Washington, DC: Infrastructure Department, Europe and Central Asia Region, World Bank. 30 ---. 2006b. >i>Measuring Financial Performance in Infrastructure>/i>. Washington, DC: Infrastructure Department, Europe and Central Asia Region, World Bank. 31 ---. 2009. “Enterprise Survey and Indicator Surveys: Sampling Methodology.” Washington, DC, August 29 (available at www.enterprisesurveys.org/documents/Sampling_Note.pdf). >a target="_blank" href='http://www.enterprisesurveys.org/documents/Sampling_Note.pdf'>www.en terprisesurveys.org/documents/Sampling_Note.pdf>/a> Handle: RePEc:mes:eaeuec:v:48:y:2010:i:4:p:76-104 Template-Type: ReDIF-Article 1.0 Author-Name: Lena Malesevic Perovic Author-X-Name-First: Lena Malesevic Author-X-Name-Last: Perovic Author-Name: Sivia Golem Author-X-Name-First: Sivia Author-X-Name-Last: Golem Title: Investigating Macroeconomic Determinants of Happiness in Transition Countries Abstract: This paper combines the data from surveys about happiness and macroeconomic data and analyzes the effects of macroeconomic variables on self-reported happiness in transition countries, focusing particularly on the impact of government size in the economy. We use the international data on the reported happiness levels of thousands of individuals and find that government expenditure as a percentage of gross domestic product positively and significantly influences happiness in a set of thirteen transition countries. Journal: Eastern European Economics Pages: 59-75 Issue: 4 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K60364P5380HR161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Akerlof, G.; W. Dickens; and G. Perry. 2000. “Near-Rational Wage and Price Setting and the Long-Run Phillips Curve.” >i>Brookings Papers on Economic Activity>/i>, no. 1: 1-60. 2 Bjornskov, C.; A. Dreher; and J.A. Fischer. 2007. “The Bigger the Better? Evidence of the Effect of Government Size on Life Satisfaction Around the World.” >i>Public Choice>/i> 130 (June): 267-292. 3 Blanchflower, D. 2007. “Is Unemployment More Costly than Inflation?” Working Paper no. 13505, National Bureau of Economic Research, Cambridge, MA. 4 Blanchflower, D., and A. Oswald. 2006. “Happiness and the Human Development Index: The Paradox of Australia.” Working Paper no. 11416, National Bureau of Economic Research, Cambridge, MA. 5 Brennan, G., and J.M. Buchanan. 1980. >i>The Power to Tax: Analytical Foundations of a Fiscal Constitution.>/i> Cambridge: Cambridge University Press. 6 Di Tella, R., and R. MacCulloch. 2006. “Some Uses of Happiness Data in Economics.” >i>Journal of Economic Perspectives>/i> 20, no. 1: 25-46. 7 Di Tella, R.; R. MacCulloch; and A. Oswald. 2001. “Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness.” >i>American Economic Review>/i> 21, no. 1: 335-341. 8 Di Tella, R. 2003. “The Macroeconomics of Happiness.” >i>Review of Economics and Statistics>/i> 85, no. 4: 809-827. 9 Easterlin, R. 1974. “Does Economic Growth Improve the Human Lot? Some Empirical Evidence.” In >i>Nations and Households in Economic Growth: Essays in Honour of Moses Abramovitz,>/i> ed. P. David and M. Reder, pp. 89-125. New York and London: Academic Press. 10 Frey, B., and A. Stutzer. 2002a. >i>Happiness and Economics: How the Economy and Institutions Affect Human Well-Being.>/i> Princeton and Oxford: Princeton University Press. 11 Frey, B. 2002b. “What Can Economists Learn from Happiness Research?” >i>Journal of Economic Literature>/i> 40, no. 2: 520-578. 12 Hibbs, D. 1979. “The Mass Public and Macroeconomic Performance: The Dynamics of Public Opinion Toward Unemployment and Inflation.” >i>American Journal of Political Science>/i> 23, no. 4: 705-731. 13 Hjerppe, R. 2003. “Uncovering the Dimensions of the Common Good: Problems of Measurement of the Public Sector.” Discussion Paper no. 322, Government Institute for Economic Research Finland, Helsinki. 14 Kacapyr, E. 2008. “Cross-Country Determinants of Life Satisfaction with Life.” >i>International Journal of Social Economics>/i> 35, no. 6: 400-416. 15 Khan, M., and A. Senhadji. 2006. “Inflation and Financial Depth.” >i>Macroeconomic Dynamics>/i> 10, no. 2: 165-182. 16 Malesevic Perovic, L. 2008. “Subjective Economic Well-Being in Transition Countries: Investigating the Relative Importance of Macroeconomic Variables.” >i>Financial Theory and Practice>/i> 32, no. 4: 519-537. 17 Moulton, B. 1990. “An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units.” >i>Review of Economics and Statistics>/i> 72, no. 2: 334-338. 18 Muller, D.C. 2003. >i>Public Choice III.>/i> New York: Cambridge University Press. 19 Ng, S., and Y.K. Ng. 1998. “Why Do Governments Increase with Growth But Happiness Remains Unchanged?” Working Paper Series 10.2139/ssrn.126209, Social Science Research Network. 20 Niskanen, W.A. 1971. >i>Bureaucracy and Representative Government.>/i> Chicago: Aldine-Atherton. 21 Oswald, A. 1997. “Happiness and Economic Performance.” >i>Economic Journal>/i> 107, no. 445: 1815-1831. 22 Palley, T. 2003. “The Backward Bending Phillips Curve and the Minimum Unemployment Rate of Inflation: Wage Adjustment with Opportunistic Firms.” >i>Manchester School>/i> 71, no. 1: 35-50. 23 Paul, S. 2001. “A Welfare Loss Measure of Unemployment with an Empirical Illustration.” >i>Manchester School>/i> 69, no. 2: 148-163. 24 Ram, R. 2009. “Government Spending and Happiness of the Population: Additional Evidence from Large Cross-Country Samples.” >i>Public Choice>/i> 138 (March): 483-490. 25 Rousseau, P., and P. Wachtel. 2002. “Inflation Thresholds and the Finance-Growth Nexus.” >i>Journal of International Money and Finance>/i> 21, no. 6: 777-793. 26 Sanfey, P., and U. Teksoz. 2005. “Does Transition Make You Happy?” Working Paper no. 91, European Bank for Reconstruction and Development, London. 27 Shiller, R. 1996. “Why Do People Dislike Inflation?” Working Paper no. 5539, National Bureau of Economic Research, Cambridge, MA. 28 Winkelmann, L., and R. Winkelmann. 1998. “Why Are the Unemployed So Unhappy? Evidence from Panel Data.” >i>Economica>/i> 65, no. 257: 1-15. 29 Wolfers, J. 2003. “Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing.” >i>International Finance>/i> 6, no. 1: 1-26. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:4:p:59-75 Template-Type: ReDIF-Article 1.0 Author-Name: Osman Rraci Author-X-Name-First: Osman Author-X-Name-Last: Rraci Title: The Effect of Foreign Banks in Financing Firms, Especially Small Firms, in Transition Economies Abstract: This paper investigates if the presence of foreign banks in transition economies reduces or increases firms' financing obstacles and if they tend to discriminate between different sizes of firms, in terms of access to financing and the cost of financing obstacles. To our knowledge, this is the first study to investigate small firms' financing obstacles due to the presence of foreign banks in a transition environment. We use the data set from the Business Environment and Enterprise Performance Survey 2005, conducted by the European Bank for Reconstruction and Development (EBRD) and World Bank, together with macroeconomic data from EBRD. Our sample contains more than 7,500 firms in twenty-five transition economies. We employ a logit estimation method; to check the robustness of the results, we also employ the ordered logit estimation method. We find that a higher asset share of foreign-owned banks tends to increase firms' financing obstacles, but that foreign banks do not appear to discriminate among the different sizes of the firms. However, small and medium-size firms are more likely to report higher financing obstacles than large firms, regardless of bank ownership. Journal: Eastern European Economics Pages: 5-35 Issue: 4 Volume: 48 Year: 2010 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TTK091K248853222 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, R.W., and C. Kegels. 1998. >i>Transition Banking: Financial Development of Central and Eastern Europe>/i>. Oxford: Clarendon Press. 2 Ayyagari, M.; A. Demirguc-Kunt; and V. Maksimovic. 2006. “How Important Are Financing Constraints? The Role of Finance in the Business Environment.” Policy Research Working Paper no. 3820, World Bank, Washington, DC. 3 Beck, T.; A. Demirguc-Kunt; and V. Maksimovic. 2004. “Bank Competition and Access to Finance: International Evidence.” >i>Journal of Money, Credit, and Banking>/i> 36, no. 3: 627-648. 4 Beck, T.; V. Maksimovic; and A. Demirguc-Kunt. 2002. “Financial and Legal Constraints to Firm Growth: Does Size Matter?” Policy Research Working Paper no. 2784, World Bank, Washington, DC. 5 Beck, T.; A. Demirguc-Kunt; L. Laeven; and V. Maksimovic. 2006. “The Determinants of Financing Obstacles.” >i>Journal of International Money and Finance>/i> 25, no. 6: 932-952. 6 Berger, A.N., and W.S. Frame. 2005. “Small Business Credit Scoring and Credit Availability.” Working Paper no. 2005-10, Federal Reserve Bank of Atlanta. 7 Berger, A.N., and G.F. Udell. 2002. “Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure.” >i>Economic Journal>/i> 112, no. 477: 32-53. 8 Berger, A.N. 2005. “A More Complete Conceptual Framework for SME Finance.” >i>Journal of Banking and Finance>/i> 30, no. 11: 2945-2966. 9 Berger, A.N.; I. Hasan; and L.F. Klapper. 2004. “Further Evidence on the Link Between Finance and Growth: An International Analysis of Community Banking and Economic Performance.” >i>Journal of Financial Service Research>/i> 25, no. 2: 160-202. 10 Berger, A.N.; L.F. Klapper; and G.F. Udell. 2001. “The Ability of Banks to Lend to Informationally Opaque Small Businesses.” Policy Research Working Paper no. 2656, World Bank, Washington, DC. 11 Berger, A.N.; L.F. Klapper; P.M.S. Martinez; and R. Zaidi. 2006. “Bank Ownership Type and Banking Relationships.” Policy Research Working Paper no. 3862, World Bank, Washington, DC. 12 Black, S.E., and P.E. Strahan. 2002. “Entrepreneurship and Bank Credit Availability.” >i>Journal of Finance>/i> 57, no. 6: 2807-2833. 13 Bonin, P.J.; I. Hasan; and P. Wachtel. 2005. “Bank Performance, Efficiency, and Ownership in Transition Countries.” >i>Journal of Banking and Finance>/i> 29, no. 1: 31-53. 14 Bonin, P.J.; K. Mizsei; I. Szekely; and P. Wachtel. 1998. >i>Banking in Transition Economies: Developing Market Oriented Banking Sectors in Eastern Europe>/i>. Cheltenham, UK: Edward Elgar. 15 Cameron, A.C., and P.K. Trivedi. 2005. >i>Microeconometrics: Methods and Applications>/i>. New York: Cambridge University Press. 16 Cetorelli, N. 2002. “Life-Cycle Dynamics in Industrial Sectors: The Role of Banking Market Structure.” Working Paper 2002-26, Federal Reserve Bank of Chicago. 17 Chick, V. 2000. “Big Banks, Small Business, and the Regions in Bankers.” In >i>Political Economy and the New Capitalism: Essays in Honor of Sam Aaronocitch>/i>, ed. J. Toporowski, pp. 167-178. London: Routledge. 18 Claessens, S. 1998. “Comment on Banking in Transition Economies.” >i>Journal of Money, Credit, and Banking>/i> 30, no. 3: 651-655. 19 Clarke, G.R.G.; R. Cull; and P.M.S. Martinez. 2001. “Does Foreign Bank Penetration Reduce Access to Credit in Developing Countries? Evidence from Asking Borrowers.” Policy Research Working Paper no. 2716, World Bank, Washington, DC. 20 Clarke, G.R.G.; R. Cull; P.M.S. Martinez; and S.M. Sanchez. 2005. “Bank Lending to Small Businesses in Latin America: Does Bank Origin Matter?” >i>Journal of Money, Credit, and Banking>/i> 37, no. 1: 83-118. 21 De Haas, R., and I. Naaborg. 2005. “Does Foreign Bank Entry Reduce Small Firms' Access to Credit? Evidence from European Transition Economies.” Working Paper no. 50, DNB (De Nederlandsche Bank), Amsterdam. 22 De Haas, R., and I. van Lelyveld. 2004. “Foreign Bank Penetration and Private Sector Credit in Central and Eastern Europe.” >i>Journal of Emerging Market Finance>/i> 3, no. 2: 125-151. 23 De Haas, R.; D. Ferreira; and A. Taci. 2007. “What Determines Banks' Customer Choice? Evidence from Transition Countries.” Working Paper Series no. 104, European Bank for Reconstruction and Development, London. 24 Fries, S., and A. Taci. 2005. “Cost Efficiency of Banks in Transition: Evidence from 289 Banks in 15 Post-Communist Countries.” >i>Journal of Banking and Finance>/i> 29, no. 1: 55-81. 25 Giannetti, M., and S.R.G. Ongena. 2005. “Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets.” Working Paper no. 498, European Central Bank, Frankfurt. 26 Haselmann, R.F.H. 2006. “Strategies of Foreign Banks in Transition Economies.” >i>Emerging Market Review>/i> 7, no. 4: 283-299. 27 Hashi, I., and B. Krasniqi. 2008. “Entrepreneurship and SME Growth: Evidence from Advanced and Laggard Transition Economies.” Centre for Research on Emerging Economics, Staffordshire University Business School (available at http://ssrn.com/abstract=1125130/). >a target="_blank" href='http://www.ssrn.com/abstract=1125130/'>http://ssrn.com/abstract=1125 130/>/a> 28 Havrylchyk, O., and E. Jurzyk. 2006. “Profitability of Foreign Banks in Central and Eastern Europe: Does the Entry Mode Matter?” Discussion Paper no. 5/2006, Bank of Finland Institute for Economies in Transition, Helsinki. 29 Hryckiewicz, A., and O. Kowalewski. 2008. “Economic Determinants and Entry Modes of Foreign Banks into Central Europe.” Working Paper no. 08-08, Wharton Financial Institutions Center, Philadelphia. 30 Klapper, F.L.; V. Sarria-Allende; and V. Sulla. 2002. “Small- and Medium-Size Enterprise Financing in Eastern Europe.” Policy Research Working Paper no. 2933, World Bank, Washington, DC. 31 LaPorta, R.; F. Lopez-de-Silanes; and A. Shleifer. 2002. “Government Ownership of Banks.” >i>Journal of Finance>/i> 57, no. 1: 265-301. 32 Lensink, R., and J. de Haan. 2002. “Do Reforms in Transition Economies Affect Foreign Bank Entry?” >i>International Review of Finance>/i> 3, nos. 3-4: 213-232. 33 Moulton, B.R. 1990. “An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units.” >i>Review of Economics and Statistics>/i> 72, no. 2: 334-338. 34 Naaborg, I.; B. Scholtens; H. Bol; J. de Haan; and R. Haas. 2003. “How Important Are Foreign Banks in the Financial Development of European Transition Countries?” Working Paper Series, Ifo Institute for Economic Research, Munich. 35 Petersen, M.A., and R.G. Rajan. 1994. “The Benefits of Firm-Creditor Relationship: Evidence from Small Business Data.” >i>Journal of Finance>/i> 49, no. 3: 3-37. 36 Petersen, M.A. 2002. “Does Distance Still Matter? The Information Revolution in Small Business Lending.” >i>Journal of Finance>/i> 57, no. 6: 2533-2570. 37 Samolyk, K., and R.B. Avery. 2000. “Bank Consolidation and the Provision of Banking Services: The Case of Small Commercial Loans.” Working Paper no. 2000-01, Federal Deposit Insurance Corporation, Washington, DC. 38 Santoso, W. 2006. “Role of Foreign Banks in Emerging Economies.” Asian Development Bank Institute Workshop on Banking Intermediation in Japan, Tokyo, April 18 (available at www.adbi.org/files/2006.05.10.cpp.foreign._banks.emerging.economies.paper. pdf). >a target="_blank" href='http://www.adbi.org/files/2006.05.10.cpp.foreign._banks.emerging.eco nomies.paper.pdf'>www.adbi.org/files/2006.05.10.cpp.foreign._banks.emergin g.economies.paper.pdf>/a> 39 Sapienza, P. 2002. “What Do State-Owned Firms Maximize? Evidence from Italian Banks.” Discussion Paper no. 3168, Centre for Economic Policy Research, London (available at http://ssrn.com/abstract=303381/). >a target="_blank" href='http://www.ssrn.com/abstract=303381/'>http://ssrn.com/abstract=30338 1/>/a> 40 Sonin, C., and M. Yudkevich. 2000. “Impact of Foreign Bank Admission at Domestic Banking Sector in Transitional Economies on Financial Institutions and Enterprise Restructuring.” GET project within the Research Center of the New Economic School, Moscow (available at www.umar.gov.si/fileadmin/user_upload/konference/07/16_yudkevic.pdf). >a target="_blank" href='http://www.umar.gov.si/fileadmin/user_upload/konference/07/16_yudkev ic.pdf'>www.umar.gov.si/fileadmin/user_upload/konference/07/16_yudkevic.pd f>/a> 41 Storey, D.J. 1994. >i>Understanding the Small Business Sector>/i>. London: Thomson Learning. 42 Volz, U. 2004. “European Financial Integration and the Financing of Local Businesses in the New EU Member States.” Working Paper no. 89, European Bank for Reconstruction and Development, London. 43 Weill, L. 2003. “Banking Efficiency in Transition Economies: The Role of Foreign Ownership.” >i>Economics of Transition>/i> 11, no. 3: 569-592. 44 Wooldridge, J.M. 2002. >i>Econometric Analysis of Cross Section and Panel Data>/i>. Cambridge, MA: MIT Press. 45 World Bank 2005. The Business Environment Enterprise Performance Survey (BEEPS) 2005. World Bank, Washington, DC. 46 Yildirim, H.S., and G.C. Philippatos. 2002. “Efficiency of Banks: Recent Evidence from the Transition Economies of Europe, 1993-2000.” >i>European Journal of Finance>/i> 13, no. 2: 123-143. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:4:p:5-35 Template-Type: ReDIF-Article 1.0 Author-Name: Ioana Alexopoulou Author-X-Name-First: Ioana Author-X-Name-Last: Alexopoulou Author-Name: Irina Bunda Author-X-Name-First: Irina Author-X-Name-Last: Bunda Author-Name: Annalisa Ferrando Author-X-Name-First: Annalisa Author-X-Name-Last: Ferrando Title: Determinants of Government Bond Spreads in New EU Countries Abstract: For the period 2001-8, we propose an empirical assessment of the determinants of borrowing costs of new European Union member countries. The results of a dynamic panel error-correction model, accounting for both common long-run determinants and cross-country heterogeneities suggest that fundamentals still matter for market assessment of a country's creditworthiness. We check the long-run determinants for two subgroups of countries based on their current account balances. In the context of heightened risk aversion, one group of countries, characterized by low fiscal discipline, is more exposed to domestic sources of vulnerability as well as to swings in market perceptions of sovereign risk. Journal: Eastern European Economics Pages: 5-37 Issue: 5 Volume: 48 Year: 2010 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=270763835606000W File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Afonso, A.; P. Gomes; and P. Rother. 2007. "What ‘Hides’ Behind Sovereign Debt Ratings?" ECB Working Paper Series no. 171, Frankfurt. 2 Akitoby, B., and T. Stratman. 2008. "Fiscal Policy and Financial Markets." >i>Economic Journal>/i> 118, no. 533: 1971-1985. 3 Alexopoulou, I.; I. Bunda; and A. Ferrando. 2009. "Determinants of Government Bond Spreads in New EU Countries." ECB Working Paper no. 1093, Frankfurt. 4 Baldacci, E.; Gupta, S.; and A. Mati. 2008. "Is It (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets." IMF Working Paper no. 08/259, Washington, DC, November. 5 Baltagi, B.H., and J.M. Griffin. 1997. "Pooled Estimators vs. Their Heterogeneous Counterparts in the Context of Dynamic Demand for Gasoline." >i>Journal of Econometrics>/i> 77, no. 2: 303-327. 6 Beber, A.; M.W. Brandt; and K.A. Kavajecz. 2009. "Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market." >i>Review of Financial Studies>/i> 22, no. 3: 925-957. 7 Bernoth, K.; J.V. Hagen; and L. Schuknecht. 2006, "Sovereign Risk Premiums in the European Government Bond Market." SFB/TR (Sonderforschungsbereich/Transregio) 15 Discussion Paper no. 151, Universities of Konstanz and Zürich. 8 Boyd, D., and R. Smith. 2002. "Some Econometric Issues in Measuring the Transmission Mechanism, with an Application to Developing Countries." In >i>Monetary Transmission in Diverse Economies>/i>, ed. L. Mahadeva and P. Sinclair, pp. 68-102. Cambridge: Cambridge University Press. 9 Bunda, I.; A.J. Hamann; and S. Lall. 2009. "Correlations in Emerging Market Bonds: The Role of Local and Global Factors." >i>Emerging Markets Review>/i> 10, no. 2: 67-96. 10 Ciarlone, A.; P. Piselli; and G. Trebeschi. 2007. "Emerging Markets Spreads and Global Financial Conditions." Bank of Italy Temi di Discussione no. 637, Rome, June. 11 Codogno, L.; A. Missale; and C. Favero. 2003. "Yield Spreads on EMU Government Bonds." >i>Economic Policy>/i> 18, no. 37: 505-532. 12 Edwards, S. 1984. "LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-80." >i>American Economic Review>/i> 74, no. 4: 726-734. 13 Eichengreen, B.; A.K. Rose; and C. Wyplosz. 1995. "Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attacks." >i>Economic Policy>/i> 21 (October): 249-312. 14 Favero, C.; M. Pagano; and E.L. von Thadden. 2005. "Valuation, Liquidity and Risk in Government Bond Markets." IGIER-Università Bocconi Working Paper no. 281, Milan, January. 15 Favero, C.A.; F. Giavazzi; and L. Spaventa. 1997. "High Yields: The Spread on German Interest Rates." >i>Economic Journal>/i> 107, no. 443: 956-985. 16 Ferrucci, G. 2003. "Empirical Determinants of Emerging Market Economies' Sovereign Bond Spreads." Bank of England Working Paper no. 205, London. 17 Geyer, A.; S. Kossmeier; and S. Pichler. 2004. "Measuring Systematic Risk in EMU Government Yield Spreads?" >i>Review of Finance>/i> 8, no. 2: 171-197. 18 Goyenko, R.; A. Subrahmanyam; and A. Ukhov. 2008. "The Term Structure of Bond Market Liquidity." Paper presented at the Thirty-Fifth European Finance Association Annual Meetings, Athens, August 27-30. 19 Haque, N.U.; M.H. Pesaran; and S. Sharma. 2000. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions." In >i>Panel Data Econometrics—Future Direction: Papers in Honour of Professor Pietro Balestra>/i>, ed. J. Krishnakumar and E. Ronchetti, pp. 53-82. Amsterdam: Elsevier Science. 20 Hauner, D.; J. Jonas; and M. Kumar. 2007. "Policy Credibility and Sovereign Credit—The Case of New EU Member States." IMF Working Paper Series no. 07/01, Washington, DC, January. 21 Koukouritakis, M., and L. Michelis. 2008. "The Term Structure of Interest Rates in the 12 Newest EU Countries." >i>Applied Economics>/i> 40, no. 4: 479-490. 22 Lonning, I. 2000. "Default Premiums on European Government Debt." >i>Weltwirtschaftliches-Archiv>/i> 136, no. 2: 259-283. 23 Manganelli, S., and G. Wolswijk. 2009. "What Drives Spreads in the Euro Area Government Bond Market?" >i>Economic Policy>/i> 24, no. 58: 191-240. 24 Mihaljek, D., and M. Klau. 2008. "Catching-up and Inflation in Transition Economies: The Balassa-Samuelson Effect Revisited." BIS (Bank for International Settlements), Working Paper no. 270, Basel, December. 25 Min, H.G. 1998. "Determinants of Emerging Market Bond Spread: Do Economic Fundamentals Matter?" World Bank Policy Research Working Paper no. 1899, Washington, DC. 26 Pagano, M., and E.L. von Thadden. 2004. "The European Bond Markets Under EMU." >i>Oxford Review of Economic Policy>/i> 20, no. 4: 531-554. 27 Pesaran, M.H., and Y. Shin. 1999. "An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis." In >i>Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium>/i>, ed. S. Strom, pp. 371-413. Cambridge: Cambridge University Press. 28 Pesaran, M.H.; Y. Shin; and R.P. Smith. 1999. "Pooled Mean Group Estimation of Dynamic Heterogeneous Panels." >i>Journal of the American Statistical Association>/i> 94, no. 446: 621-634. 29 Schuknecht, L.; J. von Hagen; and G. Wolswijk. 2008. "Government Risk Premiums in the Bond Market EMU and Canada." ECB Working Paper Series no. 879, Frankfurt, March. 30 Strahilov, S. 2006. "The Determinants of Country Risk in Eastern European Countries. Evidence from Sovereign Bond Spreads." Bruges European Economic Research Papers no. 8, Bruges. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:5:p:5-37 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Author-Name: Enn Listra Author-X-Name-First: Enn Author-X-Name-Last: Listra Title: Guest Editors' Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 48 Year: 2010 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=97H88H2125104739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Karsten Staehr Author-X-Name-First: Karsten Author-X-Name-Last: Staehr Title: Income Convergence and Inflation in Central and Eastern Europe Abstract: This study investigates the process of price convergence in the ten new EU countries of Central and Eastern Europe. The analyses are based on panel data from 1995 to 2008 of the common currency price relative to the EU15 average. The lagged income level exhibits little explanatory power toward relative inflation, but the lagged price level has some explanatory power. In the long term, the relative income and price levels are closely correlated, implying concurrent real and nominal convergence. Deviations from the long-term relation between income and price levels are gradually decreased by changes in relative inflation and gross domestic product growth, but the process of convergence appears to be rather slow. In the short term, the capital inflows associated with current account deficits put substantial upward pressure on relative price inflation, but the Balassa-Samuelson effect appears to be subdued. Journal: Eastern European Economics Pages: 38-62 Issue: 5 Volume: 48 Year: 2010 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AT7R878180184N7X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R., and X. Sala-i-Martin. 1995. >i>Economic Growth.>/i> New York: McGraw-Hill. 2 Choi, I. 2001. "Unit Root Tests for Panel Data." >i>Journal of International Money and Finance>/i> 20: 249-272. 3 Choudhry, T. 1999. "Purchasing Power Parity in High Inflation Eastern European Countries: Evidence from Fractional Cointegration and Harris-Inder Cointegration Test." >i>Journal of Macroeconomics>/i> 21, no. 2: 293-308. 4 Christev, A., and A. Noorbakhsh. 2000. "Long-Run Purchasing Power Parity, Prices and Exchange Rates in Transition: The Case of Six Central and East European Countries." >i>Global Finance Journal>/i> 11, nos. 1-2: 87-108. 5 Cuestas, J.C. 2009. "Purchasing Power Parity in Central and Eastern European Countries: An Analysis of Unit Roots and Nonlinearities." >i>Applied Economics Letters>/i> 16, no. 1: 87-94. 6 Cuestas, J.C., and B. Harrison. 2010. "Inflation Persistence and Nonlinearities in Central and Eastern European Countries." >i>Economics Letters>/i> 106, no. 2: 81-83. 7 Darvas, Z., and G. Szapary. 2008. "Euro Area Enlargement and Euro Adoption Strategies." European Economy, Economic Papers no. 304, Brussels. 8 Dobrinsky, R. 2006. "Catch-up Inflation and Nominal Convergence: The Balancing Act for New EU Entrants." >i>Economic Systems>/i> 30, no. 4: 424-442. 9 >i>Economist.>/i> 2009. "Fear of Floating: The Financial Crisis Has Made the Euro Look More Alluring." Special report (June 13), pp. 10-12. 10 Egert, B. 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe." CESifo Working Paper no. 2127, Munich. 11 Egert, B. 2008. "Prices and Price Convergence in Emerging Europe: An Overview." >i>National Institute Economic Review>/i>, 204, no. 1: 66-84. 12 Egert, B., and L. Halpern. 2006. "Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues." >i>Journal of Economic Surveys>/i> 20, no. 2: 257-324. 13 Egert, B.; I. Drine; K. Lommatzsch; and C. Rault. 2003. "The Balassa-Samuelson Effect in Central and Eastern Europe: Myth or Reality?" >i>Journal of Comparative Economics>/i> 31, no. 3: 552-572. 14 Fabrizio, S.; D. Leigh; and A. Mody. 2009. "The Second Transition: Eastern Europe in Perspective." International Monetary Fund Working Paper no. WP/09/43, Washington, DC. 15 Froot, K., and K. Rogoff. 1995. "Perspectives on PPP and Long-Run Real Exchange Rates." >i>Handbook of International Economics>/i>, vol. 3, ed. G.M. Grossman and K. Rogoff, pp. 1647-1688. Amsterdam: Elsevier. 16 Grafe, C., and C. Wyplosz. 1997. "The Real Exchange Rate in Transition Economies." CEPR Discussion Paper Series no. 1773, Washington, DC. 17 Im, K.; H. Pesaran; and Y. Shin. 2003. "Testing for Unit Roots in Heterogeneous Panels." >i>Journal of Econometrics>/i> 115, no. 1: 53-74. 18 Ito, T.; P. Isard; and S. Symansky. 1999. "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia." In >i>Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues>/i>, vol. 7, ed. T. Ito and A. Krueger, pp. 109-132. Chicago: University of Chicago Press. 19 Kravis, I., and R. Lipsey. 1988. "National Price Levels and the Prices of Tradables and Nontradables." >i>American Economic Review, Papers and Proceedings>/i> 78, no. 2: 474-478. 20 Lein, S.; M. Leon-Ledesma; and C. Nerlich. 2008. "How Is Real Convergence Driving Nominal Convergence in the New EU Member States?" >i>Journal of International Money and Finance>/i> 28, no. 2: 227-248. 21 Levin, A.; C.-F. Lin; and C.-S. Chu. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties." >i>Journal of Econometrics>/i> 108, no. 1: 1-24. 22 Lewis, J. 2009. "Hitting and Hoping? Meeting the Exchange Rate and Inflation Criteria During a Period of Nominal Convergence." >i>European Journal of Political Economy>/i> 24, no. 4: 508-524. 23 Lommatzsch, K., and S. Tober. 2004. "What Is Behind the Real Appreciation of the Accession Countries' Currencies? An Investigation of the PPI-Based Real Exchange Rate." >i>Economic Systems>/i> 28, no. 4: 383-403. 24 Maddala, G.S., and S. Wu. 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test." >i>Oxford Bulletin of Economics and Statistics>/i> 61, no. S1: 631-652. 25 Miyakima, K. 2005. "Real Exchange Rates in Growing Economies: How Strong Is the Role of the Nontradables Sector." International Monetary Fund Working Paper no. WP/05/233, Washington, DC. 26 Saborowski, C. 2009. "Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?" International Monetary Fund Working Paper no. WP/09/20, Washington, DC. 27 Saygili, H., and M. Saygili. 2009. "Testing Purchasing Power Parity for the New EU Members and Turkey: A Panel Cointegration Analysis with DCPI." Working Paper, Central Bank of the Republic of Turkey, Istanbul. 28 Sideris, D. 2006. "Purchasing Power Parity in Economies in Transition: Evidence from Central and East European Countries." >i>Applied Financial Economics>/i> 16, nos. 1-2: 135-143. 29 Staehr, K. 2009. "Inflation in the New EU Countries from Central and Eastern Europe: Theories and Panel Data Estimations." European Economy Occasional Paper no. 50, ECFIN, Brussels (available at >a target="_blank" href='http://ec.europa.eu/economy_finance/publications/publication15562_en .pdf'>http://ec.europa.eu/economy_finance/publications/publication15562_en .pdf>/a> 30 Staehr, K. 2010. "Income Convergence and Inflation in Central and Eastern Europe: Does the Sun Always Rise in the East?" Working Papers of Eesti Pank no. 4/2010, Tallinn. 31 Stavrev, E. 2009. "Forces Driving Inflation in the New EU10 Members." International Monetary Fund Working Paper no. WP/09/51, Washington, DC. 32 Wood, A. 1998. "Global Trends in Real Exchange Rates, 1960 to 1984." World Bank Discussion Paper no. WDP35, Washington, DC. 33 Zoli, E. 2009. "Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What Is Ahead for Inflation in Emerging Europe." International Monetary Fund Working Paper no. WP/09/41, Washington, DC. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:5:p:38-62 Template-Type: ReDIF-Article 1.0 Author-Name: Ludmila Fadejeva Author-X-Name-First: Ludmila Author-X-Name-Last: Fadejeva Author-Name: Aleksejs Melihovs Author-X-Name-First: Aleksejs Author-X-Name-Last: Melihovs Title: Measuring Total Factor Productivity and Variable Factor Utilization Abstract: This research constructs estimates of total factor productivity (TFP) growth for six sectors of the Latvian economy for the period 2000-2008, using a sectoral quarterly data set. Estimates are obtained by controlling for qualitative changes in production factors and assuming a mechanism for capturing changes in the utilization of labor and capital. The study provides two main results. First, the use of indicators for labor and capital utilization intensity allows for minimization of fluctuations in the TFP measure and makes it less dependent on output growth compared with the Solow residual approach. Second, the comparison of both methods shows that the estimate of TFP growth obtained by the Solow residual approach might be undervalued for manufacturing, electricity, gas and water supply, wholesale and retail trade, as well as hotels and restaurants, while overvalued for growth in the transport, storage, and communication sector of the Latvian economy. Journal: Eastern European Economics Pages: 63-101 Issue: 5 Volume: 48 Year: 2010 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T23254Q842645569 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R.J., and X. Sala-i-Martin. 1999. >i>Economic Growth.>/i> Cambridge, MA: MIT Press, 1999. 2 Basu, S., and M.S. Kimball. 1997. "Cyclical Productivity with Unobserved Input Variation." NBER Working Paper no. 5915, Cambridge, MA, February. 3 Basu, S.; J.G. Fernald; and M.D. Shapiro. 2001. "Productivity Growth in the 1990s: Technology, Utilization, or Adjustment?" NBER Working Paper no. 8359, Cambridge, MA, July. 4 Beņkovskis, K., and D. Stikuts, 2006. "Latvia's Macroeconomic Model." Bank of Latvia Working Paper no. 2, Riga. 5 Cass, D. 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation." >i>Review of Economic Studies>/i> 32, no. 3 (July): 233-240. 6 Dekle, R. 1994. "Technological Progress and Endogenous Capital Depreciation: Evidence from the U.S. and Japan." Board of Governors of the Federal Reserve System, International Finance Discussion Paper no. 485, Washington, DC, October. 7 Dueker, M.; A. Fisher; and R. Dittmar. 2006. "Stochastic Capital Depreciation and the Co-movement of Hours and Productivity." >i>B.E. Journal of Macroeconomics>/i> 6, no. 3, article 6. 8 Fraumeni, B.M. 1997. "The Measurement of Depreciation in the U.S. National Income and Product Accounts." >i>Survey of Current Business>/i> (July): 7-23. 9 Groth, C. 2005. "Estimating UK Capital Adjustment Costs." Bank of England Working Paper no. 258, London, May. 10 Groth, C.; S. Nunez; and S. Srinivasan. 2006. "Productivity Growth, Adjustment Costs and Variable Factor Utilisation: the UK Case." Bank of England Working Paper no. 295, London, April. 11 Guo, J.-T., and K.J. Lansing. 2007. "Maintenance Expenditures and Indeterminacy Under Increasing Returns to Scale." >i>International Journal of Economic Theory>/i> 3, no. 2: 147-158. 12 Hansen, L.P. 1982. "Large Sample Properties of Generalized Method of Moments Estimators." >i>Econometrica>/i> 50, no. 4 (July): 1029-1054. 13 Hulten, C.R. 1986. "Productivity Change, Capacity Utilization, and the Sources of Efficiency Growth." >i>Journal of Econometrics>/i> 33, nos. 1-2: 31-50. 14 Hulten, C.R., and F.C. Wykoff. 1981. "The Estimation of Economic Depreciation Using Vintage Asset Prices: An Application of the Box-Cox Power Transformation." >i>Journal of Econometrics>/i> 15, no. 3 (April): 367-396. 15 Jorgenson, D.W. 1989. "Capital as a Factor of Production." In >i>Technology and Capital Formation>/i>, ed. D.W. Jorgenson and R. Landau, pp. 1-35. Cambridge, MA: MIT Press. 16 Jorgenson, D.W., and K.J. Stiroh. 2000. "Raising the Speed Limit: US Economic Growth in the Information Age." >i>Brookings Papers on Economic Activity>/i> 31: 125-235. 17 Koopmans, T.C. 1965. "On the Concept of Optimal Economic Growth." In >i>The Econometric Approach to Development Planning>/i>, pp. 225-300. Amsterdam: North-Holland. 18 Licandro, O.; L.A. Puch; and J.R. Ruiz-Tamarit. 2001. "Optimal Growth Under Endogenous Depreciation, Capital Utilization and Maintenance Costs." >i>Investigaciones Economicas, Fundación SEPI>/i> 25, no. 3 (September): 543-559. 19 Lucas, R.E., Jr. 1988. "On the Mechanics of Economic Development." >i>Journal of Monetary Economics>/i> 22, no. 1 (July): 3-42. 20 Meļihovs, A., and G. Dāvidsons. 2006. "The Role of Production Progress and Human Capital in the Economic Growth of Latvia." Working Paper no. 3, Bank of Latvia, Riga. 21 Organization for Economic Cooperation and Development (OECD). 2001a. >i>OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity Growth.>/i> Paris. 22 Organization for Economic Cooperation and Development (OECD). 2001b. "Measuring Capital: A Manual on the Measurement of Capital Stocks, Consumption of Fixed Capital and Capital Services." Paris. 23 Oulton, N. 2001. "Measuring Capital Services in the United Kingdom." >i>Bank of England Quarterly Bulletin>/i> 41, no. 3 (Autumn): 295-309. 24 Oulton, N., and S. Srinivasan. 2003. "Capital Stocks, Capital Services, and Depreciation: An Integrated Framework." Bank of England Working Paper no. 192, London. 25 Oulton, N., and S. Srinivasan. 2005. "Productivity Growth in UN Industries, 1970-2000: Structural Change and the Role of ICT." Bank of England Working Paper no. 259, London, May. 26 Ramsey, F.P. 1928. "A Mathematical Theory of Saving." >i>Economic Journal>/i> 38, no. 152 (December): 543-559. 27 Romer, P.M. 1986. "Increasing Returns and Long-Run Growth." >i>Journal of Political Economy>/i> 94, no. 5 (October): 1002-1037. 28 Solow, R.M. 1956. "A Contribution to the Theory of Economic Growth." >i>Quarterly Journal of Economics>/i> 70, no. 1 (February): 65-94. 29 Stikuts, D. 2003. "Measuring Output Gap in Latvia." Working Paper no. 2, Bank of Latvia, Riga. 30 Swan, T.W. 1956. "Economic Growth and Capital Accumulation." >i>Economic Record>/i> 32, no. 2 (November): 334-361. 31 Wooldridge, J.M. 2002. >i>Econometric Analysis of Cross Section and Panel Data.>/i> Cambridge, MA: MIT Press. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:5:p:63-101 Template-Type: ReDIF-Article 1.0 Author-Name: Jessica Hagen-Zanker Author-X-Name-First: Jessica Author-X-Name-Last: Hagen-Zanker Author-Name: Carlo Azzarri Author-X-Name-First: Carlo Author-X-Name-Last: Azzarri Title: Are Internal Migrants in Albania Leaving for the Better? Abstract: Most studies on Albanian migration have focused on international migrants. This paper contributes to filling a gap in the literature by assessing the impact of internal migration on household well-being. The study draws on the Albania Living Standards Measurement Survey of 2005, with a focus on migrant households oversampled in peri-urban Tirana, who are compared with nonmigrant rural households. Various statistical procedures are used, yielding the following results: Income improves through migration but consumption does not because of higher living costs. Moreover, migrant households in peri-urban Tirana live in poor dwelling conditions, are employed in irregular and unstable jobs, and experience health problems, especially in the early years of migration. Journal: Eastern European Economics Pages: 57-84 Issue: 6 Volume: 48 Year: 2010 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=31767611U34JX180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abadie, A., and G. W. Imbens. 2006. "On the Failure of the Bootstrap for Matching Estimators." National Bureau of Economic Research Technical Working Paper no. 325, Cambridge, MA. 2 Agorastakis, M., and G. Sidiropoulos. 2007. "Population Change Due to Geographic Mobility in Albania, 1989-2001, and the Repercussions of Internal Migration for the Enlargement of Tirana." >i>Population, Space and Place>/i> 13, no. 6: 471-481. 3 Banerjee, B. 1983. "The Role of the Informal Sector in the Migration Process: A Test of Probabilistic Migration Models and Labour Market Segmentation for India." >i>Oxford Economic Papers>/i> 35, no. 3: 399-422. 4 Banerjee, B. 1984. "Information Flow, Expectations and Job Search: Rural-to-Urban Migration Process in India." >i>Journal of Development Economics>/i> 15, nos. 1-3: 239-257. 5 Beegle, K.; J. D. Weerdt; and S. Dercon. 2010. "Migration and Economic Mobility in Tanzania: Evidence from a Tracking Survey." CEPR (Centre for Economic and Policy Research) Discussion Paper no. DP7759, London. 6 Carletto, G.; B. Davis; M. Stampini; S. Trento; and A. Zezza. 2006. "A Country on the Move: International Migration in Post-Communist Albania." >i>International Migration Review>/i> 40, no. 4: 767-785. 7 Cattaneo, C. 2006. "The Determinants of Actual Migration and the Role of Wages and Unemployment in Albania: An Empirical Analysis." Libero Istituto Universitario Carlo Cattaneo (LIUC) Working Paper no. 196, Castellanza (VA), Italy. 8 Cila, J. 2006. "Making a Livelihood—A Study of Rural Migrants in Bathore." MA thesis, Erasmus University, Rotterdam. 9 Davin, D. 1999. >i>Internal Migration in Contemporary China.>/i> London: Palgrave Macmillan. 10 De Soto, H.; P. Gordon; I. Gedeshi; and Z. Sinoimeri. 2002. "Poverty in Albania. A Qualitative Assessment." World Bank Technical Paper no. 520, Washington, DC. 11 Deda, L., and S. Tsenkova. 2006. "Poverty and Inequality in Greater Tirana: The Reality of Peri-Urban Areas." In >i>The Urban Mosaic of Post-Socialist Europe>/i>, ed. S. Tsenkova and Z. Nedovic-Budic, pp. 151-170. Heidelberg: Physica Verlag. 12 Foster, J.; J. Greer; and E. Thorbecke. 1984. "A Class of Decomposable Poverty Measures." >i>Econometrica>/i> 52, no. 3: 761-766. 13 Harris, J., and M. Todaro. 1970. "Migration, Unemployment and Development: A Two-Sector Analysis." >i>American Economic Review>/i> 60, no. 1: 126-142. 14 INSTAT (Albanian Institute of Statistics). 2004. "Migration in Albania—Population and Housing Census 2001." Tirana. 15 IOM (International Organization for Migration). 2005. "Migration, Development and Poverty Reduction in Asia." Geneva. 16 Issah, I.; T. Y. Khan; and K. Sasaki. 2005. "Do Migrants React to Infrastructure Difference Between Urban and Rural Areas? Development of an Extended Harris-Todaro Model." >i>Review of Urban and Regional Development Studies>/i> 17, no. 1: 68-88. 17 King, R.; R. Skeldon; and J. Vullnetari. 2008. "Internal and International Migration: Bridging the Theoretical Divide." Sussex Centre for Migration Research Working Paper no. 52, University of Sussex, Brighton. 18 Knight, J., and L. Song. 1999. "Chinese Rural Migrants in Urban Enterprises: Three Perspectives." >i>Journal of Development Studies>/i> 35, no. 3: 73-104. 19 Kundu, A., and N. Sarangi. 2007. "Migration, Employment Status and Poverty: An Analysis Across Urban Centres." >i>Economic and Political Weekly>/i> 42, no. 4: 299-306. 20 Mancellari, A.; D. Kule; S. Qirici; and P. Sanfey. 2006. "Labour Markets and Emigration in Albania." In >i>On Eagle's Wings: The Albanian Economy in Transition>/i>, ed. D. Bezemer, pp. 71-80. New York: Nova Science. 21 McKenzie, D., and M. J. Sasin. 2007. "Migration, Remittances, Poverty, and Human Capital: Conceptual and Empirical Challenges." World Bank Policy Research Working Paper no. 4272, Washington, DC. 22 Meng, X., and J. Zhang. 2001. "The Two-Tier Labor Market in Urban China: Occupational Segregation and Wage Differentials Between Urban Residents and Rural Migrants in Shanghai." >i>Journal of Comparative Economics>/i> 29, no. 3: 485-504. 23 Mohtadi, H. 1986. "Rural Stratification, Rural to Urban Migration, and Urban Inequality: Evidence from Iran." >i>World Development>/i> 14, no. 6: 713-725. 24 Morris, S.; C. Carletto; J. Hoddinott; and L. J. M. Christiaensen. 1999. "Validity of Rapid Estimates of Household Wealth and Income for Health Surveys in Rural Africa." Food and Consumption Division Discussion Paper no. 72, International Food Policy Research Institute, Washington, DC. 25 Nakosteen, R. A., and M. Zimmer. 1980. "Migration and Income: The Question of Self-Selection." >i>Southern Economic Journal>/i> 46, no. 3: 840-851. 26 Rosenbaum, P. R., and D. B. Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." >i>Biometrika>/i> 70, no. 1: 41-55. 27 Rubin, D. B. 1974. "Estimating Causal Effects of Treatments in Randomized and Nonrandomized Studies." >i>Journal of Educational Psychology>/i> 66, no. 5: 688-701. 28 Rubin, D. B. 1978. "Bayesian Inference for Causal Effects: The Role of Randomization." >i>Annals of Statistics>/i> 6, no. 1: 34-58. 29 Shaokang, Z.; S. Zhenwei; and E. Blas. 2002. "Economic Transition and Maternal Health Care for Internal Migrants in Shanghai, China." >i>Health Policy and Planning>/i> 17, no. 1: 47-55. 30 Sjaastad, L. 1962. "The Costs and Returns of Human Migration." >i>Journal of Political Economy>/i> 70, no. 5: 80-93. 31 Smith, A. J., and E. P. Todd. 2005. "Does Matching Overcome LaLonde's Critique of Non-experimental Estimators?" >i>Journal of Econometrics>/i> 125, nos. 1-2: 305-353. 32 Staiger, D., and J. H. Stock. 1997. "Instrumental Variables Regression with Weak Instruments." >i>Econometrica>/i> 65, no. 3: 557-586. 33 Tunali, I. 2000. "Rationality of Migration." >i>International Economic Review>/i> 41, no. 4: 893-920. 34 UNDP Albania (United Nations Development Programme Albania). 2002. "Human Development Report Albania 2002." Tirana. 35 Vullnetari, J. 2007. "Albanian Migration and Development: State of the Art Review." International Migration, Integration, and Social Cohesion (IMISCOE) Working Paper no. 18, Amsterdam. 36 Vuong, Q. 1989. "Likelihood Ratio Tests for Model Selection and Non-Nested Hypotheses." >i>Econometrica>/i> 57, no. 2: 307-334. 37 World Bank. 2003. "Albania: Poverty Assessment." Tirana: World Bank, Europe and Central Asia Region, Human Development Sector Unit, Washington, DC. 38 World Bank. 2007. "Albania Urban Growth, Migration and Poverty Reduction." World Bank Working Paper no. 40071-AL, Washington, DC. 39 Yap, L. 1977. "The Attraction of Cities: A Review of the Migration Literature." >i>Journal of Development Economics>/i> 4, no. 3: 239-264. 40 Zelinsky, W. 1971. "The Hypothesis of the Mobility Transition." >i>Geographical Review>/i> 61, no. 2: 219-249. 41 Zezza, A.; G. Carletto; and B. Davis. 2005. "Moving Away from Poverty: A Spatial Analysis of Poverty and Migration in Albania." >i>Journal of Southern Europe and the Balkans>/i> 7, no. 2: 175-194. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:6:p:57-84 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Dabalen Author-X-Name-First: Andrew Author-X-Name-Last: Dabalen Author-Name: Juna Miluka Author-X-Name-First: Juna Author-X-Name-Last: Miluka Title: Who Is Bearing the Burden? Abstract: The literature on migration has documented the benefits of sending migrants abroad, but much less attention has been paid to the adverse consequences of international migration on those left behind. In this paper, we examine the role of international migration on the accumulation of human capital in Albania. We ask whether investment in human capital of children growing up in households with international migrants is higher compared with children in households without migrants. We find that, across various model specifications, international migration has a negative effect on education in Albania, with larger negative effects for females in rural areas. Journal: Eastern European Economics Pages: 36-56 Issue: 6 Volume: 48 Year: 2010 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3460X4428L7K4182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Azzarri, C., and G. Carletto. 2009. "Modelling migration dynamics from Albania: A Hazard Function Approach." >i>Southeast European and Black Sea Studies>/i> 9, no. 4: 407-433. 2 Beine, M.; D. Frederic; and H. Rapoport. 2001. "Brain Drain and Economic Growth: Theory and Evidence." >i>Journal of Development Economics>/i> 64, no. 1: 275-289. 3 Christiaensen, L., and H. Alderman. 2004. "Child Malnutrition in Ethiopia: Can Maternal Knowledge Augment the Role of Income?" >i>Economic Development and Cultural Change>/i> 52, no. 2: 287-312. 4 Commander, S.; M. Kangasniemi; and A. L. Winters. 2004. "The Brain Drain: Curse or Boon? A Survey of the Literature." In >i>Challenges to Globalization>/i>, ed. R. Baldwin and L. A. Winters, pp. 235-278. Chicago: University of Chicago Press. 5 Cox, E. A., and M. Ureta. 2003. "International Migration, Remittances and Schooling: Evidence from El Salvador." >i>Journal of Development Economics>/i> 72, no. 2: 429-461. 6 de Rapper, G. 2005. "Better Than Muslims, Not as Good as Greeks: Emigration as Experienced and Imagined by the Albanian Christians of Lunxhëri." In >i>The New Albanian Migration>/i>, ed. R. King, N. Mai, and S. Schwandner-Sievers, pp. 173-194. Brighton, UK: Sussex Academic Press. 7 Dreze, J., and G. Kingdon. 2001. "School Participation in Rural India." >i>Review of Development Economics>/i> 5, no. 1: 1-24. 8 Glewwe, P. 1999. "Why Does Mother's Schooling Raise Children's Health in Developing Countries?" >i>Journal of Human Resources>/i> 34, no. 1: 124-159. 9 Handa, S. 1999. "Maternal Education and Child Health." >i>Economic Development and Cultural Change>/i> 47, no. 2: 421-437. 10 Hanson, G. H., and C. Woodruff. 2003. "Emigration and Educational Attainment in Mexico." Department of Economics, University of California, San Diego, April. 11 Holmes, J. 2003. "Measuring the Determinants of School Completion in Pakistan: Analysis of Censoring and Selection Bias." >i>Economics of Education Review>/i> 22, no. 3: 249-264. 12 Kilic, T.; G. Carletto; B. Davis; and A. Zezza. 2007. "Investing Back Home: Return Migration and Business Ownership in Albania." World Bank Policy Research Working Paper no. 4366, Washington, DC. 13 King, R.; M. Dalipaj; and N. Mai. 2006. "Gendering Migration and Remittances: Evidence from London and Northern Albania." >i>Population, Space and Place>/i> 12, no. 6: 409-434. 14 Kingdon, G. 2005. "Where Has All the Bias Gone? Detecting Gender Bias in the Intra-Household Allocation of Educational Expenditure." >i>Economic Development and Cultural Change>/i> 53, no. 2: 409-452. 15 Kretsi, G. 2005. "The Uses of Origin: Migration, Power-Struggle and Memory in Southern Albania." In >i>The New Albanian Migration>/i>, ed. R. King, N. Mai, and S. Schwandner-Sievers, pp. 193-212. Brighton, UK: Sussex Academic Press. 16 Leon, C. C.; A. S. Bedi; and R. Sparrow. 2009. "Remittances, Liquidity Constraints, and Human Capital Investments in Ecuador." >i>World Development>/i> 37, no. 6: 1143-1154. 17 López-Córdova, E. 2004. "Globalization, Migration, and Development: The Role of Mexican Migrant Remittances," >i>Economia>/i> 6, no. 1 (Fall): 217-256. 18 Mai, N. 2001. "‘Italy Is Beautiful’: The Role of Italian Television in the Albanian Migratory Flow to Italy." In >i>Media and Migration: Constructions of Mobility and Difference>/i>, ed. R. King and N. Wood, pp. 95-109. London: Routledge. 19 Maitra, P. 2003. "Schooling and Educational Attainment: Evidence from Bangladesh." >i>Education Economics>/i> 11, no. 2: 129-153. 20 McKenzie, D., and H. Rapoport. 2007. "Can Migration Reduce Educational Attainments? Depressing Evidence from Mexico." Stanford Center for International Development Working Paper no. 274, Stanford University. 21 Mountford, A. 1997. "Can a Brain Drain Be Good for Growth in the Source Economy?" >i>Journal of Development Economics>/i> 53, no. 2: 287-303. 22 Newey, W. K. 1987. "Efficient Estimation of Limited Dependent Variable Models with Endogenous Explanatory Variables." >i>Journal of Econometrics>/i> 36, no. 3: 231-250. 23 Rivers, D., and Q. H. Vuong. 1988. "Limited Information Estimators and Exogeneity Tests for Simultaneous Probit Models." >i>Journal of Econometrics>/i> 39, no. 3: 347-366. 24 Stampini, M.; G. Carletto; and B. Davis. 2008. "International Migration from Albania: The Role of Family Networks and Previous Experience." >i>Eastern European Economics>/i> 46, no. 2: 50-87. 25 Stark, O.; C. Helmenstein; and A. Prskawetz. 1997. "A Brain Gain with a Brain Drain." >i>Economics Letters>/i> 55, no. 2: 227-234. 26 Stecklov, G.; C. Carletto; C. Azzarri; and B. Davis. 2007. "Agency, Education and Networks: Gender and International Migration from Albania." World Bank Policy Research Working Paper no. 4507, Washington, DC. 27 Tansel, A. 1998. "Determinants of School Attainment of Boys and Girls in Turkey." Economic Growth Center Working Paper no. 789, Yale University. 28 Taylor, J. E., and T. J. Wyatt. 1996. "The Shadow Value of Migrant Remittances, Income and Inequality in a Household-Farm Economy." >i>Journal of Development Studies>/i> 32, no. 6: 899-912. 29 World Bank. 2002. "Gender in Transition." World Bank, Washington, DC (available at >a target="_blank" href='http://www.untj.org/files/reports/Gender%20in%20Transition.pdf'>www. untj.org/files/reports/Gender%20in%20Transition.pdf>/a> 30 World Bank. 2007. "Albania: Urban Growth, Rural Stagnation and Migration: A Poverty Assessment." World Bank, Washington, DC (available at >a target="_blank" href='http://siteresources.worldbank.org/PGLP/Resources/Albania_PA_Grey_Co ver_2007_FINAL.pdf'>http://siteresources.worldbank.org/PGLP/Resources/Alba nia_PA_Grey_Cover_2007_FINAL.pdf>/a> 31 Yang, D. 2008. "International Migration, Remittances, and Household Investment: Evidence from Philippine Migrants' Exchange Rate Shocks." >i>Economic Journal>/i> 118, no. 528: 591-630. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:6:p:36-56 Template-Type: ReDIF-Article 1.0 Author-Name: Mrika Kotorri Author-X-Name-First: Mrika Author-X-Name-Last: Kotorri Title: The Probability of Economic Emigration in Kosovo Abstract: The aim of this paper is to specify and estimate a model of a household planning to send at least one or one additional member abroad because of dissatisfaction with the national economic situation. The plan to emigrate is considered to be based on a household's decision process whereby the household, as a whole, seeks to maximize expected future utility. The empirical analysis is based on a random sample of 1,384 Kosovan households stratified by area—namely, rural and urban—by region, and within regions by municipality. The findings suggest mixed support for the household approach. The majority of household characteristics are significant, but the significance of household income variables is mixed. No evidence is found for the "migration hump," and brain drain does not seem to be an issue. The probability of emigration from households is found to be influenced by relative wealth, type of area, and regional unemployment rates. Journal: Eastern European Economics Pages: 17-35 Issue: 6 Volume: 48 Year: 2010 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B356JG5Q5324R5H5 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Acock, A. C. 2005. "Working with Missing Data." >i>Journal of Marriage and Family>/i>, 67, no. 4: 1012-1028. 2 Allison, P. D. 2002. >i>Missing Data.>/i> Thousand Oaks, CA: Sage. 3 Angelucci, M. 2005. "U. S. Border Enforcement and the Net Flow of Mexican Illegal Migration." IZA (Institute for the Study of Labour) Discussion Paper no. 1642, Bonn. 4 Borjas, G. J., and B. Bratsberg. 1996. "Who Leaves? The Outmigration of the Foreign-Born." >i>Journal of Economics and Statistics>/i> 78, no. 1: 165-176. 5 Borjas, G. J., and S. G. Bronars. 1990. "Immigration and the Family." National Bureau of Economic Research Working Paper no. W3509, Cambridge, MA. 6 Bruecker, H., and P. Schroeder. 2006. "International Migration with Heterogeneous Agents: Theory and Evidence." IZA (Institute for the Study of Labour) Discussion Paper no. 2049, Bonn. 7 Carletto, C.; B. Davis; M. Stampini; S. Trento; and A. Zezza. 2004. "Internal Mobility and International Migration in Albania." Agriculture and Development Economics Division Working Paper no. 04-13, Food and Agriculture Organization (FAO) of the United Nations, Rome. 8 Cassarino, J. 2004. "Theorising Return Migration: The Conceptual Approach to Return Migrants Revisited." >i>International Journal on Multicultural Societies>/i> 6, no. 2: 253-279. 9 Clark, A.; P. Frijters; and M. Shields. 2007. "Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles." IZA (Institute for the Study of Labour) Discussion Paper no. 1642, Bonn. 10 Deaton, A., and J. Muellbauer. 1980. >i>Economics and Consumer Behaviour.>/i> Cambridge: Cambridge University Press. 11 de Coulon, A., and M. Piracha. 2005. "Self-Selection and the Performance of Return Migrants: The Source Country Perspective." >i>Journal of Population Economics>/i> 18, no. 4: 779-807. 12 Dustmann, C., and Y. Weiss. 2007. "Return Migration: Theory and Empirical Evidence from the UK." >i>British Journal of Industrial Relations>/i> 45, no. 2: 236-256. 13 Eggert, W.; T. Krieger; and V. Meier. 2007. "Education, Unemployment and Migration." CESifo (Centre for Economic Studies and Institute for Economic Research) Working Paper no. 2119, University of Munich. 14 Germenji, E., and J. Swinnen. 2005. "Human Capital, Market Imperfections, Poverty and Migration: Evidence from Albania." Lycos Discussion Paper no. 157, Katholieke Universiteit, Leuven. 15 Gross, D., and N. Schmitt. 2006. "Why Do Low- and High-Skill Workers Migrate? Flow Evidence from France." Center for Economic Studies and Institute for Economic Research Working Paper no. 1797, University of Munich. 16 Hatton, J., and J. G. Williamson. 2002. "What Fundamentals Drive World Migration?" National Bureau of Economic Research Working Paper no. W9159, Cambridge, MA. 17 Leslie, D., and S. Drinkwater. 1999. "Staying on in Full-Time Education: Reasons for Higher Participation Rates Among Ethnic Minority Males and Females." >i>Economica>/i> 66, no. 261: 63-77. 18 Little, J. R., and D. Rubin. 2002. >i>Statistical Analysis with Missing Data.>/i> New York: Wiley. 19 Long, J., and J. Freese. 2006. >i>Regression Models for Categorical Dependent Variables Using STATA.>/i> College Station, TX: Stata Press. 20 McKenzie, D. 2006. "A Profile of the World's Young Developing Country Migrants." World Bank Policy Research Paper no. 4021, Washington, DC. 21 Mincer, J. 1978. "Family Migration Decisions." >i>Journal of Political Economy>/i> 86, no. 5: 749-773. 22 Phuong, N.; T. Tam; N. Nguyen; and R. Oostendorp. 2008. "Determinants and Impacts of Migration in Vietnam." Development and Policies Research Center Working Paper no. 2008/01, Hanoi. 23 Piracha, M., and F. Vadean. 2010. "Return Migration and Occupational Choice: Evidence from Albania." >i>World Development>/i> 38, no. 8: 1141-1151. 24 Plug, E., and W. Vijverberg. 2005. "Does Family Income Matter for Schooling Outcomes? Using Adoptees as a Natural Experiment." >i>Economic Journal>/i> 115, no. 506: 879-906. 25 Rrapi, G. 2003. >i>Die albanische Großfamilie im Kosovo>/i> [The Albanian Extended Family in Kosovo]. Vienna: Böhlau Verlag. 26 Sjaastad, L. 1962. "The Costs and Return to Human Migration." >i>Journal of Political Economy>/i> 70, no. 5: 80-89. 27 Stark, O., and D. Bloom. 1985. "The New Economics of Labour Migration." >i>American Economic Review>/i> 75, no. 2: 173-178. 28 Tversky, A., and D. Kahneman. 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model." >i>Quarterly Journal of Economics>/i> 106, no. 4: 1039-1061. 29 World Bank. 2007. "Poverty Assessment Report. Volume II: Estimating Trends from Non-Comparable Data." Report No. 39737-XK, Washington, DC. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:6:p:17-35 Template-Type: ReDIF-Article 1.0 Author-Name: Russell King Author-X-Name-First: Russell Author-X-Name-Last: King Author-Name: Matloob Piracha Author-X-Name-First: Matloob Author-X-Name-Last: Piracha Author-Name: Julie Vullnetari Author-X-Name-First: Julie Author-X-Name-Last: Vullnetari Title: Migration and Development in Transition Economies of Southeastern Europe Abstract: This paper introduces an issue of >i>Eastern European Economics>/i> on migration in Kosovo and Albania. It consists of four main parts. In the first two, we sketch the background to the large-scale emigration flows: from Kosovo since the 1960s, and from Albania since 1990. We also note the equally large-scale internal migration within Albania since 1990. Next, we highlight the key findings of the three papers that compose this special issue, noting how they both support and challenge conventional wisdom on the economic rationales for migration. Finally, we make some general and speculative observations about current and future migration trends in the Kosovo-Albania region. Journal: Eastern European Economics Pages: 3-16 Issue: 6 Volume: 48 Year: 2010 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B9376318828W2V37 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agorastakis, M., and G. Sidiropoulos. 2007. "Population Change Due to Geographic Mobility in Albania, 1989-2001, and the Repercussions of Internal Migration for the Enlargement of Tirana." >i>Population, Space and Place>/i> 13, no. 6: 471-481. 2 Azzarri, C., and C. Carletto. 2009. "Modelling Migration Dynamics in Albania: A Hazard Function Approach." >i>Southeast European and Black Sea Studies>/i> 9, no. 4: 407-433. 3 Barjaba, K. 2000. "Contemporary Patterns in Albanian Emigration." >i>South-East Europe Review>/i> 3, no. 2: 57-64. 4 Blumi, I. 2003. "Defining Social Spaces by Way of Deletion: The Untold Story of Albanian Migration in the Postwar Period." >i>Journal of Ethnic and Migration Studies>/i> 29, no. 6: 949-965. 5 Carletto, G.; B. Davis; M. Stampini; S. Trento; and A. Zezza. 2004. "Internal Mobility and International Migration in Albania." ESA (Agricultural Development Economics Division) Working Paper no. 04-13, FAO (Food and Agriculture Organization of the United Nations), Rome. 6 Castaldo, A.; J. Litchfield; and B. Reilly. 2007. "Who Is Most Likely to Migrate from Albania? Evidence from the Albania Living Standards Measurement Survey." >i>Eastern European Economics>/i> 45, no. 5: 69-94. 7 Castles, S., and G. Kosack. 1985. >i>Immigrant Workers and Class Structure in Western Europe>/i>, 2d ed. Oxford: Oxford University Press. 8 Gedeshi, I.; H. Mara; R. Dhimitri; and K. Krisafi. 1999. >i>Emigrimi i Elitës Intelektuale nga Shqipëria gjatë Periudhës së Tranzicionit>/i> [Migration of the Intellectual Elite During the Transition Period]. Tirana: Luarasi. 9 Hatziprokopiou, P. 2006. >i>Globalisation, Migration and Socio-Economic Change in Contemporary Greece: Processes of Social Incorporation of Balkan Immigrants in Thessaloniki.>/i> Amsterdam: Amsterdam University Press. 10 Haxhikadrija, A. 2009. >i>Diaspora as a Driving Force for Development in Kosovo: Myth or Reality?>/i> Gjakovë: Forum for Democratic Initiatives. 11 Hoti, A. 2009. "Determinants of Emigration and Its Economic Consequences: Evidence from Kosova." >i>Southeast European and Black Sea Studies>/i> 9, no. 4: 435-458. 12 King, R. 2003. "Across the Sea and Over the Mountains: Documenting Albanian Migration." >i>Scottish Geographical Journal>/i> 119, no. 3: 283-309. 13 King, R. 2004. "Albania: Interrelationships Between Population, Poverty, Development, Internal and International Migration." >i>Méditerranée>/i> 102, nos. 3-4: 37-48. 14 King, R., and N. Mai. 2008. >i>Out of Albania: From Crisis Migration to Social Inclusion in Italy.>/i> Oxford: Berghahn Books. 15 King, R., and J. Vullnetari. 2003. "Migration and Development in Albania." Sussex Centre for Migration Research Working Paper no. C5, University of Sussex, Brighton. 16 King, R.; T. Iosifides; and L. Myrivili. 1998. "A Migrant's Story: From Albania to Athens." >i>Journal of Ethnic and Migration Studies>/i> 24, no. 1: 159-175. 17 King, R.; R. Skeldon; and J. Vullnetari. 2008. "Internal and International Migration: Bridging the Theoretical Divide." Sussex Centre for Migration Research Working Paper no. 52, University of Sussex, Brighton. 18 King, R.; J. Vullnetari; and I. Gedeshi (eds.). 2009. "Migration and Development in Albania and Kosovo." >i>Southeast European and Black Sea Studies>/i> 9, no. 4: 385-588. 19 Labrianidis, L., and P. Hatziprokopiou. 2005. "The Albanian Migration Cycle: Migrants Tend to Return to Their Country of Origin After All." In >i>The New Albanian Migration>/i> eds. R. King, N. Mai, and S. Schwandner-Sievers, pp. 93-117. Brighton: Sussex Academic Press. 20 Mustafa, M.; M. Kotorri; P. Gashi; A. Gashi; and V. Denukaj. 2007. >i>Diaspora and Migration Policies.>/i> Prishtina: Forum 2015 and Riinvest. 21 Piracha, M., and F. Vadean. 2010. "Return Migration and Occupational Choice: Evidence from Albania." >i>World Development>/i> 38, no. 8: 1141-1155. 22 Sjöberg, Ö. 1991. >i>Rural Change and Development in Albania.>/i> Boulder: Westview Press. 23 Vadean, F., and M. Piracha. 2009. "Circular Migration or Permanent Return: What Determines Different Forms of Migration." IZA (Institute for the Study of Labour) Discussion Paper no. 4287, Bonn. 24 Vullnetari, J. 2008. "The Dynamics Between Internal and International Migration: A Development-Oriented Ethnographic Study in Albania." D. Phil. dissertation, University of Sussex, Brighton. 25 Zezza, A.; G. Carletto; and B. Davis. 2005. "Moving Away from Poverty: A Spatial Analysis of Poverty and Migration in Albania." >i>Journal of Southern Europe and the Balkans>/i> 7, no. 2: 175-194. Handle: RePEc:mes:eaeuec:v:48:y:2010:i:6:p:3-16 Template-Type: ReDIF-Article 1.0 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Title: Revisiting Purchasing Power Parity for Central and East European Countries Abstract: This study applies nonlinear cointegration to assess exchange rates with the corresponding relative prices and aggregate price levels for seven Central and East European countries (CEECs). We find that nonparametric rank testing procedures have higher power than parametric testing procedures, as suggested by Breitung (2001), if the true data-generating process of exchange rate is in fact a stationary nonlinear process. We reexamine the validity of purchasing power parity (PPP) from the nonparametric nonlinear point of view and provide robust evidence clearly indicating that PPP holds true for these countries. Hence, the long-run CEEC exchange rate adjustments are in equilibrium with the relevant fundamentals as suggested by the PPP hypothesis from a nonlinear viewpoint. Journal: Eastern European Economics Pages: 5-12 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=013206761ML712NG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bahmani-Oskooee, M. 1995. "Real and Nominal Effective Rate for 22 LDCs: 1971:1-1990:4." >i>Applied Economics>/i> 27, no. 4: 591-604. 2 Balke, N. S., and T. B. Fomby. 1997. "Threshold Cointegration." >i>International Economic Review>/i> 38, no. 3: 637-645. 3 Bierens, H. J. 1997. "Testing the Unit Root with Drift Hypothesis Against Nonlinear Trend Stationarity, with an Application to the U. S. Price Level and Interest Rate." >i>Journal of Econometrics>/i> 81, no. 1: 29-64. 4 Breitung, J. 2001. "Rank Tests for Nonlinear Cointegration." >i>Journal of Business and Economic Statistics>/i> 19, no. 3: 331-340. 5 Breuer, J. B.; R. McNown; and M. S. Wallace. 2001. "Misleading Inferences from Panel Unit-Root Tests with an Illustration from Purchasing Power Parity." >i>Review of International Economics>/i> 9, no. 3: 482-493. 6 Holmes, M. J. 2001. "New Evidence on Real Exchange Stationarity and Purchasing Power Parity in Less Developed Countries." >i>Journal of Macroeconomics>/i> 23, no. 4 (Autumn): 601-614. 7 Juvenal, L., and M. P. Taylor. 2008. "Threshold Adjustment of Deviations from the Law of One Price." >i>Studies in Nonlinear Dynamics and Econometrics>/i> 12, no. 3: article 8. 8 Kilian, L., and M. P. Taylor. 2003. "Why Is It So Difficult to Beat the Random Walk Forecast of Exchange Rates?" >i>Journal of International Economics>/i> 60, no. 1: 85-107. 9 Laxton, D.; D. Rose; and R. Tetlow. 1993. "Is the Canadian Phillips Curve Non-linear?" Bank of Canada Working Paper no. 93-97, Ottawa. 10 Liu, P. 1992. "Purchasing Power Parity in Latin America: A Cointegration Analysis." >i>Review of World Economics>/i> 128, no. 4: 662-680. 11 Mahdavi, S., and S. Zhou. 1994. "Purchasing Power Parity in High Inflation Countries: Further Evidence." >i>Journal of Macroeconomics>/i> 16, no. 3: 403-422. 12 Menkhoff, L., and M. P. Taylor. 2007. "The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis." >i>Journal of Economic Literature>/i> 45, no. 4: 9369-9372. 13 Reitz, S., and M. P. Taylor. 2008. "The Coordination Channel of Foreign Exchange Intervention: A Nonlinear Microstructural Analysis." >i>European Economic Review>/i> 52, no. 1: 55-76. 14 Taylor, M. P. 2004. "Is Official Exchange Rate Intervention Effective?" >i>Economica>/i> 71, no. 281: 1-11. 15 Taylor, M. P.; D. A. Peel; and L. Sarno. 2001. "Nonlinear Mean-Reversion in Real Exchange Rates: Toward a Solution to the Purchasing Power Parity Puzzles." >i>International Economic Review>/i> 42, no. 4: 1015-1042. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:5-12 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Przystupa Author-X-Name-First: Jan Author-X-Name-Last: Przystupa Author-Name: Ewa Wróbel Author-X-Name-First: Ewa Author-X-Name-Last: Wróbel Title: Asymmetry of the Exchange Rate Pass-Through Abstract: We propose a complex analysis of the exchange rate pass-through in an open economy. We assess the level, linearity, and symmetry of exchange rate pass-through to import and consumer prices in Poland and discuss their implications for monetary policy. We show that the pass-through is incomplete, even in the long run. There is pricing to market behavior in both the long and short runs. We do not find strong evidence of nonlinearity in import prices' reaction to the exchange rate and reject the hypothesis of an asymmetric response to appreciations and depreciations. On the other hand, we find an asymmetry of consumer price index responses to the output gap, direction and size of exchange rate changes, and magnitude of exchange rate volatility. The asymmetry is mostly visible after exogenous shocks. We reject the hypothesis of an asymmetric reaction of prices in a high- and low-inflation environment. Journal: Eastern European Economics Pages: 30-51 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1LL748310682730N File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alvarez, R.; P. Jaramillo; and J. Selaive. 2008. "Exchange Rate Pass-Through into Import Prices: The Case of Chile." Working Paper no. 465, Central Bank of Chile, Santiago. 2 Bache, I. W. 2002. "Empirical Modeling of Norwegian Import Prices." Working Paper no. 1, Norges Bank, Oslo. 3 Bache, I. W. 2007. "Econometrics of Exchange Rate Pass-Through." Doctoral Dissertations in Economics no. 6, Norges Bank, Oslo. 4 Bahroumi, K. 2006. "Differences in Long Run Exchange Rate Pass-Through into Import Prices in Developing Countries: An Empirical Investigation." >i>Economic Modeling>/i> 23, no. 6: 926-951. 5 Bailliu, J., and E. Fujii. 2004. "Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation." Working Paper no. 2004-21, Bank of Canada, Ottawa. 6 Bergin, P. R., and R. C. Feenstra. 2001. "Pricing-to-Market, Staggered Contracts, and Real Exchange Rate Persistence." >i>Journal of International Economics>/i> 54, no. 2: 333-359. 7 Bussière, M. 2007. "Exchange Rate Pass-Through to Trade Prices: The Role of Nonlinearities and Asymmetries." Working Paper no. 822, European Central Bank, Frankfurt. 8 Campa, J. M.; J. M. Gonzalez-Minguez; and M. Sebastiá-Barriel. 2006. "Nonlinear Adjustment of Import Prices in the European Union." Working Paper no. 0635, Banco de España, Madrid. 9 Caner, M., and B. E. Hansen. 2004. "Instrumental Variable Estimation of a Threshold Model." >i>Econometric Theory>/i> 20, no. 5: 813-843. 10 Cholewiński, R. 2008. "Wpływ zmian kursu walutowego na dynamikę procesów inflacyjnych" [Influence of Exchange Rate Changes on Inflation Dynamics]. Working Paper no. 226, National Bank of Poland, Warsaw. 11 Correa, A. S., and A. Minella. 2006. "Nonlinear Mechanisms of the Exchange Rate Pass-Through: A Phillips Curve Model with Threshold for Brazil." Working Paper Series no. 122, Banco Central do Brasil, Brasilia. 12 Corsetti, G., and L. Dedola. 2002. "Macroeconomics of International Price Discrimination." Working Paper no. 176, European Central Bank, Frankfurt. 13 Devereux, M. B.; C. Engel; and P. E. Storgaard. 2003. "Endogenous Exchange Rate Pass-Through When Nominal Prices Are Set in Advance." Working Paper no. 9543, National Bureau of Economic Research, Cambridge, MA. 14 Devereux, M. B., and J. Yetman. 2002. "Price Setting and Exchange Rate Pass-Through: Theory and Evidence." Working Paper no. 22/2002, Hong Kong Institute for Monetary Research. 15 Dornbusch, R. 1987. "Exchange Rates and Prices." >i>American Economic Review>/i> 77, no. 1: 93-106. 16 Filardo, A. J. 1998. "New Evidence of the Output Cost of Fighting Inflation." >i>Economic Review>/i> 83, no. 3: 33-61. 17 Franses, P. H., and D. Van Dijk. 2000. >i>Nonlinear Time Series Models in Empirical Finance.>/i> Cambridge: Cambridge University Press. 18 Froot, K., and P. Klemperer. 1989. "Exchange Rate Pass-Through When Market Share Matters." >i>American Economic Review>/i> 79, no. 4: 637-654. 19 Fuhrer, J., and G. Moore. 1995. "Inflation Persistence." >i>Quarterly Journal of Economics>/i> 110, no. 1: 127-159. 20 Goldberg, P. K. 1995. "Product Differentiation and Oligopoly in International Markets: The Case of the U. S. Automobile Industry." >i>Econometrica>/i> 63, no. 4: 891-951. 21 Goldberg, P. K., and M. M. Knetter. 1997. "Goods Price and Exchange Rate: What Have We Learned?" >i>Journal of Economic Literature>/i> 35, no. 3: 1243-1272. 22 Goldfajn, I., and S. Werlang. 2000. "The Pass-Through from Depreciation to Inflation: A Panel Study." Working Paper Series no. 5, Banco Central do Brasil, Brasilia. 23 Hansen, B. E. 2000. "Sample Splitting and Threshold Estimation." >i>Econometrica>/i> 68, no. 3: 575-604. 24 Herzberg, V.; G. Kapetanios; and G. Price. 2003. "Import Prices and Exchange Rate Pass-Through: Theory and Evidence from the United Kingdom." Working Paper no. 182, Bank of England, London. 25 Hjalmarsson, E., and P. Österholm. 2007. "Testing for Cointegration Using the Johansen Methodology When Variables Are Near-Integrated." Working Paper no. 07/141, International Monetary Fund, Washington DC. 26 Houck, J. P. 1977. "An Approach to Specifying and Estimating Nonreversible Functions." >i>American Journal of Agricultural Economics>/i> 59, no. 3: 570-572. 27 Ihrig, J. E.; M. Marazzi; and A. D. Rothenberg. 2006. "Exchange Rate Pass-Through in the G-7 Countries." International Finance Discussion Papers no. 851, Board of Governors of the Federal Reserve System. 28 Kalecki, M. 1943. >i>Studies in Economic Dynamics.>/i> London: George Allen and Unwin. 29 Khundrakpam, J. K. 2007. "Economic Reforms and Exchange Rate Pass-Through to Domestic Prices in India." Working Paper no. 225, Bank for International Settlements, Basel. 30 Kłos, B.; R. Kokoszczyński; T. Łyziak; J. Przystupa; and E. Wróbel. 2005. "Structural Econometric Models in Forecasting Inflation at the National Bank of Poland." Working Paper no. 31, National Bank of Poland, Warsaw. 31 Łyziak, T.; J. Przystupa; and E. Wróbel. 2008. "Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels." Studies no. 1, European Money and Finance Forum (SUERF), Vienna. 32 Mankiw, N. G. 2006. >i>Macroeconomics>/i>, 6th ed. New York: Worth. 33 Mann, C. L. 1986. "Prices, Profit Margins, and Exchange Rates." >i>Federal Reserve Bulletin>/i> 72, no. 6: 366-379. 34 McCarthy, J. 2000. "Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Countries." Federal Reserve Bank of New York Staff Reports no. 111. 35 Pollard, P. S., and C. C. Coughlin. 2003. "Size Matters: Asymmetric Exchange Rate Pass-Through at the Industrial Level." Working Paper no. 2003-029C, Federal Reserve Bank of St. Louis. 36 Posedel, P., and J. Tica. 2007. "Threshold Autoregressive Model of Exchange Rate Pass-Through Effect: The Case of Croatia." Working Paper no. 07-15, Faculty of Economics and Business, University of Zagreb. 37 Przystupa, J. 2002. "The Exchange Rate in the Monetary Transmission Mechanism." Working Paper no. 25, National Bank of Poland, Warsaw. 38 Przystupa, J., and E. Wróbel. 2006. "Looking for an Optimal Monetary Policy Rule: The Case of Poland Under IT Framework." Working Paper no. 38, National Bank of Poland, Warsaw. 39 Silver, M. 2007. "Do Unit Value Export, Import, and Terms of Trade Represent or Misrepresent Price Indices?" Working Paper no. 07/121, International Monetary Fund, Washington, DC. 40 Taylor, J. B. 2000. "Low Inflation, Pass-Through, and the Pricing Power of Firms." >i>European Economic Review>/i> 44, no. 7: 1389-1408. 41 Tong, H. 1990. >i>Nonlinear Time Series: A Dynamical System Approach.>/i> Oxford: Oxford University Press. 42 Wickremasinghe, G., and P. Silvapulle. 2004. "Exchange Rate Pass-Through to Manufactured Import Prices: The Case of Japan." >i>International Trade>/i>, no. 0406006. 43 Woodford, M. 2003. >i>Interest and Prices: Foundations of a Theory of Monetary Policy.>/i> Princeton: Princeton University Press. 44 Wolffram, R. 1971. "Positive Measures of Aggregate Supply Elasticities: Some New Approach—Some Critical Notes." >i>American Journal of Agricultural Economics>/i> 53, no. 2: 356-359. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:30-51 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Babecký Author-X-Name-First: Jan Author-X-Name-Last: Babecký Author-Name: Jiří Podpiera Author-X-Name-First: Jiří Author-X-Name-Last: Podpiera Title: Inflation Forecast Errors in the Czech Republic Abstract: Professional forecasters in the Czech Republic made large average absolute and relative errors in inflation forecasts between 1998 and 2007. However, these errors were, in a majority of institutions, exclusively due to inaccurate forecast of exchange rate development. Although forecasters learned from their past forecast errors, the exchange rate forecast errors persisted. Nevertheless, some of the forecasting institutions, such as the Czech central bank, exhibited a bias in their inflation forecasts even after accounting for the errors in exchange rate forecasts. Journal: Eastern European Economics Pages: 72-83 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2257277794L13264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bank of England. 2004. >i>Inflation Report August 2003>/i>. London. 2 Berger, H.; M. Ehrmann; and M. Fratzscher. 2006. "Forecasting ECB Monetary Policy: Accuracy Is (Still) a Matter of Geography." Working Paper no. 06/41, International Monetary Fund, Washington, DC. 3 Bernanke, B. S., and M. Woodford. 1997. "Inflation Forecasts and Monetary Policy" >i>Journal of Money, Credit and Banking>/i> 29, no. 4: 653-684. 4 Canova, F. 2002. "G-7 Inflation Forecasts." Working Paper no. 151, European Central Bank, Frankfurt. 5 Croushore, D. 1998. "Evaluating Inflation Forecasts." Working Paper no. 98/14, Federal Reserve Bank of Philadelphia. 6 Diebold, F. X., and R. S. Mariano. 2002. "Comparing Predictive Accuracy" >i>Journal of Business and Economic Statistics>/i> 20, no. 1: 134-144. 7 Espasa, A.; E. Senra; and R. Albacete. 2002. "Forecasting Inflation in the European Monetary Union: A Disaggregated Approach by Countries and by Sectors." >i>European Journal of Finance>/i> 8, no. 4: 402-421. 8 Fildes, R., and H. Stekler. 2002. "The State of Macroeconomic Forecasting." >i>Journal of Macroeconomics>/i> 24, no. 4: 435-468. 9 Fujiwara, I. 2005. "Is the Central Bank's Publication of Economic Forecasts Influential?" >i>Economics Letters>/i> 89, no. 3: 255-261. 10 Gavin, W. T., and R. J. Mandal. 2003. "Evaluating FOMC Forecasts." >i>International Journal of Forecasting>/i> 19, no. 4: 655-667. 11 Giavazzi, F., and F. S. Mishkin. 2006. "An Evaluation of Swedish Monetary Policy Between 1995 and 2005." Reports from the Riksdag: RFR 1, Committee on Finance, Stockholm. 12 Granger, C. W. 1996. "Can We Improve the Perceived Quality of Economic Forecasts?" >i>Journal of Applied Econometrics>/i> 11, no. 5: 455-473. 13 Keereman, F. 1999. "The Track Record of the Commission Forecasts." European Economy—Economic Papers no. 137, Commission of the EC, Directorate-General for Economic and Financial Affairs, Brussels. 14 McCaw, S., and S. Ranchhod. 2002. "The Reserve Bank's Forecasting Performance." >i>Reserve Bank of New Zealand Bulletin>/i>, 65, no. 4: 5-23. 15 McNees, S. K. 1992. "How Large Are Economic Forecast Errors?" >i>New England Economic Review, Federal Reserve Bank of Boston>/i>, July, pp. 25-42. 16 Podpiera, J. 2008. "Policy Rate Inertia Reconsidered: Evidence from Endogenous Interest Rate Trajectory." >i>Economics Letters>/i> 100, no. 2: 238-240. 17 Valev, N. T., and J. A. Carlson. 2003. "Sources of Dispersion in Consumer Inflation Forecasts." >i>Applied Economic Letters>/i> 10, no. 2: 77-81. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:72-83 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Fungáčová Author-X-Name-First: Zuzana Author-X-Name-Last: Fungáčová Author-Name: Christophe J. Godlewski Author-X-Name-First: Christophe J. Author-X-Name-Last: Godlewski Author-Name: Laurent Weill Author-X-Name-First: Laurent Author-X-Name-Last: Weill Title: Asymmetric Information and Loan Spreads in Russia Abstract: This paper considers whether local bank participation exerts an impact on the spread for syndicated loans in Russia. Following Berger et al. (2001), we test whether local banks possess superior ability to deal with information asymmetries. Using a sample of 528 syndicated loans to Russian borrowers, we perform regressions of the spread on a set of variables including information on local bank participation and the characteristics of loans and borrowers. Unlike earlier studies, ours distinguishes foreign banks with a local presence from those without such presence. The intuition here is that a local presence may influence a foreign bank's monitoring ability and access to information about borrowers. We observe no significant impact on the spread when there is local bank participation in a syndicated loan, nor do we find any significant influence of the presence of domestically owned banks or foreign-owned banks on the spread. Additional estimations considering subsamples with exacerbated information asymmetries provide similar results. Therefore, our conclusion is that local banks do not benefit from an advantage in monitoring ability and accessing information in Russia. Journal: Eastern European Economics Pages: 13-29 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=GX2507J666517K53 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altunbas, Y., and B. Gadanecz. 2004. "Developing Country Economic Structure and the Pricing of Syndicated Credits." >i>Journal of Development Studies>/i> 40, no. 5: 143-173. 2 Berger, A.; L. Klapper; and G. Udell. 2001. "The Ability of Banks to Lend to Informationally Opaque Small Businesses." >i>Journal of Banking and Finance>/i> 25, no. 12: 2127-2167. 3 Bonin, J. P.; I. Hasan; and P. Wachtel. 2005. "Bank Performance, Efficiency and Ownership in Transition Countries." >i>Journal of Banking and Finance>/i> 29, no. 7: 31-53. 4 Carey, M., and G. Nini. 2007. "Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle." >i>Journal of Finance>/i> 52, no. 6: 2969-3007. 5 Delannay, A., and L. Weill. 2004. "The Determinants of Trade Credit in Transition Countries," >i>Economics of Planning>/i> 37, nos. 3-4: 173-193. 6 Esty, B. C. 2001. "Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan." >i>Journal of Applied Corporate Finance>/i> 14, no. 3: 80-95. 7 European Bank for Reconstruction and Development (EBRD). 2006. >i>Transition Report 2006: Finance in Transition.>/i> London: EBRD. 8 Focarelli, D.; A. Pozzolo; and L. Casolaro. 2008. "The Pricing Effect of Certification on Syndicated Loans." >i>Journal of Monetary Economics>/i> 55, no. 2: 335-349. 9 Godlewski, C., and L. Weill. 2008. "Syndicated Loans in Emerging Markets." >i>Emerging Markets Review>/i> 9, no. 3: 206-279. 10 Ivashina, V. 2009. "Asymmetric Information Effects on Loan Spreads." >i>Journal of Financial Economics>/i> 92, no. 2: 300-319. 11 Leland, H., and D. Pyle. 1977. "Information Asymmetries, Financial Structure and Financial Intermediation." >i>Journal of Finance>/i> 32, no. 2: 371-387. 12 Levine, R. 2005. "Finance and Growth: Theory and Evidence." In >i>Handbook of Economic Growth>/i>, ed. P. Aghion and S. Durlauf, pp. 865-934. Amsterdam: Elsevier. 13 Nini, G. 2004. "The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers." International Finance Discussion Paper no. 820, Federal Reserve Board, Washington, DC. 14 Pissarides, F.; M. Singer; and J. Svejnar. 2000. "Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium-Sized Enterprises in Russia and Bulgaria." EBRD Working Paper no. 59, London. 15 Qian, J., and P. Strahan. 2007. "How Laws & Institutions Shape Financial Contracts: The Case of Bank Loans." >i>Journal of Finance>/i> 62, no. 6: 2803-2834. 16 Ross, S. 1977. "The Determination of Financial Structure: The Incentive Signalling Approach." >i>Bell Journal of Economics>/i> 8, no. 1: 23-40. 17 "Russia: A Rock and a Hard Place." 2004. >i>Banker>/i> 153, no. 944 (Special Supplement): 104-106. 18 Weill, L. 2003. "Banking Efficiency in Transition Countries: The Role of Foreign Ownership." >i>Economics of Transition>/i> 11, no. 3: 569-592. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:13-29 Template-Type: ReDIF-Article 1.0 Author-Name: Dejan KruÅ¡ec Author-X-Name-First: Dejan Author-X-Name-Last: KruÅ¡ec Title: Is Inflation Targeting Effective? Abstract: This paper estimates the monetary transmission mechanisms in four inflation-targeting new EU members: the Czech Republic, Hungary, Slovakia, and Poland. We use a structural vector error-correction model to identify the monetary shock with long-run restrictions. We find that a restrictive monetary shock has a significant negative effect on the inflation rate in all the countries considered. In response to a one-percentage-point shock in the nominal interest rate, inflation falls by half to one percentage point and returns to steady state after four to six months. Therefore, inflation targeting is likely to be an effective strategy on these countries' way to join the European Monetary Union. The policy might also be a relevant option for future EU member states. Journal: Eastern European Economics Pages: 52-71 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H0703VN528202546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amato, J. D., and S. Gerlach. 2003. "Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade." Discussion Paper No. 3074, Center for Economic and Policy Research, Washington, DC. 2 Benkwitz, A.; H. Lütkepohl; and J. Wolters. 2001. "Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems." >i>Macroeconomic Dynamics>/i> 5, no. 1: 81-100. 3 Bernanke, B. S.; M. Gertler; and S. Gilchrist. 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework." Working Paper no. 6455, National Bureau of Economic Research, Cambridge, MA. 4 Blanchard, O., and D. Quah. 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances." >i>American Economic Review>/i> 79, no. 4: 655-673. 5 Breitung, J.; R. Brüggemann; and H. Lütkepohl. 2004. "Structural Vector Autoregressive Modelling." In >i>Applied Time-Series Econometrics>/i>, ed. H. Lütkepohl and M. Krätzig, pp. 159-195. Cambridge: Cambridge University Press. 6 Brüggemann, I. 2003. "Measuring Monetary Policy in Germany: Empirical Results from a Structural Vector Error Correction Model." >i>German Economic Review>/i> 4, no. 3: 307-339. 7 Brüggemann, R.; H. Lütkepohl; and P. Saikkonen. 2006. "Residual Autocorrelation Testing for Vector Error Correction Models." >i>Journal of Econometrics>/i> 134, no. 2: 579-604. 8 Candelon, B., and H. Lütkepohl. 2001. "On the Reliability of Chow-Type Tests for Parameter Constancy in Multivariate Dynamic Models." >i>Economics Letters>/i> 73, no. 2: 155-160. 9 Caner, M., and L. Kilian. 2001. "Size Distortions of Tests of the Null Hypothesis of Stationarity: Evidence and Implications for the PPP Debate." >i>Journal of International Money and Finance>/i> 20, no. 5: 639-657. 10 Christiano, L. C.; M. Eichenbaum; and C. L. Evans. 1999. "Monetary Policy Shocks: What Have We Learned and to What End?" In >i>Handbook of Macroeconomics>/i>, ed. J. Taylor, pp. 65-148. Amsterdam: Elsevier. 11 Christoffersen, P. F.; T. Sloek; and R. Wescott. 2001. "Is Inflation Targeting Feasible in Poland?" >i>Economics of Transition>/i> 9, no. 1: 153-174. 12 Clarida, R.; J. Galí; and M. Gertler. 2000. "The Science of Monetary Policy: A New Keynesian Perspective." >i>Journal of Economic Literature>/i> 37, no. 4: 1667-1707. 13 Coricelli, F.; B. Jazbec; and I. Masten. 2006. "Exchange Rate Pass-Through in EMU Acceding Countries: Empirical Analysis and Policy Implications." >i>Journal of Banking and Finance>/i> 30, no. 5: 1375-1391. 14 Debelle, G. 1997. "Inflation Targeting in Practice." Working Paper 97/35, International Monetary Fund, Washington, DC. 15 Doornik, J. A. 1998. "Approximations to the Asymptotic Distributions of Cointegration Tests." >i>Journal of Economic Surveys>/i> 12, no. 5: 573-593. 16 European Forecasting Network (EFN). 2004. "The Euro Area and the Acceding Countries." EFN Economic Outlook Spring Report 2004, Paris (available at >a target="_blank" href='http://www.cepii.fr/anglaisgraph/publications/efn/efnspring2004/efns pring2004.htm'>www.cepii.fr/anglaisgraph/publications/efn/efnspring2004/ef nspring2004.htm>/a> 17 European Commission. 2004. "Convergence Report." European Economy 6/2004, Brussels. 18 Frömmel, M., and F. Schobert. 2003. "Nominal Anchors in EU Accession Countries: Recent Experiences." Discussion Paper 267, University of Hannover. 19 Ganev, G.; K. Molnar; K. Rybinski; and P. Wozniak. 2002. "Transmission of Monetary Policy in Central and Eastern Europe." Report no. 52, Center for Social and Economic Research (CASE), Warsaw, Poland. 20 Giordani, P. 2004. "An Alternative Explanation of the Price Puzzle." >i>Journal of Monetary Economics>/i> 51, no. 6: 1271-1296. 21 Johansen, S. 1995. >i>Likelihood-Based Inference in Cointegrated Vector Autoregressive Systems.>/i> Oxford: Oxford University Press. 22 Jonas, B., and F. Mishkin. 2003. "Inflation Targeting in Transition Countries: Experience and Prospects." Working Paper no. 9667, National Bureau of Economic Research, Cambridge. 23 Juselius, K. 1998. "Changing Monetary Transmission Mechanisms Within the EU." >i>Empirical Economics>/i> 23, no. 3: 455-481. 24 Korhonen, L. 2002. "Selected Aspects of Monetary Integration." >i>Focus on Transition>/i> 1, no. 1: 101-107. 25 Kuijs, L. 2002. "Monetary Policy Transmission Mechanisms and Inflation in the Slovak Republic." Working Paper 02/80, International Monetary Fund, Washington, DC. 26 Kuo, B.-S., and C.-C. Tsong. 2005. "Bootstrap Inference for Stationarity." Discussion Paper no. 50, Helsinki Center for Economic Research. 27 Kwiatkiowski, D.; P. C. B. Phillips; P. Schmidt; and Y. Shin. 1992. "Testing the Null of Stationarity Against the Alternative of a Unit Root: How Sure Are We that Economic Series Have a Unit Root?" >i>Journal of Econometrics>/i> 54, nos. 1-3: 159-178. 28 Lütkepohl, H. 2004. "Vector Autoregressive and Vector Error Correction Models." In >i>Applied Time-Series Econometrics>/i>, ed. H. Lütkepohl and M. Krätzig, pp. 89-159. Cambridge: Cambridge University Press. 29 Lütkepohl, H. 2005. >i>New Introduction to Multivariate Time-Series Analysis.>/i> Berlin: Springer Verlag. 30 Lütkepohl, H., and M. Krätzig, ed. 2004. >i>Applied Time-Series Econometrics.>/i> Cambridge: Cambridge University Press. 31 Nell, M. 2004. "Monetary Policy in the Slovak Republic. Implicit Inflation Targeting and the Choice of an Optimal Exchange Rate Regime." >i>BIATEC>/i> 12, no. 11: 1-23. 32 Orlowski, L. T. 2000. "Monetary Policy Regimes and Real Exchange Rates in Central Europe's Transition Economies." >i>Economics Systems>/i> 24, no. 2: 145-166. 33 Rusek, A. 2001. "The Role and Impact of Monetary Policy in CEFTA Countries." >i>International Advances in Economic Research>/i> 7, no. 1: 83-90. 34 Sims, C. 1992. "Interpreting the Time Series Facts: The Effects of Monetary Policy." >i>European Economic Review>/i> 36, no. 5: 975-1011. 35 Svensson, L. E. O. 2002. "A Reform of the Eurosystem's Monetary Policy Strategy Is Increasingly Urgent." Briefing paper for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, May (available at >a target="_blank" href='http://www.princeton.edu/~svensson/'>www.princeton.edu/~svensson/>/a > 36 Vlaar, P. 2004. "Shocking the Eurozone." >i>European Economic Review>/i> 48, no. 1: 109-131. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:52-71 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 49 Year: 2011 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P3T221816050T8R4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 49 Year: 2011 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A3L7152343177103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Grigor Sukiassyan Author-X-Name-First: Grigor Author-X-Name-Last: Sukiassyan Author-Name: Jeffrey B. Nugent Author-X-Name-First: Jeffrey B. Author-X-Name-Last: Nugent Title: Lobbying or Information Provision Abstract: Private firms are of growing importance in virtually all transition economies but operate in market and institutional conditions that are still far from competitive and transparent. Although firms have at their disposal various alternative strategies for dealing with their problems, in this paper we focus on two: making unofficial payments to officials and joining business associations. Choices between these strategies may be affected by both firm and industry characteristics and institutional conditions. This paper has two objectives: (1) to compare the effects of two alternative strategies (unofficial payments and association memberships) on various alternative measures of firm performance; and (2) in the case of association membership, to determine which particular functions—lobbying, information, or other—have the greatest effects on several different measures of firm performance. To accomplish these objectives, we make use of the 2002 and 2005 waves of the Business Environment and Enterprise Performance Surveys in twentyeight transition economies. Estimates are obtained from both separate cross sections for 2002 and 2005 and a smaller panel of firms for which the information is available for both years. The estimates show that memberships in business associations, and especially access to their information functions, contribute more to firm performance than unofficial payments and lobbying, despite the fact that much of the literature asserts the opposite and assumes lobbying to be the primary function of business associations, especially in transition economies. Journal: Eastern European Economics Pages: 30-63 Issue: 2 Volume: 49 Year: 2011 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A525511210810220 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, T., and C. Hsiao. 1981. "Estimation of Dynamic Models with Error Components." >i>Journal of the American Statistical Association>/i> 76, no. 375: 598-606. 2 Blanchard, O., and M. Kremer. 1997. "Disorganization." >i>Quarterly Journal of Economics>/i> 112, no. 4: 1091-1127. 3 Campos, N., and F. Giovannoni. 2007. "Lobbying, Corruption and Political Influence." >i>Public Choice>/i> 131, no. 1: 1-21. 4 Campos, N., and F. Giovannoni. 2008. "Lobbying, Corruption and Other Banes." IZA Discussion paper no. 3693, Bonn, September. 5 Center for International Private Enterprise (CIPE). 2005. "Rebuilding Romania Through Private Sector Development." Economic Reform Case Study no. 0501, Washington, DC. 6 Djankov, S.; R. La Porta; F. Lopez-de-Salines; A. Shleifer; and R. Vishny. 2002. "The Regulation of Entry." >i>Quarterly Journal of Economics>/i> 117, no. 1: 1-37. 7 Doner, R. F., and B. R. Schneider. 2000. "Business Associations and Economic Development: Why Some Associations Contribute More Than Others." >i>Business and Politics>/i> 2, no. 3: 261-288. 8 Duvanova, D. 2007. "Business Representation in Eastern Europe: The Failure of Corporatism?" Paper presented at the Midwest Political Science Association Conference, Chicago, April 12-15. 9 European Bank for Reconstruction and Development. 1999. >i>Transition Report: Ten Years of Transition.>/i> London. 10 Harstad, B., and J. Svensson. 2008. "From Corruption to Lobbying and Economic Growth." Northwestern University, Evanston, IL. 11 Hellman, J. S.; G. Jones; and D. Kaufmann. 2000. "Seize the State, Seize the Day." Policy Research Working Paper no. 2444, World Bank, Washington, DC. 12 Johnson, S.; J. McMillan; and C. Woodruff. 2000. "Entrepreneurs and the Ordering of Institutional Reform." >i>Economics of Transition>/i> 8, no. 1: 1-36. 13 Kim, L., and J. B. Nugent. 1999. "Korean SMEs and Their Support Mechanisms." In >i>Fulfilling the Export Potential of Small and Medium Firms>/i>, ed. B. Levy, A. Berry, and J. B. Nugent, pp. 115-167. Boston: Kluwer. 14 Levy, B.; A. Berry; and J. B. Nugent. 1999. >i>Fulfilling the Export Potential of Small and Medium Firms.>/i> Boston: Kluwer. 15 McMenamin, I. 2002. "Polish Business Associations: Flattened Civil Society or Super Lobbies?" >i>Business and Politics>/i> 4, no. 3: 301-317. 16 McMenamin, I. 2005. "NeoWestern Business-Government Relations: The Case of Poland." Working Paper no. 3, Dublin City University Centre for International Studies. 17 McMillan, J., and C. Woodruff. 1999. "Dispute Prevention Without Courts in Vietnam." >i>Journal of Law Economics and Organization>/i> 15, no. 3: 637-657. 18 McMillan, J., and C. Woodruff. 2002. "The Central Role of Entrepreneurs in Transition Economies." >i>Journal of Economic Perspectives>/i> 16, no. 3: 153-170. 19 Nugent, J. B., and G. Sukiassyan. 2009. "Lobbying or Information Provision: Which Functions of Associations Matter Most for Member Performance?" Working paper, Department of Economics, University of Southern California, Los Angeles. 20 Olson, M. 1965. >i>The Logic of Collective Action.>/i> Cambridge: Harvard University Press. 21 Olson, M. 2000. >i>Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships.>/i> New York: Basic Books. 22 Pyle, W. 2005. "Contract Disputes and the Channels of Inter-firm Communication." >i>Journal of Law Economics and Organization>/i> 21 (October): 547-575. 23 Pyle, W. 2006a. "Collective Action and Post-Communist Enterprise: The Economic Logic of Russia's Business Associations." >i>Europe-Asia Studies>/i> 58, no. 4: 491-521. 24 Pyle, W. 2006b. "Russia's Business Associations: Who Joins and Why?" Center for International Private Enterprise, Economic Reform Feature Service, Washington, DC, July 17. 25 Recanatini, F., and R. Ryterman. 2002. "Disorganization or Self-Organization?" Policy Research Working Paper no. 2539, World Bank, Washington, DC. 26 Sullivan, J. D.; K. E. Bettcher; and A. Shkolnikov. 2006. "Business Associations, Business Climate and Economic Growth: Evidence from Transition Economies." Paper presented at the Tenth Annual Meeting of the International Society for the New Institutional Economics, University of Colorado, Boulder, September 9-10. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:2:p:30-63 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Zientara Author-X-Name-First: Piotr Author-X-Name-Last: Zientara Title: When Environmental Protection Collides with Economic Development Abstract: This paper, based on two case studies from Polish localities, makes a case for a scalar interpretation of conflicts related to environmental protection and economic development. Poland, one of the poorest and least environmentally friendly member countries of the European Union, has to reconcile conflicting objectives and contradictory interests that—due to the imperatives of both fast economic growth and ecological sustainability—manifest themselves at different scales. Thus, drawing on dynamic and interactive conceptualizations of scale, the study argues that the two cases can be seen as an illustration of interscalar conflicts. In doing so, the paper demonstrates why a scalar interpretation is preferable to other explanations. It also sheds light on the question of the privileged status of the local scale, suggesting that it is problematic to uncritically regard any scale as superior to other scales. By exploring sociospatial processes in the east European context, the study aims to expand the existing body of knowledge. Journal: Eastern European Economics Pages: 64-81 Issue: 2 Volume: 49 Year: 2011 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A567527675021283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Adams, P. C. 1996. "Protest and the Scale Politics of Telecommunications." >i>Political Geography>/i> 15, no. 5: 419-441. 2 Agnew, J. 1997. "The Dramaturgy of Horizons: Geographical Scale in the ‘Reconstruction of Italy’ by the New Italian Political Parties, 1992-95." >i>Political Geography>/i> 16, no. 2: 99-122. 3 Bafoil, F. 1999. "Post-Communist Borders and Territories: Conflicts, Learning and Rule Building in Poland." >i>International Journal of Urban and Regional Research>/i> 23, no. 3: 567-582. 4 Brenner, N. 1998. "Between Fixity and Motion: Accumulation, Territorial Organization and the Historical Geography of Spatial Scales." >i>Environment and Planning D: Society and Space>/i> 16, no. 5: 459-481. 5 Brenner, N. 1999. "Globalisation as Reterritorialization: the Re-Scaling of Urban Governance in Europe." >i>Urban Studies>/i> 36, no. 3: 431-451. 6 Brenner, N. 2001. "The Limits to Scale? Methodological Reflections on Scalar Structuration." >i>Progress in Human Geography>/i> 25, no. 4: 591-614. 7 Chudy, M. 2008. "Against the Wind." >i>Newsweek>/i> (August 17): 68-69. 8 Cohen, J., and J. Rogers. 1992. "Secondary Associations and Democratic Governance." >i>Politics and Society>/i> 20, no. 4: 393-472. 9 Coleman, J. 1988. "Social Capital in the Creation of Human Capital." >i>American Journal of Sociology>/i> 94 (Supplement): S95-S120. 10 Cox, K. R. 1998. "Spaces of Dependence, Spaces of Engagement and the Politics of Scale, or: Looking for Local Politics." >i>Political Geography>/i> 17, no. 1: 1-23. 11 Davis, M. 1998. >i>Ecology of Fear: Los Angeles and the Imagination of Disaster.>/i> New York: Metropolitan Books. 12 DeFilippis, J. 2004. >i>Unmaking Goliath: Community Control in the Face of Global Capital.>/i> New York: Routledge. 13 Delaney, D., and H. Leitner. 1997. "Special Issue: Political Geography of Scale." >i>Political Geography>/i> 16, no. 2: 93-97. 14 Dreier, P. J.; J. H. Mollenkopf; and T. Swanstrom. 2001. >i>Place Matters: Metropolitics for the Twenty-First Century.>/i> Lawrence: University Press of Kansas. 15 >i>Economist.>/i> 2009. "The Whiff of Contagion." February 28: 26-28. 16 >i>Economist.>/i> 2010. "Economic and Financial Indicators." January 2: 69-70. 17 Eisenhardt, K. M. 1989. "Building Theories from Case Study Research." >i>Academy of Management Review>/i> 14, no. 4: 532-550. 18 Goodhart, M. 2001. "Democracy, Globalization and the Problem of the State." >i>Polity>/i> 33, no. 4: 527-546. 19 Grabowska, M., and T. Szawiel. 2001. >i>Building Democracy: Social Divisions, Political Parties and Civil Society in Post-Communist Poland.>/i> Warsaw: Państwowe Wydawnictwo Naukowe. 20 Green, G., and A. Haines. 2001. >i>Asset Building and Community Development.>/i> Thousand Oaks, CA: Sage. 21 Greenpeace. 2008a. "Via Baltica—Not This Way." Amsterdam (available at >a target="_blank" href='http://www.greenpeace.org/poland/kampanie/via-baltica-nie-t-dy-droga /'>www.greenpeace.org/poland/kampanie/via-baltica-nie-t-dy-droga/>/a> 22 Greenpeace. 2008b. "Atomic Energy." Amsterdam (available at >a target="_blank" href='http://www.greenpeace.org/poland/kampanie/energia-atomowa/'>www.gree npeace.org/poland/kampanie/energia-atomowa/>/a> 23 Howitt, R. 1993. "A World in a Grain of Sand: Towards a Reconceptualisation of Geographical Scale." >i>Australian Geographer>/i> 24, no. 1: 33-44. 24 Howitt, R. 1998. "Scale as Relation: Musical Metaphors of Geographical Scale." >i>Area>/i> 30, no. 1: 49-58. 25 Hryniewicz, J. 2007. "Economic, Political and Cultural Factors of Space Differentiation." >i>Przegląd Zachodni>/i> 2: 21-46. 26 Imbroscio, D. 2006. "Shaming the Inside Game: A Critique of the Liberal Expansionist Approach to Addressing Urban Problems." >i>Urban Affairs Review>/i> 42, no. 2: 224-248. 27 Institute of Environmental Protection. 2009. "On-Line Data on National Air Emission Inventories." Warsaw (available at >a target="_blank" href='http://www.ios.edu.pl/pol/powitanie.html'>www.ios.edu.pl/pol/powitan ie.html>/a> 28 Institute of Road Transport. 2007. "State of Road Traffic Safety in the OECD Countries." Warsaw (available at >a target="_blank" href='http://www.cbr.home.pl/do_pobrania/IRTAD-tab2007.pdf'>www.cbr.home.p l/do_pobrania/IRTAD-tab2007.pdf>/a> 29 International Energy Agency. 2009. "Selected 2006 Indicators for Poland." Paris (available at >a target="_blank" href='http://www.its.waw.pl'>www.its.waw.pl>/a> 30 Iwanek, J.; G. Mitosek; and D. Kobus. 2006. "Selected Problems of Air Pollution in Poland in 2005 in Light of Results of Measurements Conducted Within the Framework of the State Environmental Monitoring." Inspectorate of Environmental Protection, Warsaw (available at >a target="_blank" href='http://www.gios.gov.pl/artykuly/551/Raporty-publikacje/'>www.gios.go v.pl/artykuly/551/Raporty-publikacje/>/a> 31 Jensen, O. B., and T. Richardson. 2004. >i>Making European Space: Mobility, Power and Territorial Identity.>/i> New York: Routledge. 32 Jones, M., and G. MacLeod. 2004. "Regional Spaces, Spaces of Regionalism: Territory, Insurgent Politics and the English Question." >i>Transactions of the Institute of British Geographers>/i> 29, no. 4: 433-452. 33 Kamieniecka, J. 1998. >i>Eco-Politics in Tourism: Report on Possible and Necessary Changes.>/i> Warsaw: Instytut na rzecz Ekorozwoju. 34 Lefebvre, H. 1968. >i>Le droit à la ville>/i> [The Right to the City]. Paris: Anthopos. 35 Leitner, A., and E. Shepard. 1997."Economic Uncertainty, Inter-Urban Competition and the Efficacy of Entrepreneurialism." In >i>The Entrepreneurial City: Geographies of Politics, Regime and Representation>/i>, ed. T. Hall and P. Hubbard, pp. 285-308. London: Wiley. 36 MacLeod, G. 2000. "The Learning Region in an Age of Austerity: Capitalizing on Knowledge, Entrepreneurialism and Reflexive Capitalism." >i>Geoforum>/i> 31, no. 2: 219-236. 37 MacLeod, G., and M. Goodwin. 1999. "Reconstructing an Urban and Regional Political Economy: On the State, Politics, Scale, and Explanation." >i>Political Geography>/i> 18, no. 2: 697-730. 38 Marston, S. A. 2000. "The Social Construction of Scale." >i>Progress in Human Geography>/i> 24, no. 2: 219-242. 39 Meadowcroft, J., and M. Pennington. 2007. >i>Rescuing Social Capital from Social Democracy.>/i> London: Institute of Economic Affairs. 40 Medek, J. 2007. "Mayor: Local Authorities May Block the Road." >i>Gazeta Wyborcza>/i>, March 5 (available at >a target="_blank" href='http://wyborcza.pl/1,79163,3962381.html'>http://wyborcza.pl/1,79163, 3962381.html>/a> 41 Miles, M. B., and A. M. Huberman. 1994. >i>Qualitative Data Analysis: An Expanded Sourcebook.>/i> Beverly Hills, CA: Sage. 42 Mises, von L. 1949. >i>Human Action: A Treatise on Economics.>/i> New Haven: Yale University Press. 43 National Electoral Office. 2008. "Local Self-Government Elections 2006." Warsaw (available at >a target="_blank" href='http://www.pkw.gov.pl/pkw2/index.jsp?place=Menu01&news_cat_id=1925&l ayout=1/'>www.pkw.gov.pl/pkw2/index.jsp?place=Menu01&news_cat_id=1925&layo ut=1/>/a> 44 Obodyński, K.; J. Kosiewicz; and W. J. Cynarski, eds. 2007. >i>Tourism in Borderlands—Multi-Aspect Study of Development.>/i> Rzeszów: Podkarpackie Towarzystwo Naukowe Kultury Fizycznej. 45 Park, B.-G. 2008. "Uneven Development, Inter-Scalar Tensions, and the Politics of Decentralization in South Korea." >i>International Journal of Urban and Regional Research>/i> 32, no. 1: 40-59. 46 Pastor, M.; P. Dreier; E. Grigsby; and M. Lopez-Garza. 2000. >i>Regions That Work: How Cities and Suburbs Can Grow Together.>/i> Minneapolis: University of Minnesota Press. 47 Pietrzyk, I. 2000. >i>EU Regional Policy and Regions in Member States.>/i> Warsaw: Państwowe Wydawnictwo Naukowe. 48 Polish Nuclear Society. 1999. "Benefits and Risks Associated with Different Energy Sources used for Electricity Generation." Warsaw. 49 Purcell, M. 2006. "Urban Democracy and the Local Trap." >i>Urban Studies>/i> 43, no. 11: 1921-1941. 50 Putnam, R. D. 1995. "Bowling Alone: America's Declining Social Capital." >i>Journal of Democracy>/i> 6, no. 1: 65-78. 51 Rast, J. 2006. "Environmental Justice and the New Regionalism." >i>Journal of Planning Education and Research>/i> 25, no. 3: 249-263. 52 Silvern, S. E. 1999. "Scales of Justice: Law, American Indian Treaty Rights and Political Construction of Scale." >i>Political Geography>/i> 18, no. 6: 639-668. 53 Smith, N. 1992. "Geography, Difference and the Politics of Scale." In >i>Postmodernism and the Social Sciences>/i>, ed. J. Doherty, E. Graham, and M. Malek, pp. 57-79. London: Macmillan. 54 Smith, N. 1993. "Homeless/Global: Scaling Places." In >i>Mapping the Futures: Local Cultures, Global Change>/i>, ed. J. Bird, B. Curtis, T. Putnam, G. Robertson, and L. Tickner, pp. 87-119. London: Routledge. 55 Smith, N. 2000. "Scale." In >i>The Dictionary of Human Geography>/i>, ed. R. J. Johnston, D. Gregory, G. Pratt, and M. Watts, pp. 724-727. London: Blackwell. 56 Swanstrom, T. 2006. "Regionalism, Equality and Democracy." >i>Urban Affairs Review>/i> 42, no. 2: 249-257. 57 Swianiewicz, P.; U. Klimska; and A. Mielczarek. 2004. >i>Unequal Coalitions—Urban Leaders in Search of a New Model of Development Management.>/i> Warsaw: Scholar. 58 Swyngedouw, E. 1997. "Neither Global nor Local: Glocalization and the Politics of Scale." In >i>Spaces of Globalization: Reasserting the Power of the Local>/i>, ed. K. R. Cox, pp. 137-166. New York: Guilford Press. 59 Szomburg, J., ed. 2001. >i>State Regional Policy amid Institutional-Regulatory Complexities.>/i> Gdańsk: IbnGR. 60 Sztompka, P. 2002. >i>Sociology.>/i> Kraków: Znak. 61 Tischner, J. 1992. >i>The Ethics of Solidarity. Homo Sovieticus.>/i> Kraków: Znak. 62 Williams, R. W. 1999. "Environmental Injustice in America and Its Politics of Scale." >i>Political Geography>/i> 18, no. 1: 49-73. 63 Williamson, T.; D. Imbroscio; and G. Alerovitz. 2002. >i>Making a Place for Community: Local Democracy for a Global Era.>/i> New York: Routledge. 64 World Bank. 2009. "Economy Rankings." Washington, DC (available at >a target="_blank" href='http://www.doingbusiness.org/Rankings'>www.doingbusiness.org/Ranking s>/a> 65 World Coal Institute. 2005a. "Clean Coal: Building a Future Through Technology." London. 66 World Coal Institute. 2005b. "The Coal Resource. A Comprehensive Overview of Coal." London. 67 World Coal Institute. 2007. "Energy for a Changing World." >i>Ecoal>/i> 60: 1-2. 68 World Economic Forum. 2008. "Travel and Tourism Competitiveness." Geneva (available at >a target="_blank" href='http://www.weforum.org/issues/travel-and-tourism-competitiveness/'>w ww.weforum.org/issues/travel-and-tourism-competitiveness/>/a> 69 World Economic Forum. 2009. "Global Competitiveness Index 2009/2010." Geneva (available at >a target="_blank" href='http://www.weforum.org/issues/global-competitiveness/'>www.weforum.o rg/issues/global-competitiveness/>/a> 70 Wrota Podlasia. 2008. "Referendum Results." Białystok (available at >a target="_blank" href='http://www.wrotapodlasia.pl/pl/adm/referendum_obwodnica_augustowa/Wy niki_referendum.htm'>www.wrotapodlasia.pl/pl/adm/referendum_obwodnica_augu stowa/Wyniki_referendum.htm>/a> 71 Yin, R. K. 2003. >i>Case Study Research: Design and Methods.>/i> Newbury Park, CA: Sage. 72 Zientara, P. 2008. "Polish Regions in the Age of a Knowledge-Based Economy." >i>International Journal of Urban and Regional Research>/i> 32, no. 1: 65-80. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:2:p:64-81 Template-Type: ReDIF-Article 1.0 Author-Name: Lev Freinkman Author-X-Name-First: Lev Author-X-Name-Last: Freinkman Author-Name: Konstantin A. Kholodilin Author-X-Name-First: Konstantin A. Author-X-Name-Last: Kholodilin Author-Name: Ulrich Thießen Author-X-Name-First: Ulrich Author-X-Name-Last: Thießen Title: Incentive Effects of Fiscal Equalization Abstract: The effects of intergovernmental fiscal arrangements on variation in regional economic growth are analyzed for Russia, a country with large cross-regional differences and considerable fiscal redistribution. Moreover, fiscal reforms implemented in the first half of the 2000s, which to some extent followed scientific advice, make analysis of this case particularly interesting. We observe that postreform fiscal redistribution became more rational, and this resulted in fewer incentive distortions. We found no negative association between federal transfers and regional growth. Furthermore, there are no major differences among donor and recipient regions in the way intergovernmental fiscal arrangements influence regional growth. Overall, fiscal policy variables have become less important growth determinants than was the case in the 1990s. Still, further reforms in federalism arrangements would be desirable. Journal: Eastern European Economics Pages: 5-29 Issue: 2 Volume: 49 Year: 2011 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AL61312PN141MR28 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ahrend, R. 2008. "Understanding Russian Regions' Economic Performance During Periods of Decline and Growth: An Extreme-Bound Analysis Approach." Economics Department Working Paper no. 644, Organization for Economic Cooperation and Development, Paris. 2 Alexeev, M., and G. Kurlyandskaya. 2003. "Fiscal Federalism and Incentives in a Russian Region." >i>Journal of Comparative Economics>/i> 31, no. 1: 20-33. 3 Balaguer-Coll, M. T.; D. Prior; and E. Tortosa-Ausina. 2007. "On the Determinants of Local Government Performance: A Two-Stage Nonparametric Approach." >i>European Economic Review>/i> 51, no. 2: 425-451. 4 Baretti, C.; B. Huber; and K. Lichtblau. 2002. "A Tax on Tax Revenues: The Incentive Effects of Equalizing Transfers: Evidence from Germany." >i>International Tax and Public Finance>/i> 9, no. 6: 631-649. 5 Desai, R. M.; L. Freinkman; and I. Goldberg. 2005. "Fiscal Federalism in Rentier Regions: Evidence from Russia." >i>Journal of Comparative Economics>/i> 33, no. 4: 814-834. 6 Freinkman, L., and A. Plekhanov. 2009. "Fiscal Decentralization in Rentier Regions: Evidence from Russia." >i>World Development>/i> 37, no. 2: 503-512. 7 Gorodnichenko, Y.; J. Martinez-Vazquez; and K. Sabirianova Peter. 2008. "Myth and Reality of Flat Tax Reform: Micro Estimates of Tax Evasion Response and Welfare Effects in Russia." Working Paper no. 13719, National Bureau of Economic Research, Cambridge, MA. 8 Granberg, A., and I. Zaitseva. 2003. "Proizvodstvo i ispolzovanie valovogo regionalnogo produkta: mezhregionalnye sopostavleniia: statia 2" [Production and Use of the Gross Regional Product: Interregional Comparison: Article 2]. >i>Rossiiskii ekonomicheskii zhurnal>/i> 1: 48-70. 9 Hanson, P. 2006. "Federalism with a Russian Face: Regional Inequality, Administrative Capacity and Regional Budgets in Russia." >i>Economic Change and Restructuring>/i> 39, nos. 3-4: 191-211. 10 Jin, H.; Y. Qian; and B. Weingast. 2004. "Regional Decentralization and Fiscal Incentives: Federalism, Chinese Style." >i>Journal of Public Economics>/i> 89, nos. 9-10: 1719-1742. 11 Kadochnikov, P.; V. Nazarov; and A. Siluanov (2008). "Finansovyi federalizm" [Fiscal federalism]. In >i>Ekonomika perekhodnogo perioda: ocherki ekonomicheskoi politiki i ekonomicheskogo razvitiia postkommunisticheskoi Rossii: ekonomicheskii rost 2000-2007>/i> [Transition Economy: Essays on Economic Policy and Economic Development of Post-Communist Russia: Economic Growth 2000-2007], ed. E. Gaidar, pp. 275-308. Moscow: Delo ANH. 12 Kholodilin, K.; A. Oshchepkov; and B. Siliverstovs. 2009. "The Russian Regional Convergence Process: Where Does It Go?" Working Paper no. 216, KOF Swiss Economic Institute, Zurich. 13 Leamer, E. 1983. "Let's Take the Con Out of Econometrics." >i>American Economic Review>/i> 73, no. 3: 31-43. 14 Levine, R., and D. Renelt. 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions." >i>American Economic Review>/i> 82, no. 4: 942-963. 15 Martinez-Vazquez, J., and A. Timofeev. 2008. "Regional-Local Dimension of Russia's Fiscal Equalization." >i>Journal of Comparative Economics>/i> 36, no. 1: 157-176. 16 Martinez-Vazquez, J.; A. Timofeev; and J. L. Boex. 2006. "Reforming Regional-Local Finance in Russia." World Bank Institute Learning Resources Series, Washington, DC. 17 Popov, V. 2004. "Fiscal Federalism in Russia: Rules Versus Electoral Politics." >i>Comparative Economic Studies>/i> 46, no. 4: 515-541. 18 Sala-i-Martin, X. 1997a. "I Just Ran Four Million Regressions." Economics Working Paper no. 201, Department of Economics and Business, Universitat Pompeu Fabra, Barcelona. 19 Sala-i-Martin, X. 1997b. "I Just Ran Two Million Regressions." >i>American Economic Review>/i> 87, no. 2: 178-183. 20 Smart, M., and R. M. Bird. 1997. "Federal Fiscal Arrangements in Canada: An Analysis of Incentives." Paper presented at the National Tax Association Eighty-Ninth Annual Conference on Taxation, Washington, DC. 21 Thießen, U. 2004. "Fiscal Federalism in Transition: Evidence from Ukraine." >i>Economics of Planning>/i> 37, no. 1: 1-23. 22 Thießen, U. 2006. "Fiscal Federalism in Russia: Theory, Comparisons, Evaluations." >i>Post-Soviet Affairs>/i> 22, no. 3: 189-224. 23 Thornton, J., and K. Nagy. 2006. "The Response of Federal Transfers to Measures of Social Need in Russia's Regions." Working Paper UWEC-2007-34, Department of Economics, University of Washington, Seattle. 24 Zhuravskaya, E. V. 2000. "Incentives to Provide Local Public Goods: Fiscal Federalism, Russian Style." >i>Journal of Public Economics>/i> 76, no. 3: 337-368. 25 Zubarevich, N. 2009. "Mify i realnosti prostranstvennogo neravenstva" [Myths and Reality of Spatial Inequality]. >i>Obschestvennye nauki i sovremennost>/i> 1, no. 1: 38-53. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:2:p:5-29 Template-Type: ReDIF-Article 1.0 Author-Name: Patrick Gutmann Author-X-Name-First: Patrick Author-X-Name-Last: Gutmann Title: The East and Tripartite Industrial Cooperation in the Cold War Era Abstract: This paper analyzes the context, circumstances, and institutionalization of East-West-South Tripartite industrial cooperation (TIC) in the cold war era. It argues that TIC was a meaningful strategy for strengthening the East's involvement in the international division of labor long before Mikhail Gorbachev's call for "new thinking" in the mid-1980s. TIC also changed the terms of international relations by giving second-ranked countries a degree of liberty vis-à-vis their respective superpowers. In the process, TIC also served to undermine the cohesion of the member countries of the Council for Mutual Economic Assistance. Journal: Eastern European Economics Pages: 82-99 Issue: 2 Volume: 49 Year: 2011 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B655G11V24721R32 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abtahi, E. 1989. "La coopération industrielle tripartite et son évolution dans la période 1981-1985" [Tripartite Industrial Cooperation and Its Evolution, 1981-1985]. Research paper, DESS Développement Industriel et Evaluation de Projets, I. E. D. E. S., Université de Paris-I (Panthéon-Sorbonne), December. 2 Ballot, G., and P. Gutmann. 1986. "Political Economy of East-West-South Industrial Cooperation." In >i>East European Economies: Slow Growth in the 1980s, Vol. 2, Foreign Trade and International Finance, Selected Papers>/i>, ed. J. P. Hardt, pp. 115-146. Washington, DC: Government Printing Office. 3 Baumer, M., and H. D. Jacobsen. 1977. "CMEA and the World Economy: Institutional Concepts." In >i>East European Economies Post-Helsinki, A Compendium of Papers>/i>, ed. J. P. Hardt, pp. 999-1018. Washington, DC: Government Printing Office. 4 BDI (Bundesverband der Deutschen Industrie e.V.). 1982. >i>Industrial Co-operation Between East and West in Third Countries.>/i> BDI Publication no. 156. Cologne. 5 Bogomolov, O. 1981. "The CMEA Countries and the New International Economic Order." In >i>East West-South, Economic Interactions Between Three Worlds>/i>, ed. C. T. Saunders, pp. 246-256. London: Macmillan. 6 Bowles, W. D., and E. B. Arefieva. 1990. "Tripartite Projects." Recommendations prepared as part joint publication by the ODC and IMEMO on U.S. and USSR economic assistance to developing countries, Overseas Development Council, Washington, DC. 7 Clawson, P. 1981. "The Character of Soviet Economic Relations with Third World Countries." >i>Review of Radical Political Economics>/i> 13, no. 1: 76-84. 8 CNUCED (Conférence des Nations Unies sur le Commerce et le Développement). 1984. "Evolution récente de la coopération Est-Ouest dans les pays-tiers et de la coopération tripartite" [Recent Evolution of East-West Cooperation in Third Countries and of Tripartite Cooperation]. Report of the Secretariat, TD/B/100 (GE.84-51944), Geneva, June 6. 9 Davydov, M. 1977. "UNCTAD and Tripartite Industrial Cooperation." In >i>East-West-South, Economic Interactions Between Three Worlds>/i>, ed. C. T. Saunders, pp. 96-103. London: Macmillan. 10 Frank, A. G. 1980. >i>Crisis in the World Economy.>/i> London: Heinemann. 11 Gaddis, J. H. 1997. >i>Rethinking Cold War History.>/i> Oxford: Oxford University Press. 12 Graziani, G. 1990. >i>Gorbachev's Economic Strategy in the Third World.>/i> Westport, CT: Praeger. 13 Gutmann, P. 1981a. "Tripartite Industrial Cooperation and East Europe." In >i>East European Economic Assessment, Part 2—Regional Assessments: A Compendium of Papers>/i>, ed. J. P. Hardt, pp. 823-871. Washington, DC: Government Printing Office. 14 Gutmann, P. 1981b. "Tripartite Industrial Cooperation in Third Countries." In >i>East-West-South Interactions Between Three Worlds>/i>, ed. C. T. Saunders, pp. 337-364. London: Macmillan. 15 Gutmann, P. 1993. "Joint Ventures in Eastern Europe and the Dynamics of Reciprocal Flows in East-West Direct Investments: Some New Perspectives." In >i>Foreign Investment in Central and Eastern Europe>/i>, ed. P. Artisien, M. Rojec, and M. Svetlicic, pp. 54-81. London: Macmillan. 16 Ivanov, I. 1975. "Tripartite Industrial Cooperation: Recent Situation, Problems and Prospects." Seminar on industrial specialization through various forms of multilateral cooperation, UNCTAD, Geneva, December 2-5. 17 Kemenes, E. 1978. "Phénomènes nouveaux de la compétition internationale contemporaine" [New Phenomena in Current International Competition]. In >i>Compétition international et redéploiement géographique>/i> [International Competition and New International Division of Labor], ed. Université de Paris-Dauphine/Institut de l'Entreprise, pp. 33-55. Paris: Masson. 18 Kridl-Valkenier, E. 1979. "The USSR, the Third World and the Global Economy." >i>Problems of Communism>/i> 28, no. 4 (July-August): 17-33. 19 Kridl-Valkenier, E. 1987. "New Soviet Thinking About the Third World." >i>World Policy Journal>/i> 4, no. 4: 651-674. 20 Lavigne, M. 1989. "CMEA Relations with the Third World." In >i>Pressures for Reforms in the East European Economies, Vol. 2, Study Papers>/i>, ed. J. P. Hardt, pp. 444-467. Washington, DC: Government Printing Office. 21 Lavigne, M. 1991. >i>International Political Economy and Socialism.>/i> Cambridge: Cambridge University Press. 22 Malik, J. 1976. Speech delivered at the 7th Extraordinary Session of the UN General Assembly on Development Questions. United Nations, A/PV2330, September 3, 1975. 23 McMillan, C. H. 1980. "The Political Economy of Tripartite (East-West-South) Industrial Cooperation." East-West Commercial Series no. 12, Institute of Soviet and East European Studies, Carleton University, Ottawa, January. 24 McMillan, C. H. 1987. >i>Multinationals from the Second World—Growth of Foreign Investment by Soviet and East European State Enterprises.>/i> London: Macmillan. 25 Nayyar, D. 1981. "Comments on Part I." In >i>East-West-South Economic Interactions Between Three Worlds>/i>, ed. C. T. Saunders, pp. 78-84. London: Macmillan. 26 Oman, C. 1982. >i>New Forms of International Investment in Developing Countries.>/i> Paris: OECD. 27 UNCTAD (United Nations Conference on Trade and Development). 1975. "Tripartite Industrial Co-operation." Geneva, December 2-5. 28 UNECE (United Nations Economic Commission for Europe). 1980. "Problems and Prospects of Future Development of Industrial Cooperation in Selected Areas: Tripartite Industrial Cooperation." Transmitted by the Secretariat of UNCTAD, ad hoc meeting on industrial cooperation, Plovdiv, Bulgaria, June 10-13. 29 Zevin, L. 1981. "Concepts of Economic Development of the Developing Nations and Problems of Tripartite Cooperation." In >i>East-West-South Economic Interactions Between Three Worlds>/i>, ed. C. T. Saunders, pp. 295-302. London: Macmillan. 30 Zorgbibe, C. 1975. "Le triangle Est-Ouest-Sud" [The East-West-South Triangle]. >i>Revue de Défense Nationale>/i> 10 (October): 55-63. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:2:p:82-99 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C75K25455PG820MJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Trond-Arne Borgersen Author-X-Name-First: Trond-Arne Author-X-Name-Last: Borgersen Author-Name: Roswitha M. King Author-X-Name-First: Roswitha M. Author-X-Name-Last: King Title: Inflation in Latvia Abstract: This paper applies and extends the Scandinavian model of inflation for analyzing determinants of inflation in Latvia during the period 1996-2007. Until the outbreak of the financial crisis in 2007, high inflation was a persistent problem for advocates of Latvian participation in the Euro collaboration. By allowing for transitional effects and separating the impact of nominal and real factors on inflation, where real factors are related to the structural shifts at the heart of transition economies, we render the inflation history more understandable. We show that the effects accompanying real factors constitute the key component of overall inflation over the twelve-year period of observation, keeping nonstructural inflation below the Maastricht criteria for most of the period. The real contribution of real factors to inflation provides Latvia with better prospects for future growth and higher standards of living, and hence should be less worrisome than the nominal contribution. Still, when it comes to compliance with the Maastricht criteria, the Economic and Monetary Union makes no distinction between the two, complicating convergence for transition economies. Journal: Eastern European Economics Pages: 26-53 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D671255456R46138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ajevskis, V. 2008. "Inflation and Inflation Uncertainty in Latvia." Latvijas Banka Working Paper no. 4/2007, Bank of Latvia, Riga. 2 Aukrust, O. 1977. "Inflation in the Open Economy: A Norwegian Model." In >i>Worldwide Inflation>/i>, ed. L. Krause and W. Salant, pp. 107-153. Washington, DC: Brookings Institution Press. 3 Balassa, B. 1964. "The Purchasing Power Parity Doctrine: A Reappraisal." >i>Journal of Political Economy>/i>, 72, no. 6: 584-596. 4 Beņkovskis, K., and P. Daina. 2007. "Inflation Expectations in Latvia: Consumer Survey Based Results." Working Paper no. 1/2007, Bank of Latvia, Riga. 5 Blanchard, O. 1998. >i>The Economics of Post-Communist Transition>/i>. Oxford: Clarendon Press. 6 Central Bank of Norway. 2002. "Monetary Policy Report no. 3." Oslo (available at >a target="_blank" href='http://www.norges-bank.no/Upload/import/front/rapport/no/ir/2002-03/ ir-2002-03.pdf'>http://www.norges-bank.no/Upload/import/front/rapport/no/i r/2002-03/ir-2002-03.pdf>/a> 7 Edgren, G.; K.O. Faxen; and C.E. Odhner. 1973. >i>Wage Formation and the Economy>/i>. London: Allen and Unwin. 8 Égert, B. 2005. "Balassa-Samuelson Meets South Eastern Europe, the CIS and Turkey: A Close Encounter of the Third Kind?" >i>European Journal of Comparative Economics>/i> 2, no. 2: 221-243. 9 Égert, B., and J. Podpiera. 2008. "Structural Inflation and Real Exchange Rate Appreciation in Visegrad-4 Countries: Balassa-Samuelson or Something Else?" Policy Insight no. 20/2008, Centre for Economic Policy Research, London. 10 Égert, B.; I.D.K. Lommatzsch; and C. Rault. 2002. "The Balassa-Samuelson Effect in Central and Eastern Europe: Myth or Reality?" William Davidson Institute Working Paper no. 483/2002, University of Michigan. 11 Ellerman, D. 2001. "Lessons from Eastern Europe's Voucher Privatization." >i>Challenge>/i> 44, no. 4: 14-37. 12 Elster, J.; C. Offe; and U.K. Preuss. 1998. >i>Institutional Design in Post-Communist Societies: Rebuilding the Ship at Sea>/i>. Cambridge: Cambridge University Press. 13 Feher, F.; A. Heller; and G. Markus. 1983. >i>Dictatorship over Needs: An Analysis of Soviet Societies>/i>. London: Blackwell. 14 Frisch, H. 1983. >i>Theories of Inflation. Cambridge Surveys of Economic Literature>/i>. Cambridge: Cambridge University Press. 15 Gros, D., and A. Steinherr. 2004. >i>Economic Transition in Central and Eastern Europe: Planting the Seeds>/i>. Cambridge: Cambridge University Press. 16 Halpern, L., and C. Wyplosz. 1997. "Equilibrium Exchange Rates in Transition Economies." >i>IMF Staff Papers>/i> 44, no. 4: 430-461. 17 Hare, P.G. 1994. "Privatization in Comparative Perspective: An Overview of Key Issues." In >i>Macroeconomic Problems of Transformation: Stabilization Policies and Economic Restructuring>/i>, ed. H. Herr, S. Tober, and A. Westphal, pp. 68-89. Cheltenham, UK: Edward Elgar. 18 Herr, H.; S. Tober; and A. Andreas, eds. 1994. >i>Macroeconomic Problems of Transformation: Stabilization Policies and Economic Restructuring>/i>. Cheltenham, UK: Edward Elgar. 19 International Monetary Fund. "Statement by the IMF Mission to Latvia on 2007 Article IV Consultation Discussion." Press Release no. 07/87, Washington, DC, May 4, 2007 (available at >a target="_blank" href='http://www.imf.org/external/np/sec/pr/2007/pr0787.htm'>http://www.im f.org/external/np/sec/pr/2007/pr0787.htm>/a> 20 Iwaskiw, W.R., ed. 1995. >i>Latvia: A Country Study>/i>. Washington, DC: Library of Congress (available at >a target="_blank" href='http://countrystudies.us/latvia/'>http://countrystudies.us/latvia/>/ a> 21 Lavigne, M. 2007. >i>The Economics of Transition: From Socialist Economy to Market Economy>/i>, 2d ed. London: Palgrave Macmillan. 22 Lindbeck, A. 1979. "Imported and Structural Inflation and Aggregate Demand: The Scandinavian Model Reconstructed." In >i>Inflation and Employment in Open Economies>/i>, ed. A. Lindbeck, pp. 13-40. Amsterdam: North-Holland. 23 MacDonald, R., and L.A. Ricci. 2005. "The Real Exchange Rate and the Balassa-Samuelson Effect: The Role of the Distribution Sector." >i>Pacific Economic Review>/i> 10, no. 1: 29-48. 24 McRae, J.J., and M.M. Desbois, eds. 1987. >i>Traded and Non-Traded Services: Problems of Theory, Measurement and Policy Toronto: Proceedings of a Service Sector Roundtable, June 2-4, 1987>/i>. Halifax, NS: Institute for Research on Public Policy. 25 Mihaljek, D., and M. Klau. 2008. "Catching-Up and Inflation in Transition Economies: The Balassa-Samuelson Effect Revisited." BIS Working Paper no. 270, Bank for International Standards, Basel. 26 Ministry of Economics, Republic of Latvia. 2008. "The National Economy of Latvia: A Macroeconomic Review." Riga, June (available at >a target="_blank" href='http://www.em.gov.lv/em/2nd/?cat=138/'>http://www.em.gov.lv/em/2nd/? cat=138/>/a> 27 Mitra, P., and M. Selowsky, eds. 2002. >i>Transition—The First Ten Years: Analysis and Lessons for Eastern Europe and the Former Soviet Union>/i>. Washington, DC: World Bank (available at >a target="_blank" href='http://lnweb90.worldbank.org/ECA/eca.nsf/Attachments/Transition1/$Fi le/complete.pdf'>http://lnweb90.worldbank.org/ECA/eca.nsf/Attachments/Tran sition1/$File/complete.pdf>/a> 28 Nellis, J. 1996. "Finding Real Owners—Lessons from Estonia's Privatization Program." Public Policy for the Private Sector Report no. 66, World Bank, Washington, DC, January (available at >a target="_blank" href='http://rru.worldbank.org/Documents/PublicPolicyJournal/066nellis.pdf '>http://rru.worldbank.org/Documents/PublicPolicyJournal/066nellis.pdf>/a> 29 Organization for Economic Development and Cooperation (OECD). 2000. "The Baltic States: A Regional Economic Assessment 1999-2000." >i>OECD Economic Surveys>/i> 2000, no. 5 (March): 1-266. 30 Rimsevics, I. 2008. "Recent Economic Developments and Banking in Latvia." Bank of Latvia, >i>Notes>/i>, July 2008 (available at >a target="_blank" href='http://www.bank.lv/eng/main/all/sapinfo/presrunas/receco/'>http://ww w.bank.lv/eng/main/all/sapinfo/presrunas/receco/>/a> 31 Roland, G. 2000. >i>Transition and Economics: Politics, Markets, and Firms>/i>. Cambridge: MIT Press. 32 Sachs, J. 1996. "Economic Transition and the Exchange-Rate Regime." >i>American Economic Review>/i> 86, no. 2: 147-152. 33 Schmid-Schönheim, T. 1994. "Determinants of Privatization Strategies: The Hungarian and German Experiences." In >i>Macroeconomic Problems of Transformation: Stabilization Policies and Economic Restructuring>/i>, ed. H. Herr, S. Tober, and A. Westphal, pp. 91-116. Cheltenham, UK: Edward Elgar. 34 Swain, G., and N. Swain. 2003. >i>Eastern Europe Since 1945: Making of the Modern World>/i>, 3d ed. London: Palgrave Macmillan. 35 Turnock, D. 1997. >i>The Eastern European Economy in Context: Communism and the Transition (Eastern Europe Since 1945)>/i>. London: Routledge. 36 Vanags, A., and M. Hansen. 2008. "Stagflation in Latvia: How Long, How Far, How Deep?" Stockholm School of Economic (SSE)/Baltic International Center for Economic Policy Studies (BICEPS) Occasional Paper no. 4, Riga. 37 Vitola, K., and G. Davidsons. 2008. "Structural Transformation of Exports in a Product Space Model." Bank of Latvia Working Paper no. 4/2008, Riga. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:26-53 Template-Type: ReDIF-Article 1.0 Author-Name: Aljaž Kunčič Author-X-Name-First: Aljaž Author-X-Name-Last: Kunčič Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Title: Who's Who in Foreign Direct Investment Promotion Abstract: The existing macroeconomic evidence predominantly demonstrates positive effects of foreign direct investment (FDI) on growth and competitiveness. Countries thus tend to have systematic policies in place for FDI promotion, devised and implemented especially through investment promotion agencies (IPAs). This paper adds to the literature on FDI incentives by examining the beliefs or attitudes of people working in the FDI promotion industry and the extent to which they coincide with the known FDI pull factors. To that end, we utilize a data set of attitudes of people largely working in regional and national IPAs in Europe and the Western Balkans. Cluster analysis reveals that in fact we can talk about three sets of beliefs or attitudes toward FDI: "pessimistic," "Keynesian," and "neoclassical." Keynesians largely favor fiscal measures for attracting FDI, whereas neoclassicals dislike fiscal measures and government interventions and prefer good economic fundamentals and infrastructure and qualified personnel. Interestingly enough, most of the eastern European Union as well as southeastern European respondents can be classified as Keynesians; on the other hand, almost all neoclassicals are from western Europe. Journal: Eastern European Economics Pages: 66-88 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E008044HJG80RH71 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aitken, B., and A. Harrison. 1999. "Do Domestic Firms Benefit from Foreign Direct Investment? Evidence from Venezuela." >i>American Economic Review>/i> 89, no. 3: 605-618. 2 Batagelj, V. 1988. "Generalized Ward and Related Clustering Problems." In >i>Classification and Related Methods of Data Analysis>/i>, ed. H.H. Bock, pp. 67-74. Amsterdam: North-Holland. 3 Blomström, M., and A.O. Kokko. 1994. "Home Country Effects of Foreign Direct Investment: Evidence from Sweden." Working Paper no. 4639, National Bureau of Economic Research, Cambridge, MA. 4 Blomström, M., and A.O. Kokko. 1998. "Multinational Corporations and Spillovers." >i>Journal of Economic Surveys>/i>, 12, no. 3: 247-277. 5 Blomström, M.; R.E. Lipsey; and M. Zejan, M. 1994. "What Explains Developing Country Growth?" In >i>Convergence and Productivity: Cross-N ational Studies and Historical Evidence>/i>, ed. W. Baumol, R. Nelson, and E. Wolff, pp. 243-261. Oxford: Oxford University Press. 6 Borensztein, E.; J. De Gregorio; and J.W. Lee. 1998. "How Does Foreign Investment Affect Growth?" >i>Journal of International Economics>/i> 45, no. 1: 115-172. 7 Brainard, S.L. 1993. "A Simple Theory of Multinational Corporations and Trade with a Trade-Off Between Proximity and Concentration." Working Paper no. 4269, National Bureau of Economic Research, Cambridge, MA. 8 Buckley, P.J., and M. Casson. 1976. >i>The Future of the Multinational Enterprise>/i>. London: Macmillan. 9 Damijan. J.P.; B. Majcen; M. Knell; and M. Rojec. 2003. "The Role of FDI, R&D Accumulation and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries." >i>Economic Systems>/i> 27, no. 2: 189-204. 10 De Mooij, R.A., and S. Ederveen. 2003. "Taxation and Foreign Direct Investment: A Synthesis of Empirical Research." >i>International Tax and Public Finance>/i> 10, no. 6: 673-693. 11 Deichmann, J.I. 2010. "Foreign Direct Investment in the Czech Republic: The Role of Origin Effects and Government Promotion Abroad." >i>Comparative Economic Studies>/i> 52, no. 2: 249-272. 12 Desai, M.A.; C.F. Foley; and J.R. Hines. 2004. "Economic Effects of Regional Tax Havens." Working Paper no. 10806, National Bureau of Economic Research, Cambridge, MA. 13 Dunning, J.H. 1981. >i>International Production and the Multinational Enterprise>/i>. London: Allen and Unwin. 14 Dunning, J.H. 2001. "The Eclectic (OLI) Paradigm of International Production: Past, Present and Future." >i>International Journal of the Economics of Business>/i> 8, no. 2: 173-190. 15 Easson, A. 2001. "Tax Incentives for Foreign Direct Investment Part 1: Recent Trends and Countertrends." >i>Bulletin for International Fiscal Documentation>/i> 55, no. 7: 266-274. 16 Ernst & Young. 2006. >i>Swiss Attractiveness Survey: What Foreign Companies Say>/i>. Zurich. 17 European Commission. 2006. "Study on FDI and Regional Development: Final Report."Report by Copenhagen Economics in Cooperation with Professor M. Blomström, Brussels (available at >a target="_blank" href='http://ec.europa.eu/regional_policy/sources/docgener/studies/pdf/fdi 2006.pdf'>http://ec.europa.eu/regional_policy/sources/docgener/studies/pdf /fdi2006.pdf>/a> 18 Ferligoj, A. 1989. "Razvrščanje v skupine. Teorija in uporaba v družboslovju" [Clustering: Theory and Applications in Social Sciences]. In >i>MetodoloÅ¡ki zvezki>/i> [Advances in Methodology and Statistics], vol. 4. Ljubljana: Fakulteta za sociologijo, politične vede in novinarstvo, Univerza v Ljubljani. 19 Ferligoj, A. 1992. "Direct Multicriteria Clustering Algorithms." >i>Journal of Classification>/i> 9, no. 1: 43-61. 20 Ferligoj, A., and V. Batagelj. 1980. "Taksonomske metode v družboslovnem raziskovanju" [Taxonomic Methods in Social Science Research]. Technical report, Fakulteta za sociologijo, politične vede in novinarstvo, Univerza v Ljubljani. 21 Greenaway, D., and R. Kneller. 2007. "Firm Heterogeneity, Exporting and Foreign Direct Investment." >i>Economic Journal>/i> 117, no. 517: F134-F161. 22 Haddad, M., and A. Harrison. 1993. "Are There Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco." >i>Journal of Development Economics>/i> 42 (October): 51-74. 23 Hassett, K.A., and R.G. Hubbard. 2002. "Tax Policy and Business Investment." In >i>Handbook of Public Economics>/i>, vol. 3, ed. A.J. Auerbach and M. Feldstein, pp. 1293-1343. Amsterdam: Elsevier. 24 Helpman, E. 2006. "Trade, FDI, and the Organization of Firms." >i>Journal of Economic Literature>/i> 44, no. 3 (September): 589-630. 25 Helpman, E.; M. Melitz; and S. Yeaple 2004. "Export Versus FDI." >i>American Economic>/i> Review 94, no. 1: 300-316. 26 Hymer, S.H. 1976. >i>The International Operations of National Firms: A Study of Direct Investment>/i>. Cambridge: MIT Press. 27 Jaklič, A., and M. Svetličič. 2003. >i>Enhanced Transition through Outward Internationalization: Outward FDI by Slovenian Firms>/i>. Burlington, VT: Ashgate. 28 James, S. 2009. "Incentives and Investments: Evidence and Policy Implications." World Bank, Washington, DC, December (available at >a target="_blank" href='http://www.ifc.org/ifcext/fias.nsf/AttachmentsByTitle/PublicationMT_ IncentivesandInvestments/$FILE/IncentivesandInvestments.pdf'>http://www.if c.org/ifcext/fias.nsf/AttachmentsByTitle/PublicationMT_IncentivesandInvest ments/$FILE/IncentivesandInvestments.pdf>/a> 29 Javorcik, B.S. 2004. "Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages." >i>American Economic Review>/i> 94, no. 3: 605-627. 30 Klemm, A., and S. van Parys. 2009. "Empirical Evidence on the Effects of Tax Incentives." Working Paper 09/136, International Monetary Fund, Washington, DC. 31 Kokko, A., and P. Gustavsson. 2004. "Regional Integration, Foreign Direct Investment, and Regional Development." EIB Papers 5/2004, European Investment Bank, Economic and Financial Studies. 32 Lipsey, R. 2002. "Home and Host Countries Effects of FDI." Working Paper no. 9293, National Bureau of Economic Research, Cambridge, MA. 33 Loewendahl, H.L. 2009. "The Role of Investments in Investment Promotion." Paper presented at a World Association of Investment Promotion Agencies (WAIPA)-Javna agencija RS za podjetniÅ¡tvo in tuje investicije (JAPTI) Focus Meeting on Investment Incentives in FDI Attraction, Ljubljana, Slovenia, November 23-24. 34 Melitz, M.J. 2003. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity." >i>Econometrica>/i> 71, no. 6: 1695-1725. 35 North, D.C. 2005. "Institutions and the Performance of Economies over Time." In >i>Handbook of New Institutional Economics>/i>, ed. C. Menard and M.M. Shirley, pp. 21-30. Dordrecht: Springer. 36 Rojec, M.; T. Redek; and C+. Kostevc. 2007. "Omejitve in možni elementi slovenske politike spodbujanja neposrednih tujih investicij" [Constraints and Possible Elements of Slovenian FDI Promotion Policy]. >i>Revija IB>/i> 41, nos. 3-4: 102-115. 37 Svetličič, M.; A. Jaklič and A. Burger. 2007. "Internationalization of Small and Medium-Size Enterprises from Selected Central European Economies." >i>Eastern European Economics>/i> 45, no. 4 (July-August): 36-65. 38 UNCTAD (United Nations Conference on Trade and Development). 2003. >i>World Investment Report 2003>/i>. New York. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:66-88 Template-Type: ReDIF-Article 1.0 Author-Name: Matjaž Koman Author-X-Name-First: Matjaž Author-X-Name-Last: Koman Author-Name: Ljubica Knežević Cvelbar Author-X-Name-First: Ljubica Knežević Author-X-Name-Last: Cvelbar Author-Name: Anðelko Lojpur Author-X-Name-First: Anðelko Author-X-Name-Last: Lojpur Author-Name: Janez PraÅ¡nikar Author-X-Name-First: Janez Author-X-Name-Last: PraÅ¡nikar Title: Effects of Ownership and Management Changes on Productivity in Privatized Montenegrin Firms Abstract: This study reflects the relationship between ownership change, ownership concentration, management turnover, and productivity of Montenegrin privatized companies covering the period 2004-7. Results show that ownership concentration and the presence of domestic and foreign private owners are positively related to firms' productivity. Companies that replaced the chairman of the management board also improved their productivity. The study further discusses the results in terms of the specific characteristics of the Montenegrin economy and the relevance of the study results for the general characteristics of the transition economies. Journal: Eastern European Economics Pages: 5-25 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V4H70W2252655355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brown, D.; J.S. Earle; and A. Telegdy. 2006. "The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia, and Ukraine." >i>Journal of Political Economy>/i> 114, no. 1: 61-99. 2 Central Bank of Montenegro. 2008. >i>Chief Economist Annual Report>/i>. Podgorica. 3 Cerović, B., and R. Dragutinović Mitrović. 2007. "Privatisation Effects: Some Evidence from Serbia." >i>Transition Studies Review>/i> 14, no. 3: 469-487. 4 Claessens, S., and S. Djankov. 1999. "Enterprise Performance and Management Turnover in the Czech Republic." >i>European Economic Review>/i> 43, nos. 4-6: 1115-1124. 5 Damjan, P.J.; J. de Sousa; and O. Lamotte. 2009. "Does International Openness Affect the Productivity of Local Firms? Evidence from South-Eastern Europe." >i>Economics of Transition>/i> 17, no. 3: 559-586. 6 Djankov, S., and P. Murrell. 2002. "Enterprise Restructuring in Transition: A Quantitative Survey." >i>Journal of Economic Literature>/i> 40, no. 3: 739-792. 7 Domadenik, P.; J. PraÅ¡nikar; and J. Svejnar. 2008. "Restructuring of Firms in Transition: Ownership, Institutions and Openness to Trade." >i>Journal of International Business Studies>/i> 39, no. 4: 725-746. 8 Driffield, N., and J. Du. 2007. "Privatisation, State Ownership and Productivity: Evidence from China." >i>International Journal of the Economics of Business>/i> 14, no. 2: 215-239. 9 Earle, J.A., and A. Telegdy. 1998. "The Results of ‘Mass Privatization’ in Romania: A First Empirical Study." >i>Economics of Transition>/i> 6, no. 2: 313-332. 10 Earle, J.A., and A. Telegdy. 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises." >i>Journal of Comparative Economics>/i> 30, no. 4: 657-682. 11 Estrin, S. 2002. "Competition and Corporate Governance in Transition." >i>Journal of Economic Perspectives>/i> 16, no. 1: 101-124. 12 Estrin, S.; G.W. Kolodko; and M. Uvalic. 2007. >i>Transition and Beyond>/i>. New York: Palgrave Macmillan. 13 Estrin, S.; J. Hanousek; E. Kočenda; and J. Svejnar. 2009. "Effects of Privatization and Ownership in Transition Economies." >i>Journal of Economic Literature>/i> 47, no. 3: 699-728. 14 Faculty of Economics Podgorica. 2008. >i>Analiza efekata dosadaÅ¡nje privatizacije u Crnoj Gori>/i> [Analysis of the Effects of Privatization in Montenegro]. Podgorica. 15 Fidrmuc, J.P., and J. Fidrmuc. 2006. "Can You Teach Old Dogs New Tricks? On Complementarity of Human Capital and Incentives." >i>Journal of International Money and Finance>/i> 25, no. 3: 1-14. 16 Filipovic;, V. 2003. "The Croatian Corporate Landscape—A Practitioner's Perspective." >i>European Business Organization Law Review>/i> 4, no. 1: 83-113. 17 Frydman, R.; M. Hessel; and A. Rapaczynski. 2000. "Why Ownership Matters? Entrepreneurship and the Restructuring of Enterprises in Central Europe." Working paper, C.V. Starr Center for Applied Economics, Department of Economics, New York University. 18 Gregorič, A. 2002. "Growth in Transition Economies: The Case of Bosnia and Herzegovina." >i>Economic and Business Review>/i> 4, nos. 3-4: 279-308. 19 Kneževic; Cvelbar, L.; P. Domadenik; and J. PraÅ¡nikar. 2008. "Performance, Ownership, and Management Turnover in Privatized Slovenian Companies." >i>Eastern European Economics>/i> 46, no. 4: 77-93. 20 Koman, M., and V. Hadži Vasileva-Markovska. 2007. "Transition Firms in Illyria: Do Workers Still Manage? Evidence from Macedonian Firms." >i>Economic and Business Review>/i> 9, no. 1: 23-45. 21 Levinsohn, J., and A. Petrin. 2003. "Estimating Production Functions Using Inputs to Control for Unobservables." >i>Review of Economic Studies>/i> 70, no. 2: 317-342. 22 PraÅ¡nikar, J.; L. Kneževic; Cvelbar; A. Lojpur; and M. Jovovič. 2009. "Challenges for the Corporate Governance System in Montenegro." Paper presented at the Eighth International Conference "Challenges of Europe: Financial Crisis and Climate Change," Split-Bol, Croatia, May 21-23. 23 Shleifer, A., and R.W. Vishny. 1995. "The Limits of Arbitrage." Working Paper no. 1725, Harvard Institute of Economic Research. 24 Svejnar, J. 2002. "Transition Economies: Performance and Challenges." >i>Journal of Economic Perspectives>/i> 16, no. 1: 3-28. 25 Vukotič, V. 2001. "Privatization in Montenegro." Paper prepared under the Global Development Network Southeast Europe project "Long-Term Development of Southeast Europe," Vienna Institute for International Economic Studies, Vienna. 26 Warzynski, F. 2001. "People Versus Incentives: The Causes and Consequences of Managerial Change in Ukraine and the Complementarity of Reforms." Working Paper no. 8800, Centre for Institutions and Economic Performance, K.U. Leuven, Leuven, Belgium. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Title: Is Per Capita Real GDP Stationary in Central and Eastern European Countries? Abstract: In this study we apply flexible Fourier stationarity unit root testing as proposed by Enders and Lee (2004, 2009) to assess the nonstationary properties of per capita real gross domestic product (GDP) for nine central and east European (CEE) countries. We find that the Fourier stationary unit root test has greater power than the linear method if the true data-generating process of per capita real GDP is in fact a stationary nonlinear process of an unknown form with structural change using low-frequency components. We investigate the stationarity of per capita real GDP from the nonlinear point of view and provide robust evidence clearly indicating that real output is well characterized by a nonlinear, mean-reverting process for three countries, namely, Bulgaria, Latvia, and Romania. These results have important policy implications for CEE countries. Journal: Eastern European Economics Pages: 54-65 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W7018RQ258X6H375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amsler, C., and J. Lee. 1995. "An LM Test for a Unit-Root in the Presence of a Structural Change." >i>Econometric Theory>/i> 11, no. 2: 359-368. 2 Bai, J., and P. Perron. 1998. "Estimating and Testing Linear Models with Multiple Structural Changes." >i>Econometrica>/i> 66, no. 1: 47-78. 3 Becker, R.; W. Enders; and J. Lee. 2004. "A General Test for Time Dependence in Parameters." >i>Journal of Applied Econometrics>/i> 19, no. 7: 899-906. 4 Becker, R.; W. Enders; and J. Lee. 2006. "A Stationarity Test in the Presence of an Unknown Number of Smooth Breaks." >i>Journal of Time Series Analysis>/i> 27, no. 3: 381-409. 5 Ben-David, D., and D.H. Papell. 1995. "The Great Wars, the Great Crash and Steady Growth: Some New Evidence About Old Stylized Fact." >i>Journal of Monetary Economics>/i> 36, no. 3: 453-475. 6 Bierens, H.J. 1997. "Testing the Unit Root with Drift Hypothesis Against Nonlinear Trend Stationarity, with an Application to the U.S. Price Level and Interest Rate." >i>Journal of Econometrics>/i> 81, no. 1: 29-64. 7 Burke, S. 1994. "Confirmatory Data Analysis: The Joint Application of Stationarity and Unit Root Tests." Discussion Paper no. 20, Department of Economics, University of Reading, Berkshire, UK. 8 Cheung, Y.W., and D. Chinn. 1996. "Deterministic, Stochastic and Segmented Trends in Aggregate Output: A Cross-Country Analysis." >i>Oxford Economic Papers>/i> 48, no. 1: 134-162. 9 Cheung, Y.W., and F. Westermann. 2002. "Output Dynamics of the G7 Countries—Stochastic Trends and Cyclical Movements." >i>Applied Economics>/i> 34, no. 18: 2239-2247. 10 Dickey, D.A., and W.A. Fuller. 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root." >i>Econometrica>/i> 49, no. 4: 1057-1072. 11 Enders, W., and J. Lee. 2004. "Testing for a Unit Root with a Nonlinear Fourier Function." Working paper, Department of Economics, Finance and Legal Studies, University of Alabama, Tuscaloosa. 12 Enders, W., and J. Lee. 2009. "The Flexible Fourier Form and Testing for Unit Roots: An Example of the Term Structure of Interest Rates." Working paper, Department of Economics, Finance, and Legal Studies, University of Alabama, Tuscaloosa. 13 Gallant, R. 1981. "On the Basis in Flexible Functional Form and an Essentially Unbiased Form: The Flexible Fourier Form." >i>Journal of Econometrics>/i> 15, no. 2: 211-353. 14 Kim, D., and P. Perron. 2009. "Unit Root Tests Allowing for a Break in the Trend Function at an Unknown Time Under Both the Null and Alternative Hypotheses." >i>Journal of Econometrics>/i> 148, no. 1: 1-13. 15 Kwiatkowski, D.; P. Phillips; P. Schmidt; and Y. Shin. 1992. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?" >i>Journal of Econometrics>/i> 54, nos. 1-3: 159-178. 16 Lee, J., and M.C. Strazicich. 2001. "Break Point Estimation and Spurious Rejections with Endogenous Unit Roots." >i>Oxford Bulletin of Economics and Statistics>/i> 63, no. 5: 535-558. 17 Lee, J., and M.C. Strazicich. 2003. "Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks." >i>Review of Economics and Statistics>/i> 85, no. 4: 1082-1089. 18 Leybourne, S.; P. Newbold; and D. Vougas. 1998. "Unit Roots and Smooth Transitions." >i>Journal of Time Series Analysis>/i> 19, no. 1: 83-97. 19 Maddala, G., and I.M. Kim. 1998. >i>Unit Roots, Cointegration and Structural Change.>/i> Cambridge: Cambridge University Press. 20 Nelson, C., and C. Plosser. 1982. "Trends and Random Walks in Macroeconomic Time Series." >i>Journal of Monetary Economics>/i> 10, no. 2: 139-162. 21 Newey, W.K., and K.D. West. 1987. "A Simple Positive Definite Heteroskedasticity and Autocorrelation Consistent Covariance Matrix." >i>Econometrica>/i> 55, no. 3: 703-708. 22 Ng, S., and P. Perron. 2001. "Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power." >i>Econometrica>/i> 69, no. 6: 1519-1554. 23 Nunes, L.C.; P. Newbold; and C.-M. Kuan. 1997. "Testing for Unit Roots with Breaks: Evidence on the Great Crash and the Unit Root Hypothesis Reconsidered." >i>Oxford Bulletin of Economics and Statistics>/i> 59, no. 4: 435-448. 24 Pascalau, R. 2010. "Unit Root Tests with Smooth Breaks: An Application to the Nelson-Plosser Data Set." >i>Applied Economics Letters>/i> 17, no. 6: 565-570. 25 Perron, P. 1989. "The Great Crash, the Oil Price Shock and the Unit Root Hypothesis." >i>Econometrica>/i> 57, no. 6: 1361-1401. 26 Phillips, P.C.B., and P. Perron. 1988. "Testing for a Unit Root in Time Series Regression." >i>Biometrika>/i> 75, no. 2: 335-346. 27 Rapach, D.E. 2002. "Are Real GDP Levels Nonstationary? Evidence from Panel Data Tests." >i>Southern Economic Journal>/i> 68, no. 3: 473-495. 28 Schmidt, P., and P.C.B. Phillips. 1992. "LM Test for a Unit Root in the Presence of Deterministic Trends." >i>Oxford Bulletin of Economics and Statistics>/i> 54, no. 3: 257-287. 29 Wasserfallen, W. 1986. "Non-Stationarities in Macro-Economic Time Series—Further Evidence and Implications." >i>Canadian Journal of Economics>/i> 19, no. 3: 498-510. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:54-65 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hagemejer Author-X-Name-First: Jan Author-X-Name-Last: Hagemejer Author-Name: Joanna Tyrowicz Author-X-Name-First: Joanna Author-X-Name-Last: Tyrowicz Title: Not All That Glitters Abstract: >p>Although foreign subsidiaries usually perform better than the average of the hosting economies, empirical literature has also established that the selection effect is statistically significant. In this paper we attempt to evaluate its economic relevance, using a unique data set of annual financial reports by all medium and large Polish enterprises over the period 1995-2007. We match firms privatized with the use of foreign direct investment (FDI) to a control group of nonprivatized state-owned companies in order to disentangle the effect of self-selection and FDI entry.>/p>>p>Evidence suggests that although FDI enters more frequently into companies that already participate in the international trading networks, roughly half the export intensity differential may be attributed to the entry of FDI. On the other hand, selection effects seem to dominate as far as efficiency is concerned, whereas only toward the end of the sample may the positive effect of FDI on profitability be confirmed.>/p> Journal: Eastern European Economics Pages: 89-111 Issue: 3 Volume: 49 Year: 2011 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X210065015527623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, R.E.; S. Claessens; S. Djankov; and G. Pohl. 1997. "Privatization Effects in Central and Eastern Europe." >i>MOCT-MOST: Economic Policy in Transitional Economies>/i> 7, no. 3: 137-162. 2 Bartelsman, E.J.; J. Haskel; and R. Martin. 2008. "Distance to Which Frontier? Evidence on Productivity Convergence from International Firm-Level Data." CEPR Discussion Paper no. 7032, Centre for Economic Policy Research, London. 3 Battese, G.E., and T.J. Coelli. 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data." >i>Empirical Economics>/i> 20, no. 2: 325-332. 4 Caliendo, M., and S. Kopeinig. 2008. "Some Practical Guidance for the Implementation of Propensity Score Matching." >i>Journal of Economic Surveys>/i> 22, no. 1: 31-72. 5 Chari, A.; W. Chen; and K.M. Dominguez. 2009. "Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States." Working Paper no. 14786, National Bureau of Economic Research, Cambridge, MA. 6 Crespo, N., and M.P. Fontoura. 2007. "Determinant Factors of FDI Spillovers—What Do We Really Know?" >i>World Development>/i> 35, no. 3: 410-425. 7 Denisova, I.; M. Eller; T. Frye; and E. Zhuravskaya. 2009. "Who Wants to Revise Privatization? The Complementarity of Market Skills and Institutions." Working Paper no. w0127, Center for Economic and Financial Research (CEFIR), Moscow. 8 DeWenter, K.L., and P.H. Malatesta. 2001. "State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity." >i>American Economic Review>/i> 91, no. 1: 320-334. 9 Djankov, S., and P. Murrell. 2002. "Enterprise Restructuring in Transition: A Quantitative Survey." >i>Journal of Economic Literature>/i> 40, no. 3: 739-792. 10 Estrin, S.; J. Hanousek; E. Kocenda; and J. Svejnar. 2009. "The Effects of Privatization and Ownership in Transition Economies." >i>Journal of Economic Literature>/i> 47, no. 3: 699-728. 11 Girma, S. 2005. "Absorptive Capacity and Productivity Spillovers from FDI: A Threshold Regression Analysis." >i>Oxford Bulletin of Economics and Statistics>/i> 67, no. 3: 281-306. 12 Girma, S.; H. Görg; and M. Pisu. 2008. "Exporting, Linkages and Productivity Spillovers from Foreign Direct Investment." >i>Canadian Journal of Economics>/i> 41, no. 1: 320-340. 13 Girma, S.; D. Greenaway; and K. Wakelin. 2001. "Who Benefits from Foreign Direct Investment in the UK?" >i>Scottish Journal of Political Economy>/i> 48, no. 2: 119-133. 14 Görg, H., and D. Greenaway. 2004. "Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment?" >i>World Bank Research Observer>/i> 19, no. 2: 171-197. 15 Gorodnichenko, Y.; J. Svejnar; and K. Terrell. 2007. "When Does FDI Have Positive Spillovers? Evidence from 17 Emerging Market Economies." Discussion Paper no. 6546, Centre for Economic Policy Research, London. 16 Greenaway, D.; N. Sousa; and K. Wakelin. 2004. "Do Domestic Firms Learn to Export from Multinationals?" >i>European Journal of Political Economy>/i> 20, no. 4: 1027-1043. 17 Gupta, N.; J.C. Ham; and J. Svejnar. 2008. "Priorities and Sequencing in Privatization: Evidence from Czech Firm Panel Data." >i>European Economic Review>/i> 52, no. 2: 183-208. 18 Harper, J.T. 2002. "The Performance of Privatized Firms in the Czech Republic." >i>Journal of Banking and Finance>/i> 26, no. 4: 621-649. 19 Heckman, J.J. 1979. "Sample Selection Bias as a Specification Error." >i>Econometrica>/i> 47, no. 1: 153-161. 20 Heckman, J.J.; H. Ichimura; J. Smith; and P. Todd. 1998. "Characterizing Selection Bias Using Experimental Data." >i>Econometrica>/i> 66, no. 5: 1017-1098. 21 Konings, J. 2001. "The Effects of Foreign Direct Investment on Domestic Firms." >i>Economics of Transition>/i> 9, no. 3: 619-633. 22 Lipsey, R., and F. Sjöholm. 2004. "Host Country Impacts of Inward FDI: Why Such Different Answers?" EIJS Working Paper no. 192, European Institute of Japanese Studies, Stockholm. 23 Lopez-de Silanes, F.; A. Shleifer; and R. Vishny. 1997. "Privatization in the United States." >i>RAND Journal of Economics>/i> 28, no. 3: 447-471. 24 Megginson, W.L., and J.M. Netter. 2001. "From State to Market: A Survey of Empirical Studies on Privatization." >i>Journal of Economic Literature>/i> 39, no. 2: 321-389. 25 Megginson, W.L.; R.C. Nash; and M. van Randenborgh. 1994. "The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis." >i>Journal of Finance>/i> 49, no. 2: 403-452. 26 Rosenbaum, P., and D. Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." >i>Biometrika>/i> 70, no. 1: 41-55. 27 Sabirianova Peter, K.; J. Svejnar; and K. Terrell. 2004. "Distance to the Efficiency Frontier and FDI Spillovers." IZA Discussion Paper 1332, Institute for the Study of Labor (IZA), Bonn. 28 Sabirianova Peter, K.; J. Svejnar; and K. Terrell. 2005. "Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?" Discussion Paper no. 4868, Centre for Economic Policy Research, London. 29 Schoors, K., and B. Van Der Tol. 2002. "Foreign Direct Investment Spillovers Within and Between Sectors: Evidence from Hungarian Data." Working Papers of Faculty of Economics and Business Administration no. 02/157, Ghent University, Ghent, Belgium. 30 Vining, A.R.; and A.E. Boardman. 1992. "Ownership Versus Competition: Efficiency in Public Enterprise." >i>Public Choice>/i> 73, no. 2: 205-239. 31 Wang, C., and L. Yu. 2007. "Do Spillover Benefits Grow with Rising Foreign Direct Investment? An Empirical Examination of the Case of China." >i>Applied Economics>/i> 39, no. 3: 397-405. 32 Zukowska-Gagelmann, K. 2000. "Productivity Spillovers from Foreign Direct Investment in Poland." >i>Economics Systems>/i> 24, no. 3: 223-256. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:3:p:89-111 Template-Type: ReDIF-Article 1.0 Author-Name: Alisher Akhmedjonov Author-X-Name-First: Alisher Author-X-Name-Last: Akhmedjonov Title: Do Higher Levels of Education Raise Earnings in Post-Reform Russia? Abstract: In this study, using the Russia Longitudinal Monitoring Surveys data set, we investigate whether higher education has any effect on wages in post-reform Russia. In doing so, we test the hypothesis of Brainerd (1998) that returns should further increase in the future as Russia moves from government dominance toward a market democracy. The findings are based on a simple ordinary least squares model and instrumental variable estimation, exploiting institutional changes in the educational system. They suggest that returns grew significantly in 2000-2002. The results are in line with Brainerd's conjecture on the future evolution of returns to human capital in Russia. Journal: Eastern European Economics Pages: 47-60 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0436559K84278073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andrén, D.; J. S. Earle; and D. Săpătoru. 2005. "The Wage Effects of Schooling Under Socialism and in Transition: Evidence from Romania, 1950-2000." >i>Journal of Comparative Economics>/i> 33, no. 2: 300-323. 2 Arabsheibani, G. R., and A. Mussurov. 2001. "Farewell to Arms: Returns to Education in Tajikistan." Paper presented at the Contemporary Issues of Education and Science in the Beginning of the Century: International Scientific Practical Conference Dedicated to the Tenth Anniversary of Independence of Kazakhstan, August. 3 Brainerd, E. 1998. "Winners and Losers in Russia's Economic Transition." >i>American Economic Review>/i> 88, no. 5: 1094-1116. 4 Chase, R. S. 1998. "Markets for Communist Human Capital: Returns to Education and Experience in the Czech Republic and Slovakia." >i>Industrial and Labor Relations Review>/i> 51, no. 3: 401-423. 5 Cheidvasser, S., and H. Benitez-Silva. 2007. "The Educated Russian's Curse: Returns to Education in the Russian Federation During the 1990s." >i>LABOUR: Review of Labour Economics and Industrial Relations>/i> 21, no. 1: 1-41. 6 Clark, A. 2000. "The Returns and Implications of Human Capital Investment in a Transition Economy: An Empirical Analysis for Russia, 1994-1998." Discussion paper no. 00/02, Centre for Economic Reform and Transformation, Herriott-Watt University, Edinburgh. 7 Cudeville, E., and L. Yonca Gurbuzer. 2010. "Gender Wage Discrimination in the Turkish Labor Market: Can Turkey Be Part of Europe?" >i>Comparative Economic Studies>/i> 52, no. 3: 429-463. 8 Earle, J. E., and G. Oprescu. 1993. "Employment and Wage Determination, Unemployment and Wage Policies in Romania." World Bank, Washington, DC. 9 Filer, R. K.; Å  Jurajda; and J. Plánovský. 1999. "Education and Wages in the Czech and Slovak Republics During Transition." >i>Labor Economics>/i> 6, no. 4: 581-593. 10 Gorodnichenko, Y., and K. Sabirianova. 2004. "Returns to Schooling in Russia and Ukraine: A Semiparametric Approach to Cross-Country Comparative Analysis." Discussion Paper no. 1325, Institute for the Study of Labor, Bonn. 11 Gorodnichenko, Y., and K. Sabirianova. 2005. "Returns to Schooling in Russia and Ukraine: A Semiparametric Approach to Cross-Country Analysis." >i>Journal of Comparative Economics>/i> 33, no. 2: 324-350. 12 Gregory, P., and J. Kohlhase. 1988. "The Earnings of Soviet Workers: Evidence from the Soviet Interview Project." >i>Review of Economics and Statistics>/i> 70, no. 1: 23-35. 13 Heckman, J. J. 1979. "Sample Selection Bias as a Specification Error." >i>Econometrica>/i> 46, no. 6: 1251-1271. 14 Heckman, J. J., and X. Li. 2004. "Selection Bias, Comparative Advantage and Heterogeneous Returns to Education: Evidence from China in 2000." >i>Pacific Economic Review>/i> 9, no. 3: 155-171. 15 Köllo, J. 1998. "Three Stages of Hungary's Labour Market Transition." In >i>Enterprise Restructuring and Unemployment in Models of Transition>/i>, ed. S. Commander, pp. 57-108. Washington, DC: World Bank. 16 Konstantinova Vernon, V. 2002. "Returns to Human Capital in Transitional Russia." Working paper, University of Texas at Austin, April. 17 Mincer, J. 1974. >i>Schooling, Experience and Earnings>/i>. New York: Columbia University Press. 18 Nesterova, D., and K. Sabirianova. 1998. "Investment in Human Capital Under Economic Transformation in Russia." Working Paper no. 99/04, Energy & Environmental Research Center (EERC), Grand Forks, ND. 19 Newell, A., and B. Reilly. 1997. "Rates of Return to Educational Qualifications in the Transitional Economies." Discussion Papers in Economics no. 03/97, University of Sussex. 20 Orazem, P., and M. Vodopivec. 1995. "Winners and Losers in Transition: Returns to Education, Experience, and Gender in Slovenia." >i>World Bank Economic Review>/i> 9, no. 2: 201-230. 21 Pastore, F., and A. Verashchagina. 2006. "Private Returns to Human Capital over Transition: A Case Study of Belarus." >i>Economics of Education Review>/i> 25: 91-107. 22 Rutkowski, J. 1996. "High Skills Pay Off: The Changing Wage Structure During Economic Transition in Poland." >i>Economics of Transition>/i> 4, no. 1: 355-371. 23 Wooldridge, J. M. 2002. >i>Econometric Analysis of Cross Section and Panel Data>/i>. Cambridge: MIT Press. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:47-60 Template-Type: ReDIF-Article 1.0 Author-Name: Stefan Lyocsa Author-X-Name-First: Stefan Author-X-Name-Last: Lyocsa Author-Name: Eduard Baumohl Author-X-Name-First: Eduard Author-X-Name-Last: Baumohl Author-Name: Tomas Vyrost Author-X-Name-First: Tomas Author-X-Name-Last: Vyrost Title: The Stock Markets and Real Economic Activity Abstract: The goal of this paper is to provide new evidence on the bidirectional relationships between economic activity indicators and stock market returns in four Central and Eastern European (CEE) countries: Poland, the Czech Republic, Hungary, and Slovakia. Using the single equation error correction model (SEECM) framework of cointegration analysis, the Engle-Granger two-step procedure, single-equation Granger causality tests, and the Toda-Yamamoto (1995) approach, this paper presents results for the Czech Republic, Poland, and Hungary that are generally in accordance with the present value theory of stock prices. Thus, the stock market indexes for these countries are leading indicators of the state of the real economy. However, as explained here, the results for Hungary must be interpreted with greater caution. In addition, as was expected, the results for Slovakia were very different from those of the other countries. Journal: Eastern European Economics Pages: 6-23 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7312176247538V5U File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Banerjee, A.; J. Dolado; and R. Mestre. 1998. "Error-Correction Mechanism Tests for Cointegration in a Single-Equation Framework." >i>Journal of Time Series Analysis>/i> 19, no. 3: 267-283. 2 Banerjee, A.; M. Marcellino; and I. Masten. 2005. "Leading Indicators for Euro-Area Inflation and GDP Growth." >i>Oxford Bulletin of Economics and Statistics>/i> 67, no. 1: 785-813. 3 Binswanger, M. 2004. "Stock Returns and Real Activity in the G-7 Countries: Did the Relationship Change During the 1980s?" >i>Quarterly Review of Economics and Finance>/i> 44, no. 2: 237-252. 4 Cheung, Y. W., and K. S. Lai. 1993. "Finite-Sample Sizes of Johansen's Likelihood Ratio Tests for Cointegration." >i>Oxford Bulletin of Economics and Statistics>/i> 55, no. 3: 313-328. 5 Choi, J. J.; S. Hauser; and J. K. Kopecky. 1999. "Does the Stock Market Predict Real Activity? Time Series Evidence from the G-7 Countries." >i>Journal of Banking and Finance>/i> 23, no. 12: 1771-1792. 6 Christoffersen, P., and T. Slok. 2000. "Do Asset Prices in Transition Countries Contain Information About Future Economic Activity?" International Monetary Fund Working Paper no. 103, Washington, DC. 7 Cordero, J. A. 2009. "The IMF's Stand-By Arrangements and the Economic Downturn in Eastern Europe: The Cases of Hungary, Latvia, and Ukraine." Center for Economic and Policy Research, Washington, DC. 8 Ericsson, N. R., and J. G. MacKinnon. 2002. "Distributions of Error Correction Tests for Cointegration." >i>Econometrics Journal>/i> 5, no. 2: 285-318. 9 Fama, E. F. 1990. "Stock Returns, Expected Returns, and Real Activity." >i>Journal of Finance>/i> 45, no. 4: 1089-1108. 10 Fidrmuc, J.; J. Fidrmuc; and J. Horvath. 2002. "Visegrad Economies: Growth Experience and Prospects." Global Development Network, Global Research Project on Understanding Growth, CERGE-EI, Prague. 11 Hanousek, J., and K. R. Filler. 2000. "The Relationship Between Economic Factors and Equity Markets in Central Europe." >i>Economics of Transition>/i> 8, no. 3: 623-638. 12 Hassapis, C. 2003. "Financial Variables and Real Activity in Canada." >i>Canadian Journal of Economics>/i> 36, no. 2: 421-442. 13 Hausman, J. 1978. "Specification Tests in Econometrics." >i>Econometrica>/i> 46, no. 6: 1251-1271. 14 Horobet, A., and S. Dumitrescu. 2009. "On the Causal Relationships Between Monetary, Financial and Real Macroeconomic Variables: Evidence from Central and Eastern Europe." >i>Economic Computation and Economic Cybernetics Studies and Research>/i>, 43 no. 3: 77-94. 15 Jagric, T.; B. Podobnik; and M. Kolanovic. 2005. "Does the Efficiency Market Hypothesis Hold? Evidence from Six Transition Economies." >i>Eastern European Economics>/i> 43, no. 4: 79-103. 16 Johansen, S. 1991. "Cointegration and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models." >i>Econometrica>/i> 59, no. 6: 1551-1580. 17 Johansen, S. 1992. "Cointegration in Partial Systems and the Efficiency of Single-Equation Analysis." >i>Journal of Econometrics>/i> 52, no. 3: 389-402. 18 Johansen, S. 2002. "A Small Sample Correction for the Test of Cointegrating Rank in the Vector Autoregressive Model." >i>Econometrica>/i> 70, no. 5: 1929-1961. 19 Kaplan, M. 2008. "The Impact of Stock Market on Real Economic Activity: Evidence from Turkey." >i>Journal of Applied Sciences>/i> 8, no. 2: 374-378. 20 Kremers, J.; N. Ericsson; and J. Dolado. 1992. "The Power of Cointegration Tests." >i>Oxford Bulletin of Economics and Statistics>/i> 54, no. 3: 325-348. 21 MacKinnon, J. G. 1994. "Approximate Asymptotic Distribution Functions for Unit-Root and Cointegration Tests." >i>Journal of Business and Economic Statistics>/i> 12, no. 2: 167-177. 22 MacKinnon, J. G. 2010. "Critical Values for Cointegration Tests." Working Paper no. 1227, Department of Economics, Queen's University, Kingston. 23 Newey, W. K., and K. D. West. 1994. "Automatic Lag Selection in Covariance Matrix Estimation." >i>Review of Economic Studies>/i> 61, no. 4: 631-653. 24 Österholm, P. 2004. "Size Properties of Cointegration Tests in Misspecified Systems." >i>Applied Economics Letters>/i> 11, no. 15: 919-924. 25 Panopoulou, E. 2009. "Financial Variables and Euro Area Growth: A Non-Parametric Causality Analysis." >i>Economic Modelling>/i> 26, no. 6: 1414-1419. 26 Panopoulou, E.; N. Pittis; and S. Kalyvitis. 2010. "Looking Far in the Past: Revisiting the Growth-Returns Nexus with Non-Parametric Tests." >i>Empirical Economics>/i> 38, no. 3: 743-766. 27 Phillips, P., and M. Loretan. 1991. "Estimating Long-Run Economic Equilibria." >i>Review of Economic Studies>/i> 58, no. 3: 407-436. 28 Rambaldi, A. N., and H. E. Doran. 1996. "Testing for Granger Non-Causality in Cointegrated Systems Made Easy." Working Papers in Econometrics and Applied Statistics no. 88, Department of Econometrics, University of New England, Armindale. 29 Samitas, D. F., and D. F. Kenourgios. 2007. "Macroeconomic Factor's Influence on ‘New’ European Countries' Stock Returns: The Case of Four Transition Economies." >i>International Journal of Financial Services Management>/i> 2, nos. 1-2: 34-49. 30 Sargan, J. D. 1958. "The Estimation of Economic Relationships Using Instrumental Variables." >i>Econometrica>/i> 26, no. 3: 393-415. 31 Schwert, W. G. 1990. "Stock Returns and Real Activity: A Century of Evidence." >i>Journal of Finance>/i> 45, no. 4: 1237-1257. 32 Syriopoulos, T. 2004. "International Portfolio Diversification to Central European Stock Markets." >i>Applied Financial Economics>/i> 14, no. 17: 1253-1268. 33 Toda, H., and T. Yamamoto. 1995. "Statistical Inference in Vector Autoregressions with Possibly Integrated Processes." >i>Journal of Econometrics>/i> 66, no. 1: 225-250. 34 Urbain, J. P. 1992. "On Weak Exogeneity in Error Correction Models." >i>Oxford Bulletin of Economics and Statistics>/i> 54, no. 2: 187-207. 35 Zivot, E., and E. W. K. Andrews. 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis." >i>Journal of Business and Economic Statistics>/i> 10, no. 3: 251-270. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:6-23 Template-Type: ReDIF-Article 1.0 Author-Name: Kosta Josifidis Author-X-Name-First: Kosta Author-X-Name-Last: Josifidis Author-Name: Jean-Pierre Allegret Author-X-Name-First: Jean-Pierre Author-X-Name-Last: Allegret Author-Name: Emilija Beker Pucar Author-X-Name-First: Emilija Beker Author-X-Name-Last: Pucar Title: Inflation Targeting and Exchange Rate Regimes in Serbia and Selected Transition Economies Abstract: The paper analyzes the differences in managing exchange rate fluctuations in an inflation-targeting monetary framework in the case of (former) transition economies. Differences in managing the exchange rate fluctuations are identified according to the extent of managing as hard (dirty) versus soft managed floating, on the one hand, and according to direct managing via foreign exchange interventions and indirect managing via interest rate policy, on the other hand. Hard versus soft managed floating (sub)regimes are related to inflation-targeting (sub)regimes: hard managed floating with light inflation targeting and soft managed floating with strict or full-fledged inflation targeting. Two main motives for managing exchange rate fluctuations are emphasized in the paper: exchange rate pass-through and financial euroization. The direct and indirect managing of exchange rate fluctuations, exchange rate pass-through, and financial euroization, are investigated with vector autoregression (VAR)/vector error correction (VEC) models in the case of Poland, the Czech Republic, Slovakia, Hungary, and Serbia, in the period of combining flexible exchange rate regimes and an inflation-targeting monetary regime. The comparison of investigated indicators provides conclusions and lessons for the Serbian monetary authorities in the sense of conducting the current combination of managed exchange rate floating and an inflation-targeting regime. Journal: Eastern European Economics Pages: 88-105 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9863W40N0X17110X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ball, C. P., and J. Reyes. 2008. "Inflation Targeting or Fear of Floating in Disguise? A Broader Perspective?" >i>Journal of Macroeconomics>/i> 30, no.1: 308-326. 2 Bofinger, P. 2004. "Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union." European University Institute Working Paper, Robert Schuman Centre for Advanced Studies no. 2004/17. 3 Bofinger, P., and T. Wollmershäuser. 2001. "Managed Floating: Understanding the New International Monetary Order." Centre for Economic Policy and Research Discussion Paper no. 3064, London. 4 Calvo, A. G., and M. C. Reinhart. 2002. "Fear of Floating." >i>Quarterly Journal of Economics>/i> 117, no. 2: 379-408. 5 Carare, A., and M. R. Stone. 2006. "Inflation Targeting Regimes." >i>European Economic Review>/i> 50, no. 5: 1297-1315. 6 Dvorsky, S.; T. Scheiber; and H. Stix. 2008. "Euroization in Central, Eastern and Southeastern Europe: First Results from the New OeNB Euro Survey." >i>Focus on European Economic Integration>/i> 2, no. 1: 48-60. 7 Genberg, H. 2002. "Inflation Targeting: The Holy Grail of Monetary Policy." >i>Journal of Economic Policy Reform>/i> 5, no. 3: 161-171. 8 Ho, C., and R. N. McCauley. 2003. "Living with Flexible Exchange Rates: Issued and Recent Experience in Inflation Targeting Emerging Economies." Bank for International Settlements Working Paper no. 130, Basel. 9 International Monetary Fund. 2009. "De Facto Classification of Exchange Rate Regimes and Monetary Policy Frameworks." Washington, DC (available at >a target="_blank" href='http://www.imf.org/external/np/mfd/er/2008/eng/0408.htm'>www.imf.org /external/np/mfd/er/2008/eng/0408.htm>/a> 10 Jonas, J., and F. S. Mishkin. 2007. "Inflation Targeting in Transition Countries: Experience and Prospects." In >i>The Inflation Targeting Debate>/i>, ed. B. S. Bernanke and F. S. Mishkin, pp. 353-422. Chicago: University of Chicago Press. 11 Josifidis, K., and E. Beker. 2007. "Deja Vu Also in Serbia: Problems of Targeting." Paper presented at the Eleventh International Conference on Macroeconomic Analysis and International Finance, Rethymno, Crete, Greece. 12 Josifidis, K.; J. P. Allegret; and E. Beker Pucar. 2009a. "Monetary and Exchange Rate Regime Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia." >i>Panoeconomicus>/i> 56, no. 2: 199-226. 13 Josifidis, K.; J. P. Allegret; and E. Beker Pucar. 2009b. >i>Exchange Rate Regimes in Emerging and Transition Economies>/i>. Subotica: Faculty of Economics Subotica, University of Novi Sad. 14 Mishkin, F. S. 2008. "Can Inflation Targeting Work in Inflation Targeting Countries?" In >i>A Festschrift for Guillermo Calvo>/i>, ed. C. Reinhart, C. Vegh, and A. Velasco, pp. 71-94. Cambridge: MIT Press. 15 Orlowski, L. T. 2005. "Monetary Policy Adjustments on the Final Passage Towards the Euro." CASE (Center for Social and Economic Research) Network Studies and Analysis no. 294, Warsaw (available at >a target="_blank" href='http://www.case-research.eu/upload/publikacja_plik/4830919_sa294ok.p df'>www.case-research.eu/upload/publikacja_plik/4830919_sa294ok.pdf>/a> 16 Reyes, J. 2007. "Exchange Rate Passthrough Effects and Inflation Targeting in Emerging Economies: What Is the Relationship?" >i>Review of International Economics>/i> 15, no. 3: 538-559. 17 Roger, S.; J. Restrepo; and C. Garcia. 2009. "Hybrid Inflation Targeting Regimes." Working Paper WP/09/234, International Monetary Fund, Washington, DC. 18 Svensson, L. E. O. 2007. "Inflation Targeting." Center for Economic Policy Studies Working Paper no. 144, Princeton (available at >a target="_blank" href='http://www.princeton.edu/~ceps/workingpapers/144svensson.pdf'>www.pr inceton.edu/~ceps/workingpapers/144svensson.pdf>/a> 19 Taylor, J. B. 2000. "Low Inflation, Pass-Through, and the Pricing Power of Firms." >i>European Economic Review>/i> 44, no. 7: 1389-1408. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:88-105 Template-Type: ReDIF-Article 1.0 Author-Name: Martin C. Spechler Author-X-Name-First: Martin C. Author-X-Name-Last: Spechler Title: How Can Central Asian Countries and Azerbaijan Become Emerging Market Economies? Abstract: The conventional way to become a developed "emerging market" has been to rely in large part on investments from high-income countries. This approach has failed, most obviously during the recent global financial crisis, and may not be feasible again for some years. Azerbaijan and five ex-Soviet Central Asian economies have been set back by the world economic crisis. As the recovery continues, these countries will be able to use the proceeds from their staple exports to expand their basic industries (energy, basic chemicals, and metals), but in order to attract diverse foreign investments, they could also make greater efforts to promote a diverse private sector. Besides credits and more predictable taxes, surveys show that private owners want and can benefit from better enforcement of property rights, reduced corruption, and easier access to regional and international markets. All the governments recognize these issues, but effective action has been halting. A possible alternative to promoting private enterprise and thus attracting first-world capital would be to expand the state sector and public infrastructure, as a precursor to privatization, as has occurred elsewhere in Asia. Journal: Eastern European Economics Pages: 61-87 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G467572137N4N1N1 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 El-Erian, M. 2010. "Sovereign Wealth Funds in the New Normal." >i>Finance and Development>/i> 47, no. 2 (June): 44-47. 2 >i>Emerging Markets.>/i> 2010. "CIS Energy." May 2 (available at >a target="_blank" href='http://www.emergingmarkets.org'>www.emergingmarkets.org>/a> 3 European Bank for Reconstruction and Development (EBRD). 2009. >i>Transition Report>/i>. London. 4 Fabrizio, S. 2010. >i>Coping with the Global Financial Crisis: Challenges Facing Low-Income Countries>/i>. Washington, DC: International Monetary Fund. 5 Gabrisch, H. 2010. "Who Owns Domestic Banks and Why Does It Matter?" Paper presented at the Society for the Study of Emerging Markets Conference, Bodrum-Milas, Turkey, July 23. 6 Karimov, I. 2009. >i>The World Economic Crisis, the View from Uzbekistan: Nexus of Central Asia>/i>. Washington, DC: American Uzbekistan Chamber of Commerce. 7 Miller, T., and K. R. Holmes. 2010. >i>2010 Index of Economic Freedom>/i>. Washington, DC: Heritage Foundation and >i>Wall Street Journal>/i>. 8 Mitra, P.; M. Selowsky; and J. Zalduendo. 2007. >i>Turmoil at Twenty>/i>. Washington, DC: World Bank. 9 Myant, M., and J. Drahokoupil. 2010. >i>Transition Economies: Political Economy in Russia, Eastern Europe, and Central Asia>/i>. Hoboken, NJ: Blackwell. 10 Pirani, S. 2010 "Kazakh Banking Recovery Will Take Time." >i>Emerging Markets>/i>, April 5, 2010 (available at >a target="_blank" href='http://www.emergingmarkets.org/Article/2478812/Kazakh-banking-recove ry-will-take-time.html'>www.emergingmarkets.org/Article/2478812/Kazakh-ban king-recovery-will-take-time.html>/a> 11 Plender, J. 2010. "Rainy Day Funds Recast." >i>Financial Times>/i>, October 19, 2010. 12 Pomfret, R. 2006. >i>The Central Asian Economies Since Independence>/i>. Princeton: Princeton University Press. 13 Rajan, R. G. 2010. >i>Fault Lines.>/i> Princeton: Princeton University Press. 14 Spechler, M. C. 2008. "The Economies of Central Asia: A Survey." >i>Comparative Economic Studies>/i> 50, no. 1 (March): 30-52. 15 Spechler, M. C. 2009. "Why China Has No Business in Central Asia." >i>China and Eurasia Forum Quarterly>/i> 7, no. 2: 3-17. 16 Spechler, M. C.; F. Suvankulov; K. Bektemirov; and S. Chepel. 2004. "The Uzbek Paradox: Growth Without Neo-Liberal Reforms." In >i>The Economic Prospects of the CIS: Sources of Long Term Growth>/i>, ed. G. Ofer and R. Pomfret, pp. 177-197. Cheltenham, UK: Edward Elgar. 17 Uzinfoinvest. 2010. "Invest in Uzbekistan." Tashkent. 18 Verma, S. 2010. "S&P Warns Asia on State-Backed Firms." >i>Emerging Markets>/i>, April 5 (available at >a target="_blank" href='http://www.emergingmarkets.org/Article/2478808/S-P-warns-Asia-on-sta te-backed-firms.html'>www.emergingmarkets.org/Article/2478808/S-P-warns-As ia-on-state-backed-firms.html>/a> 19 World Bank. 2009a. >i>2009 World Development Indicators>/i>. Washington, DC. 20 World Bank. 2009b. >i>Enterprise Surveys, Country Note Series>/i>, no. 3. Washington, DC. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:61-87 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X684526437261717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Daniela Borodak Author-X-Name-First: Daniela Author-X-Name-Last: Borodak Author-Name: Matloob Piracha Author-X-Name-First: Matloob Author-X-Name-Last: Piracha Title: Occupational Choice of Return Migrants in Moldova Abstract: This paper analyzes the occupational choice of return migrants. Using the survey data on different aspects of migration in Moldova, we find that those who stayed illegally in the host country tend to go into wage employment on return to the home country. We also show that relatively better educated migrants tend not to be in formal employment (i.e., appear not to participate in the labor market), whereas those with relatively lower skills or who obtained a worse-than-expected outcome in the host country are more likely to be wage employed in the home country on return. We offer an economic analysis of these paradoxical results. Journal: Eastern European Economics Pages: 24-46 Issue: 4 Volume: 49 Year: 2011 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y006880376347X08 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Council of Europe. 2007. "Employment Policy Review: Moldova." Report prepared by the International Labour Office and the Council of Europe in 2005 and 2006 (available at >a target="_blank" href='http://www.coe.int/t/dg3/socialpolicies/socialrights/source/Employme ntPolicyReviewMoldova.pdf'>www.coe.int/t/dg3/socialpolicies/socialrights/s ource/EmploymentPolicyReviewMoldova.pdf>/a> 2 De Coulon, A., and M. Piracha. 2005. "Self-Selection and the Performance of Return Migrants." >i>Journal of Population Economics>/i> 18, no. 4: 779-807. 3 Dustmann, C., and O. Kirchkamp. 2002. "The Optimal Migration Duration and Activity Choice After Re-Migration." >i>Journal of Development Economics>/i> 67, no. 2: 351-372. 4 European Training Foundation. 2004. "A Study of the Moldovan Vocational Education and Training System and Its Relevance to Labour Market Needs." European Training Foundation, Turin. 5 European Training Foundation. 2009. "Moldova Country Report." Working Document European Neighbourhood and Partnership Instrument (ENPI) 08-14, Black Sea Labour Market Reviews, European Training Foundation, Turin. 6 Greene, W. H. 2002. >i>Econometric Analysis>/i>, 5th ed. Englewood Cliffs, NJ: Prentice Hall. 7 Hill, J. K. 1987. "Immigrant Decisions Concerning Duration of Stay and Migratory Frequency." >i>Journal of Development Economics>/i> 25, no. 1: 221-234. 8 Ilahi, N. 1999. "Return Migration and Occupational Change." >i>Review of Development Economics>/i> 3, no. 2: 170-186. 9 International Organization for Migration. 2004. "Return Migration: Policies and Practice in Europe." Geneva. 10 Leon-Ledesma, M., and M. Piracha. 2004. "Return Migration and the Role of Remittances in Eastern Europe." >i>International Migration>/i> 42, no. 4: 65-83. 11 Lücke, M.; T. O. Mahmoud; and P. Pinger. 2007. "Patterns and Trends of Migration and Remittances in Moldova." International Organization for Migration, Mission to Moldova (available at >a target="_blank" href='http://www.iom.md/materials/5_patterns_eng.pdf'>www.iom.md/materials /5_patterns_eng.pdf>/a> 12 McCormick, B., and J. Wahba. 2001. "Overseas Work Experience, Savings and Entrepreneurship Amongst Return Migrants to LDCs." >i>Scottish Journal of Political Economy>/i> 48, no. 2: 164-178. 13 McFadden, D. 1973. "Conditional Logit Analysis of Qualitative Choice Behavior." In >i>Frontiers in Econometrics>/i>, ed. P. Zarembka, pp. 105-142. New York: Academic Press. 14 National Bureau of Statistics of the Republic of Moldova. 2008. "Labour Force in the Republic of Moldova: Employment and Unemployment." Chişinău, Moldova (available at >a target="_blank" href='http://www.statistica.md/pageview.php?l=en&idc=263&id=2204/'>www.sta tistica.md/pageview.php?l=en&idc=263&id=2204/>/a> 15 Piracha, M., and F. Vadean. 2010. "Return Migration and Occupational Choice: Evidence from Albania." >i>World Development>/i> 38, no. 8: 1141-1155. 16 Roscovan, M., and L. Galer. 2006. "Raitingul de dezvoltare a unitatilor administrativ-teritoriale ale Republicii Moldova" [Indicators of Regional Development in Moldova]. >i>Moldova Urbanâ>/i>, no. 1 (available at >a target="_blank" href='http://www.habitatmoldova.org/lib.htm?lang=en&ppage=4&idc=17/'>www.h abitatmoldova.org/lib.htm?lang=en&ppage=4&idc=17/>/a> 17 Stark, O. 1991. >i>The Migration of Labour>/i>. Oxford: Basil Blackwell. 18 Trofimov, V. 2008. "Women and Men in the Labor Market of the Republic of Moldova: Analytical Report." Chişinău, Moldova. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:4:p:24-46 Template-Type: ReDIF-Article 1.0 Author-Name: Karsten Staehr Author-X-Name-First: Karsten Author-X-Name-Last: Staehr Title: Democratic and Market-Economic Reforms in the Postcommunist Countries Abstract: This paper examines the impact of European Union (EU) enlargement on the process of political and economic reforms in postcommunist countries. The main result is that both prospective and actual membership have advanced democratic reforms, while the effect on market-economic reforms has been nonexistent or even negative. A measure of the intensity of negotiation of the acquis communautaire chapters shows no effect on political reforms, but likely a negative effect on market-economic reforms. The overall conclusion is that enlargement of the EU has borne out its promise of strengthening democracy in the postcommunist countries, but possibly at the expense of market-oriented economic reform. Journal: Eastern European Economics Pages: 5-28 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=45U5H028774X40P7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Berger, Helge; George Kopits; and Istvan Szekely. 2007. "Fiscal Indulgence in Central Europe: Loss of the External Anchor?" Scottish Journal of Political Economy 54, no. 1: 116-135. 2 Bower, Uwe, and Alessandro Turrini. 2009. "EU Accession: A Road to Fast-Track Convergence." European Economy, Economic Papers, no. 393. 3 Christoffersen, Poul Skytte. 2007a. "The Preparation of the Fifth Enlargement." In The Accession Story: The EU from Fifteen to Twenty-Five Countries, ed. George Vassiliou, pp. 24-33. Oxford: Oxford University Press. 4 Christoffersen, Poul Skytte. 2007b. "Organization of the Process and Beginning of the Negotiations." In The Accession Story: The EU from Fifteen to Twenty-Five Countries, ed. George Vassiliou, pp. 34-50. New York: Oxford University Press. 5 De Melo, Martha; Cevdet Denizer; Alan Gelb; and Stoyan Tenev. 2001. "Circumstance and Choice: The Role of Initial Conditions and Policies in Transition Economies." World Bank Economic Review 15, no. 1: 1-31. 6 Economist. 2010. "Rules of the Brussels Club." September 11, p. 30. 7 European Bank for Reconstruction and Development (EBRD). 2008. Transition Report, November. 8 European Bank for Reconstruction and Development (EBRD). 2009a. "Structural Change Indicators." Database for November 2009 Transition Report (available at www.ebrd.com/pages/research/analysis/forecasts.shtml 9 European Bank for Reconstruction and Development (EBRD). 2009b. "Selected Economic Indicators." Database for November 2009 Transition Report (available at www.ebrd.com/pages/research/analysis/forecasts.shtml 10 European Commission (EC). 2007. "European Neighbourhood Policy: Economic Review of EU Neighbour Countries." European Economy. Occasional Papers, no. 30. 11 European Commission (EC). 2009a. "Conditions for Enlargement" (available at http://ec.europa.eu/enlargement/the-policy/conditions-for-enlargement/index_en.htm 12 European Commission (EC). 2009b. "Enlargement. Archives" (available at http://ec.europa.eu/enlargement/archives/enlargement_process/future_prospects/negotiations/eu10_bulgaria_romania/chapters/index_en.htm 13 European Commission (EC). 2010. "Croatia 2010 Progress Report." Commission staff working document, SEC (2010) 1326 (available at http://ec.europa.eu/enlargement/pdf/key_documents/2010/package/hr_rapport_2010_en.pdf 14 European Commission (EC). 1993. "Presidency Conclusions." Copenhagen European Council (available at www.europarl.europa.eu/enlargement/ec/pdf/cop_en.pdf 15 Eichengreen, Barry. 2007. The European Economy Since 1945: Coordinated Capitalism and Beyond. Princeton: Princeton University Press. 16 Fidrmuc, Jan. 2003. "Economic Reform, Democracy and Growth During Post Communist Transition." European Journal of Political Economy 19, no. 3: 583-604. 17 Freedom House (FH). 2010. "Freedom in the World Comparative and Historical Data" (Country Ratings and status, FIW 1973-2010) (available at www.freedomhouse.org/template.cfm?page=439/ 18 Georgiadis, George. 2005. "Non-coercive External Determinants of Domestic Change: The Prospect of EU Membership, Domestic Politics and the Pace of Economic Reforms in the CEE Countries." Paper presented at the 2005 Annual Conference of the American Political Science Association, Washington, DC, September 1-4. 19 Grabbe, Heather. 2002. "European Union Conditionality and the Acquis Communautaire." International Political Science Review 23, no. 3: 249-268. 20 Grzymala-Busse, Anna, and Abby Innes. 2003. "Great Expectations: The EU and Domestic Political Competition in East Central Europe." East European Politics and Societies 17, no. 1: 64-73. 21 Haggard, Stephan, and Steven Webb. 1993. "What Do We Know About the Political Economy of Economic Policy Reform?" World Bank Research Observer 8, no. 2: 143-168. 22 Haggard, Stephan, and Steven Webb. 1994. "Introduction." In Voting for Reform. Democracy, Political Liberalization and Economic Adjustment, ed. Stephan Haggard and Steven Webb, pp. 1-36. New York: Oxford University Press. 23 Hille, Peter, and Christoph Knill. 2006. "It's the Bureaucracy, Stupid. The Implementation of the Acquis Communautaire in EU Candidate Countries, 1999-2003." European Union Politics 7, no. 4: 531-552. 24 Landaburu, Eneko. 2007. "The Need for Enlargement." In The Accession Story: The EU from Fifteen to Twenty-Five Countries, ed. George Vassiliou, pp. 9-23. New York: Oxford University Press. 25 Lavigne, Marie. 1999. The Economics of Transition. From Socialist Economy to Market Economy. New York: Macmillan. 26 Marktler, Tanja. 2006. "The Power of the Copenhagen Criteria." In Croatian Yearbook of European Law and Policy, vol. 2, 311-342. Zagreb: Faculty of Law, University of Zagreb. 27 Roodman, David. 2009. "How to Do xtabond2: An Introduction to Difference and System GMM in Stata." Stata Journal 9, no. 1: 86-136. 28 Soto, Marcelo. 2009. "System GMM Estimation with a Small Sample." UFAE and IAE Working Paper, no. 780.09, Unitat de Fonaments de l'Analisi Economica (UAB) and Institut d'Analisi Economica (CSIC) (available at http://pareto.uab.es/wp/2009/78009.pdf 29 Spendzharova, Aneta. 2008. "Banking Sector Liberalization and Reform in the Post-Communist Region After 1989: Assessing the Impact of Domestic Politics, International Conditionality, and Economic Development." IHS Political Science Series Working Paper, no. 116 (available at www.ihs.ac.at/publications/pol/pw_116.pdf 30 Staehr, Karsten. 2006. "Linkages Between Political and Economic Reforms in the Post-Communist Countries." Nordic Journal of Political Economy 32, no. 2: 113-138. 31 Toshkov, Dimiter. 2008. "Embracing European law. Compliance with EU Directives in Central and Eastern Europe." European Union Politics 9, no. 3: 379-402. 32 Vachudova, Anna Milada. 2005, Europe Undivided: Democracy, Leverage, and Integration After Communism. New York: Oxford University Press. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Kaire Pder Author-X-Name-First: Kaire Author-X-Name-Last: Pder Author-Name: Kaie Kerem Author-X-Name-First: Kaie Author-X-Name-Last: Kerem Title: Social Models" in a European Comparison Abstract: We show that principal component analysis enables the construction of geographic divisions of European social modelsNordic, Anglo-Saxon, Mediterranean, Continental, and Postcommunist, that basically follow Esping-Andersen's (1990) welfare regime typology. Instead of Esping-Andersen's criteria of "decommodification" and "stratification," which create typologies of the welfare statesliberal, conservative-corporatist, and social democratic, we compose "social protection" and "commodification" indexes. However, as expected, social-democratic Nordic countries have relatively low "commodification" and high "social protection" scores compared to the other countries. There are some outliers relative to existing typologiesHungary and the Czech Republic are connected to the Mediterraneans, while Portugal is grouped with the liberal Anglo-Saxons. Journal: Eastern European Economics Pages: 55-74 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=557163J0Q1223W56 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Addison, J., and S. Siebert. 1991. "The Social Charter of the European Community: Evolution and Controversities." Industrial and Labour Relations Review 44, no. 4: 597-625. 2 Aiginger, K., and A. Guger. 2006. "The Ability to Adapt: Why It Differs between the Scandinavian and Continental European Models." Intereconomics: Review of European Economic Policy 41, no. 1 (January/February): 14-23. 3 Arts, W., and J. Gelissen. 2002. "Three Worlds of Welfare Capitalism or More?" Journal of European Social Policy 12, no. 2: 137-158. 4 Baldwin, P. 1996. "Can We Define a European Welfare State Model?" In Comparative Welfare Systems, ed. B. E. Greve, pp. 29-46. London: Macmillan. 5 Bambra, C. 2007. "Defamilisation and Welfare State Regimes: A Cluster Analysis." International Journal of Social Welfare, February 26. 6 Barr, N. 1992. "Economic Theory and the Welfare State: A Survey and Interpretation." Journal of Economic Literature 30, no. 2: 741-803. 7 Bertrand, M., and A. Schoar. 2006. "The Role of Family in Family Firms." Journal of Economic Perspectives 20, no. 2: 73-96. 8 Bonoli, G. 1997. "Classifying Welfare States: A Two Dimensional Approach." Journal of Social Policy 26, no. 3: 351-372. 9 Castles, F. G. 1998. Comparative Public Policy: Patterns of Post-War Transformation. Cheltenham, UK: Edward Elgar. 10 Castles, F. G. 2004. The Future of the Welfare States: Crisis Myths and Crisis Realities. Oxford: Oxford University Press. 11 Castles, F. G., and D. Mitchell. 1991. Three Worlds of Welfare Capitalism or Four? Canberra: Graduate Program in Public Policy. 12 Chytilova, J., and M. Mejstrik. 2007. "European Social Models and Growth: Where Are the Eastern European Countries Heading?" IES Working Paper no. 24. 13 Deacon, B. 2000. "Eastern European Welfare States: The Impact of the Politics of Globalization." Journal of European Social Policy 10, no. 2: 146-161. 14 Draxler, J., and O. van Vliet. 2010. "European Social Model: No Convergence from the East." Journal of European Integration 32, no. 1: 115-135. 15 Esping-Andersen, G. 1990. The Three Worlds of Welfare Capitalism. Cambridge, UK: Polity Press. 16 Esping-Andersen, G. 1996. "After the Golden Age? Welfare State Dilemmas in a Global Economy." In Welfare States in Transition. National Adaptations in Global Economies, ed. Esping-Andersen, pp. 1-31. London: Sage. 17 Fenger, M. 2005. "Welfare Regimes in Central and Eastern Europe: Incorporating Postcommunist Countries in a Welfare Regime Typology." Paper presented at the NIG Annual Work Conference, Nijmegen, November 11. 18 Ferge, Z. 2001. "Welfare and Ill-Fare Systems in Central-Eastern Europe." In Globalization and European Welfare States: Challenges and Change, ed. R. Sykes, B. Palier, and M. Prior, pp. 127-152. Basingstoke, UK: Palgrave. 19 Ferge, Z. 2002. "European Integration and the Reform of Social Security in the Accession Countries." European Journal of Social Quality 3, nos. 1-2: 9-25. 20 Ferrera, M. 1996. "The Southern Model of Welfare in Social Europe." Journal of European Social Policy 6, no. 1: 17-37. 21 Ferrera, M. 2004. "Modernising the European Social Model; Sharpening Priorities, Stepping Up Reforms" (available at http://progressive-governance.net/php/article.php?aid=314/ 22 Guger, A.; T. Leoni; and E. Walterskirchen. 2007. European Socio-Economic Models: Experiences and Reform Perspectives. EUROFRAME-EFN, Autumn Report. 23 Hermann, C., and I. Hofbauer. 2007. "The European Social Model: Between Competitive Modernisation and Neoliberal Resistance." Capital and Class: Conference Socialist Economist (Autumn): 125-139. 24 Jones, C. 1993. "The Pacific Challenge." In New Perspectives on the Welfare State in Europe, ed. Jones, pp. 198-217. London: Routledge. 25 Juhasz, G. 2006. "Exporting or Pulling Down? The European Social Model and Eastern Enlargement of the EU." European Journal of Social Quality 6, no. 1: 82-108. 26 Kangas, O. 1994. "The Politics of Social Security: on Regressions, Qualitative Comparisons and Cluster Analysis." In The Comparative Political Economy of the Welfare State, ed. T. Janoski and A. Hischs, pp. 346-365. Cambridge: Cambridge University Press. 27 Kasza, G. J. 2002. "The Illusion of Welfare Regimes." Journal of Social Policy 31, no. 2: 271-287. 28 Korpi, W., and J. Palme. 1998. "The Paradox of Redistribution and the Strategy of Equality: Welfare State Institutions, Inequality and Poverty in the Western Countries." American Sociological Review 63, no. 5: 661-687. 29 Kwon, H.-J. 1997. "Beyond European Welfare Regimes: Comparative Perspectives on East Asian Welfare Systems." Journal of Social Policy 26, no. 4: 467-484. 30 Leibfreid, S. 1992. "Towards a European Welfare State." In Social Policy in a Changing Europe, ed. Z. Ferge and J. E. Kolberg, pp. 245-280. Frankfurt: Campus. 31 Lewis, J. 1992. "Gender and the Development of Welfare Regimes." Journal of European Social Policy 2: 195-211. 32 Navarro, V., and L. Shi. 2001. "The Political Context of Social Inequalities and Health." International Journal of Health Services 31: 1-21. 33 Pierson, P. 2000. "Increasing Returns, Path Dependence, and the Study of Politics." American Political Science Review 97, nos. 6-7: 251-267. 34 Pitruzello, S. 1999. Decommodification and the Worlds of Welfare Capitalism: A Cluster Analysis. Florence: European University Institute. 35 Pryor, F. L. 2005. "Market Economic Systems." Journal of Comparative Economics 33, no. 1: 25-46. 36 Pryor, F. L. 2009. "Happiness and Economic Systems." Comparative Economic Studies 51: 367-383. 37 Ragin, C. 1994. "A Qualitative Comparative Analysis of Pension Systems." In The Comparative Political Economy of the Welfare State, ed. T. Janoski and A. Hicks, pp. 320-345. Cambridge: Cambridge University Press. 38 Rys, V. 2001. "Transition Countries of Central Europe Entering the European Union: Some Social Protection Issues." International Social Security Review 54, nos. 2-3: 177-189. 39 Sainsbury, D. 1994. Gendering Welfare States. London: Sage. 40 Sapir, A. 2005. "Globalization and the Reform of European Social Models." Bruegel-Policy Brief, no. 1 (November). 41 van Vliet, O. 2010. "Divergence Within Convergence: Europeanisation of Social and Labour Market Policies." Journal of European Integration 32, no. 3: 269-290. 42 Vasconcelos Ferreira, L., and A. Figueiredo. 2005. "Welfare Regimes in the EU 15 and in the Enlarged Europe: An Exploratory Analysis." Porto, FEP Working Papers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:55-74 Template-Type: ReDIF-Article 1.0 Author-Name: Tomasz Lyziak Author-X-Name-First: Tomasz Author-X-Name-Last: Lyziak Author-Name: Jan Przystupa Author-X-Name-First: Jan Author-X-Name-Last: Przystupa Author-Name: Ewa Stanislawska Author-X-Name-First: Ewa Author-X-Name-Last: Stanislawska Author-Name: Ewa Wrbel Author-X-Name-First: Ewa Author-X-Name-Last: Wrbel Title: Monetary Policy Transmission Disturbances During the Financial Crisis Abstract: The aim of this paper is to show the implications of the current financial crisis for the monetary transmission mechanism (MTM) and its effectiveness in Poland, which is an inflation-targeting emerging market economy. MTM depends on monetary policy, but also on structural features of the economy. Financial crisis can affect both. Our results based on Polish data suggest a change in the monetary policy rule and a significant drop in overall monetary policy effectiveness. Unlike disturbances in the interest rate pass-through, which reflect an increased perception of risk and result from the financial crisis, the more pronounced role of credit market imperfections and the weakening of the exchange rate channel can be viewed as typical phenomena in the current phase of the business cycle. However, the magnitude of the crisis, the likely changes in the regulatory framework, and adjustments in macroeconomic policies can result in the deeper evolution of the MTM. Journal: Eastern European Economics Pages: 75-96 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M7U67110761T278X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Adrian, T.; A. Estrella; and H. S. Shin. 2010. "Monetary Cycles, Financial Cycles and the Business Cycle." Federal Reserve Bank of New York, Staff Report no. 421. 2 Alichi, A.; H. Chen; K. Clinton; C. Freedman; M. Johnson; O. Kamenik; T. Kisinbay; and D. Laxton. 2009. "Inflation Targeting Under Imperfect Policy Credibility." IMF Working Paper WP/09/94. 3 Bates, S., and V. Vaugirard. 2009. "Monetary Transmission Channels Around the Subprime Crisis: The U. S. Experience." Open Access Publications from Universit Paris Dauphine http://basepub.dauphine.fr/xmlui/bitstream/123456789/1483/2/7.Bates-.pdf 4 Boivin, J.; M. T. Kiley; and F. S. Mishkin. 2010. "How Has the Monetary Transmission Mechanism Evolved Over Time?" NBER Working Paper no. 15879 (available at www.nber.org/papers/w15879/ 5 Caballero, R., and A. Krishnamurthy. 2004. "Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective." NBER Working Paper no. 10517 (available at www.nber.org/papers/w10517.pdf 6 Cecioni, M., and S. Neri. 2010. "The Monetary Transmission in the Euro Area: Has It Changed and Why?" (available at www.dynare.org/DynareConference2010/Cecioni_Neri_MTM_mar2010.pdf 7 Correa, A. S., and A. Minella. 2006. "Nonlinear Mechanisms of the Exchange Rate Pass-Through: A Phillips Curve Model with Threshold for Brazil." Working Paper Series no. 122, Banco Central do Brasil. 8 Del Giovane, P.; G. Eramo; and A. Nobili. 2010. "Disentangling Demand and Supply in Credit Developments: A Survey Based Analysis for Italy." Journal of Banking and Finance 35, no. 10: 2719-2732. 9 Filardo, A. J. 1998. "New Evidence of the Output Cost of Fighting Inflation." Federal Reserve Bank of Kansas City, Economic Review 83, no. 3: 33-61. 10 Harvey, A. C. 1991. The Econometric Analysis of Time Series. Cambridge: MIT Press. 11 Jobst, C., and C. Kwapil. 2008. "The Interest Rate Pass-Through in Austria: Effects of the Financial Crisis." Monetary Policy and the Economy, no. 4. 12 Kim, S., and N. Roubini. 1995. "Liquidity and Exchange Rates in the G-7 Countries: Evidence from Identified VARs." Working Paper, Yale University. 13 Lyziak, T.; J. Mackiewicz; and E. Stanislawska. 2007. "Central Bank Transparency and Credibility. The Case of Poland, 1998-2004." European Journal of Political Economy 23, no. 1: 67-88. 14 Mohanty, M. S., and P. Turner. 2008. "Monetary Policy Transmission in Emerging Market Economies: What Is New?" In Basel, Transmission Mechanisms for Monetary Policy in Emerging Market Economies, ed. Bank for International Settlements, vol. 35, pp. 1-59 (available at www.bis.org/publ/bppdf/bispap35a.pdf 15 National Bank of Poland (NBP). 2008-10. Senior Loan Officer Survey on Bank Lending Practices and Credit Conditions. Various issues (available at www.nbp.pl 16 Peersman, G., and F. Smets. 2003. "The Monetary Transmission Mechanism in the Euro Area: Evidence from VAR Analysis." In Monetary Policy Transmission in the Euro Area. A Study by the Eurosystem Monetary Transmission Network, ed. I. Angeloni, A. Kashyap, and B. Mojon, pp. 36-55. New York: Cambridge University Press. 17 Przystupa, J., and E. Wrbel. 2011. "Asymmetry of the Exchange Rate Pass-Through: An Exercise on Polish Data." Eastern European Economics 49, no. 1 (January-February): 30-51. 18 Tornell, A., and F. Westermann. 2002. "The Credit Channel in Middle Income Countries." NBER Working Paper no. 9355. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:75-96 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U31V07857Q773493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Janos Varga Author-X-Name-First: Janos Author-X-Name-Last: Varga Author-Name: Jan in't Veld Author-X-Name-First: Jan Author-X-Name-Last: in't Veld Title: Cohesion Policy Spending in the New Member States of the EU in an Endogenous Growth Model Abstract: European Union Cohesion Policy supports investment in infrastructure, research and development, and human capital in Europe's poorer regions. This paper provides a model-based assessment of the potential macroeconomic impact of these fiscal transfers using a microfounded dynamic general equilibrium model with endogenous growth and endogenous human capital accumulation. The simulations show the potential benefits of Structural Funds with significant output gains in the long run due to sizable productivity improvements. The condition that recipient countries cofinance part of the funding is found to raise the long-term output effects. Delays in spending due to slow absorption of available funding reduce potential gains. Journal: Eastern European Economics Pages: 29-54 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V818837W3764N7P8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Allard, C.; N. Choueiri; S. Schadler; and R. van Elkan. 2008. "Macroeconomic Effects of EU Transfers in New Member States." IMF Working Paper 08/223. Washington, DC. 2 Barro, R. J., and X. Sala-i-Martin. 1995. Economic Growth. New York: McGraw-Hill. 3 Boldrin, M., and F. Canova. 2001. "Europe's Regions: Income Disparities and Regional Policies." Economic Policy 16, no. 32: 207-253. 4 Bottazzi, L., and G. Peri. 2007. "The International Dynamics of R&D and Innovation in the Long Run and in the Short Run." Economics Journal 117, no. 3: 486-511. 5 Bougheas, S.; P. Demetriades; and T. Mamuneas. 2000. "Infrastructure, Specialization and Economic Growth." Canadian Journal of Economics 33, no. 2: 506-522. 6 Bradley, J., and J. Fitzgerald. 1988. "Industrial Output and Factor Input Determination in an Econometric Model of a Small Open Economy." European Economic Review 32: 1227-1241. 7 Bradley, J.; J-A. Herce; and L. Modesto. 1995. "Special Issue: The HERMIN Project." Economic Modelling 12, no. 3. 8 Cappelen, A.; F. Castellacci; J. Fagerberg; and B. Verspagen. 2003. "The Impact of EU Regional Support on Growth and Convergence in the European Union." Journal of Common Market Studies 41, no. 4: 621-644. 9 Checherita, C.; C. Nickel; and P. Rother. 2009. "The Role of Fiscal Transfers for Regional Economic Convergence in Europe." ECB Working Paper Series, no. 1029. 10 De la Fuente, A. 2010. "Testing, Not Modelling, the Impact of Cohesion Support: A Theoretical Framework and Some Preliminary Results for the Spanish Regions." CESIFO Working Paper, no. 2918. 11 Dixit, A. K. and J. E. Stiglitz. 1977. "Monopolistic Competition and Optimum Product Diversity." American Economic Review 67, no. 3: 297-308. 12 Ederveen, S.; H. Groot; and R. Nahuis. 2006. "Fertile Soil for Structural Funds? A Panel Data Analysis of the Conditional Effectiveness of European Cohesion Policy." Kyklos 59, no. 1: 17-42. 13 Ederveen, S.; J. Groter; R. de Mooij; and R. Nahuis. 2002. "Funds and Games: The Economics of European Cohesion Policy." Special Publication 41, CPB, Netherlands Bureau for Economic Policy Analysis, The Hague. 14 Gramlich, E. 1994. "Infrastructure Investment: A Review Essay." Journal of Economic Literature 32: 1176-1196. 15 Herve, Y., and R. Holzmann. 1998. Fiscal Transfers and Economic Convergence in the EU: An Analysis of Absorption Problems and an Evaluation of the Literature. Baden-Baden: Nomos. 16 in 't Veld, J. 2007. "The Potential Impact of the Fiscal Transfers Under the EU Cohesion Policy Programme." European Economy Economic Paper, no. 283, European Commission Directorate-General for Economic and Financial Affairs, Brussels (available at http://ec.europa.eu/economy_finance/publications/publication9579_en.pdf 17 Jones, C. I. 1995. "R&D-Based Models of Economic Growth." Journal of Political Economy 103, no. 4: 759-784. 18 Jones, C. I. 2002. "Source of U. S. Economic Growth in a World of Ideas." American Economic Review 92, no. 1: 220-239. 19 Katz, L. F., and K. M. Murphy. 1992. "Changes in Relative Wages, 1963-1987: Supply and Demand Factors." Quarterly Journal of Economics 107, no. 1: 35-78. 20 Mincer, J. 1974. Schooling, Experience, and Earnings. New York: Columbia University Press. 21 Organization for Economic Cooperation and Development (OECD). 2006. Education at a Glance. Paris. 22 Ratto, M.; W. Roeger; and J. in 't Veld. 2008. "QUEST III: An Estimated Open-Economy DSGE Model of the Euro Area with Fiscal and Monetary Policy." Economic Modelling 26: 222-233 (available at 23 Roeger, W.; J. Varga; and J. in 't Veld. 2008. "Structural Reforms in the EU: A Simulation-Based Analysis Using the QUEST Model with Endogenous Growth." European Economy Economic Paper, no. 351 (available at http://ec.europa.eu/economy_finance/publications/publication13531_en.pdf 24 Roeger, W.; J. Varga; and J. in 't Veld. 2009. "Modelling the Lisbon Strategy: Analysing Policies to Promote Knowledge Investment with an Endogenous Growth Model." Comparative Economic Studies 51: 520-539. 25 Romp, W., and J. de Haan. 2005. "Public Capital and Economic Growth: A Critical Survey." EIB Papers 10, no. 1: 40-70. 26 Sturm, J.; G. Kuper; and J. de Haan. 1996. "Modelling Government Investment and Economic Growth at the Macro Level: A Review." CCSO series no. 29, University of Groningen. 27 Varga, J., and J. in 't Veld. 2009. "A Model-Based Assessment of the Macroeconomic Impact of EU Structural Funds on the New Member States." European Economy Economic Paper, no. 371 (available at http://ec.europa.eu/economy_finance/publications/publication14342_en.pdf 28 Varga, J., and J. in 't Veld. 2010. "The Potential Impact of EU Cohesion Policy Spending in the 2007-13 Programming Period: A Model-Based Analysis." ECFIN European Economy Economic Paper, no. 422 (available at http://ec.europa.eu/economy_finance/publications/economic_paper/2010/index_en.htm 29 Varga, J., and J. in 't Veld. 2011. "A Model-Based Analysis of the Impact of Cohesion Policy Expenditure 2000-06: Simulations with the QUEST III Endogenous R&D Model." Economic Modeling 28: 647-663 (available at Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:29-54 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Gelain Author-X-Name-First: Paolo Author-X-Name-Last: Gelain Author-Name: Dmitry Kulikov Author-X-Name-First: Dmitry Author-X-Name-Last: Kulikov Title: An Estimated Dynamic Stochastic General Equilibrium Model with Financial Frictions for Estonia Abstract: In this paper we estimate an extended version of the previously estimated small open economy dynamic stochastic general equilibrium model for Estonia (Gelain and Kulikov 2009). Here we introduce financial frictions, in the form of the so-called financial accelerator. Our main findings are: (1) financial frictions improve the ability of the model to fit the data; (2) the financial shock is relevant in explaining the variance of the macroeconomic variables; (3) impulse response functions describe the expected amplification of shocks, except for some of them (e.g., the technology shock); and (4) all of the nominal and real rigidities are important for obtaining a better fit of the model, with the exception of real wages. Journal: Eastern European Economics Pages: 97-120 Issue: 5 Volume: 49 Year: 2011 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W676170Q2Q258136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Adjemian, S.; H. Bastani; M. Juillard; F. Mihoubi; G. Perendia; M. Ratto; and S. Villemot. 2011."Dynare: Reference Manual, Version 4." Dynare Working Papers, no. 1, CEPREMAP. 2 Adolfson, M.; S. Lasen; J. Lind; and M. Villani. 2007. "Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through." Journal of International Economics 72: 481-511. 3 An, S., and F. Schorfheide. 2007. "Bayesian Analysis of DSGE Models." Econometric Reviews 26: 113-172. 4 Bernanke, B.; M. Gertler; and S. Gilchrist. 1999. "The Financial Accelerator in a Quantitative Business Cycle Framework." In Handbook of Macroeconomics, ed. J. B. Taylor and M. Woodford, pp. 1341-1393. Amsterdam: North-Holland. 5 Canova, F. 2007. Methods for Applied Macroeconomic Research. Princeton: Princeton University Press. 6 Christensen, I., and A. Dib. 2008. "The Financial Accelerator in an Estimated New Keynesian Model." Review of Economic Dynamics 11, no. 1: 155-178. 7 De Graeve, F. 2008. "The External Finance Premium and the Macroeconomy: U. S. Post-WWII Evidence." Journal of Economic Dynamics and Control 32: 3415-3440. 8 Elekdag, S.; A. Justiniano; and I. Tchakarov. 2005. "An Estimated Small Open Economy Model of the Financial Accelerator." IMF Working Papers 05/44. 9 Fagan, G.; H. Jrme; and R. Mestre. 2005. "An Area-Wide Model (AWM) for the Euro Area." Economic Modelling 22: 39-59. 10 Gelain, P. 2010a. "The External Finance Premium in the Euro Area: A Dynamic Stochastic General Equilibrium Analysis." North American Journal of Economics and Finance 21, no. 1: 49-71. 11 Gelain, P. 2010b. "The External Finance Premium in the Euro Area: A Useful Indicator For Monetary Policy?" European Central Bank Working Paper no. 1171. 12 Gelain, P., and D. Kulikov. 2009. "An Estimated Dynamic Stochastic General Equilibrium Model for Estonia." Bank of Estonia Working Paper no. 5/2009. 13 Gelain, P.; D. Rodriguez-Palenzuela; and B. Vilagi. Forthcoming. "An Estimated Euro-area DSGE Model with Financial Frictions: Empirical Investigation of the Financial Accelerator Mechanism." European Central Bank. 14 Gilchrist, S.; A. Ortiz; and E. Zakrajsek. 2009. "Credit Risk and the Macroeconomy: Evidence from an Estimated Model." Paper presented at the FRB/JMCB conference "Financial Markets and Monetary Policy," Federal Reserve Board, Washington DC, June 4-5. 15 Jeffreys, H. 1961. Theory of Probability. 3d ed. New York: Oxford University Press. 16 Kattai, R. 2005. "EMMA: A Quarterly Model of the Estonian Economy." Bank of Estonia Working Paper no.12/2005. 17 Lopez, M. R., and N. Rodriguez. 2008. "Financial Accelerator Mechanism: Evidence for Colombia." Central Bank of Colombia Working Paper no. 481. 18 Queijo von Heideken, V. 2005. "How Important Are Financial Frictions in the U. S. and Euro Area?" Seminar Papers 738, Stockholm University, Institute for International Economic Studies. 19 Queijo von Heideken, V. 2009. "How Important Are Financial Frictions in the U. S. and Euro Area?" Scandinavian Journal of Economics 111, no. 3: 567-596. 20 Sims, C. 2000. "Solving Linear Rational Expectations Models." Yale University. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:97-120 Template-Type: ReDIF-Article 1.0 Author-Name: Alin Marius Andries Author-X-Name-First: Alin Marius Author-X-Name-Last: Andries Title: The Determinants of Bank Efficiency and Productivity Growth in the Central and Eastern European Banking Systems Abstract: In this paper we examine the determinants of the efficiency and productivity of the banking systems of seven central and east European countries during a five-year period, from 2004 to 2008. Two approaches are used to examine the efficiency of the banking industry in central and east European countries: stochastic frontier analysis and data envelopment analysis. The empirical results show that the average efficiency of banks in central and east European countries grew in the period analyzed. The improvement may be due to increased competition upon EU accession and the entry of foreign banks, as well as to extensive legislative changes that led banks to become more efficient. Based on the results, we see that the highest level of technical efficiency is recorded for the banking systems of Romania and the Czech Republic, and the lowest is recorded for Slovenia. Looking at the average efficiency scores for each country, we observe significant variation across the banking systems of the central and east European countries. Technical efficiency value estimates with the stochastic frontier analysis method range from 0.6275 in Slovakia to 0.8644 in Romania. To assess the level of productivity growth of the banking industry, a Malmquist productivity index is calculated using linear programming. In the analyzed period, on average, the productivity of banks had increased in 2008 by approximately 24.27 percent from 2004, an increase due especially to technological modification. Journal: Eastern European Economics Pages: 38-59 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0305143H1J27T504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aigner, D.; C. Lovell; and P. Schmidt. 1977. "Formulation and Estimation of Stochastic Frontier Production Function Models." Journal of Econometrics 6, no. 1: 21-37. 2 Alam, I. S. 2001. "A Nonparametric Approach for Assessing Productivity Dynamics of Large U. S. Banks." Journal of Money, Credit and Banking 33, no. 1: 121-139. 3 Asaftei, G., and S. Kumbhakar. 2008. "Regulation and Efficiency in Transition: The Case of Romanian Banks." Journal of Regulatory Economics 33, no. 3: 253-282. 4 Balk, B. M. 2001. "Scale Efficiency and Productivity Change." Journal of Productivity Analysis 15, no. 3: 159-183. 5 Banker, R. D.; A. Charnes; and W. W. Cooper. 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis." Management Science 30, no. 9: 1078-1092. 6 Battese, G., and T. Coelli. 1988. "Prediction of Firm Level Technical Inefficiencies with a Generalized Frontier Production Function and Panel Data." Journal of Econometrics 38, no. 3: 387-399. 7 Battese, G., and T. Coelli. 1992. "Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India." Journal of Productivity Analysis 3, nos. 1-2: 153-169. 8 Battese, G., and T. Coelli. 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data." Empirical Economics 20, no. 3: 325-332. 9 Bauer, P.; A. Berger; and D. Humphrey. 1993. "Efficiency and Productivity Growth in U. S. Banking." In The Measurement of Productive Efficiency: Techniques and Applications, ed. H. O. Fried, C. A. Knox Lovell, and S. S. Schmidt, pp. 386-413. Oxford: Oxford University Press. 10 Bauer, P.; A. Berger; G. Ferrier; and D. Humphrey. 1998. "Consistency Conditions for Regulatory Analysis of Financial Institutions: A Comparison of Frontier Efficiency Methods." Journal of Economic and Business 50, no. 2: 85-114; 11 Beccalli, E.; B. Casu; and C. Girardone. 2006. "Efficiency and Stock Performance in European Banking." Journal of Business Finance and Accounting 33, nos. 1-2: 245-262. 12 Berg, S. J.; F. R. Forsund; and E. S. Jansen. 1992. "Malmquist Indices and Productivity Growth During the Deregulation of Norwegian Banking: 1980-89." Scandinavian Journal of Economics 94: 211-228. 13 Berger, A., and D. Humphrey. 1997. "Efficiency of Financial Institutions: International Survey and Directions for Future Research." European Journal of Operational Research 98, no. 2: 175-212. 14 Berger, A., and L. Mester. 1997. "Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?" Journal of Banking and Finance 21, no. 7: 895-947. 15 Berger, A., and L. Mester. 2003. "Explaining the Dramatic Changes in Performance of U. S. Banks: Technological Change, Deregulation, and Dynamic Changes in Competition." Journal of Financial Intermediation 12, no. 1: 57-95. 16 Berger, A.; W. Hunter; and S. Timme. 1993. "The Efficiency of Financial Institutions: A Review and Preview of Research Past, Present and Future." Journal of Banking and Finance 17, nos. 2-3: 221-250. 17 Bonin, J.; I. Hassan; and P. Wachtel. 2005. "Bank Performance, Efficiency and Ownership in Transition Countries." Journal of Banking and Finance 29, no. 1: 31-53. 18 Casu, B., and C. Girardone. 2002."A Comparative Study of the Cost Efficiency of Italian Bank Conglomerates." Managerial Finance 28, no. 9: 3-23. 19 Casu, B.; C. Girardone; and P. Molyneux. 2004. "Productivity Change in European Banking: A Comparison of Parametric and Non-Parametric Approaches." Journal of Banking and Finance 28, no. 10: 2521-2540. 20 Caves, D.; I. Christensen; and W. Diewer. 1982. "Multilateral Comparisons of Output, Input and Productivity Using Superlative Index Number." Economic Journal 92, no. 365: 73-86. 21 Chaffai, V. T.; V. Dietsch; and F. Lozano-Vivas. 2001. "Technological and Environmental Differences in the European Banking Industries." Journal of Financial Services Research 19, nos. 2-3: 147-162. 22 Charnes, A.; W. W. Cooper; and E. Rhodes. 1978. "Measuring the Efficiency of Decision Making Units." European Journal of Operational Research 2, no. 6: 429-444. 23 Cornwell, C.; P. Schmidt; and R. Sickles. 1990. "Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels." Journal of Econometrics 46, nos. 1-2 (October-November): 185-200. 24 Cuesta, R., and L. Orea. 2002. "Mergers and Technical Efficiency in Spanish Savings Banks: A Stochastic Distance Function Approach." Journal of Banking and Finance 26, no. 12: 2231-2247. 25 Diewert, W., and A. Nakamura. 2003. "Index Number Concepts, Measures and Decompositions of Productivity Growth." Journal of Productivity Analysis 19, nos. 2-3: 127-159. 26 Diewert, W., and A. Nakamura. 2005. "Concepts and Measures of Productivity: An Introduction." In Services Industries and the Knowledge Based Economy, ed. R. G. Lipsey and A. Nakamura, pp. 19-37. Calgary: University of Calgary Press. 27 Fre, R.; S. Grosskopf; B. Lindgren; and P. Ross. 1992. "Productivity Changes in Swedish Pharmacies 1980-89: A Nonparametric Malmquist Approach." Journal of Productivity Analysis 3, nos. 1-2: 85-101 28 Favero, C., and L. Papi. 1995. "Technical Efficiency and Scale Efficiency in the Italian Banking Sector: A Non-Parametric Approach." Applied Economics 27, no. 4: 385-395. 29 Feng, G., and A. Serletis. 2010. "Efficiency, Technical Change, and Returns to Scale in Large U. S. Banks: Panel Data Evidence from an Output Distance Function Satisfying Theoretical Regularity." Journal of Banking and Finance 34, no. 1: 127-138. 30 Fried, H.; C. Knox Lovell; and S. Schmid. 2008. The Measurement of Productive Efficiency and Productivity Growth. Oxford: Oxford University Press. 31 Fries, S., and A. Taci. 2001. "Banking Reform and Development in Transition Economies." Working Paper no. 71, European Bank for Reconstruction and Development, London. 32 Fries, S., and A. Taci. 2005. "Cost Efficiency of Banks in Transition: Evidence from 289 Banks in 15 Post-Communist Countries." Journal of Banking and Finance 29, no. 1: 55-81. 33 Grifell-Tatje, E., and C. A. Knox Lovell. 1995. "A Note on the Malmquist Productivity Index." Economics Letters 47, no. 2: 169-175. 34 Grifell-Tatje, E., and C. A. Knox Lovell. 1997. "The Sources of Productivity Change in Spanish Banking." European Journal of Operational Research 98, no. 2: 364-380. 35 Grigorian, D., and V. Manole. 2002. "Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis." Working Paper no. 2850, World Bank, Washington, DC. 36 Guzmn, I., and C. Reverte. 2008. "Productivity and Efficiency Change and Shareholder Value: Evidence from the Spanish Banking Sector." Applied Economics 40, no. 15: 2033-2040. 37 Hasan, I., and K. Marton. 2003. "Development and Efficiency of the Banking Sector in a Transitional Economy." Journal of Banking and Finance 27, no. 12: 2249-2271. 38 Havrylchyk, O. 2006. "Efficiency of the Polish Banking Industry: Foreign Versus Domestic Banks." Journal of Banking and Finance 30, no. 7: 1975-1996. 39 Hoff, A. 2007. "Second Stage DEA: Comparison of Approaches for Modelling the DEA Score." European Journal of Operational Research 181, no. 1: 425-435. 40 Isik, I., and K. Hassan. 2003. "Financial Deregulation and Total Factor Productivity Change: An Empirical Study of Turkish Commercial Banks." Journal of Banking and Finance 27, no. 8: 1455-1485. 41 Koutsomanoli-Filippaki, A.; D. Margaritis; and C. Staikouras. 2009. "Efficiency and Productivity Growth in the Banking Industry of Central and Eastern Europe." Journal of Banking and Finance 33, no. 3: 557-567. 42 Kumbhakar, S. 1987. "The Specification of Technical and Allocative Inefficiency in Stochastic Production and Profit Frontiers." Journal of Econometrics 34, no. 3: 335-348. 43 Kumbhakar, S. 1990. "Production Frontiers, Panel Data and Time-Varying Technical Inefficiency." Journal of Econometrics 46, nos. 1-2 (October-November): 201-211. 44 Kumbhakar, S., and C. Lovell. 2000. Stochastic Frontier Analysis. Cambridge: Cambridge University Press. 45 Leamer, E., and H. Leonard. 1983. "Reporting the Fragility of Regression Estimates." Review of Economics and Statistics 65, no. 2: 306-317. 46 Liu, S.-T. 2010. "Measuring and Categorizing Technical Efficiency and Productivity Change of Commercial Banks in Taiwan." Expert Systems with Applications 37, no. 4: 2783-2789. 47 McAllister, P., and D. McManus. 1993. "Resolving the Scale Efficiency Puzzle in Banking." Journal of Banking and Finance 17, nos. 2-3: 389-405. 48 McDonald, J. 2009. "Using Least Squares and Tobit in Second Stage DEA Efficiency Analyses." European Journal of Operational Research 197, no. 2: 792-798. 49 McKillop, D.; J. Glass; and C. Ferguson. 2002. "Investigating the Cost Performance of UK Credit Unions Using Radial and Non-Radial Efficiency Measures." Journal of Banking and Finance 26, no. 8: 1563-1592. 50 Meeusen, W., and J. van de Broeck. 1977. "Efficiency Estimation from Cobb-Douglas Production Functions with Compared Error." International Economic Review 18, no. 2: 435-444. 51 Murillo-Zamorano, L. 2004. "Economic Efficiency and Frontier Techniques." Journal of Economic Surveys 18, no. 1: 33-77. 52 Rebelo, J., and V. Mendes 2000. "Malmquist Indices of Productivity Change in Portuguese Banking: The Deregulation Period." International Advances in Economic Research 6, no. 3: 531-543. 53 Rezitis, A. 2008. "Efficiency and Productivity Effects of Bank Mergers: Evidence from the Greek Banking Industry." Economic Modelling 25, no. 2: 236-254. 54 Rossi, S.; M. Schwaiger; and G. Winkler. 2005. "Managerial Behavior and Cost/ Profit Efficiency in the Banking Sectors of Central and Eastern European Countries." Working Paper no. 96, Oesterreichische Nationalbank, Vienna. 55 Tortosa-Ausina, E. 2002. "Banks Cost Efficiency and Output Specification." Journal of Productivity Analysis 18, no. 3: 199-222. 56 Weill, L. 2003. "Banking Efficiency in Transition Economies: The Role of Foreign Ownership." Economics of Transition 11, no. 3: 569-592. 57 Wheelock, D. C., and P. W. Wilson. 1999. "Technical Progress, Inefficiency, and Productivity Changes in U. S. Banking 1984-1993." Journal of Money, Credit, and Banking 31, no. 2: 212-234. 58 Xue, M., and P. Harker. 1999. "Overcoming the Inherent Dependency of DEA Efficiency Scores: A Bootstrap Approach." Working Paper no. 99-17, Financial Institution Center, Wharton School, University of Pennsylvania, Philadelphia. 59 Yildirim, S., and G. Philippatos. 2007. "Efficiency of Banks: Recent Evidence from the Transition Economies of Europe 1993-2000." European Journal of Finance 13, no. 2: 123-143. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:38-59 Template-Type: ReDIF-Article 1.0 Author-Name: Timotej Jagric Author-X-Name-First: Timotej Author-X-Name-Last: Jagric Author-Name: Vita Jagric Author-X-Name-First: Vita Author-X-Name-Last: Jagric Title: A Comparison of Growing Cell Structures Neural Networks and Linear Scoring Models in the Retail Credit Environment Abstract: In this paper we address the primary problem of lenders: how to distinguish between low- and high-risk debtors prior to granting credit. We constructed two types of credit scoring models: one based on standard logistic regression and the other on growing cell structures (GCS), something which has never before been applied to this area of research. The credit scoring task was performed on the pooled data set from a new member country of the European Union and its Economic and Monetary Union. The proposed model outperformed the benchmarking (logit) model. The results also demonstrate that the GCS model has better capability of capturing nonlinear relationships among variables and can better handle the properties of categorical variables. Journal: Eastern European Economics Pages: 74-96 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=17476441310T4278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, W. 1984. An Introduction to Multivariate Statistical Analysis. New York: Addison-Wesley. 2 Baesens, B.; R. Setiono; C. Mues; and J. Vanthienen. 2003. "Using Neural Network Rule Extraction and Decision Tables for Credit Risk Evaluation." Computer Journal of Management Science 49, no. 3: 312-329. 3 Banasik, J.; J. Crook; and L. Thomas. 2003. "Sample Selection Bias in Credit Scoring Models." Journal of the Operational Research Society 54, no. 8: 822-832. 4 Bohn, C. 1997. "An Incremental Unsupervised Learning Scheme for Function Approximation." In Proceedings of the 1997 IEEE International Conference on Neural Networks, pp. 1792-1797. Los Alamitos, CA: IEEE Computer Society Press. 5 Charitou, A.; E. Neophytou; and C. Charalambous. 2004. "Predicting Corporate Failure: Empirical Evidence for the UK." European Accounting Review 13, no. 3: 465-497. 6 Desai, V.; J. Crook; and G. Overstreet. 1996. "A Comparison of Neural Networks and Linear Scoring Models in the Credit Union Environment." European Computer Journal of Operational Research 95, no. 6: 24-37. 7 DeSieno, D. 1988. "Adding a Conscience to Competitive Learning." In Proceedings of the Second International Conference on Neural Networks, vol. 1, pp. 117-124. San Diego, CA. 8 Fritzke, B. 1993. "A Growing and Splitting Elastic Network for Vector Quantization." In Neural Networks for Signal Processing: Proceeding of the 1993 IEEE-SP Workshop, pp. 281-290. Los Alamitos, CA: IEEE Computer Society Press. 9 Fritzke, B. 1994. "Growing Cell Structure: A Self-Organizing Network for Unsupervised and Supervised Learning." Neural Networks 7, no. 9: 1441-1460. 10 Gardner, M. J., and D. L. Mills. 1989. "Evaluating the Likelihood of Default on Delinquency Loans." Financial Management 18, no. 4: 55-63. 11 Grossberg, S. 1976. "Adaptive Pattern Classification and Universal Recoding: I. Parallel Development and Coding of Neural Feature Detectors." Biological Cybernetics 23, no. 3: 121-134. 12 Hand, D. J., and W. E. Henley. 1993. "Can Reject Inference Ever Work?" IMA Journal of Mathematics Applied in Business and Industry 5, no. 4: 45-55. 13 Hand, D. J., and W. E. Henley. 1997. "Statistical Classification Methods in Consumer Credit Scoring: A Review." Journal of the Royal Statistical Society: Series A (Statistics in Society) 160, no. 3: 523-541. 14 Henley, W. E. 1995. "Statistical Aspects of Credit Scoring." Ph.D. dissertation, Open University, Milton Keynes, UK. 15 Huawang, J., and W. Sun. 1999. "On the Characteristics of Growing Cell Structures (GCS) Neural Network." Neural Processing Letters 10, no. 2: 139-149. 16 Hulle, M. M. V. 1998. "Kernel-Based Equiprobabilistic Topographic Map Formation." Neural Computation 10, no. 7: 1847-1872. 17 Jensen, L. 1992. "Using Neural Networks for Credit Scoring." Managerial Finance 18, no. 6: 15-26. 18 Kawahara, S., and T. Saito. 1996. "On a Novel Adaptive Self Organizing Network." In Proceedings of the Fourth IEEE International Workshop on Cellular Neural Networks and Their Applications, pp. 41-46. Los Alamitos, CA: IEEE Computer Society Press. 19 Kocenda, E., and M. Vojtek. 2009. "Default Predictors and Credit Scoring Models for Retail Banking." CESifo Working Paper no. 2862, Munich. 20 Kohonen, T. 1982. "Self-Organized Formation of Topologically Correct Feature Maps." Biological Cybernetics 43, no. 1: 59-69. 21 Kohonen, T. 1988. Self-Organization and Associative Memory, 2d ed. Berlin: Springer. 22 Lahsasna, A.; R. N. Ainon; and T. Y. Wah. 2010. "Credit Scoring Models Using Soft Computing Methods: A Survey." International Arab Journal of Information Technology 7, no. 2: 115-123. 23 Lawrence, E., and N. Arshadi. 1995. "A Multinomial Logit Analysis of Problem Loan Resolution Choices in Banking." Journal of Money, Credit and Banking 27, no. 1: 202-216. 24 Malhotra R., and K. Malhotra. 2003. "Evaluating Consumer Loans Using Neural Networks." Omega Computer Journal 31, no. 2: 83-96. 25 Malsburg, C. 1973. "Self-Organization of Orientation Sensitive Cells in the Striate Cortex." Kybernetik 14, no. 1: 85-100. 26 Martinetz, T. M., and K. J. Schulten. 1994. "Topology Representing Networks." Neural Networks 7, no. 3: 507-522. 27 Vellido A.; G. Lisboa; and J. Vaughan. 1999. "Neural Networks in Business: A Survey of Applications." Expert Systems with Applications 17, no. 1: 51-70. 28 Walker, A. I.; S. S. Cross; and R. F. Harrison. 1999. "Visualisation of Biomedical Datasets by Use of Growing Cell Structure Networks: A Novel Diagnostic Classification Technique." Lancet 354, no. 9189: 1518-1521. 29 West, D. 2000. "Neural Network Credit Scoring Models." Computers and Operations Research 27, no. 3: 1131-1152. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:74-96 Template-Type: ReDIF-Article 1.0 Author-Name: Chun-Ping Chang Author-X-Name-First: Chun-Ping Author-X-Name-Last: Chang Author-Name: Chien-Chiang Lee Author-X-Name-First: Chien-Chiang Author-X-Name-Last: Lee Title: The Effect of Globalization and Political Party on Economic Growth Abstract: The aim of this paper is to explore the role of globalization (the overall level as well as its three dimensions of economic, social, and political integration) in promoting economic growth and examine if the incumbent political party influences the relation between the two variables. We attempt to investigate the evidence of long-run equilibrium in terms of the relationship between globalization and economic growth in the period 1990-2006 while also considering the influences of the incumbent political party. In this paper we thus divide Europe into two groups based on political regime characteristics, using ten former communist countries (FCCs) and eighteen Organization for Economic Cooperation and Development (OECD) members as the study samples. The results of our empirical test confirm our expectations that globalization contributes to economic growth, but it is also sensitive to specific institutional factors, like an incumbent political party. Globalization has a larger impact on real gross domestic product per capita in FCCs than in OECD countries. Although the FCCs and OECD countries are in geographic proximity, the difference in their level of economic development is very large. Journal: Eastern European Economics Pages: 5-26 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7G5K53120U65P463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alesina, A. 1987. "Macroeconomic Policy in a Two-Party System as a Repeated Game." Quarterly Journal of Economics 102: 651-678. 2 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58, no. 2: 277-297. 3 Bjrnskov, C., and N. Potrafke, N. 2011. "Politics and Privatization in Central and Eastern Europe: A Panel Data Analysis." Economics of Transition 19: 201-230. 4 Breitung, J. 2000. "The Local Power of Some Unit Root Tests for Panel Data." In Nonstationary Panels, Panel Cointegration, and Dynamic Panels: Advances in Econometrics, vol. 15, ed. B. H. Baltagi, pp. 161-178. Amsterdam: JAI Press. 5 Chang, C.-P., and C.-C. Lee. 2010. "Globalization and Growth: A Political Economy Analysis for OECD Countries." Global Economic Review 39, no. 2: 157-173. 6 Crafts, N. 2000. "Globalization and Growth in the Twentieth Century." Working Paper no. WP/00/44, International Monetary Fund, Washington, DC, March. 7 Dreher, A. 2006. "Does Globalization Affect Growth? Evidence from a New Index of Globalization." Applied Economics 38, no. 10: 1091-1110. 8 Dreher, A.; N. Gaston; and P. Martens. 2008. Measuring Globalisation: Gauging Its Consequences. New York: Springer. 9 Dumrescu, E. 2001. "Globalization and Enlargement: What Future for Eastern Europe? (Uniting Europe: A Dream Too Far)." Eastern European Economics 39, no. 6 (November-December): 6-22. 10 Dutt, P., and D. Mitra. 2005. "Political Ideology and Endogenous Trade Policy: An Empirical Investigation." Review of Economics and Statistics 87, no. 1: 59-72. 11 Harrison, A. 1996. "Openness and Growth: A Time-Series, Cross-Country Analysis for Developing Countries." Journal of Development Economics 48, no. 2: 419-447. 12 Hibbs, D. 1977. "Political Parties and Macroeconomic Policies." American Political Science Review 71: 1467-1487. 13 Ilyin, M. 2004. "Studies of Globalization and Equity in Post-Soviet Russia." Communist and Post-Communist Studies 37: 71-83. 14 Levin, A.; C. F. Lin; and C. S. Chu. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties." Journal of Econometrics 108, no. 1: 1-24. 15 Li, Q., and R. Reuveny. 2003. "Economic Globalization and Democracy: An Empirical Analysis." British Journal of Political Science 33, no. 1: 29-54. 16 Marks, G.; C. Wilson; and L. Ray. 2002. "National Political Parties and European Integration." American Journal of Political Science 46, no. 3: 585-594. 17 Milner, H. V., and B. Judkins. 2004. "Partisanship, Trade Policy, and Globalization: Is There a Left-Right Divide on Trade Policy?" International Studies Quarterly 48, no. 1: 95-119. 18 North, D. C. 1990. Institutions, Institutional Change and Economic Performance. New York: Cambridge University Press. 19 Pedroni, P. 2004. "Panel Cointegration: Asymptotics and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis." Econometric Theory 20, no. 3: 597-625. 20 Potrafke, N. 2010. "Does Government Ideology Influence Deregulation of Product Markets? Empirical Evidence from OECD Countries." Public Choice 143: 135-155. 21 Pournarakis, M., and N. C. Varsakelis. 2004. "Institutions, Internationalization and FDI: The Case of Economies in Transition." Transnational Corporations 13, no. 2: 77-94. 22 Rodrguez, F., and D. Rodrik. 2001. "Trade Policy and Economic Growth: A Skeptic's Guide to Cross-National Evidence." In NBER Macroeconomics Annual 2000, vol. 15, ed. B. Bernanke and K. S. Rogoff, pp. 261-324. Cambridge: MIT Press. 23 Rodrik, D. 2007. One Economics, Many Recipes: Globalization, Institutions, and Economic Growth. Princeton: Princeton University Press. 24 Saich, T. 2000. "Globalization, Governance, and the Authoritarian State: China." In Governance in a Globalizing World, ed. J. S. Nye and J. Donahue, pp. 208-228. Washington, DC: Brookings Institution Press. 25 Salvatore, D. 2004. "Growth and Poverty in a Globalizing World." Journal of Policy Modeling 26, no. 4: 543-551. 26 Schmitt, H. 2005. "The European Parliament Elections of June 2004: Still Second-Order?" West European Politics, 28, no. 3: 650-679. 27 Schulze, G. G., and H. W. Ursprung. 1999. "Globalisation of the Economy and the Nation State." World Economy 22, no. 3: 295-352. 28 Seliger, B. 2004. "The Impact of Globalization: Chances and Risks for Russia as a Transformation Country." Eastern European Economics 42, no. 1 (January-February): 5-24. 29 Stiglitz, J. E. 2004. "Globalization and Growth in Emerging Markets." Journal of Policy Modeling 26, no. 4: 465-484. 30 Tworzecki, H. 2008. "A Disaffected New Democracy? Identities, Institutions and Civic Engagement in Post-Communist Poland." Communist and Post-Communist Studies 41: 47-62. 31 World Bank. 2008. World Development Indicators 2008. Washington, DC. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Artur Klimek Author-X-Name-First: Artur Author-X-Name-Last: Klimek Title: Greenfield Foreign Direct Investment Versus Cross-Border Mergers and Acquisitions Abstract: Firms can generally access foreign markets through exporting or local production. If a firm considers production in a host country, it must decide whether to acquire an existing company or to create a completely new establishment. The latter issue has been less frequently addressed in the literature, especially in the case of firms from emerging markets. Firms from less advanced economies possess distinctive features; therefore, the determinants of purchasing a foreign company or creating a new plant may also differ from the ones observed for firms from advanced economies. The main aim of this paper is to define characteristics of firms that choose between the two modes of serving foreign markets. The paper also investigates the characteristics of host markets (market size, market structure, and competition intensity). The study should also shed some light on the question of why, during recent years, the number of cross-border mergers and acquisitions exceeded the number of greenfield projects. Journal: Eastern European Economics Pages: 60-73 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G042566W35146065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Buckley, P. J., and M. C. Casson. 1976. The Future of Multinational Enterprise. New York: Holmes & Meier. 2 Harris, R. S., and D. Ravenscraft. 1991. "The Role of Acquisitions in Foreign Direct Investment: Evidence from the U. S. Stock Market." Journal of Finance 46, no. 3: 825-844. 3 Helpman, E. 1984. "A Simple Theory of Trade with Multinational Corporations." Journal of Political Economy 92, no. 3: 451-471. 4 Helpman, E., and P. Krugman. 2002. Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition and the International Economy. Cambridge: MIT Press. 5 Helpman, E.; M. Melitz; and S. Yeaple. 2004. "Exports Versus FDI with Heterogeneous Firms." American Economic Review 94, no. 1: 300-316. 6 Hennart, J.-F., and Y.-R. Park 1993. "Greenfield vs. Acquisition: The Strategy of Japanese Investors in the United States." Management Science 39, no. 9: 1054-1070. 7 Klimek, A. 2009. "The Role of Exporting and Foreign Direct Investment in the Internationalization Process of Polish Enterprises." Ph.D. dissertation, Wroclaw University of Economics, Wroclaw. 8 Mller, T. 2007. "Analyzing Modes of Foreign Entry: Greenfield Investment Versus Acquisition." Review of International Economics 15, no. 1: 93-111. 9 Neto, P.; A. Brandao; and A. Cerqueira. 2008. "The Macroeconomic Determinants of Cross Border Mergers and Acquisitions and Greenfield Investments." FEP Working Paper no. 188, Faculdade de Economia do Porto, Universidade do Porto, Porto, Portugal. 10 Nocke, V., and S. Yeaple. 2004a. "An Assignment Theory of Foreign Direct Investment." Working Paper no. 11004, National Bureau of Economic Research, Cambridge, MA. 11 Nocke, V., and S. Yeaple. 2004b. "Mergers and the Composition of International Commerce." Working Paper no. 10405, National Bureau of Economic Research, Cambridge, MA. 12 Raff, H.; M. Ryan; and F. Stahler. 2009. "The Choice of Market Entry Mode: Greenfield Investment, M&A and Joint Venture." International Review of Economics and Finance 18, no. 1: 3-10. 13 Rugman, A. 1981. Inside the Multinationals: The Economics of Internal Markets. London: Croom Helm. 14 Slangen, A., and J.-F. Hennart 2007. "Greenfield or Acquisition Entry: A Review of the Empirical Foreign Establishment Mode Literature." Journal of International Management 13, no. 4: 403-429. 15 Smarzynska, B. 2000. "Technological Leadership and Foreign Investors' Choice of Entry Mode." World Bank Policy Research Working Paper no. 2341, Washington, DC. 16 Zejan, M. C. 1990. "New Ventures or Acquisitions: The Choice of Swedish Multinational Enterprises." Journal of Industrial Economics 38, no. 3: 349-355. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:60-73 Template-Type: ReDIF-Article 1.0 Author-Name: Amelie F. Constant Author-X-Name-First: Amelie F. Author-X-Name-Last: Constant Author-Name: Martin Kahanec Author-X-Name-First: Martin Author-X-Name-Last: Kahanec Author-Name: Klaus F. Zimmermann Author-X-Name-First: Klaus F. Author-X-Name-Last: Zimmermann Title: The Russian-Ukrainian Political Divide Abstract: The Orange Revolution unveiled significant political and economic tensions between ethnic Russians and Ukrainians in Ukraine. Whether this divide was caused by purely ethnic differences or by ethnically segregated reform preferences is unknown. Analysis using unique micro data collected prior to the revolution finds that voting preferences for the forces of the forthcoming Orange Revolution were strongly driven by preferences for political and economic reforms but were also independently significantly affected by ethnicity, specifically, language and nationality. Russian speakers, as opposed to Ukrainian speakers, were significantly less likely to vote for the Orange Revolution, and nationality had similar effects. Journal: Eastern European Economics Pages: 97-109 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H63T572051566V68 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arel, D. 2005. "The Orange Revolution: Analysis and Implications of the 2004 Presidential Elections in Ukraine." Paper presented at the Third Annual Stasiuk-Cambridge Lecture on Contemporary Ukraine, Cambridge University, Cambridge, February 25. 2 Brainerd, E. 1998. "Winners and Losers in Russia's Economic Transition." American Economic Review 88, no. 5: 1094-1116. 3 Constant, A.; M. Kahanec; and K. F. Zimmermann. 2012. "The Russian-Ukrainian Earnings Divide." Economies of Transition 20, no. 1. 4 Fairlie, R. W. 1999. "The Absence of the African-American Owned Business: An Analysis of the Dynamics of Self-Employment." Journal of Labor Economics 17, no. 1: 80-108. 5 Fairlie, R. W. 2003. "An Extension of the Blinder-Oaxaca Decomposition Technique to Logit and Probit Models." Economic Growth Center Discussion Paper no. 873, Yale University, New Haven. 6 Fairlie, R. W. 2005. "An Extension of the Blinder-Oaxaca Decomposition Technique to Logit and Probit Models." Journal of Economic and Social Measurement 30, no. 4: 305-316. 7 Fidrmuc, J. 2000. "Political Support for Reforms: Economics for Voting in Transition." European Economic Review 44, no. 8: 1491-1513. 8 Ganguli, I., and K. Terrell. 2006. "Institutions, Markets and Men's and Women's Wage Inequality: Evidence from Ukraine." Journal of Comparative Economics 34, no. 2: 200-227. 9 Gorodnichenko, Y., and P. K. Sabirianova. 2005. "Returns to Schooling in Russia and Ukraine: A Semiparametric Approach to Cross-Country Comparative Analysis." Journal of Comparative Economics 33, no. 2: 324-350. 10 Hesli, V.; W. Reisinger; and A. Miller. 1998. "Political Party Developments in Divided Societies: The Case of Ukraine." Electoral Studies 17, no. 2: 235-256. 11 Kapstein, E., and B. Milanovic. 2000. "Dividing the Spoils: Pensions, Privatization, and Reform in Russia's Transition." World Bank Policy Research Paper no. 2292, World Bank, Washington, DC. 12 Khmelko, V. 2006. "Ethno-Cultural Aspects of Electoral Regionalism in Ukraine During the Presidential Elections in 2004." Working Paper, National University of Kyiv-Mohyla Academy, Kiev, Ukraine. 13 Lehmann, H.; N. Pignatti; and J. Wadsworth. 2006. "The Incidence and Cost of Job Loss in the Ukrainian Labor Market." Journal of Comparative Economics 34, no. 2: 248-271. 14 Lipset, S. M. 1963. Political Man: The Social Bases of Politics. New York: Anchor Books. 15 Oksamytna, S., and V. Khmelko. 2006. "Regional Divisions of Ukraine in the 2004 Presidential Elections: Gender, Age and Educational Differences of Electoral Preferences." Working Paper, National University of Kyiv-Mohyla Academy, Kiev, Ukraine. 16 Rendon, S. 2007. "The Catalan Premium: Language and Employment in Catalonia." Journal of Population Economics 20, no. 3: 669-686. 17 Salnykova, A. 2006. "Nationalism in Ukraine's Elections of 2004." Center for European, Russian and Eurasian Studies, University of Toronto, Canada (available at www.utoronto.ca/jacyk/gsc2006/files/salnykova,%20paper.pdf 18 Zimmermann, K. F. 2007. "The Economics of Migrant Ethnicity." Journal of Population Economics 20, no. 3: 487-494. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:97-109 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NVXX96M8G5G711G4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Slawomir I. Bukowski Author-X-Name-First: Slawomir I. Author-X-Name-Last: Bukowski Title: Integration of the Treasury Bond Market in Poland and the Eurozone Abstract: International integration of financial markets is one of the important conditions for favorable monetary integration. The treasury bond market is one of the financial market segments. Polish membership in the European Union and liberalization of capital movement were important factors in the development of the Polish Treasury bond market. General government deficits and public debt in the EU countries and in Poland have made this market develop. The aim of this paper is to examine the degree of Polish treasury bond market integration with that in the eurozone. An analysis of integration of these two Treasury bond markets based on the beta-convergence model and sigma-convergence model showed a decrease in the degree of integration in the period 2004-7 and an increase in the said degree in the period 2008-9. The analysis dealing with the evolution of the coefficient, the ai, t intercept, and the variance ratio (VRi, t), as well as the mean distance (di, t) of the coefficient from the value of 1, meaning full integration, confirmed these tendencies. It must be emphasized that there is a substantial difference between the degree of integration of Treasury bond markets in the eurozone and the degree of integration of the Polish Treasury bond market with that in the eurozone. Journal: Eastern European Economics Pages: 27-37 Issue: 6 Volume: 49 Year: 2011 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P3165643L7W74112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Adam, K.; T. Japelli; T. Menichini; A. Padula; and M. Pagano. 2002. "Analyse, Compare, and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union." Policy Report, European Commission, Brussels. 2 Babetskii, I.; L. Komrek; and Z. Komrkova. 2007. "Financial Integration Among New EU Member States and the Euro Area." Czech Journal of Economics and Finance 57, nos. 7-8: 341-362. 3 Baele, L.; A. Ferrando; P. Hrdal; E. Krylova; and C. Monnet. 2004. "Measuring Financial Integration in the Euro Area." Occasional Paper no. 14, European Central Bank, Frankfurt, April. 4 Baltzer, M.; L. Cappiello; R. A. de Satntis; and S. Manganelli. 2008. "Measuring Financial Integration in New EU Member States." Occasional Paper no. 81, European Central Bank, Frankfurt, March. 5 Barro, R. J., and X. Sala-i-Martin. 2004. Economic Growth, 2d ed. Cambridge: MIT Press. 6 European Central Bank. 2008. "Financial Integration in Europe." Statistical Annex, European Central Bank, Frankfurt, April. 7 Ingram, J. C. 1962. Regional Payments Mechanism: The Case of Puerto Rico. Chapel Hill: University of North Carolina Press. Handle: RePEc:mes:eaeuec:v:49:y:2011:i:6:p:27-37 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-6 Issue: 6 Volume: 38 Year: 2000 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380238?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:6:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Zdenek Tuma Author-X-Name-First: Zdenek Author-X-Name-Last: Tuma Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Is Inflation Targeting the Way to Lower Inflation? Abstract: Journal: Eastern European Economics Pages: 7-12 Issue: 6 Volume: 38 Year: 2000 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380239?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:6:p:7-12 Template-Type: ReDIF-Article 1.0 Author-Name: Katerina Smidkova Author-X-Name-First: Katerina Author-X-Name-Last: Smidkova Author-Name: Miroslav Hrncir Author-X-Name-First: Miroslav Author-X-Name-Last: Hrncir Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Transition to the Strategy of Inflation Targeting Abstract: Journal: Eastern European Economics Pages: 13-42 Issue: 6 Volume: 38 Year: 2000 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380240?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:6:p:13-42 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Tomsik Author-X-Name-First: Vladimir Author-X-Name-Last: Tomsik Title: Analysis of Foreign Trade in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 43-68 Issue: 6 Volume: 38 Year: 2000 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380241?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:6:p:43-68 Template-Type: ReDIF-Article 1.0 Author-Name: Tomas Sirovatka Author-X-Name-First: Tomas Author-X-Name-Last: Sirovatka Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Social Transfers and Their Effect in the Transformation Period Abstract: Journal: Eastern European Economics Pages: 69-94 Issue: 6 Volume: 38 Year: 2000 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380242?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:6:p:69-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 38 Year: 2000 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380231?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jiri Jonas Author-X-Name-First: Jiri Author-X-Name-Last: Jonas Title: The Exchange Rate Regime during the Transition Abstract: Journal: Eastern European Economics Pages: 6-35 Issue: 5 Volume: 38 Year: 2000 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380232?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:5:p:6-35 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Title: Are Wages an Important Determinant of Inflation in Slovenia? Abstract: Journal: Eastern European Economics Pages: 36-59 Issue: 5 Volume: 38 Year: 2000 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380233?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:5:p:36-59 Template-Type: ReDIF-Article 1.0 Author-Name: Janez Prašnikar Author-X-Name-First: Janez Author-X-Name-Last: Prašnikar Author-Name: Jan Svejnar Author-X-Name-First: Jan Author-X-Name-Last: Svejnar Author-Name: Polona Domadenik Author-X-Name-First: Polona Author-X-Name-Last: Domadenik Title: Enterprises in the Post-Privatization Period: Firm-Level Evidence for Slovenia Abstract: Journal: Eastern European Economics Pages: 60-92 Issue: 5 Volume: 38 Year: 2000 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380234?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:5:p:60-92 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 38 Year: 2000 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380225?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Helmut Wagner Author-X-Name-First: Helmut Author-X-Name-Last: Wagner Title: Central Banking in Transition Countries Abstract: Journal: Eastern European Economics Pages: 6-53 Issue: 4 Volume: 38 Year: 2000 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380226?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:4:p:6-53 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Frait Author-X-Name-First: Jan Author-X-Name-Last: Frait Author-Name: Luboš Komárek Author-X-Name-First: Luboš Author-X-Name-Last: Komárek Author-Name: Lumír Kulhánek Author-X-Name-First: Lumír Author-X-Name-Last: Kulhánek Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: An Analysis of Inflation in the Czech Republic Using the P* Model Abstract: Journal: Eastern European Economics Pages: 54-72 Issue: 4 Volume: 38 Year: 2000 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380227?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:4:p:54-72 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: Price Convergence and the Readiness of the Czech Economy for Accession to the European Union Abstract: Journal: Eastern European Economics Pages: 73-91 Issue: 4 Volume: 38 Year: 2000 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380228?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:4:p:73-91 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 38 Year: 2000 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380218?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Holub Author-X-Name-First: Tomáš Author-X-Name-Last: Holub Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Prices of Industrial Outputs and Inflationary Developments in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 6-25 Issue: 3 Volume: 38 Year: 2000 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380219?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:3:p:6-25 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jílek Author-X-Name-First: Josef Author-X-Name-Last: Jílek Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Derivatives in the Czech Republic and Abroad: Present and Future Abstract: Journal: Eastern European Economics Pages: 26-63 Issue: 3 Volume: 38 Year: 2000 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380220?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:3:p:26-63 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Klimentová Author-X-Name-First: Jana Author-X-Name-Last: Klimentová Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: Reform of Pension Insurance in the Years 1989 to 1996 and Current Problems in the System Abstract: Journal: Eastern European Economics Pages: 64-81 Issue: 3 Volume: 38 Year: 2000 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380221?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:3:p:64-81 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Zamrazilová Author-X-Name-First: Eva Author-X-Name-Last: Zamrazilová Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: External Imbalance: The Czech Case Abstract: Journal: Eastern European Economics Pages: 82-94 Issue: 3 Volume: 38 Year: 2000 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380222?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:3:p:82-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 38 Year: 2000 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380211?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Alexander Sundakov Author-X-Name-First: Alexander Author-X-Name-Last: Sundakov Title: Liberalization, the Legal Framework, and Market Indicators in Ukraine Abstract: Journal: Eastern European Economics Pages: 6-17 Issue: 2 Volume: 38 Year: 2000 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380212?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:2:p:6-17 Template-Type: ReDIF-Article 1.0 Author-Name: Nadia Malysh Author-X-Name-First: Nadia Author-X-Name-Last: Malysh Title: Ukraine Needs a Fundamental Pension Reform Abstract: Journal: Eastern European Economics Pages: 18-23 Issue: 2 Volume: 38 Year: 2000 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380213?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:2:p:18-23 Template-Type: ReDIF-Article 1.0 Author-Name: Helena Góralska Author-X-Name-First: Helena Author-X-Name-Last: Góralska Title: Funding of Social Benefits and the Social Service System in Ukraine Abstract: Journal: Eastern European Economics Pages: 24-46 Issue: 2 Volume: 38 Year: 2000 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380214?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:2:p:24-46 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Author-Name: Andrew Yurkovsky Author-X-Name-First: Andrew Author-X-Name-Last: Yurkovsky Title: European Aspects of the Disinflation Policy of the Czech National Bank Abstract: Journal: Eastern European Economics Pages: 47-96 Issue: 2 Volume: 38 Year: 2000 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380215?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:2:p:47-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 1 Volume: 38 Year: 2000 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380204?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Dabrowski Author-X-Name-First: Marek Author-X-Name-Last: Dabrowski Author-Name: Marcin Luczyński Author-X-Name-First: Marcin Author-X-Name-Last: Luczyński Author-Name: Malgorzata Markiewicz Author-X-Name-First: Malgorzata Author-X-Name-Last: Markiewicz Title: The Phases of Budgetary Reform Abstract: Journal: Eastern European Economics Pages: 6-33 Issue: 1 Volume: 38 Year: 2000 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380205?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:1:p:6-33 Template-Type: ReDIF-Article 1.0 Author-Name: Serhyi Teriokhin Author-X-Name-First: Serhyi Author-X-Name-Last: Teriokhin Title: Tax Policy Abstract: Journal: Eastern European Economics Pages: 34-50 Issue: 1 Volume: 38 Year: 2000 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380206?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:1:p:34-50 Template-Type: ReDIF-Article 1.0 Author-Name: Christian von Hirschhausen Author-X-Name-First: Christian Author-X-Name-Last: von Hirschhausen Author-Name: Volkhart Vincentz Author-X-Name-First: Volkhart Author-X-Name-Last: Vincentz Title: Energy Policy and Structural Reform Abstract: Journal: Eastern European Economics Pages: 51-70 Issue: 1 Volume: 38 Year: 2000 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380207?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:1:p:51-70 Template-Type: ReDIF-Article 1.0 Author-Name: Yuri I. Yekhanurov Author-X-Name-First: Yuri I. Author-X-Name-Last: Yekhanurov Title: The Progress of Privatization Abstract: Journal: Eastern European Economics Pages: 71-93 Issue: 1 Volume: 38 Year: 2000 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380208?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:38:y:2000:i:1:p:71-93 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380196?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: D. Gebert Author-X-Name-First: D. Author-X-Name-Last: Gebert Author-Name: S. Boerner Author-X-Name-First: S. Author-X-Name-Last: Boerner Author-Name: J. G. Agafonov Author-X-Name-First: J. G. Author-X-Name-Last: Agafonov Title: Attitudes toward Change Initiatives in Corporate Cultures Undergoing Transformation: Two Examples from Moscow Abstract: Journal: Eastern European Economics Pages: 5-25 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380197?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Ljubomir Drakulevski Author-X-Name-First: Ljubomir Author-X-Name-Last: Drakulevski Title: Managerial Style in Transition Economies: The Example of the Republic of Macedonia Abstract: Journal: Eastern European Economics Pages: 26-34 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380198?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:26-34 Template-Type: ReDIF-Article 1.0 Author-Name: G. Rodney Author-X-Name-First: G. Author-X-Name-Last: Rodney Author-Name: Calin Valsan Author-X-Name-First: Calin Author-X-Name-Last: Valsan Title: Early Privatization in Romania: The Period of Management and Employee Buyouts, 1991 to 1995 Abstract: Journal: Eastern European Economics Pages: 35-53 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380199?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:35-53 Template-Type: ReDIF-Article 1.0 Author-Name: Metka Stare Author-X-Name-First: Metka Author-X-Name-Last: Stare Title: Determinants of Producer Services Development in Slovenia Abstract: Journal: Eastern European Economics Pages: 54-70 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380200?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:54-70 Template-Type: ReDIF-Article 1.0 Author-Name: Mojmir Mrak Author-X-Name-First: Mojmir Author-X-Name-Last: Mrak Title: Communal Infrastructure in Slovenia in View of Its Accession to the European Union: Sector Review, Investment Needs, and Policy Priorities Abstract: Journal: Eastern European Economics Pages: 71-95 Issue: 6 Volume: 37 Year: 1999 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380201?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:6:p:71-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 37 Year: 1999 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380189?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Author-X-Name-First: Evžen Author-X-Name-Last: Kočenda Title: Residual State Property in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 6-35 Issue: 5 Volume: 37 Year: 1999 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380190?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:5:p:6-35 Template-Type: ReDIF-Article 1.0 Author-Name: Viktor Kotlán Author-X-Name-First: Viktor Author-X-Name-Last: Kotlán Title: The Term Structure of Interest Rates and Future Inflation Abstract: Journal: Eastern European Economics Pages: 36-51 Issue: 5 Volume: 37 Year: 1999 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380191?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:5:p:36-51 Template-Type: ReDIF-Article 1.0 Author-Name: David Epstein Author-X-Name-First: David Author-X-Name-Last: Epstein Author-Name: Peter Tillack Author-X-Name-First: Peter Author-X-Name-Last: Tillack Title: How Russian Agricultural Enterprises Are Surviving: The Financial Status of Large Agricultural Enterprises in the St. Petersburg Region Abstract: Journal: Eastern European Economics Pages: 52-92 Issue: 5 Volume: 37 Year: 1999 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380192?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:5:p:52-92 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 37 Year: 1999 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380182?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Dyba Author-X-Name-First: Karel Author-X-Name-Last: Dyba Title: Macroeconomic Policy and Economic Growth during the Transition: The Case of the Czech Republic in the 1990s Abstract: Journal: Eastern European Economics Pages: 5-21 Issue: 4 Volume: 37 Year: 1999 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380183?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:4:p:5-21 Template-Type: ReDIF-Article 1.0 Author-Name: Ales Delakorda Author-X-Name-First: Ales Author-X-Name-Last: Delakorda Title: The Money-Income Relation and the Monetary Transmission Mechanism: The Case of Slovenia Abstract: Journal: Eastern European Economics Pages: 22-49 Issue: 4 Volume: 37 Year: 1999 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380184?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:4:p:22-49 Template-Type: ReDIF-Article 1.0 Author-Name: Davorin Kračn Author-X-Name-First: Davorin Author-X-Name-Last: Kračn Author-Name: Davorin Kračun Author-X-Name-First: Davorin Author-X-Name-Last: Kračun Title: Price Formation and Inflation Multiplier Abstract: Journal: Eastern European Economics Pages: 50-69 Issue: 4 Volume: 37 Year: 1999 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380185?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:4:p:50-69 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Author-Name: Andreja Trtnik Author-X-Name-First: Andreja Author-X-Name-Last: Trtnik Title: European Union Enlargement: Is Enthusiasm Waning? Abstract: Journal: Eastern European Economics Pages: 70-96 Issue: 4 Volume: 37 Year: 1999 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380186?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:4:p:70-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 37 Year: 1999 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380176?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jernej Turk Author-X-Name-First: Jernej Author-X-Name-Last: Turk Author-Name: Emil Erjavec Author-X-Name-First: Emil Author-X-Name-Last: Erjavec Author-Name: Danilo Gambelli Author-X-Name-First: Danilo Author-X-Name-Last: Gambelli Title: Supply Trends in Slovenian Agriculture under Transition to the Market Abstract: Journal: Eastern European Economics Pages: 6-33 Issue: 3 Volume: 37 Year: 1999 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380177?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:3:p:6-33 Template-Type: ReDIF-Article 1.0 Author-Name: Éva Kiss Author-X-Name-First: Éva Author-X-Name-Last: Kiss Title: Recent Organizational Changes in Hungarian Industry and Their Effects: The Case of Budapest Abstract: Journal: Eastern European Economics Pages: 34-57 Issue: 3 Volume: 37 Year: 1999 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380178?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:3:p:34-57 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Exchange-Rate and Agricultural Development in Central and East European Countries Abstract: Journal: Eastern European Economics Pages: 58-90 Issue: 3 Volume: 37 Year: 1999 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380179?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:3:p:58-90 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 37 Year: 1999 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380171?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Vojmir Franičević Author-X-Name-First: Vojmir Author-X-Name-Last: Franičević Title: Privatization in Croatia: Legacies and Context Abstract: Journal: Eastern European Economics Pages: 5-54 Issue: 2 Volume: 37 Year: 1999 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380172?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:2:p:5-54 Template-Type: ReDIF-Article 1.0 Author-Name: Attila Bai Author-X-Name-First: Attila Author-X-Name-Last: Bai Author-Name: Zsolt Nemessályi Author-X-Name-First: Zsolt Author-X-Name-Last: Nemessályi Title: Hungarian Experience in Energy Utilization of Agricultural and Food-Industry By-Products Abstract: Journal: Eastern European Economics Pages: 55-81 Issue: 2 Volume: 37 Year: 1999 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380173?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:2:p:55-81 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 37 Year: 1999 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380166?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Belka Author-X-Name-First: Marek Author-X-Name-Last: Belka Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Author-Name: Stefan Krajewski Author-X-Name-First: Stefan Author-X-Name-Last: Krajewski Title: Corporate Governance and Economic Performance in Poland Abstract: Journal: Eastern European Economics Pages: 5-38 Issue: 1 Volume: 37 Year: 1999 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380167?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:1:p:5-38 Template-Type: ReDIF-Article 1.0 Author-Name: Jani Bekó Author-X-Name-First: Jani Author-X-Name-Last: Bekó Title: Analysis of Import Demand and Export Supply in Slovenia: Empirical Regularities and Stylized Facts Abstract: Journal: Eastern European Economics Pages: 39-90 Issue: 1 Volume: 37 Year: 1999 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380168?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:37:y:1999:i:1:p:39-90 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 36 Year: 1998 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380160?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: Kolektor Abstract: Journal: Eastern European Economics Pages: 5-28 Issue: 6 Volume: 36 Year: 1998 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380161?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:6:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Title: Sarrio Slovenija Ltd.: Cartonboard-Producing Company in the Control of Saffa S.p.A. from Italy Abstract: Journal: Eastern European Economics Pages: 29-54 Issue: 6 Volume: 36 Year: 1998 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380162?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:6:p:29-54 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: Tobačna Ljubljana, d.o.o.: Cigarette-Producing Company with the Majority Share of Reemtsma, Germany, and Seita, France Abstract: Journal: Eastern European Economics Pages: 55-97 Issue: 6 Volume: 36 Year: 1998 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380163?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:6:p:55-97 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380151?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Pražské Pivovary a.s. Abstract: Journal: Eastern European Economics Pages: 5-25 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380152?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Škoda Automobilová a.s. Abstract: Journal: Eastern European Economics Pages: 26-43 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380153?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:26-43 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Temac a.s. Abstract: Journal: Eastern European Economics Pages: 44-59 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380154?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:44-59 Template-Type: ReDIF-Article 1.0 Author-Name: Marfan Svetličič Author-X-Name-First: Marfan Author-X-Name-Last: Svetličič Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: Short Overview of the Slovenian Economy and Foreign Investment in Slovenia Abstract: Journal: Eastern European Economics Pages: 60-72 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380155?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:60-72 Template-Type: ReDIF-Article 1.0 Author-Name: Marfan Svetličič Author-X-Name-First: Marfan Author-X-Name-Last: Svetličič Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: Biterm d.o.o.: Thermostat-Producing Company of Gorenje GA (Slovenia) and Danfoss International A/S (Denmark) Abstract: Journal: Eastern European Economics Pages: 73-93 Issue: 5 Volume: 36 Year: 1998 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380156?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:5:p:73-93 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380141?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Malinka S. Koparanova Author-X-Name-First: Malinka S. Author-X-Name-Last: Koparanova Title: Overview of Foreign Direct Investments in Bulgaria in the Middle of the 1990s Abstract: Journal: Eastern European Economics Pages: 5-14 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380142?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:5-14 Template-Type: ReDIF-Article 1.0 Author-Name: Malinka S. Koparanova Author-X-Name-First: Malinka S. Author-X-Name-Last: Koparanova Title: Berg-Montana Fittings Ltd. Abstract: Journal: Eastern European Economics Pages: 15-26 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380143?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:15-26 Template-Type: ReDIF-Article 1.0 Author-Name: Malinka S. Koparanova Author-X-Name-First: Malinka S. Author-X-Name-Last: Koparanova Title: Danone-Serdika J.S. Co. Abstract: Journal: Eastern European Economics Pages: 27-39 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380144?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:27-39 Template-Type: ReDIF-Article 1.0 Author-Name: Malinka S. Koparanova Author-X-Name-First: Malinka S. Author-X-Name-Last: Koparanova Title: Vidima-Ideal Ltd. Abstract: Journal: Eastern European Economics Pages: 40-57 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380145?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:40-57 Template-Type: ReDIF-Article 1.0 Author-Name: Malinka S. Koparanova Author-X-Name-First: Malinka S. Author-X-Name-Last: Koparanova Title: Zagorka J.S. Co. Abstract: Journal: Eastern European Economics Pages: 58-74 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380146?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:58-74 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Macroeconomic Situation of the Czechoslovak Economy at the End of the 1980s Abstract: Journal: Eastern European Economics Pages: 75-87 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380147?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:75-87 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Linde Technoplyn a.s. Abstract: Journal: Eastern European Economics Pages: 88-96 Issue: 4 Volume: 36 Year: 1998 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380148?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:4:p:88-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380133?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Andrea Szalavetz Author-X-Name-First: Andrea Author-X-Name-Last: Szalavetz Title: The Reliability of Hard Indicators for Measuring Restructuring Performance Abstract: Journal: Eastern European Economics Pages: 5-27 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380134?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: Miklós Szanyi Author-X-Name-First: Miklós Author-X-Name-Last: Szanyi Title: Experiences with Foreign Direct Investment in Eastern Europe: Advantages and Disadvantages Abstract: Journal: Eastern European Economics Pages: 28-48 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380135?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:28-48 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Čihák Author-X-Name-First: Martin Author-X-Name-Last: Čihák Author-Name: Tomáš Holub Author-X-Name-First: Tomáš Author-X-Name-Last: Holub Title: Inflation Targeting in the Czech Republic: Old Wine in New Bottles Abstract: Journal: Eastern European Economics Pages: 49-67 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380136?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:49-67 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastjan Strašek Author-X-Name-First: Sebastjan Author-X-Name-Last: Strašek Title: The Exchange-Rate Regime in the Transition Period Abstract: Journal: Eastern European Economics Pages: 68-79 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380137?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:68-79 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Title: Convergence for European Union Accession: Challenges for Czech Monetary Policy Abstract: Journal: Eastern European Economics Pages: 80-95 Issue: 3 Volume: 36 Year: 1998 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380138?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:3:p:80-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 36 Year: 1998 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380127?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jernej Turk Author-X-Name-First: Jernej Author-X-Name-Last: Turk Title: Productive Performance of Slovenian Milk Farms under the Former Regime and during the First Stages of Economic System Transformation Abstract: Journal: Eastern European Economics Pages: 7-30 Issue: 2 Volume: 36 Year: 1998 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380128?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:2:p:7-30 Template-Type: ReDIF-Article 1.0 Author-Name: Delco Jovanoski Author-X-Name-First: Delco Author-X-Name-Last: Jovanoski Author-Name: Robert Minovski Author-X-Name-First: Robert Author-X-Name-Last: Minovski Author-Name: Herwig Muthsam Author-X-Name-First: Herwig Author-X-Name-Last: Muthsam Title: Challenges Facing Macedonian Enterprises in the Postprivatization Phase Abstract: Journal: Eastern European Economics Pages: 31-42 Issue: 2 Volume: 36 Year: 1998 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380129?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:2:p:31-42 Template-Type: ReDIF-Article 1.0 Author-Name: Ádám Tõrõk Author-X-Name-First: Ádám Author-X-Name-Last: Tõrõk Title: Performance and Corporate Governance in Hungarian Industry (1989-94) Abstract: Journal: Eastern European Economics Pages: 43-92 Issue: 2 Volume: 36 Year: 1998 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380130?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:2:p:43-92 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-8 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380118?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Márta Kiefer Author-X-Name-First: Márta Author-X-Name-Last: Kiefer Author-Name: Adam Török Author-X-Name-First: Adam Author-X-Name-Last: Török Title: BRG Abstract: Journal: Eastern European Economics Pages: 9-18 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380119?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:9-18 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Urbanek Author-X-Name-First: Piotr Author-X-Name-Last: Urbanek Title: Drumet Abstract: Journal: Eastern European Economics Pages: 19-30 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380120?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:19-30 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Title: Stomil-Olsztyn S.A. Abstract: Journal: Eastern European Economics Pages: 31-46 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380121?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:31-46 Template-Type: ReDIF-Article 1.0 Author-Name: Tory Wolff Author-X-Name-First: Tory Author-X-Name-Last: Wolff Title: ZVU a.s. Abstract: Journal: Eastern European Economics Pages: 47-65 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380122?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:47-65 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jílek Author-X-Name-First: Josef Author-X-Name-Last: Jílek Author-Name: Jiřina Jílková Author-X-Name-First: Jiřina Author-X-Name-Last: Jílková Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: The Reaction of Residents and Nonresidents to the Widening of the Intervention Band of the Czech Koruna Abstract: Journal: Eastern European Economics Pages: 66-81 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380123?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:66-81 Template-Type: ReDIF-Article 1.0 Author-Name: Chris Allen Author-X-Name-First: Chris Author-X-Name-Last: Allen Author-Name: Kateřina Šmídková Author-X-Name-First: Kateřina Author-X-Name-Last: Šmídková Title: A Model of the Demand of Czech Households for Financial Assets during Coupon Privatization Abstract: Journal: Eastern European Economics Pages: 82-95 Issue: 1 Volume: 36 Year: 1998 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380124?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:36:y:1998:i:1:p:82-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-9 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380109?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Urbanek Author-X-Name-First: Piotr Author-X-Name-Last: Urbanek Title: Fala Ltd. Abstract: Journal: Eastern European Economics Pages: 10-23 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380110?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:10-23 Template-Type: ReDIF-Article 1.0 Author-Name: Stefan Krajewski Author-X-Name-First: Stefan Author-X-Name-Last: Krajewski Title: Uniontex Abstract: Journal: Eastern European Economics Pages: 24-37 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380111?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:24-37 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Title: Syntex Abstract: Journal: Eastern European Economics Pages: 38-50 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380112?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:38-50 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Matesová Author-X-Name-First: Jana Author-X-Name-Last: Matesová Title: Veba Abstract: Journal: Eastern European Economics Pages: 51-73 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380113?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:51-73 Template-Type: ReDIF-Article 1.0 Author-Name: Laszlo Kacsirek Author-X-Name-First: Laszlo Author-X-Name-Last: Kacsirek Author-Name: Judit Koczian Author-X-Name-First: Judit Author-X-Name-Last: Koczian Title: Matra Cukor Rt. Abstract: Journal: Eastern European Economics Pages: 74-84 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380114?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:74-84 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Jirášek Author-X-Name-First: Jaroslav Author-X-Name-Last: Jirášek Title: CSAO Teplice a.s. Abstract: Journal: Eastern European Economics Pages: 85-94 Issue: 6 Volume: 35 Year: 1997 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380115?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:6:p:85-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-9 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380098?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Urbanek Author-X-Name-First: Piotr Author-X-Name-Last: Urbanek Title: Organika Abstract: Journal: Eastern European Economics Pages: 10-20 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380099?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:10-20 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Čakrt Author-X-Name-First: Michal Author-X-Name-Last: Čakrt Title: Novia Abstract: Journal: Eastern European Economics Pages: 21-33 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380100?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:21-33 Template-Type: ReDIF-Article 1.0 Author-Name: Krisztina Penyigey Author-X-Name-First: Krisztina Author-X-Name-Last: Penyigey Title: Nivelco Ltd. Abstract: Journal: Eastern European Economics Pages: 34-43 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380101?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:34-43 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Matesová Author-X-Name-First: Jana Author-X-Name-Last: Matesová Title: Glavunion Abstract: Journal: Eastern European Economics Pages: 44-60 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380102?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:44-60 Template-Type: ReDIF-Article 1.0 Author-Name: Miklos Somai Author-X-Name-First: Miklos Author-X-Name-Last: Somai Title: Salgglas Svegipari Ltd. Abstract: Journal: Eastern European Economics Pages: 61-73 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380103?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:61-73 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Očková Author-X-Name-First: Alena Author-X-Name-Last: Očková Title: CS-12 Abstract: Journal: Eastern European Economics Pages: 74-83 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380104?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:74-83 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Urbanek Author-X-Name-First: Piotr Author-X-Name-Last: Urbanek Title: Polfa Abstract: Journal: Eastern European Economics Pages: 84-95 Issue: 5 Volume: 35 Year: 1997 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380105?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:5:p:84-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3 Issue: 4 Volume: 35 Year: 1997 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380093?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:4:p:3 Template-Type: ReDIF-Article 1.0 Author-Name: Jenifer Piesse Author-X-Name-First: Jenifer Author-X-Name-Last: Piesse Author-Name: Colin Thirtle Author-X-Name-First: Colin Author-X-Name-Last: Thirtle Title: Sector-Level Efficiency and Productivity in Hungarian Primary, Secondary, and Tertiary Industries, 1985-1991 Abstract: Journal: Eastern European Economics Pages: 5-39 Issue: 4 Volume: 35 Year: 1997 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380094?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:4:p:5-39 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Stolze Author-X-Name-First: Frank Author-X-Name-Last: Stolze Title: Current Structural Changes and Emerging Foreign Trade Patterns in the Postreform Czech Economy, 1989-1996 Abstract: Journal: Eastern European Economics Pages: 41-87 Issue: 4 Volume: 35 Year: 1997 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380095?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:4:p:41-87 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 35 Year: 1997 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380086?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Čihák Author-X-Name-First: Martin Author-X-Name-Last: Čihák Author-Name: Kamil Janáček Author-X-Name-First: Kamil Author-X-Name-Last: Janáček Title: Stock-Market Volatility and Real Processes in the Czech Economy Abstract: Journal: Eastern European Economics Pages: 6-34 Issue: 3 Volume: 35 Year: 1997 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380087?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:3:p:6-34 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Dvořák Author-X-Name-First: Tomáš Author-X-Name-Last: Dvořák Title: Are Capital Inflows in the Czech Republic Inflationary? Abstract: Journal: Eastern European Economics Pages: 35-65 Issue: 3 Volume: 35 Year: 1997 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380088?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:3:p:35-65 Template-Type: ReDIF-Article 1.0 Author-Name: Marcel Meler Author-X-Name-First: Marcel Author-X-Name-Last: Meler Title: Marketing in Transition Conditions: Example of the Republic of Croatia Abstract: Journal: Eastern European Economics Pages: 66-74 Issue: 3 Volume: 35 Year: 1997 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380089?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:3:p:66-74 Template-Type: ReDIF-Article 1.0 Author-Name: Snejina Michailova Author-X-Name-First: Snejina Author-X-Name-Last: Michailova Title: The Bulgarian Experience in the Privatization Process Abstract: Journal: Eastern European Economics Pages: 75-92 Issue: 3 Volume: 35 Year: 1997 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380090?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:3:p:75-92 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380077?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Ivan Šujan Author-X-Name-First: Ivan Author-X-Name-Last: Šujan Author-Name: Milota Šujanová Author-X-Name-First: Milota Author-X-Name-Last: Šujanová Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: Macroeconomic Evolution in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 7-20 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380078?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:7-20 Template-Type: ReDIF-Article 1.0 Author-Name: Jíří Pospíšil Author-X-Name-First: Jíří Author-X-Name-Last: Pospíšil Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: Inflation and the Independence of a Central Bank: Have We Had Any Experience in the Czech Republic? Abstract: Journal: Eastern European Economics Pages: 21-28 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380079?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:21-28 Template-Type: ReDIF-Article 1.0 Author-Name: Milena Horčicová Author-X-Name-First: Milena Author-X-Name-Last: Horčicová Author-Name: Liana Payson Author-X-Name-First: Liana Author-X-Name-Last: Payson Title: The Old Bad Loans Problem: The Czech Experience Abstract: Journal: Eastern European Economics Pages: 29-40 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380080?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:29-40 Template-Type: ReDIF-Article 1.0 Author-Name: George C. Petrakos Author-X-Name-First: George Author-X-Name-Last: Petrakos Title: Industrial Structure and Change in the European Union: Comparative Analysis and Implications for Transition Economies Abstract: Journal: Eastern European Economics Pages: 41-63 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380081?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:41-63 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Mertlík Author-X-Name-First: Pavel Author-X-Name-Last: Mertlík Title: Czech Privatization: From Public Ownership to Public Ownership in Five Years? Abstract: Journal: Eastern European Economics Pages: 64-83 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380082?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:64-83 Template-Type: ReDIF-Article 1.0 Author-Name: Jerzy Nowakowski Author-X-Name-First: Jerzy Author-X-Name-Last: Nowakowski Title: Bank Deposit Guarantee System in Poland Abstract: Journal: Eastern European Economics Pages: 84-95 Issue: 2 Volume: 35 Year: 1997 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380083?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:2:p:84-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380069?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Stolze Author-X-Name-First: Stolze Author-X-Name-Last: Brada Title: The Central and East European Currency Phenomenon Reconsidered Abstract: Journal: Eastern European Economics Pages: 5-30 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380070?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Trajko Slaveski Author-X-Name-First: Trajko Author-X-Name-Last: Slaveski Title: Privatization in the Republic of Macedonia: Five Years After Abstract: Journal: Eastern European Economics Pages: 31-51 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380071?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:31-51 Template-Type: ReDIF-Article 1.0 Author-Name: Mihail Petkovski Author-X-Name-First: Mihail Author-X-Name-Last: Petkovski Author-Name: Trajko Slaveski Author-X-Name-First: Trajko Author-X-Name-Last: Slaveski Title: Foreign Trade in the Republic of Macedonia Abstract: Journal: Eastern European Economics Pages: 52-74 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380072?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:52-74 Template-Type: ReDIF-Article 1.0 Author-Name: Carmen de la Cámara Author-X-Name-First: Carmen de la Author-X-Name-Last: Cámara Title: The Labor Market in Central and Eastern Europe: Transformations and Perspectives Abstract: Journal: Eastern European Economics Pages: 76-93 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380073?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:76-93 Template-Type: ReDIF-Article 1.0 Author-Name: Wim Swaan Author-X-Name-First: Wim Author-X-Name-Last: Swaan Title: Erratum: Knowledge, Transaction Costs, and the Problems of Transformation Abstract: Journal: Eastern European Economics Pages: 94-95 Issue: 1 Volume: 35 Year: 1997 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380074?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:35:y:1997:i:1:p:94-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380060?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Bobek Šuklev Author-X-Name-First: Bobek Author-X-Name-Last: Šuklev Title: Privatization in the Republic of Macedonia Abstract: Journal: Eastern European Economics Pages: 5-17 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380061?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:5-17 Template-Type: ReDIF-Article 1.0 Author-Name: Biljana Sekulovska-Gaber Author-X-Name-First: Biljana Author-X-Name-Last: Sekulovska-Gaber Title: Macedonian Exports: A Small-Country Case Abstract: Journal: Eastern European Economics Pages: 18-36 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380062?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:18-36 Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Author-X-Name-First: Evžen Author-X-Name-Last: Kočenda Title: Volatility of a Seemingly Fixed Exchange Rate Abstract: Journal: Eastern European Economics Pages: 37-67 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380063?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:37-67 Template-Type: ReDIF-Article 1.0 Author-Name: Jerzy Nowakowski Author-X-Name-First: Jerzy Author-X-Name-Last: Nowakowski Title: The Role of the World Bank in Poland's Transition to a Market Economy Abstract: Journal: Eastern European Economics Pages: 68-79 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380064?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:68-79 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno S. Sergi Author-X-Name-First: Bruno S. Author-X-Name-Last: Sergi Title: A Skeptical Note on the Usefulness of a Tight Fiscal Policy Applied to the Czech Case Abstract: Journal: Eastern European Economics Pages: 80-88 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380065?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:80-88 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: A Response to Bruno Sergi Abstract: Journal: Eastern European Economics Pages: 89-91 Issue: 6 Volume: 34 Year: 1996 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380066?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:89-91 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 34 Year: 1996 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380052?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: George C. Petrakos Author-X-Name-First: George C. Author-X-Name-Last: Petrakos Title: The Regional Dimension of Transition in Central and East European Countries: An Assessment Abstract: Journal: Eastern European Economics Pages: 5-38 Issue: 5 Volume: 34 Year: 1996 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380053?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:5:p:5-38 Template-Type: ReDIF-Article 1.0 Author-Name: Wim Swaan Author-X-Name-First: Wim Author-X-Name-Last: Swaan Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: Knowledge, Transaction Costs, and the Problems of Transformation Abstract: In postsocialist societies, the character of economic behavior is determined in the short run by the decay of the party-state's structures. The salutary effects of liberalization are felt only somewhat later; in the interim, actors on the economic scene must shoulder the sizable costs associated with transformation. We can classify these costs into the following categories: (I) the costs of creating new economic units and reorganizing old ones; (2) the costs of rebuilding the network of economic transactions; and (3) the efficiency-damaging effect of weaknesses in economic competency on specialization and division of labor within, as well as among, enterprises. All three of these are related to the tacit nature of human knowledge and skills, as well as to the difficulties involved in passing them on to others. The development of markets and effective enterprise management structures will be accomplished first in those establishments and branches in which the expected size of transformation costs are relatively low. Journal: Eastern European Economics Pages: 39-58 Issue: 5 Volume: 34 Year: 1996 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380054?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:5:p:39-58 Template-Type: ReDIF-Article 1.0 Author-Name: Mlklós Szanyi Author-X-Name-First: Mlklós Author-X-Name-Last: Szanyi Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: Adaptive Steps by Hungary's Industries during the Transition Crisis Abstract: The disorder accompanying the systemic transformation has fundamentally disrupted the environment in which Hungarian industrial firms operate. The two most significant changes were the crisis of solvency, resulting in part from the loss of markets, and the proprietorial uncertainty. Some of the firms suffered the blows submissively, while others tried to adapt in a more active fashion. According to research conducted at the Research Institute for World Economy of the Hungarian Academy of Sciences, even some of the active steps, such as taking on contracted projects or compulsively enforced export activities, failed to solve the problems of solvency. At the same time, some other steps proved to be more effective. Real success came from those adaptive moves in which managements' strategies combined fundamental operational change with ownership transfer, enabling them to preserve their leadership role during the transformation process. Journal: Eastern European Economics Pages: 59-77 Issue: 5 Volume: 34 Year: 1996 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380055?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:5:p:59-77 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Author-Name: Katia Jacobs Author-X-Name-First: Katia Author-X-Name-Last: Jacobs Title: Dilemmas in Czech Monetary Policy Abstract: Journal: Eastern European Economics Pages: 78-92 Issue: 5 Volume: 34 Year: 1996 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380056?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:5:p:78-92 Template-Type: ReDIF-Article 1.0 Author-Name: Vladislav Cieslar Author-X-Name-First: Vladislav Author-X-Name-Last: Cieslar Title: The Czech: Saxony Cross-Border Dimension of Regional Transition in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 3-40 Issue: 4 Volume: 34 Year: 1996 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380048?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:4:p:3-40 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Kukar Author-X-Name-First: Stanislava Author-X-Name-Last: Kukar Title: Regional Policy in Slovenia: Results, Problems, and Alternatives Abstract: Journal: Eastern European Economics Pages: 41-103 Issue: 4 Volume: 34 Year: 1996 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380049?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:4:p:41-103 Template-Type: ReDIF-Article 1.0 Author-Name: Károly Fazekas Author-X-Name-First: Károly Author-X-Name-Last: Fazekas Title: Types of Microregions, Dispersion of Unemployment, and Local Employment Development in Hungary Abstract: Journal: Eastern European Economics Pages: 3-48 Issue: 3 Volume: 34 Year: 1996 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380044?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:3:p:3-48 Template-Type: ReDIF-Article 1.0 Author-Name: Garabed Minassian Author-X-Name-First: Garabed Author-X-Name-Last: Minassian Author-Name: Stoyan Totev Author-X-Name-First: Stoyan Author-X-Name-Last: Totev Title: The Bulgarian Economy in Transition Regional Aftereffects (Possibilities for Structural and Regional Redevelopment) Abstract: Journal: Eastern European Economics Pages: 49-92 Issue: 3 Volume: 34 Year: 1996 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380045?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:3:p:49-92 Template-Type: ReDIF-Article 1.0 Author-Name: Marvin Jackson Author-X-Name-First: Marvin Author-X-Name-Last: Jackson Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-10 Issue: 2 Volume: 34 Year: 1996 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380038?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:2:p:3-10 Template-Type: ReDIF-Article 1.0 Author-Name: Silvana Malle Author-X-Name-First: Silvana Author-X-Name-Last: Malle Title: A General Overview of the Approach to Solving the Problems of Redevelopment of Regions from a Comparative Perspective Abstract: Journal: Eastern European Economics Pages: 11-30 Issue: 2 Volume: 34 Year: 1996 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380039?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:2:p:11-30 Template-Type: ReDIF-Article 1.0 Author-Name: George C. Petrakos Author-X-Name-First: George C. Author-X-Name-Last: Petrakos Title: Small Enterprise Development and Regional Policy: Comparative Analysis and Implications for Central and East European Countries Abstract: Journal: Eastern European Economics Pages: 31-64 Issue: 2 Volume: 34 Year: 1996 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380040?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:2:p:31-64 Template-Type: ReDIF-Article 1.0 Author-Name: Ion Anton Author-X-Name-First: Ion Author-X-Name-Last: Anton Author-Name: Doina Danciu Author-X-Name-First: Doina Author-X-Name-Last: Danciu Author-Name: Constanta Mitu Author-X-Name-First: Constanta Author-X-Name-Last: Mitu Title: The Role of SMEs in the Regional Redevelopment of Romania Abstract: Journal: Eastern European Economics Pages: 65-95 Issue: 2 Volume: 34 Year: 1996 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4380041?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:2:p:65-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380030?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Title: Transformation of the Polish Economy: Attractiveness and Risk of Investment in Poland Abstract: Journal: Eastern European Economics Pages: 5-20 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380031?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Macroeconomic Stabilization and the Reform Process in Slovenia Abstract: Journal: Eastern European Economics Pages: 21-40 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380032?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:21-40 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Divila Author-X-Name-First: Emil Author-X-Name-Last: Divila Author-Name: Kitty Druck Author-X-Name-First: Kitty Author-X-Name-Last: Druck Title: Income Status of Farmers and Their Households Abstract: Journal: Eastern European Economics Pages: 41-59 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380033?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:41-59 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Author-Name: Katia Jacobs Author-X-Name-First: Katia Author-X-Name-Last: Jacobs Title: Certain Specific Features of Monetary Policy in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 60-74 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380034?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:60-74 Template-Type: ReDIF-Article 1.0 Author-Name: Stefan Felbur Author-X-Name-First: Stefan Author-X-Name-Last: Felbur Author-Name: Piotr Ważniewski Author-X-Name-First: Piotr Author-X-Name-Last: Ważniewski Author-Name: Paweł Kotwica Author-X-Name-First: Paweł Author-X-Name-Last: Kotwica Title: Economic Efficiency in the Period of Systemic Transformation (1989-93) Abstract: Journal: Eastern European Economics Pages: 75-96 Issue: 1 Volume: 34 Year: 1996 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4380035?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:34:y:1996:i:1:p:75-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 33 Year: 1995 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380024?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Mieczysław Nasiłowski Author-X-Name-First: Mieczysław Author-X-Name-Last: Nasiłowski Author-Name: Paweł Kotwica Author-X-Name-First: Paweł Author-X-Name-Last: Kotwica Title: Recessionary Threats and Antirecessionary Programs during the Period of Systemic Transformation Abstract: Journal: Eastern European Economics Pages: 5-25 Issue: 6 Volume: 33 Year: 1995 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380025?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:6:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Oldřich Dědek Author-X-Name-First: Oldřich Author-X-Name-Last: Dědek Title: Currency Convertibility and Exchange-Rate Policies in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 26-64 Issue: 6 Volume: 33 Year: 1995 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380026?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:6:p:26-64 Template-Type: ReDIF-Article 1.0 Author-Name: Stephan Koren Author-X-Name-First: Stephan Author-X-Name-Last: Koren Title: Debt Relief: The Need for International Coordination. Some Reflections with Respect to the Austrian Position in the Market for the East European Debt Abstract: Journal: Eastern European Economics Pages: 65-91 Issue: 6 Volume: 33 Year: 1995 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4380027?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:6:p:65-91 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 33 Year: 1995 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380016?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Witold Małecki Author-X-Name-First: Witold Author-X-Name-Last: Małecki Title: Prospects for Debt-Equity Conversions in Poland Abstract: Journal: Eastern European Economics Pages: 5-32 Issue: 5 Volume: 33 Year: 1995 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380017?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:5:p:5-32 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Title: Transforming the Czech Economy: The Role of Convertibility and the Exchange-Rate Anchor Abstract: Journal: Eastern European Economics Pages: 33-61 Issue: 5 Volume: 33 Year: 1995 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380018?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:5:p:33-61 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Fakin Author-X-Name-First: Barbara Author-X-Name-Last: Fakin Title: Investment Subsidies during Transition Abstract: Journal: Eastern European Economics Pages: 62-74 Issue: 5 Volume: 33 Year: 1995 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380019?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:5:p:62-74 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Góra Author-X-Name-First: Marek Author-X-Name-Last: Góra Title: The Labor Market in Poland: A Tentative Analysis of the First Years of Transition Abstract: Journal: Eastern European Economics Pages: 75-96 Issue: 5 Volume: 33 Year: 1995 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4380020?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:5:p:75-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-7 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380008?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Lubica Bartová Author-X-Name-First: Lubica Author-X-Name-Last: Bartová Title: Liberalization versus Protection: The Case of Slovak Agriculture Abstract: Journal: Eastern European Economics Pages: 8-23 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380009?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:8-23 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Kiss Author-X-Name-First: Judit Author-X-Name-Last: Kiss Title: Privatization and Foreign Capital in the Hungarian Food Industry Abstract: Journal: Eastern European Economics Pages: 24-37 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380010?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:24-37 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Title: Education in Poland Abstract: Journal: Eastern European Economics Pages: 38-54 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380011?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:38-54 Template-Type: ReDIF-Article 1.0 Author-Name: Alenka Kajzer Author-X-Name-First: Alenka Author-X-Name-Last: Kajzer Title: The Real-Wage: Employment Relationship and Unemployment in Transition Economies: The Case of Slovenia and Hungary Abstract: Journal: Eastern European Economics Pages: 55-78 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380012?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:55-78 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Jonáš Author-X-Name-First: Jiří Author-X-Name-Last: Jonáš Author-Name: Katia Jacobs Author-X-Name-First: Katia Author-X-Name-Last: Jacobs Title: Certain Empirical Data Gathered from the Current Course of Economic Reforms Taking Place in the Former Centrally Planned Economies Abstract: Journal: Eastern European Economics Pages: 79-96 Issue: 4 Volume: 33 Year: 1995 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4380013?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:4:p:79-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's IntroductionEconomies Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 33 Year: 1995 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380002?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Černá Author-X-Name-First: Alena Author-X-Name-Last: Černá Author-Name: Eva Tošovská Author-X-Name-First: Eva Author-X-Name-Last: Tošovská Title: Economic Transformation and the EnvironmentEconomies Abstract: Journal: Eastern European Economics Pages: 5-43 Issue: 3 Volume: 33 Year: 1995 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380003?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:5-43 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Vepřek Author-X-Name-First: Jaromír Author-X-Name-Last: Vepřek Author-Name: Zdeněk Papeš Author-X-Name-First: Zdeněk Author-X-Name-Last: Papeš Author-Name: Pavel Vepřek Author-X-Name-First: Pavel Author-X-Name-Last: Vepřek Title: Czech Health Care in Economic TransformationEconomies Abstract: Journal: Eastern European Economics Pages: 44-79 Issue: 3 Volume: 33 Year: 1995 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380004?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:44-79 Template-Type: ReDIF-Article 1.0 Author-Name: Olga Výborná Author-X-Name-First: Olga Author-X-Name-Last: Výborná Title: The Reform of the Czech Health-Care SystemEconomies Abstract: Journal: Eastern European Economics Pages: 80-95 Issue: 3 Volume: 33 Year: 1995 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4380005?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:80-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's IntroductionEconomies Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 33 Year: 1995 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379996?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Zemplínerová Author-X-Name-First: Alena Author-X-Name-Last: Zemplínerová Title: Evolution and Efficiency of Concentration: Manufacturing Industries in the Czech Economy 1989-92Economies Abstract: Journal: Eastern European Economics Pages: 5-37 Issue: 2 Volume: 33 Year: 1995 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379997?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:2:p:5-37 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Benáček Author-X-Name-First: Vladimír Author-X-Name-Last: Benáček Title: Small Businesses and Private Entrepreneurship during Transition: The Case of the Czech Republic Abstract: Journal: Eastern European Economics Pages: 38-75 Issue: 2 Volume: 33 Year: 1995 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379998?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:2:p:38-75 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Vavrejnová Author-X-Name-First: Marie Author-X-Name-Last: Vavrejnová Title: Household Sector in the Czech Republic in Transition Abstract: Journal: Eastern European Economics Pages: 76-110 Issue: 2 Volume: 33 Year: 1995 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379999?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:2:p:76-110 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 33 Year: 1995 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4379990?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-X-Name-First: Jan Author-X-Name-Last: Hanousek Author-Name: Vratislav Izák Author-X-Name-First: Vratislav Author-X-Name-Last: Izák Author-Name: Otakar Klokočník Author-X-Name-First: Otakar Author-X-Name-Last: Klokočník Title: Monetary Policy during Transformation Abstract: Journal: Eastern European Economics Pages: 5-53 Issue: 1 Volume: 33 Year: 1995 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4379991?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:1:p:5-53 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Budina Author-X-Name-First: Nina Author-X-Name-Last: Budina Author-Name: Jan Hanousek Author-X-Name-First: Jan Author-X-Name-Last: Hanousek Author-Name: Zdeněk Tůma Author-X-Name-First: Zdeněk Author-X-Name-Last: Tůma Title: Money Demand and Seigniorage in Transition Abstract: Journal: Eastern European Economics Pages: 54-73 Issue: 1 Volume: 33 Year: 1995 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4379992?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:1:p:54-73 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Author-X-Name-First: Marie Author-X-Name-Last: Bohatá Title: Performance of the Manufacturing Industry during Transformation Abstract: Journal: Eastern European Economics Pages: 74-96 Issue: 1 Volume: 33 Year: 1995 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4379993?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:33:y:1995:i:1:p:74-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 6 Volume: 32 Year: 1994 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379983?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: András Inotai Author-X-Name-First: András Author-X-Name-Last: Inotai Author-Name: Magdolna Sass Author-X-Name-First: Magdolna Author-X-Name-Last: Sass Title: Economic Integration of the Visegrád Countries: Facts and Scenarios Abstract: Journal: Eastern European Economics Pages: 6-28 Issue: 6 Volume: 32 Year: 1994 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379984?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:6-28 Template-Type: ReDIF-Article 1.0 Author-Name: George Kopits Author-X-Name-First: George Author-X-Name-Last: Kopits Title: Midway in the Transition Abstract: Journal: Eastern European Economics Pages: 29-55 Issue: 6 Volume: 32 Year: 1994 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379985?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:29-55 Template-Type: ReDIF-Article 1.0 Author-Name: Eric P. Thor Author-X-Name-First: Eric P. Author-X-Name-Last: Thor Author-Name: Nedka Ivanova Author-X-Name-First: Nedka Author-X-Name-Last: Ivanova Author-Name: Adelina Petrova Author-X-Name-First: Adelina Author-X-Name-Last: Petrova Title: The Effects of Government Policy on Bulgarian Agriculture Abstract: Journal: Eastern European Economics Pages: 56-74 Issue: 6 Volume: 32 Year: 1994 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379986?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:56-74 Template-Type: ReDIF-Article 1.0 Author-Name: Egon Žižmond Author-X-Name-First: Egon Author-X-Name-Last: Žižmond Title: Economic Developments in Slovenia Abstract: Journal: Eastern European Economics Pages: 75-99 Issue: 6 Volume: 32 Year: 1994 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379987?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:75-99 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379972?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Věra Kameničková Author-X-Name-First: Věra Author-X-Name-Last: Kameničková Author-Name: Milena Horčicová Author-X-Name-First: Milena Author-X-Name-Last: Horčicová Author-Name: Drahomíra Vašková Author-X-Name-First: Drahomíra Author-X-Name-Last: Vašková Title: Some Lessons of the Budgetary Reform in Czechoslovakia Abstract: Journal: Eastern European Economics Pages: 5-22 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379973?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:5-22 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno S. Sergi Author-X-Name-First: Bruno S. Author-X-Name-Last: Sergi Title: On the Statutory Autonomy of the Czech National Bank Abstract: Journal: Eastern European Economics Pages: 23-35 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379974?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:23-35 Template-Type: ReDIF-Article 1.0 Author-Name: Ryszard Wilczyński Author-X-Name-First: Ryszard Author-X-Name-Last: Wilczyński Author-Name: Piotr Graff Author-X-Name-First: Piotr Author-X-Name-Last: Graff Title: The Role of International Financial Institutions in Poland's Transition to a Market Economy Abstract: Journal: Eastern European Economics Pages: 36-50 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379975?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:36-50 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Divila Author-X-Name-First: Emil Author-X-Name-Last: Divila Author-Name: Zdeněk Sokol Author-X-Name-First: Zdeněk Author-X-Name-Last: Sokol Author-Name: Martin Gregor Author-X-Name-First: Martin Author-X-Name-Last: Gregor Title: Transformation of the Agricultural Sector: Conceptual Questions of Forming New Entrepreneurial Entities in Czech Agriculture Abstract: Journal: Eastern European Economics Pages: 51-64 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379976?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:51-64 Template-Type: ReDIF-Article 1.0 Author-Name: Józef Biskup Author-X-Name-First: Józef Author-X-Name-Last: Biskup Title: Central European Free Trade Area Abstract: Journal: Eastern European Economics Pages: 65-71 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379977?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:65-71 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Title: Selected Issues of Monetary Policy in the Czech Republic Abstract: Journal: Eastern European Economics Pages: 72-86 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379978?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:72-86 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastjan Strašek Author-X-Name-First: Sebastjan Author-X-Name-Last: Strašek Title: A Small Open Economy and Integration Processes: The Case of Slovenia Abstract: Journal: Eastern European Economics Pages: 87-94 Issue: 5 Volume: 32 Year: 1994 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379979?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:5:p:87-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 32 Year: 1994 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4379965?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Erzsébet Viszt Author-X-Name-First: Erzsébet Author-X-Name-Last: Viszt Author-Name: Judit Ványai Author-X-Name-First: Judit Author-X-Name-Last: Ványai Title: Employment and the Labor Market in Hungary Abstract: Journal: Eastern European Economics Pages: 5-54 Issue: 4 Volume: 32 Year: 1994 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4379966?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:4:p:5-54 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Author-X-Name-First: Kamil Author-X-Name-Last: Janáček Title: Unemployment and the Labor Market in Czechoslovakia and the Czech Republic, 1990-1992 Abstract: Journal: Eastern European Economics Pages: 55-70 Issue: 4 Volume: 32 Year: 1994 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4379967?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:4:p:55-70 Template-Type: ReDIF-Article 1.0 Author-Name: Zenon Rajewski Author-X-Name-First: Zenon Author-X-Name-Last: Rajewski Title: Gross Domestic Product Abstract: Journal: Eastern European Economics Pages: 71-80 Issue: 4 Volume: 32 Year: 1994 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4379968?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:4:p:71-80 Template-Type: ReDIF-Article 1.0 Author-Name: Stephen P. Ferris Author-X-Name-First: Stephen P. Author-X-Name-Last: Ferris Author-Name: G. Rodney Thompson Author-X-Name-First: G. Rodney Author-X-Name-Last: Thompson Author-Name: Calin Valsan Author-X-Name-First: Calin Author-X-Name-Last: Valsan Title: Foreign Direct Investment in an Emerging Market Economy: The Case of Romania Abstract: Journal: Eastern European Economics Pages: 81-95 Issue: 4 Volume: 32 Year: 1994 Month: 8 Keywords: File-URL: http://www.jstor.org/stable/4379969?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:4:p:81-95 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 32 Year: 1994 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4379958?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Buchtíková Author-X-Name-First: Alena Author-X-Name-Last: Buchtíková Author-Name: Vladislav Flek Author-X-Name-First: Vladislav Author-X-Name-Last: Flek Title: Wage Regulation in Czechoslovakia Abstract: Journal: Eastern European Economics Pages: 6-31 Issue: 3 Volume: 32 Year: 1994 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4379959?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:3:p:6-31 Template-Type: ReDIF-Article 1.0 Author-Name: Brunon Gorecki Author-X-Name-First: Brunon Author-X-Name-Last: Gorecki Title: Evidence of a New Shape of Income Distribution in Poland Abstract: Journal: Eastern European Economics Pages: 32-51 Issue: 3 Volume: 32 Year: 1994 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4379960?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:3:p:32-51 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Kiss Author-X-Name-First: Judit Author-X-Name-Last: Kiss Title: Debt Management in Eastern Europe Abstract: Journal: Eastern European Economics Pages: 52-75 Issue: 3 Volume: 32 Year: 1994 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4379961?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:3:p:52-75 Template-Type: ReDIF-Article 1.0 Author-Name: Ádám Török Author-X-Name-First: Ádám Author-X-Name-Last: Török Title: Privatization, Structural Adjustment, and Exports: The Case of the Hungarian Engineering Industry Abstract: Journal: Eastern European Economics Pages: 76-96 Issue: 3 Volume: 32 Year: 1994 Month: 6 Keywords: File-URL: http://www.jstor.org/stable/4379962?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:3:p:76-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379950?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáčková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáčková Title: Parting with the Common State and Currency: First Steps of the Czech Republic Abstract: Journal: Eastern European Economics Pages: 6-22 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379951?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:6-22 Template-Type: ReDIF-Article 1.0 Author-Name: Zdislav Šulc Author-X-Name-First: Zdislav Author-X-Name-Last: Šulc Author-Name: Martin Gregor Author-X-Name-First: Martin Author-X-Name-Last: Gregor Title: Some Theoretical Issues on Transformation Abstract: Journal: Eastern European Economics Pages: 23-38 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379952?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:23-38 Template-Type: ReDIF-Article 1.0 Author-Name: Leszek Balcerowicz Author-X-Name-First: Leszek Author-X-Name-Last: Balcerowicz Author-Name: Piotr Graff Author-X-Name-First: Piotr Author-X-Name-Last: Graff Title: Democracy Is No Substitute for Capitalism Abstract: Journal: Eastern European Economics Pages: 39-49 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379953?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:39-49 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Gruchelski Author-X-Name-First: Marek Author-X-Name-Last: Gruchelski Title: Evaluation of the Government Program Abstract: Journal: Eastern European Economics Pages: 50-70 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379954?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:50-70 Template-Type: ReDIF-Article 1.0 Author-Name: S. Ryszard Domański Author-X-Name-First: S. Ryszard Author-X-Name-Last: Domański Title: The Quest for Ownership: Why It Was so Easy to Break Communism, and Why It Is so Difficult to Find Social Consensus: A Response to the "Surprise Literature" Abstract: Journal: Eastern European Economics Pages: 71-94 Issue: 2 Volume: 32 Year: 1994 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379955?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:2:p:71-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Author-Name: Inderjit Singh Author-X-Name-First: Inderjit Author-X-Name-Last: Singh Author-Name: Adám Török Author-X-Name-First: Adám Author-X-Name-Last: Török Title: Firms Afloat and Firms Adrift: Hungarian Industry and the Economic Transition Abstract: Journal: Eastern European Economics Pages: 1-104 Issue: 1 Volume: 32 Year: 1994 Month: 2 Keywords: File-URL: http://www.jstor.org/stable/4379947?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:32:y:1994:i:1:p:1-104 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Matešová Author-X-Name-First: Jana Author-X-Name-Last: Matešová Title: Country Overview Study: Czech and Slovak Republics: "Will the Manufacturing Heart Beat Again?" Abstract: Journal: Eastern European Economics Pages: 3-35 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379938?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:3-35 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Matešová Author-X-Name-First: Jana Author-X-Name-Last: Matešová Title: Textile/Cloth: Veba Broumov: "The King of a Declining Industry" Abstract: Journal: Eastern European Economics Pages: 36-51 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379939?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:36-51 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Sauer Author-X-Name-First: Martin Author-X-Name-Last: Sauer Title: Heavy Chemistry: Spolana Abstract: Journal: Eastern European Economics Pages: 52-65 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379940?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:52-65 Template-Type: ReDIF-Article 1.0 Author-Name: Adám Török Author-X-Name-First: Adám Author-X-Name-Last: Török Title: Hungarian Industry in 1992: An Assessment of Trends and Behaviors Abstract: Journal: Eastern European Economics Pages: 66-80 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379941?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:66-80 Template-Type: ReDIF-Article 1.0 Author-Name: João Confraria Author-X-Name-First: João Author-X-Name-Last: Confraria Title: Conduct and Performance in Hungarian Manufacturing Abstract: Journal: Eastern European Economics Pages: 81-92 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379942?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:81-92 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Zsarnay Author-X-Name-First: Judit Author-X-Name-Last: Zsarnay Author-Name: Adám Török Author-X-Name-First: Adám Author-X-Name-Last: Török Title: Engineering Industry: Dunántúli Kôolajipari Gépgyár (Transdanubian Petroleum Industry Equipment Works Ltd.): "Drang nach Osten?" Abstract: Journal: Eastern European Economics Pages: 93-100 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379943?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:93-100 Template-Type: ReDIF-Article 1.0 Author-Name: Gábor Hoványi Author-X-Name-First: Gábor Author-X-Name-Last: Hoványi Author-Name: Adám Török Author-X-Name-First: Adám Author-X-Name-Last: Török Title: Electronics Industry: Radion Radio and Electrical Works: "The Whiz Kid Grown Old?" Abstract: Journal: Eastern European Economics Pages: 101-112 Issue: 6 Volume: 31 Year: 1993 Month: 12 Keywords: File-URL: http://www.jstor.org/stable/4379944?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:6:p:101-112 Template-Type: ReDIF-Article 1.0 Author-Name: Saul Estrin Author-X-Name-First: Saul Author-X-Name-Last: Estrin Author-Name: Alan Gelb Author-X-Name-First: Alan Author-X-Name-Last: Gelb Author-Name: Inderjit Singh Author-X-Name-First: Inderjit Author-X-Name-Last: Singh Title: Enterprises in Transition: Issues and Methods of Analysis Abstract: Journal: Eastern European Economics Pages: 3-18 Issue: 5 Volume: 31 Year: 1993 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379931?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:5:p:3-18 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Belka Author-X-Name-First: Marek Author-X-Name-Last: Belka Author-Name: Anna Krajewska Author-X-Name-First: Anna Author-X-Name-Last: Krajewska Author-Name: Stefan Krajewski Author-X-Name-First: Stefan Author-X-Name-Last: Krajewski Author-Name: Antbal Santos Author-X-Name-First: Antbal Author-X-Name-Last: Santos Title: Country Overview Study Poland Abstract: Journal: Eastern European Economics Pages: 19-62 Issue: 5 Volume: 31 Year: 1993 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379932?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:5:p:19-62 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Belka Author-X-Name-First: Marek Author-X-Name-Last: Belka Title: Food-Processing Industry: Chocolate and Confectionery. Przedsiȩbiorstwo Przemysłu Cukierniczego "Drops" (Bydgoszcz) Abstract: Journal: Eastern European Economics Pages: 63-78 Issue: 5 Volume: 31 Year: 1993 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379933?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:5:p:63-78 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Belka Author-X-Name-First: Marek Author-X-Name-Last: Belka Title: Glass Industry: Huta Szkła "Hortensja" (Piotrków) Abstract: Journal: Eastern European Economics Pages: 79-97 Issue: 5 Volume: 31 Year: 1993 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379934?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:5:p:79-97 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 31 Year: 1993 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379924?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Zdeněk Drábek Author-X-Name-First: Zdeněk Author-X-Name-Last: Drábek Title: Foreign Investment in Czechoslovakia: Proposals for Fine-Tuning Measures of Policy Reform Abstract: Journal: Eastern European Economics Pages: 6-18 Issue: 4 Volume: 31 Year: 1993 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379925?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:4:p:6-18 Template-Type: ReDIF-Article 1.0 Author-Name: Hubert Gabrisch Author-X-Name-First: Hubert Author-X-Name-Last: Gabrisch Author-Name: Michel Vale Author-X-Name-First: Michel Author-X-Name-Last: Vale Title: Difficulties in Establishing Joint Ventures in Eastern Europe Abstract: Journal: Eastern European Economics Pages: 19-50 Issue: 4 Volume: 31 Year: 1993 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379926?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:4:p:19-50 Template-Type: ReDIF-Article 1.0 Author-Name: György Csáki Author-X-Name-First: György Author-X-Name-Last: Csáki Title: East-West Corporate Joint Ventures: Promises and Disappointments Abstract: Journal: Eastern European Economics Pages: 51-81 Issue: 4 Volume: 31 Year: 1993 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379927?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:4:p:51-81 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: The Comparative Economics of Bankruptcy: Dealing with Loss-Making Firms in Capitalist, Socialist, and Transitional Economies Abstract: Journal: Eastern European Economics Pages: 82-96 Issue: 4 Volume: 31 Year: 1993 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379928?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:4:p:82-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3 Issue: 3 Volume: 31 Year: 1993 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379919?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:3:p:3 Template-Type: ReDIF-Article 1.0 Author-Name: Paweł Glikman Author-X-Name-First: Paweł Author-X-Name-Last: Glikman Title: Recession, Stagnation, and Ways Out Abstract: Journal: Eastern European Economics Pages: 4-77 Issue: 3 Volume: 31 Year: 1993 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379920?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:3:p:4-77 Template-Type: ReDIF-Article 1.0 Author-Name: Ruzena Vintrova Author-X-Name-First: Ruzena Author-X-Name-Last: Vintrova Title: The General Recession and the Structural Adaptation Crisis Abstract: Journal: Eastern European Economics Pages: 78-94 Issue: 3 Volume: 31 Year: 1993 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379921?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:3:p:78-94 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 31 Year: 1993 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379914?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Péter Mihályi Author-X-Name-First: Péter Author-X-Name-Last: Mihályi Title: Property Rights and Privatization: The Three-Agent Model (A Case Study on Hungary) Abstract: Journal: Eastern European Economics Pages: 5-64 Issue: 2 Volume: 31 Year: 1993 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379915?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:2:p:5-64 Template-Type: ReDIF-Article 1.0 Author-Name: Károly Kiss Author-X-Name-First: Károly Author-X-Name-Last: Kiss Author-Name: Volodimir R. Sidenko Author-X-Name-First: Volodimir R. Author-X-Name-Last: Sidenko Title: Ukraine on the Way toward Economic Stabilization and Independence Abstract: Journal: Eastern European Economics Pages: 65-93 Issue: 2 Volume: 31 Year: 1993 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379916?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1993:i:2:p:65-93 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 31 Year: 1992 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379907?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1992:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Mllena Horčicová Author-X-Name-First: Mllena Author-X-Name-Last: Horčicová Author-Name: Drahomíra Vašková Author-X-Name-First: Drahomíra Author-X-Name-Last: Vašková Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: Insolvency in the Transformation Period of the Czechoslovak Economy Abstract: Journal: Eastern European Economics Pages: 5-24 Issue: 1 Volume: 31 Year: 1992 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379908?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1992:i:1:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kupka Author-X-Name-First: Martin Author-X-Name-Last: Kupka Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: Transformation of Ownership in Czechoslovakia Abstract: Journal: Eastern European Economics Pages: 25-46 Issue: 1 Volume: 31 Year: 1992 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379909?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1992:i:1:p:25-46 Template-Type: ReDIF-Article 1.0 Author-Name: István Ábel Author-X-Name-First: István Author-X-Name-Last: Ábel Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: Variants of Bankruptcy Abstract: This essay surveys the economic parameters of dissolving enterprises and bankruptcy procedures. It points out that--rules applied during the dissolution of enterprises notwithstanding--firms often end up extinct even when reorganization would reduce their creditors' losses. At the same time, the freedom to self-initiate bankruptcy proceedings means that the opportunities offered by reorganization are available even to enterprises in whose cases reducing the loss of all creditors would call for their dissolution. Journal: Eastern European Economics Pages: 47-64 Issue: 1 Volume: 31 Year: 1992 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379910?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1992:i:1:p:47-64 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Török Author-X-Name-First: Adam Author-X-Name-Last: Török Title: Trade Patterns and Currency Conversion in Hungarian Foreign Trade Abstract: Journal: Eastern European Economics Pages: 65-96 Issue: 1 Volume: 31 Year: 1992 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379911?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:31:y:1992:i:1:p:65-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 30 Year: 1992 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379900?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Federal Ministry of Finance Author-X-Name-First: Federal Ministry of Author-X-Name-Last: Finance Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: Coupon Privatization: An Information Handbook Abstract: Journal: Eastern European Economics Pages: 5-38 Issue: 4 Volume: 30 Year: 1992 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379901?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:4:p:5-38 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Karsai Author-X-Name-First: Judit Author-X-Name-Last: Karsai Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: "Creditor" Managers: Experiences from MBO Deals in Hungary and Abroad Abstract: In order for managers to take an interest in privatization, it is essential that they also see their position assured after the change of ownership. The method of transfer of an enterprise known as "management buyout" makes it possible for the managers to become owners. But can transfers of enterprises organized by their managers really exist in Hungary as a special form of privatization? On the basis of Western experiences, the author shows that the "management buyout" does not simply mean that the managers buy an enterprise or portion thereof. It is a much more complicated system of many players, striving to balance out interests, and the conditions for its existence can probably also be created in our country. Journal: Eastern European Economics Pages: 39-56 Issue: 4 Volume: 30 Year: 1992 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379902?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:4:p:39-56 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Akos Bod Author-X-Name-First: Peter Akos Author-X-Name-Last: Bod Author-Name: John B. Hall Author-X-Name-First: John B. Author-X-Name-Last: Hall Title: Toward an Autonomy Preference Theory of the East European Firm Abstract: Journal: Eastern European Economics Pages: 57-67 Issue: 4 Volume: 30 Year: 1992 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379903?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:4:p:57-67 Template-Type: ReDIF-Article 1.0 Author-Name: József Papp Author-X-Name-First: József Author-X-Name-Last: Papp Author-Name: József Tóth Author-X-Name-First: József Author-X-Name-Last: Tóth Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: Industrial Crisis Zones in Hungary Abstract: Journal: Eastern European Economics Pages: 68-91 Issue: 4 Volume: 30 Year: 1992 Month: 7 Keywords: File-URL: http://www.jstor.org/stable/4379904?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:4:p:68-91 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379888?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Winiecki Author-X-Name-First: Jan Author-X-Name-Last: Winiecki Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: The Characteristic Traits of Privatization in the Economies of Eastern Europe Abstract: Although the extraordinary popularity of privatization in Eastern Europe evokes familiar images in the Western economies, in a number of respects the process in our region will be less similar to the "classic" Western model than to the experience of some underdeveloped countries. East European privatization proposals represent a broad variety, and we should separate from this the plans put forth by members of the more or less dethroned power elite in an effort to retain some of their privileges. A rapid implementation of privatization would, in fact, also serve to prevent this eventuality. However, in the absence of solvent demand, state enterprises cannot be sold quickly. The author describes two proposals based on the distribution of shares gratis and outlines what he sees as the optimal schedule for privatization. Journal: Eastern European Economics Pages: 6-20 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379889?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:6-20 Template-Type: ReDIF-Article 1.0 Author-Name: András Simonovits Author-X-Name-First: András Author-X-Name-Last: Simonovits Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: The Mathematics of Home Mortgages in 1991 Abstract: It is commonly known that, as of January 1, 1991, changes have taken place in the conditions for repaying housing loans issued at favorable rates of interest. The trade publications paid almost no attention to this topic, and the dailies and weeklies did not even explain such important categories as the real (present) value of the loan or the weighted mean time of servicing the loan. Thus even basic mathematical relationships have not been explained. The primary aim of this article is to remedy these shortcomings. It describes how mortgage payments and the amount of total debt depend on the loan, the length of repayment, and the interest rate. It presents the actual value of the loan and the weighted mean time of servicing the loans. It analyzes the comparative advantages and disadvantages of the laws proposed by the government and the one ratified by the National Assembly. Finally, it gives a brief sketch of a methodically preferable way of servicing loans that indexes the mortgage payment instead of the interest. Journal: Eastern European Economics Pages: 21-33 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379890?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:21-33 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Kameníček Author-X-Name-First: Jiří Author-X-Name-Last: Kameníček Author-Name: Karel Pulpan Author-X-Name-First: Karel Author-X-Name-Last: Pulpan Author-Name: Ronald Radzai Author-X-Name-First: Ronald Author-X-Name-Last: Radzai Title: Transition to a Market Economy: Introduction Abstract: Journal: Eastern European Economics Pages: 34-41 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379891?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:34-41 Template-Type: ReDIF-Article 1.0 Author-Name: Vsevolod Kulikov Author-X-Name-First: Vsevolod Author-X-Name-Last: Kulikov Title: The Myths of the Programs for Transition to a Market in the USSR Abstract: Journal: Eastern European Economics Pages: 42-50 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379892?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:42-50 Template-Type: ReDIF-Article 1.0 Author-Name: Tamás Réti Author-X-Name-First: Tamás Author-X-Name-Last: Réti Title: Privatization and Employee Rights in Hungary Abstract: Journal: Eastern European Economics Pages: 51-55 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379893?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:51-55 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Dabrowski Author-X-Name-First: Marek Author-X-Name-Last: Dabrowski Title: Results and Prospects of the Polish Stabilization Program Abstract: Journal: Eastern European Economics Pages: 56-64 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379894?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:56-64 Template-Type: ReDIF-Article 1.0 Author-Name: Volkhardt Vincentz Author-X-Name-First: Volkhardt Author-X-Name-Last: Vincentz Title: Features of the Transformation in Eastern Germany Abstract: Journal: Eastern European Economics Pages: 65-72 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379895?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:65-72 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Divila Author-X-Name-First: Emil Author-X-Name-Last: Divila Author-Name: Vladislav Flek Author-X-Name-First: Vladislav Author-X-Name-Last: Flek Author-Name: Ivanka Roberts Author-X-Name-First: Ivanka Author-X-Name-Last: Roberts Title: Chief Executive Officers and Participation in Decision Making in the Enterprise Sphere Abstract: Journal: Eastern European Economics Pages: 73-90 Issue: 3 Volume: 30 Year: 1992 Month: 4 Keywords: File-URL: http://www.jstor.org/stable/4379896?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:3:p:73-90 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-8 Issue: 2 Volume: 30 Year: 1992 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379882?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:2:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klusoň Author-X-Name-First: Václav Author-X-Name-Last: Klusoň Author-Name: Ivanka Roberts Author-X-Name-First: Ivanka Author-X-Name-Last: Roberts Title: The Transformation of a State Enterprise into a Joint-Stock Company Abstract: Journal: Eastern European Economics Pages: 9-43 Issue: 2 Volume: 30 Year: 1992 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379883?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:2:p:9-43 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Karsai Author-X-Name-First: Judit Author-X-Name-Last: Karsai Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: "Is There Plenty of Time?": Internal Enterprise Cutbacks Abstract: Instead of crisis-ridden branches or bankrupt enterprises, this article focuses on how to prevent or endure crises in the enterprises by using cutbacks as natural ingredients of the enterprises' business policies. The author compares the experiences gained in various Hungarian processing enterprises with the observations found in the professional literature abroad. She introduces the characteristic traits of cutbacks, the faulty preparation of management units in this area, and the primary obstacles to cutbacks existing in our system of preconditions. She observes that most domestic enterprises, since they operate without a strategy, tend to delay action and respond only to the sharpest indications from their environment. Thus, instead of planning for cutbacks, they tend to endure them. Journal: Eastern European Economics Pages: 44-75 Issue: 2 Volume: 30 Year: 1992 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379884?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:2:p:44-75 Template-Type: ReDIF-Article 1.0 Author-Name: István Kapronczai Author-X-Name-First: István Author-X-Name-Last: Kapronczai Author-Name: József Tomka Author-X-Name-First: József Author-X-Name-Last: Tomka Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: Cost, Price, and Earnings Parameters in Large and Small Agricultural Enterprises Abstract: Recently the attention of professionals, and even of the public at large, turned toward the issues of large, small-scale, and individual agricultural production. This essay attempts to describe the 1989 cost, price, and earnings parameters as applicable to primary products from large farming enterprises as well as from integrated small enterprises that played a major role in supplying the population, and--using the trends of previous years--to reveal the incentives involved. Using a few products as examples, this enables us to express numerically the comparative advantages and drawbacks of small and large enterprises and to offer conclusions as to their relative feasibility. Journal: Eastern European Economics Pages: 76-92 Issue: 2 Volume: 30 Year: 1992 Month: 1 Keywords: File-URL: http://www.jstor.org/stable/4379885?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1992:i:2:p:76-92 Template-Type: ReDIF-Article 1.0 Author-Name: Marvin Jackson Author-X-Name-First: Marvin Author-X-Name-Last: Jackson Title: Promoting Efficient Privatization: The Benefits of Small Enterprises versus Large Ones Abstract: Journal: Eastern European Economics Pages: 3-21 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379874?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:3-21 Template-Type: ReDIF-Article 1.0 Author-Name: Dušan Triska Author-X-Name-First: Dušan Author-X-Name-Last: Triska Title: Privatization: Czechoslovakia Abstract: Journal: Eastern European Economics Pages: 22-27 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379875?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:22-27 Template-Type: ReDIF-Article 1.0 Author-Name: André Leysen Author-X-Name-First: André Author-X-Name-Last: Leysen Title: Privatization: East Germany Abstract: Journal: Eastern European Economics Pages: 28-40 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379876?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:28-40 Template-Type: ReDIF-Article 1.0 Author-Name: Jacek Kwasniewski Author-X-Name-First: Jacek Author-X-Name-Last: Kwasniewski Title: Privatization: Poland Abstract: Journal: Eastern European Economics Pages: 41-48 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379877?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:41-48 Template-Type: ReDIF-Article 1.0 Author-Name: György Matolcsy Author-X-Name-First: György Author-X-Name-Last: Matolcsy Title: Privatization: Hungary Abstract: Journal: Eastern European Economics Pages: 49-56 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379878?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:49-56 Template-Type: ReDIF-Article 1.0 Author-Name: Éva Voszka Author-X-Name-First: Éva Author-X-Name-Last: Voszka Author-Name: András Boros-Kazai Author-X-Name-First: András Author-X-Name-Last: Boros-Kazai Title: Ownership Reforms or Privatization? Abstract: Unlike most writings on this topic, this article does not intend to put forth new proposals but rather to explain the concepts formulated so far, it is, of course, only one possible interpretation. The guiding principles are the current framework of changing ownership structure including the variable goals, the definition of positional incentives, and the subsequent quandaries of organic transition and systemic change. Although the analysis only goes up to the summer of 1990, and newer developments are not taken into consideration, it may be worthwhile to recall how far we have come and why we have not progressed further. Journal: Eastern European Economics Pages: 57-91 Issue: 1 Volume: 30 Year: 1991 Month: 10 Keywords: File-URL: http://www.jstor.org/stable/4379879?origin=pubexport File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:30:y:1991:i:1:p:57-91 Template-Type: ReDIF-Article 1.0 Author-Name: Dominik Korniluk Author-X-Name-First: Dominik Author-X-Name-Last: Korniluk Title: The Stabilizing Expenditure Rule in Poland—Simulations for 2014–2040 Abstract: The stabilizing expenditure rule (SER) imposed on the general government (GG) sector in Poland has been in force and binding since 2014. According to this rule, approximately 90 percent of GG expenditure is allowed to grow, at the most, in line with the real medium-term GDP, and the maximum expenditure growth rate is lowered if there is excessive debt or deficit, or the GG balance does not meet the medium-term objective. A series of stochastic simulations has been constructed that allows for the assessment of how the SER will affect the most important public finance indicators in the period between 2014 and 2040. In addition, this article analyzes the consequences of the lowering of debt thresholds in the SER’s correction mechanism due to the pension system reform implemented in Poland in 2014, and the amendment to the formula in 2015, and predicts how the fiscal reaction function may change after the introduction of the SER in Poland. Journal: Eastern European Economics Pages: 351-375 Issue: 4 Volume: 54 Year: 2016 Month: 7 X-DOI: 10.1080/00128775.2016.1180252 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1180252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:4:p:351-375 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Plašil Author-X-Name-First: Miroslav Author-X-Name-Last: Plašil Author-Name: Jakub Seidler Author-X-Name-First: Jakub Author-X-Name-Last: Seidler Author-Name: Petr Hlaváč Author-X-Name-First: Petr Author-X-Name-Last: Hlaváč Title: A New Measure of the Financial Cycle: Application to the Czech Republic Abstract: The recent financial crisis has demonstrated the importance of the linkages between the financial sector and the real economy. This article proposes a suitable and easy-to-apply method for assessing the position of the economy in the financial cycle in order to identify emerging imbalances in a timely manner. The method utilizes a composite indicator, constructed by the authors, that combines variables representing risk perceptions in the financial sector and their reinforcing interactions over the financial cycle. The indicator is calibrated to capture the future credit losses of the Czech banking sector. This method can be used by policymakers for a wide range of policy decisions, including the setting of a countercyclical capital buffer. Journal: Eastern European Economics Pages: 296-318 Issue: 4 Volume: 54 Year: 2016 Month: 7 X-DOI: 10.1080/00128775.2016.1192950 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1192950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:4:p:296-318 Template-Type: ReDIF-Article 1.0 Author-Name: Laivi Laidroo Author-X-Name-First: Laivi Author-X-Name-Last: Laidroo Title: Reliability of Graphs Disclosed in Annual Reports of Central and Eastern European Banks Abstract: This article investigates the changes in the reliability of graphs disclosed in the annual reports of Central and Eastern European (CEE) commercial banks during crisis and noncrisis periods. The analysis covers thirty-three commercial banks from seven CEE countries during 2006–2013. The results reveal that, on average, one-third of the graphs disclosed by a bank violate at least one graph-construction principle and there appears to be a favorable measurement-distortion bias. In line with expectations, there are signs that the impression motivation of managers increases during crisis periods—severe graph distortions are twice as frequent, and distortions of financial indicator graphs increase. Journal: Eastern European Economics Pages: 319-350 Issue: 4 Volume: 54 Year: 2016 Month: 7 X-DOI: 10.1080/00128775.2016.1193757 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1193757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:4:p:319-350 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Benczur Author-X-Name-First: Peter Author-X-Name-Last: Benczur Author-Name: Istvan Konya Author-X-Name-First: Istvan Author-X-Name-Last: Konya Title: Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy Abstract: This article studies the adjustment process of a small open economy to a sudden worsening of external conditions. The sudden stop is modeled by the use of a highly nonlinear specification that captures credit constraints in a convenient way. The advantage of this approach is that the effects of the shock become highly conditional on the external debt position of the economy. A two-sector model with money-in-the-utility is adopted, thereby making it possible to study sectoral asymmetries in the adjustment process, and also the role of currency mismatch. The model is calibrated to the behavior of the Hungarian economy in the 2000s, and its crisis experience in 2008–11 in particular. Four counterfactuals are calculated: two with different exchange rate policies (a more flexible float and a perfect peg), and both of these policy regimes with smaller initial indebtedness. Overall, the model is able to fit the movements of key aggregate and sectoral macroeconomic variables after the crisis by producing a large and protracted deleveraging process. It also offers a meaningful quantification of the policy tradeoff between facilitating the real adjustment by letting the currency depreciate and protecting consumption expenditures by limiting the adverse effect of exchange rate movements on household balance sheets. Journal: Eastern European Economics Pages: 271-295 Issue: 4 Volume: 54 Year: 2016 Month: 7 X-DOI: 10.1080/00128775.2016.1196109 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1196109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:4:p:271-295 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Schwarz Author-X-Name-First: Jiří Author-X-Name-Last: Schwarz Author-Name: Martin Pospíšil Author-X-Name-First: Martin Author-X-Name-Last: Pospíšil Title: Bankruptcy, Investment, and Financial Constraints: Evidence from the Czech Republic Abstract: Using investment–cash flow sensitivity to analyze financial constraints over the period 2006–2011 in the Czech Republic, we find that healthy companies were financially constrained both before and after the 2008 crisis. There is robust evidence that both the cash flow and the level of debt have a positive and significant impact on the investment rate. Although companies going bankrupt had significantly higher levels of external debt and bank loans, they did not manifest any investment–cash flow sensitivity in the pre-crisis period, which indicates that they were probably not financially constrained at all. After the 2008 crisis, companies that would later declare bankruptcy began to become financially constrained as well. Journal: Eastern European Economics Pages: 99-121 Issue: 2 Volume: 56 Year: 2018 Month: 3 X-DOI: 10.1080/00128775.2017.1407221 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1407221 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:2:p:99-121 Template-Type: ReDIF-Article 1.0 Author-Name: Anže Burger Author-X-Name-First: Anže Author-X-Name-Last: Burger Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Title: Impotence of Crisis-Motivated Subsidization of Firms: The Case of Slovenia Abstract: This analysis examines the impact of crisis-motivated subsidization of Slovenian firms on their performance during the 2008 recession. Propensity-score matching combined with the difference-in-differences (the DID) approach is applied to estimate the effects of anti-crisis subsidies granted in 2009–2015 on recipient firms’ sales and employment. To control for other factors determining firms’ growth during the recession, the DID regression method was applied. An insignificant impact of anti-crisis subsidies on revenue and positive effects on employment of subsidized firms was found. Positive effects identified are generated by state aid schemes that are not primarily aimed at alleviating the crisis. Journal: Eastern European Economics Pages: 122-148 Issue: 2 Volume: 56 Year: 2018 Month: 3 X-DOI: 10.1080/00128775.2017.1416294 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1416294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:2:p:122-148 Template-Type: ReDIF-Article 1.0 Author-Name: Claudio Di Berardino Author-X-Name-First: Claudio Author-X-Name-Last: Di Berardino Author-Name: Gianni Onesti Author-X-Name-First: Gianni Author-X-Name-Last: Onesti Title: Services, Vertical Linkages, and Development: The Case of the Baltic Countries Abstract: This article investigates structural changes and the role of services in final production in the economies of Baltic countries, following the vertically integrated sector approach to the input–output model. The analysis of the period 2000–2014 was conducted using the World Input–Output database. The results show significant differences in the technological intensity of manufacturing, in intersectoral links, and in the functional role of services in the economy. Although the Baltic countries have small economies, affected by common shocks, this area is far from homogeneous structurally. The results offer a case study of great interest for small emerging countries. Journal: Eastern European Economics Pages: 149-167 Issue: 2 Volume: 56 Year: 2018 Month: 3 X-DOI: 10.1080/00128775.2017.1416956 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1416956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:2:p:149-167 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Ciaian Author-X-Name-First: Pavel Author-X-Name-Last: Ciaian Author-Name: Drahoslav Lancaric Author-X-Name-First: Drahoslav Author-X-Name-Last: Lancaric Author-Name: Jan Pokrivcak Author-X-Name-First: Jan Author-X-Name-Last: Pokrivcak Title: The Productivity of Economics Research in Slovakia Abstract: The research productivity of economics departments and tenure-track staff (associate and full professors) in Slovakia is analyzed based on journal publications and citations extracted from the SSCI database. Results suggest that the current university system in Slovakia is ineffective in incentivizing associate and full professors to publish in peer-reviewed journals. The majority of tenure-track staff has done little or no research over the past twenty-six years. The research criteria imposed by the Accreditation Commission for awarding professors’ titles are not fully enforced. Economics faculties have low-quality standards in hiring tenure-track staff. Finally, results suggest that the majority of tenure-track staff (93%) do not have sufficient research skills to supervise Ph.D. students. Journal: Eastern European Economics Pages: 168-200 Issue: 2 Volume: 56 Year: 2018 Month: 3 X-DOI: 10.1080/00128775.2018.1435286 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1435286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:2:p:168-200 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Title: Symposium on Sustainability of Fiscal Policy and Effects of Skill Gaps Journal: Eastern European Economics Pages: 1-2 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1542602 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1542602 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Tomasz Łyziak Author-X-Name-First: Tomasz Author-X-Name-Last: Łyziak Author-Name: Joanna Mackiewicz-Łyziak Author-X-Name-First: Joanna Author-X-Name-Last: Mackiewicz-Łyziak Title: Sustainability of Public Finances in European Economies: Fiscal Policy Reactions and Market Pricing Abstract: This article evaluates fiscal discipline in twenty-two member countries in the European Union. We adopt a two-dimensional approach in which we evaluate the reaction of the primary balance to public debt and the response of financial markets to fiscal variables. Our results suggest that the fiscal policy in EU is sustainable. Financial markets seem to pay attention to fiscal variables. Since the beginning of the financial crisis, both markets and governments have responded more strongly to public debt. Interestingly, the reaction of the markets to GDP per capita seems to be stronger in the high-debt economies. Journal: Eastern European Economics Pages: 3-19 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1533411 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1533411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:3-19 Template-Type: ReDIF-Article 1.0 Author-Name: Svetlana Ridala Author-X-Name-First: Svetlana Author-X-Name-Last: Ridala Author-Name: Ott Toomet Author-X-Name-First: Ott Author-X-Name-Last: Toomet Title: Wage Gap in an Ethnically Segmented Labor Market: The Role of Cognitive Skills Abstract: We analyzed the ethnic wage gap in Estonia that hosts a large Russian-speaking minority population. We used the Oaxaca-Blinder decomposition to test whether the observed wage gap among the working population is related to commonly unobserved skills. Data from the Estonian Labor Force Survey and the Programme for the International Assessment of Adult Competencies (PIAAC) have been used. We find that the three PIAAC skills combination lowered the estimated unexplained wage differential by approximately 20%. We conclude that the unexplained wage gap is most likely related to entry barriers, combined with low-level segregation and segregated social networks. Journal: Eastern European Economics Pages: 20-30 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1524713 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1524713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:20-30 Template-Type: ReDIF-Article 1.0 Author-Name: Jens Klose Author-X-Name-First: Jens Author-X-Name-Last: Klose Title: Are Eastern European Taylor Reaction Functions Asymmetric in Inflation or Output? Empirical Evidence for Four Countries Abstract: Do central banks in Eastern European countries react asymmetrically and in a nonlinear fashion to changes in inflation and output? We address this question by expanding the standard Taylor reaction function for the four inflation-targeting countries Czech Republic, Hungary, Poland, and Romania. We do so by taking explicitly inflation rates below or above target and output below or above potential, the so-called state of the economy, into account. The results reveal that there are indeed substantial asymmetries in the reaction function of the Czech, Polish, and Romanian central banks, which are only evident when the combination of inflation and output thresholds is explicitly modeled in one estimation equation. For these three central banks, nonlinearities in the inflation and output response also could be verified. Journal: Eastern European Economics Pages: 31-49 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1517600 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1517600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:31-49 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Andrle Author-X-Name-First: Michal Author-X-Name-Last: Andrle Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Author-Name: Vladimír Tomšík Author-X-Name-First: Vladimír Author-X-Name-Last: Tomšík Author-Name: Jan Vlček Author-X-Name-First: Jan Author-X-Name-Last: Vlček Title: Banks’ Adjustment to Basel III Reform: A Bank-Level Perspective for Emerging Europe Abstract: The strategies of commercial banks are identified in response to higher capital requirements imposed by the Basel III reform. The focus will be on a sample of nine EU emerging market countries where the behavior of the five largest banks in each country will be examined. It was found that all banking sectors raised capital adequacy ratios by about 6.5 pp on average, mainly through retained earnings. Worries raised at the early stage of discussions about Basel III that commercial banks would shrink their balance sheet by reducing their lending to meet stricter capital requirements materialized only in banks struggling with profitability. Journal: Eastern European Economics Pages: 50-69 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1483202 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1483202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:50-69 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Brůna Author-X-Name-First: Karel Author-X-Name-Last: Brůna Author-Name: Naďa Blahová Author-X-Name-First: Naďa Author-X-Name-Last: Blahová Title: Constraints in the Supply of Credit in an Open Transition Economy under New Basel III Requirements: The Case of the Czech Republic Abstract: This article contains formal and empirical analyses of the constraints on the supply of credit in open transition economies as the external solvency of the economy and the banking sector is ensured when their international investment position is negative, foreign owners have significant participation in domestic banks, and banks face increasing regulatory requirements under Basel III. Our objective is to define the factors that affect constraints on the supply of credit at both the macro and banking level and to quantify the relationship between international investment sustainability determinants and the sources of foreign funding in the economy/banking system using an unrestricted ARDL ECM model in the Czech Republic. Journal: Eastern European Economics Pages: 70-85 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1496457 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1496457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:70-85 Template-Type: ReDIF-Article 1.0 Author-Name: David Cuberes Author-X-Name-First: David Author-X-Name-Last: Cuberes Author-Name: Ana Maria Munoz-Boudet Author-X-Name-First: Ana Maria Author-X-Name-Last: Munoz-Boudet Author-Name: Marc Teignier Author-X-Name-First: Marc Author-X-Name-Last: Teignier Title: How Costly Are Labor Gender Gaps? Estimates by Age Group for the Balkans and Turkey Abstract: In this article we use survey data from the Balkan countries and Turkey to document the presence of gender gaps in the labor market and examine its economic consequences in terms of aggregate income per capita. We first show that the age of women in the labor force, as well as in the categories of employers and self-employed, are clearly below the corresponding figures for men. These gender inequalities display a slightly negative time trend and are present in all age groups, with the middle-age group displaying the lowest inequality in terms of labor force participation but the largest inequality in terms of employers share. Using a theoretical framework we calculate that, on average, the loss associated with these gaps is about 20% of income per capita. Taking into account that the weight of each age group in the total population is different, we find that the aggregate costs associated with each age group are quite similar on average. Journal: Eastern European Economics Pages: 86-101 Issue: 1 Volume: 57 Year: 2019 Month: 1 X-DOI: 10.1080/00128775.2018.1486715 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1486715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:1:p:86-101 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Bresslein Author-X-Name-First: Martin Author-X-Name-Last: Bresslein Author-Name: Andrzej Cieslik Author-X-Name-First: Andrzej Author-X-Name-Last: Cieslik Author-Name: Xenia Matschke Author-X-Name-First: Xenia Author-X-Name-Last: Matschke Title: Vertical Industry Linkages and the Location of Foreign Direct Investment in Poland Abstract: We study the determinants of locational choice for new foreign affiliates across Polish regions with special focus on the role of agglomeration externalities using a conditional logit framework and firm-level data from the Amadeus database and a Polish dataset on regional and industry-region characteristics at the NUTS 2 level. The estimation results show that higher local demand agglomeration increases the probability that a foreign parent company founds an affiliate in a certain Polish region, whereas adverse labor market conditions, which manifest themselves in high unemployment and low wage rates, negatively affect the location probability. Journal: Eastern European Economics Pages: 457-483 Issue: 6 Volume: 57 Year: 2019 Month: 11 X-DOI: 10.1080/00128775.2019.1575756 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1575756 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:6:p:457-483 Template-Type: ReDIF-Article 1.0 Author-Name: Matyna Kobus Author-X-Name-First: Matyna Author-X-Name-Last: Kobus Author-Name: Leszek Morawski Author-X-Name-First: Leszek Author-X-Name-Last: Morawski Title: Comparing Cardinal and Ordinal Approaches to Measuring Socioeconomic Inequalities in Health Abstract: In the last decade, a literature has evolved showing that standard measures of inequality or probit regression are not well-suited for ordinal data such as self-reported health status. Conclusions may be easily reversed via different scaling of the ordinal indicator. This problem also concerns the measurement of socioeconomic inequalities by the concentration index (CI). Using the Survey of Health, Aging and Retirement in Europe (SHARE) we compare the performance of CI against the non-parametric method introduced by Duclos and Echevin (DE) to evaluate joint health-income distributions. We find that Poland is the worst country according to all three methods of computing CI, but it is the best country according to DE dominance curves. This indicates that when applied to ordinal health indicators, the CI approach relies on quite selective information about health-income distribution and should be treated with caution. Journal: Eastern European Economics Pages: 484-502 Issue: 6 Volume: 57 Year: 2019 Month: 11 X-DOI: 10.1080/00128775.2019.1662729 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1662729 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:6:p:484-502 Template-Type: ReDIF-Article 1.0 Author-Name: Natallia Gray Author-X-Name-First: Natallia Author-X-Name-Last: Gray Author-Name: J. David Cameron Author-X-Name-First: J. David Author-X-Name-Last: Cameron Title: Fighting Unemployment the Soviet Way: Belarus’ Law against Social Parasites Abstract: On April 2, 2015, Belarusian President Alexander Lukashenko issued a decree “On Preventing Social Dependency,” taxing able-bodied citizens who were employed less than 183 days in an employment year the equivalent of $184. We provide a historical analysis of the origin and use of this law in the Soviet Union and examine the social and economic conditions that led to the resuscitation of the old law. We analyze the effectiveness of the tax in terms of the officially stated goals with regards to increases in the tax revenue and employment of the able-bodied working-age population. We also assess some of the unintended consequences that resulted from the imposition of the tax, for example the effect of the tax on the decision to have children. Journal: Eastern European Economics Pages: 503-523 Issue: 6 Volume: 57 Year: 2019 Month: 11 X-DOI: 10.1080/00128775.2019.1651653 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1651653 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:6:p:503-523 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandar Stojkov Author-X-Name-First: Aleksandar Author-X-Name-Last: Stojkov Author-Name: Thierry Warin Author-X-Name-First: Thierry Author-X-Name-Last: Warin Title: Drivers of European Transition Countries’ External Current Accounts: An LSDVC Approach Abstract: The sizable and persistent external imbalances of European transition countries have attracted surprisingly little empirical attention. Although increasing external account deficits may be accompanied by accelerated growth rates, they also come with substantial risks. This article identifies and compares the main determinants of the widening and persistent external current account deficits of fifteen European transition countries vis-à-vis the EU-15 countries. It assesses the validity of the intertemporal approach of current account determination through bias-corrected least-squares dummy variable models (using three dynamic panel techniques) and data for thirty European countries during the 1994–2013 period. It concludes that the external accounts of European transition countries have been counter-cyclical and largely driven by faster growth of government consumption and investment as compared to their trading partners. After the outbreak of the global economic crisis, their external accounts improved due to lower private consumption and a significant rise in precautionary savings. Journal: Eastern European Economics Pages: 405-436 Issue: 5 Volume: 54 Year: 2016 Month: 9 X-DOI: 10.1080/00128775.2016.1188663 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1188663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:5:p:405-436 Template-Type: ReDIF-Article 1.0 Author-Name: Maciej J. Grodzicki Author-X-Name-First: Maciej J. Author-X-Name-Last: Grodzicki Author-Name: Tomasz Geodecki Author-X-Name-First: Tomasz Author-X-Name-Last: Geodecki Title: New Dimensions of Core-Periphery Relations in an Economically Integrated Europe: The Role of Global Value Chains Abstract: This article investigates core-periphery relations within the enlarged EU by assessing the involvement of member-states in the international division of labor. In order to do so, it constructs indexes of core-periphery divisions, supplemented with an analysis of the position of EU countries in global value chains, utilizing the World Input-Output Tables. The article sheds new light on the organization of core-periphery divisions. It also demonstrates Central and Eastern Europe’s successful integration into the global value chains as well as its significantly larger dependence on global production networks, as opposed to Southern and North-Western Europe. The article outlines that in terms of absolute contribution to value chains, the countries of Central and Eastern Europe are advancing to the level of the Southern countries, with their continued dependency on foreign capital and technologies. Journal: Eastern European Economics Pages: 377-404 Issue: 5 Volume: 54 Year: 2016 Month: 9 X-DOI: 10.1080/00128775.2016.1201426 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1201426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:5:p:377-404 Template-Type: ReDIF-Article 1.0 Author-Name: Krystian M. Zawadzki Author-X-Name-First: Krystian M. Author-X-Name-Last: Zawadzki Title: Public Perception of Intangible Benefits and Costs in the Valuation of Mega Sports Events: The Case of Euro 2012 in Poland Abstract: This article estimates the intangible benefits and costs of Euro 2012 in Poland. Using the contingent valuation method (CVM), a study was conducted among residents of all four host regions of the event and one nonhost region. This provided the basis for determining the net intangible benefit arising from Poland’s hosting of the European football championships (Euro 2012), which was estimated at 5.3 billion PLN2012. The aggregate values were then compared with the country’s actual expenditures on sports facilities. The obtained results undermine the use of financing based entirely on public funds. Journal: Eastern European Economics Pages: 437-458 Issue: 5 Volume: 54 Year: 2016 Month: 9 X-DOI: 10.1080/00128775.2016.1201689 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1201689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:5:p:437-458 Template-Type: ReDIF-Article 1.0 Author-Name: Jinxian Wang Author-X-Name-First: Jinxian Author-X-Name-Last: Wang Author-Name: Koen Caminada Author-X-Name-First: Koen Author-X-Name-Last: Caminada Author-Name: Chen Wang Author-X-Name-First: Chen Author-X-Name-Last: Wang Title: Measuring Income Polarization for Twenty European Countries, 2004–13: A Shapley Growth-Redistribution Decomposition Abstract: Income polarization adds to the literature on income distribution by providing information on the poles of the distribution of income, but little is known about this issue in Europe. This article explores income polarization and its determinants for twenty European countries over the period 2004–13 based on EU-SILC microdata and Shapley decomposition. The results suggest that income polarization is rather low in Europe; it rose in West-EU15 countries during 2004–08, but declined afterwards. The opposite development is witnessed for Central and Eastern European new member states. Moreover, in most cases, market income induced higher polarization, while tax-benefit systems were polarization-reducing. Journal: Eastern European Economics Pages: 477-499 Issue: 6 Volume: 55 Year: 2017 Month: 11 X-DOI: 10.1080/00128775.2017.1345637 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1345637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:6:p:477-499 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislaw Cichocki Author-X-Name-First: Stanislaw Author-X-Name-Last: Cichocki Author-Name: Joanna Tyrowicz Author-X-Name-First: Joanna Author-X-Name-Last: Tyrowicz Author-Name: Lucas van der Velde Author-X-Name-First: Lucas Author-X-Name-Last: van der Velde Title: Cyclical Trend of Labor Reallocation in Poland: Transition and Structural Change Abstract: Two main features of the reallocation process that took place in Eastern European and Former Soviet Union countries should be distinguished. The first feature was the decline in public sector employment as a result of the collapse of state-owned enterprises, linked with an increase in private sector employment as new private firms emerged and old public companies were privatized. The second feature was, and still is, the reallocation of labor from manufacturing to the service sector. Data from the Polish Labor Force Survey for the period 1995–2015 were used to construct measures of worker flows, gross and net, and their cyclical properties were used as a way to test the predictions of structural change and transition theories. It was found that labor market adjustments tend to amplify in upturns of the business cycle, while worker flows contribute only a fraction to the changing structure of employment. The policy implications of these findings are discussed. Journal: Eastern European Economics Pages: 543-556 Issue: 6 Volume: 55 Year: 2017 Month: 11 X-DOI: 10.1080/00128775.2017.1381027 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1381027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:6:p:543-556 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Author-Name: Kadri Männasoo Author-X-Name-First: Kadri Author-X-Name-Last: Männasoo Author-Name: Marko Virkebau Author-X-Name-First: Marko Author-X-Name-Last: Virkebau Title: Effects of Work Arrangements on Creative R&D Work Outcomes Abstract: Favorable working conditions for R&D employees help to improve the use of their creative potential, supporting knowledge intensification in the economy at large. This article presents fully observed recursive structural equation estimates, based on data from the authors’ original repeated survey of Estonian creative R&D employees on a sample of 153 individuals from eleven entities. It finds that opting for flexible working time is strongly driven by gender—males are more likely than females to opt for R&D jobs with flexible schedules. R&D employees who mainly work remotely are more satisfied with their work results. Noncreative work tasks reduce R&D employees’ contentment with their work outcomes and lower—at least in their own perception—the productiveness of their work in terms of creating value or new knowledge. Employees of both evening and morning types are found to have much more satisfaction with their work results than employees with no distinct morning-evening profile. These findings stress the benefits of flexible work arrangements in creative R&D jobs in order to account for individual differences and stimulate R&D output. Journal: Eastern European Economics Pages: 500-521 Issue: 6 Volume: 55 Year: 2017 Month: 11 X-DOI: 10.1080/00128775.2017.1381567 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1381567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:6:p:500-521 Template-Type: ReDIF-Article 1.0 Author-Name: Beata K. Bierut Author-X-Name-First: Beata K. Author-X-Name-Last: Bierut Author-Name: Kamila Kuziemska-Pawlak Author-X-Name-First: Kamila Author-X-Name-Last: Kuziemska-Pawlak Title: Competitiveness and Export Performance of CEE Countries Abstract: Over the last two decades, the share of CEE country exports in world goods exports more than doubled, despite the appreciation of real effective exchange rates. This article sets out to establish which factors advanced CEECs export performance. It shows that CEE countries’ exports have been supported by improved technological competitiveness, especially innovative outputs (patents). Exports have also been lifted by improvements in the quality of institutions, in particular overall regulatory quality. The article concludes that further gains in non-price competitiveness should be considered to be vital for the region to compete successfully in international markets in the long run. Journal: Eastern European Economics Pages: 522-542 Issue: 6 Volume: 55 Year: 2017 Month: 11 X-DOI: 10.1080/00128775.2017.1382378 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1382378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:6:p:522-542 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: EOV Editorial Board Journal: Eastern European Economics Pages: 557-557 Issue: 6 Volume: 55 Year: 2017 Month: 11 X-DOI: 10.1080/00128775.2017.1396103 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1396103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:6:p:557-557 Template-Type: ReDIF-Article 1.0 Author-Name: Paweł Gajewski Author-X-Name-First: Paweł Author-X-Name-Last: Gajewski Author-Name: Ali M Kutan Author-X-Name-First: Ali M Author-X-Name-Last: Kutan Title: Determinants and Economic Effects of New Firm Creation: Evidence from Polish Regions Abstract: This article studies firm entry dynamics in Poland—an emerging Central and Eastern European (CEE) economy with significant regional disparities. In particular, it examines both long- and short-run drivers of new firm creation in the Polish NUTS-2 regions and the role of firm entries for the region’s economic activity by investigating the propagation of shocks to firm entry on regional GDP, nonagricultural employment, and the total number of firms. Results indicate that regional economic structures significantly affect new firm creation. Some important results are also obtained with regard to the role of firm entry in regional development patterns in Poland. Journal: Eastern European Economics Pages: 201-222 Issue: 3 Volume: 56 Year: 2018 Month: 5 X-DOI: 10.1080/00128775.2018.1442226 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1442226 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:3:p:201-222 Template-Type: ReDIF-Article 1.0 Author-Name: Gianni Betti Author-X-Name-First: Gianni Author-X-Name-Last: Betti Author-Name: Ruzhdie Bici Author-X-Name-First: Ruzhdie Author-X-Name-Last: Bici Author-Name: Laura Neri Author-X-Name-First: Laura Author-X-Name-Last: Neri Author-Name: Thomas Pave Sohnesen Author-X-Name-First: Thomas Pave Author-X-Name-Last: Sohnesen Author-Name: Ledia Thomo Author-X-Name-First: Ledia Author-X-Name-Last: Thomo Title: Local Poverty and Inequality in Albania Abstract: This article presents the results of the latest poverty and inequality mapping update using the 2012 Living Standards Measurement Study (LSMS) survey and the 2011 census. This mapping builds on the methodology outlined by Chris Elbers and colleagues and further innovates by including new methodological developments. The results presented here allow better understanding of the regional inequalities in welfare across Albania, and thus can help policy makers address them. This is particularly needed because internal migration over the past decade led to large-scale urbanization in some areas and severe depopulation in others. Internal migration is multifaceted, but mostly flows toward Tirana. Journal: Eastern European Economics Pages: 223-245 Issue: 3 Volume: 56 Year: 2018 Month: 5 X-DOI: 10.1080/00128775.2018.1443015 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1443015 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:3:p:223-245 Template-Type: ReDIF-Article 1.0 Author-Name: Leszek Morawski Author-X-Name-First: Leszek Author-X-Name-Last: Morawski Author-Name: Marcin Czupryna Author-X-Name-First: Marcin Author-X-Name-Last: Czupryna Author-Name: Jerzy Mycielski Author-X-Name-First: Jerzy Author-X-Name-Last: Mycielski Author-Name: Jan Rączka Author-X-Name-First: Jan Author-X-Name-Last: Rączka Title: Offering Time-of-Use Electricity Rates to Households in a Formerly Centrally Planned Economy: Insights from Consumer Tests in Poland Abstract: Electricity companies have become interested in demand-side resources for reasons of conservation and efficiency. Previous empirical evidence demonstrated that more advanced (nonlinear) price schemes may be successfully used effectively to manage consumers’ electricity demand in highly developed market economies. This article shows that it is as possible in moderately developed countries with less experience with a market economy. Data were taken from a unique field study conducted in a midsize city in central Poland (Kalisz), in which approximately 750 households voluntarily agreed to use time-varying rates, instead of the flat rate previously used. The study is based on a detailed analysis of changes in average usage patterns in 15-minute intervals. On average, consumers reacted to price signals as predicted by the traditional economic model of a rational consumer, the change in usage depended on the rate design. It can be argued that at the initial stage, when nonlinear pricing schemes are introduced, simpler rates are preferred, as consumers may have difficulty understanding new rates. Simplicity seems to be the key factor that helps to overcome possible cognitive problems and behavioral anomalies when consumers are exposed to new pricing practices. Journal: Eastern European Economics Pages: 246-267 Issue: 3 Volume: 56 Year: 2018 Month: 5 X-DOI: 10.1080/00128775.2018.1449657 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1449657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:3:p:246-267 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Introduction Journal: Eastern European Economics Pages: 3-6 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648441 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648441 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Valtr Komárek Author-X-Name-First: Valtr Author-X-Name-Last: Komárek Title: Treatise: Prognostic Self-Analysis of Czechoslovak Society Journal: Eastern European Economics Pages: 7-23 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648442 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648442 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:7-23 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Dyba Author-X-Name-First: Karel Author-X-Name-Last: Dyba Title: Growth, Structural Changes, and Openness of the Economy Journal: Eastern European Economics Pages: 24-38 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648443 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:24-38 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klaus Author-X-Name-First: Václav Author-X-Name-Last: Klaus Title: The Imperatives of Long-Term Prognosis and the Dominant Characteristics of the Present Economy Journal: Eastern European Economics Pages: 39-52 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648444 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:39-52 Template-Type: ReDIF-Article 1.0 Author-Name: Károly Attila Soós Author-X-Name-First: Károly Attila Author-X-Name-Last: Soós Title: Privatization, Dogma-Free Self-Management, and Ownership Reform Journal: Eastern European Economics Pages: 53-70 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648445 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:53-70 Template-Type: ReDIF-Article 1.0 Author-Name: Tibor Erdős Author-X-Name-First: Tibor Author-X-Name-Last: Erdős Title: Ownership Reform and Profit Rate Journal: Eastern European Economics Pages: 71-87 Issue: 4 Volume: 28 Year: 1990 Month: 6 X-DOI: 10.1080/00128775.1990.11648446 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:4:p:71-87 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Beck Author-X-Name-First: Krzysztof Author-X-Name-Last: Beck Author-Name: Piotr Stanek Author-X-Name-First: Piotr Author-X-Name-Last: Stanek Title: Globalization or Regionalization of Stock Markets? the Case of Central and Eastern European Countries Abstract: This article investigates the degree of financial integration of the Eastern European countries with global and regional financial markets and compares it with the core of the euro area. A Bayesian dynamic factor model was utilized to uncover global, regional and country factors driving the co-movement of rates of return of stock indexes. In the case of the Eurozone, the role of the country and international factor was extremely stable over the analyzed period. The composition of the international factor changed over time with the share of the global factor increasing during the time of the global financial crisis.The share of the country factor in the EMU was around 10%, while it was around 20% in Visegrad 4, indicating very strong international ties between the capital markets. Journal: Eastern European Economics Pages: 317-330 Issue: 4 Volume: 57 Year: 2019 Month: 7 X-DOI: 10.1080/00128775.2019.1610895 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1610895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:4:p:317-330 Template-Type: ReDIF-Article 1.0 Author-Name: Magdalena Szyszko Author-X-Name-First: Magdalena Author-X-Name-Last: Szyszko Author-Name: Aleksandra Rutkowska Author-X-Name-First: Aleksandra Author-X-Name-Last: Rutkowska Title: Inflation Expectations of European Consumers after the Crisis. Do Macro Variables Drive Expectations? Abstract: This article examines the relationship between consumer expectations and macro variables. The research covers five EU member states: Croatia, the Czech Republic, Hungary, Poland, and Romania in the period from 2011 to 2015. Its aim is to find long-run dependence of expectations and financial and real sphere variables in the post-crisis era. No previous studies for this sample and time span exist: this paper contributes to the strand of the literature detecting formation patterns of expectations. VAR/VEC models are estimated in order to trace impulse response to expectations. Five different stories have been found about expectation formation for each economy. Journal: Eastern European Economics Pages: 271-294 Issue: 4 Volume: 57 Year: 2019 Month: 7 X-DOI: 10.1080/00128775.2019.1610896 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1610896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:4:p:271-294 Template-Type: ReDIF-Article 1.0 Author-Name: Marek A. Dąbrowski Author-X-Name-First: Marek A. Author-X-Name-Last: Dąbrowski Author-Name: Monika Papież Author-X-Name-First: Monika Author-X-Name-Last: Papież Author-Name: Sławomir Śmiech Author-X-Name-First: Sławomir Author-X-Name-Last: Śmiech Title: Monetary Independence of Central and Eastern European Economies with Flexible Exchange Rate Regimes Abstract: According to the macroeconomic trilemma, the floating exchange rate regime provides room for monetary independence. The paper examines whether this is the case in CEE economies. The ARDL bounds tests are used. A level relationship between domestic and euro interest rates is found in all CEE countries, although evidence for Hungary is weak. It is demonstrated that the crude monetary independence indices do not capture the relevant relationship adequately. It is concluded that the Czech Republic and Poland will be able to retain monetary independence when the ECB embarks on the tightening its monetary policy, but not Hungary or Romania. Journal: Eastern European Economics Pages: 295-316 Issue: 4 Volume: 57 Year: 2019 Month: 7 X-DOI: 10.1080/00128775.2019.1610897 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1610897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:4:p:295-316 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandra Majchrowska Author-X-Name-First: Aleksandra Author-X-Name-Last: Majchrowska Author-Name: Paulina Broniatowska Author-X-Name-First: Paulina Author-X-Name-Last: Broniatowska Title: Ageing of the Workforce and Wages—Does the Type of Occupation Matter? Abstract: We analyze the relationship between ageing of the workforce and average wages. We use data from the Structure of Earnings Survey and analyze hourly wages across nine major occupational groups in 27 EU economies in 2002–2014. We confirm a significant relationship between the share of workers aged 50 years and older and wages. In the whole sample the sign of this relationship is negative, however, it differs across occupational groups and over time. In groups with constant investment in human capital wages increase with age. In groups in which physical strength is more important, productivity and wages decrease with age. Journal: Eastern European Economics Pages: 331-348 Issue: 4 Volume: 57 Year: 2019 Month: 7 X-DOI: 10.1080/00128775.2019.1620615 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1620615 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:4:p:331-348 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Beck Author-X-Name-First: Krzysztof Author-X-Name-Last: Beck Title: Monetary Policy, Capital Mobility, Inflation, and Wages in Eastern European Economies: Selected Papers from the International Conference “Economic Turmoil in Contemporary Europe III” Journal: Eastern European Economics Pages: 269-270 Issue: 4 Volume: 57 Year: 2019 Month: 7 X-DOI: 10.1080/00128775.2019.1621678 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1621678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:4:p:269-270 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Jackowicz Author-X-Name-First: Krzysztof Author-X-Name-Last: Jackowicz Author-Name: Łukasz Kozłowski Author-X-Name-First: Łukasz Author-X-Name-Last: Kozłowski Author-Name: Paweł Wnuczak Author-X-Name-First: Paweł Author-X-Name-Last: Wnuczak Title: Location, Location, … and Its Significance for Small Banks Abstract: This study investigates how local banking competition, local trust in the banking system, and local socioeconomic situations affect the performance of small banks. Using a comprehensive dataset of bank branches in Poland, bank financial results, and local market socioeconomic features for the period 2007–2015, we find that small local banks, thanks to the specificity of their business model, gain a competitive advantage over their opponents in a difficult local socioeconomic environment. Moreover, we find strong tail effects in the relationship between location and local bank performance. Journal: Eastern European Economics Pages: 1-33 Issue: 1 Volume: 58 Year: 2020 Month: 1 X-DOI: 10.1080/00128775.2019.1651654 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1651654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:1:p:1-33 Template-Type: ReDIF-Article 1.0 Author-Name: Jarko Fidrmuc Author-X-Name-First: Jarko Author-X-Name-Last: Fidrmuc Author-Name: Svatopluk Kapounek Author-X-Name-First: Svatopluk Author-X-Name-Last: Kapounek Title: The Risks and Financial Vulnerability of Foreign Bank Ownership in CEECs: Evidence from Exchange Rate Depreciation after the Financial Crisis Abstract: The banking sector in Central and Eastern European countries is characterized by cross-border mergers and acquisitions. Financial integration improved firm access to international capital markets but also posed a serious challenge in terms of financial vulnerability. We use bank data to analyze the determinants of bank lending between 1998 and 2016. Our results confirm significant differences in lending behavior between domestic and foreign banks. In particular, foreign banks are more sensitive to exchange rate changes but less sensitive to domestic demand. Currency depreciation has a larger negative impact on lending by foreign banks, with a lower ratio of deposits to equity. Journal: Eastern European Economics Pages: 34-48 Issue: 1 Volume: 58 Year: 2020 Month: 1 X-DOI: 10.1080/00128775.2019.1666412 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1666412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:1:p:34-48 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Beck Author-X-Name-First: Krzysztof Author-X-Name-Last: Beck Title: The Role of International Transmission Mechanisms in the Eurozone and Eastern Europe Journal: Eastern European Economics Pages: 49-49 Issue: 1 Volume: 58 Year: 2020 Month: 1 X-DOI: 10.1080/00128775.2019.1688666 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1688666 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:1:p:49-49 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Janus Author-X-Name-First: Jakub Author-X-Name-Last: Janus Title: Is ECB Rocking the Boat? Unconventional Monetary Policy in the EMU and Volatility Spillovers to Poland Abstract: The aim of the paper is to investigate volatility spillovers (i.e., spillovers in-variance) between the monetary policy stance of the European Central Bank and macro-financial variables in Poland. The monetary policy of the ECB is approximated by the shadow interest rate which takes into account various non-standard policy measures. We then perform event study regressions using several leading policy announcements and actions of the ECB. We find that volatility spillovers from the ECB’s unconventional policies to Poland were time-varying but modest for the entire period of 2008–2018. There is relatively scarce evidence on the structural changes in the dynamic conditional correlations for the POLONIA rate and EUR/PLN exchange rate. More pronounced volatility spillover effects are identified for the long-term interest rates after the first substantial reduction of interest rates in the EMU in 2008, and following the introduction of the negative interest rate policy in 2014. We find no significant evidence of spillovers associated directly with the implementation of more advanced unconventional tools, such as long-term refinancing operations or the Asset Purchase Programme. Journal: Eastern European Economics Pages: 50-67 Issue: 1 Volume: 58 Year: 2020 Month: 1 X-DOI: 10.1080/00128775.2019.1650646 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1650646 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:1:p:50-67 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Beck Author-X-Name-First: Krzysztof Author-X-Name-Last: Beck Title: Decoupling after the Crisis: Western and Eastern Business Cycles in the European Union Abstract: The aftermath of the crisis in Europe renewed the interest in the comovement business cycles and the ability of the European Central Bank (ECB) to implement a common monetary policy. Depending on the examined time period, the sample of countries and the utilized methodology, the research shows evidence of both convergence and decoupling of European business cycles. The present paper extends this research agenda by applying Bayesian dynamic latent factor models to the time series of GDP growth and the inflation of the Eurozone and Central and Eastern Europe (CEE) countries from 2000 till 2018. The results show evidence of two distinct business cycles in the Eurozone and the CEE, as well as the progressing decoupling in the European Union and convergence within the Eastern and Western Europe. Comovement of inflation has been slowly declining in the Eurozone, suggesting decreasing effectiveness of the EBC in following the inflation target in the entire euro area. Journal: Eastern European Economics Pages: 68-82 Issue: 1 Volume: 58 Year: 2020 Month: 1 X-DOI: 10.1080/00128775.2019.1656086 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1656086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:1:p:68-82 Template-Type: ReDIF-Article 1.0 Author-Name: Elias Soukiazis Author-X-Name-First: Elias Author-X-Name-Last: Soukiazis Author-Name: Eva Muchová Author-X-Name-First: Eva Author-X-Name-Last: Muchová Author-Name: Peter Leško Author-X-Name-First: Peter Author-X-Name-Last: Leško Title: Are the Transition Economies Balance-of-Payments Constrained? An Aggregate and Multisector Approach Applied to Central and Eastern Europe Abstract: The balance-of-payments (BoP) can act as a constraint on the output growth rate because it limits the growth of demand. This article focuses on verifying whether the hypothesis that BoP constrains growth is suitable for explaining the growth performance of several transition economies in Central and Eastern Europe that joined the European Union after 2004. According to Thirlwall’s law, the BoP equilibrium growth rate in an economy is determined using the ratio of the income elasticities of demand for exports and imports and the growth in foreign demand. The results obtained are compared with the multisector version of Thirlwall’s law as an alternative approach that considers the structure of the economy and how specialization affects BoP-constrained growth. The results show that almost all the transition countries in the sample grew at a higher rate than is consistent with the BoP equilibrium and that the multisector version of this approach predicts actual growth in these countries. Journal: Eastern European Economics Pages: 453-476 Issue: 5 Volume: 55 Year: 2017 Month: 9 X-DOI: 10.1080/00128775.2017.1326289 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1326289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:5:p:453-476 Template-Type: ReDIF-Article 1.0 Author-Name: Knar Khachatryan Author-X-Name-First: Knar Author-X-Name-Last: Khachatryan Author-Name: Valentina Hartarska Author-X-Name-First: Valentina Author-X-Name-Last: Hartarska Author-Name: Aleksandr Grigoryan Author-X-Name-First: Aleksandr Author-X-Name-Last: Grigoryan Title: Performance and Capital Structure of Microfinance Institutions in Eastern Europe and Central Asia Abstract: Recent trends in microfinance, such as commercialization and deposit mobilization, highlight the importance of investigating the link between sources of funds and performance by microfinance institutions (MFIs). This article estimates the joint impact of seven categories of capital on three dimensions of performance, using a seemingly unrelated regressions (SUR) method and panel data from MFIs in Eastern Europe and Central Asia during the period 2005–2009. The results suggest that performance is influenced by the preferences of the stakeholders who provide the capital. Grants are associated with a better depth of outreach. Concessional loans are useful in improving outreach without affecting financial results. Loans from social investors are related to a lower return on assets but also an improvement in outreach to lower-income clientele. The evidence regarding the influence of savings on financial performance is less clear, but the results are interpreted to mean that savings should be encouraged to serve the needs of the poor as well as to lower the cost of capital. Journal: Eastern European Economics Pages: 395-419 Issue: 5 Volume: 55 Year: 2017 Month: 9 X-DOI: 10.1080/00128775.2017.1336064 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1336064 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:5:p:395-419 Template-Type: ReDIF-Article 1.0 Author-Name: Mădălin Viziniuc Author-X-Name-First: Mădălin Author-X-Name-Last: Viziniuc Title: Potential Gains from Cooperation Between Monetary and Macroprudential Policies: The Case of an Emerging Economy Abstract: This article investigates whether cooperation between monetary and macroprudential policies can better stabilize an emerging economy. In this respect, it uses a dynamic stochastic general equilibrium model estimated for the Romanian economy. The model specifies two macroprudential instruments: the loan-to-value ratio and the capital requirements ratio. The simulations revealed that, given the entire stochastic environment, macroprudential instruments can indeed help stabilize the economy with smaller costs, and the loan-to-value instrument qualified as the best approach. Furthermore, in case of a financial shock, the use of credit requirements may be desirable because of their neutral effect on the exchange rate. Journal: Eastern European Economics Pages: 420-452 Issue: 5 Volume: 55 Year: 2017 Month: 9 X-DOI: 10.1080/00128775.2017.1345636 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1345636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:5:p:420-452 Template-Type: ReDIF-Article 1.0 Author-Name: Felix Noth Author-X-Name-First: Felix Author-X-Name-Last: Noth Author-Name: Andrea Gauselmann Author-X-Name-First: Andrea Author-X-Name-Last: Gauselmann Title: Decision-Making Power in Foreign Subsidiaries and its Effect on Financial Constraints: An Analysis for Selected European Transition Economies on the Basis of the IWH FDI Micro Database 2013 Abstract: This article analyzes whether the distribution of decision-making power between the headquarters and foreign subsidiaries of multinational enterprises (MNEs) affects the foreign affiliates’ financial constraints. The findings show that not much decision-making power has as yet been moved from headquarters to foreign subsidiaries in European post-transition economies. The high concentration of decision-making power within the MNE’s subsidiary points toward higher financial constraints. However, a nonlinear effect is found, which suggests that financial constraints within the subsidiary only increase with more decision-making power when the power granted to the subsidiary is at a low level. For subsidiaries that already have autonomy in decision-making, granting more power in this regard has no effect on financial constraints. Journal: Eastern European Economics Pages: 459-472 Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1194214 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1194214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:459-472 Template-Type: ReDIF-Article 1.0 Author-Name: Evan Warshaw Author-X-Name-First: Evan Author-X-Name-Last: Warshaw Title: Parallel Currency Markets and the Monetary Exchange Rate Model: A VECM Application to Turkey Over 1987–1998 Abstract: This study takes a novel approach to testing the monetary model of exchange rate determination by allowing for distortions from the underground economy to be reflected via inclusion of the parallel exchange rate. Using a VECM methodology, an augmented model is tested and compared to a traditional flexible-price monetary model for Turkey over 1987–1998. While in-sample results are supportive of both models, out-of-sample analysis favors inclusion of the parallel exchange rate. Furthermore, the augmented model beats a random walk with and without drift over to mid-range forecast horizons. These results highlight the need to consider potential market distortions of exchange rate movements. Journal: Eastern European Economics Pages: 473-488 Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1194215 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1194215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:473-488 Template-Type: ReDIF-Article 1.0 Author-Name: Mihai Mutascu Author-X-Name-First: Mihai Author-X-Name-Last: Mutascu Title: Government Revenues and Expenditures in the East European Economies: A Bootstrap Panel Granger Causality Approach Abstract: Using a bootstrap panel Granger causality approach, this article investigates the causality between government revenues and government spending from 1995 to 2012 for ten East European economies that are members of the European Union. It finds unidirectional causality from public expenditures to revenues in Bulgaria. For the Czech Republic, Hungary, and Slovenia, government revenues explain expenditures, and a two-way causality exists for the Slovak Republic. No Granger causality is found for Estonia, Latvia, Lithuania, Poland, and Romania. Journal: Eastern European Economics Pages: 489-502 Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1204237 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1204237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:489-502 Template-Type: ReDIF-Article 1.0 Author-Name: Byung-Yeon Kim Author-X-Name-First: Byung-Yeon Author-X-Name-Last: Kim Author-Name: Jieun Park Author-X-Name-First: Jieun Author-X-Name-Last: Park Title: Financial Systems and Enterprise Restructuring in Eastern Europe Abstract: This article investigates the effects of financial systems on enterprise restructuring in twenty-six transition economies from 1999 to 2005. It identifies various sources of financing and estimates their respective impacts on enterprise restructuring. Loans from local commercial banks are found to be more effective than any other form of financing at promoting restructuring. Their effect increases as the size of the firm decreases. There is some evidence that the effectiveness of equity financing in restructuring increases over time, suggesting that the equity mechanism takes root in transition economies only gradually. It is also found that restructuring contributes to firm performance, suggesting a linkage among financing sources, restructuring, and firm performance. Journal: Eastern European Economics Pages: 503-520 Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1215229 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1215229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:503-520 Template-Type: ReDIF-Article 1.0 Author-Name: Sonia de Lucas Santos Author-X-Name-First: Sonia Author-X-Name-Last: de Lucas Santos Author-Name: María Jesús Delgado Rodríguez Author-X-Name-First: María Jesús Author-X-Name-Last: Delgado Rodríguez Title: Core-Periphery Business Cycle Synchronization in Europe and the Great Recession Abstract: This article investigates the dynamics of business cycle synchronization in Europe. The European core business cycle is estimated by means of a cyclical trend decomposition model, and a testing procedure is proposed to study the stability of the interdependencies between the GDP growth rates of the economies and the cyclical common factor. Results show an extended European business cycle moving toward the synchronization levels enjoyed by core countries. In a second group of periphery economies (mainly economies of the EU enlargements of the 2000s) synchronization has increased since the beginning of the Great Recession. Journal: Eastern European Economics Pages: 521-546 Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1238767 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1238767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:521-546 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board EOV Journal: Eastern European Economics Pages: ebi-ebi Issue: 6 Volume: 54 Year: 2016 Month: 11 X-DOI: 10.1080/00128775.2016.1255524 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1255524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:6:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 29 Year: 1991 Month: 6 X-DOI: 10.1080/00128775.1991.11648462 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Kúti Author-X-Name-First: Anna Author-X-Name-Last: Kúti Author-Name: Mária Móra Author-X-Name-First: Mária Author-X-Name-Last: Móra Title: Reorganization and Liquidation Proceedings since 1986 Journal: Eastern European Economics Pages: 5-33 Issue: 4 Volume: 29 Year: 1991 Month: 6 X-DOI: 10.1080/00128775.1991.11648463 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:4:p:5-33 Template-Type: ReDIF-Article 1.0 Author-Name: Čedomir Nestorović Author-X-Name-First: Čedomir Author-X-Name-Last: Nestorović Title: The Automobile Industry in the East Journal: Eastern European Economics Pages: 34-85 Issue: 4 Volume: 29 Year: 1991 Month: 6 X-DOI: 10.1080/00128775.1991.11648464 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:4:p:34-85 Template-Type: ReDIF-Article 1.0 Author-Name: Hervé Gicquiau Author-X-Name-First: Hervé Author-X-Name-Last: Gicquiau Title: Shadows on the Soviet Automobile Stock Journal: Eastern European Economics Pages: 86-91 Issue: 4 Volume: 29 Year: 1991 Month: 6 X-DOI: 10.1080/00128775.1991.11648465 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:4:p:86-91 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Eastern European Economics Volume 29 (Fall 1990–Summer 1991) Journal: Eastern European Economics Pages: 92-93 Issue: 4 Volume: 29 Year: 1991 Month: 6 X-DOI: 10.1080/00128775.1991.11648466 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:4:p:92-93 Template-Type: ReDIF-Article 1.0 Author-Name: Kemal Türkcan Author-X-Name-First: Kemal Author-X-Name-Last: Türkcan Author-Name: Hülya Saygili Author-X-Name-First: Hülya Author-X-Name-Last: Saygili Title: Global Production Chains and Export Survival Abstract: In this article, we empirically investigate the role of global production chains (GPCs) in export survival by using highly disaggregated machinery exports data from Turkey for the period 1998–2013. We contribute to the literature by offering alternative indicators adopted from intra-industry trade to represent more effectively the extent of GPC in a survival analysis. Based on the estimation of a discrete-time logit model with random effects, we find that GPCs have a strong positive influence on the survival probability of Turkey’s machinery exports. This impact is even stronger if trade involves vertically differentiated trade and parts and components in particular. Journal: Eastern European Economics Pages: 103-129 Issue: 2 Volume: 57 Year: 2019 Month: 3 X-DOI: 10.1080/00128775.2018.1539335 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1539335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:2:p:103-129 Template-Type: ReDIF-Article 1.0 Author-Name: Ayuba Seidu Author-X-Name-First: Ayuba Author-X-Name-Last: Seidu Author-Name: Gülcan Önel Author-X-Name-First: Gülcan Author-X-Name-Last: Önel Author-Name: Charles B. Moss Author-X-Name-First: Charles B. Author-X-Name-Last: Moss Author-Name: James L. Seale Author-X-Name-First: James L. Author-X-Name-Last: Seale Title: Do Off-Farm Employment and Remittances Affect Food Consumption Patterns? Evidence from Albania Abstract: This study is the first to analyze the combined effects of off-farm incomes from a variety of sources—local wage employment, local self-employment, and migrant remittances—on detailed food consumption patterns. A food demand model that incorporates incomes from different sources and household demographics is developed to fit rural Albanian household data. Findings indicate that increases in off-farm wage income increases food consumed at-home and away-from-home. Cereal-based staples consumed at home increase with increased off-farm wage income and decrease with increased remittances. Food consumption patterns are not affected by self-employment income. Findings have implications for improving dietary conditions in rural households. Journal: Eastern European Economics Pages: 130-152 Issue: 2 Volume: 57 Year: 2019 Month: 3 X-DOI: 10.1080/00128775.2018.1551063 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1551063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:2:p:130-152 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Boratyński Author-X-Name-First: Jakub Author-X-Name-Last: Boratyński Author-Name: Jakub Borowski Author-X-Name-First: Jakub Author-X-Name-Last: Borowski Author-Name: Adam Czerniak Author-X-Name-First: Adam Author-X-Name-Last: Czerniak Author-Name: Dariusz Rosati Author-X-Name-First: Dariusz Author-X-Name-Last: Rosati Title: Sectoral Decomposition of the Balassa–Samuelson Effect in CEE Countries: A CGE Analysis Abstract: We examine the impact of the Balassa–Samuelson effect on prices at the industry level, based on the results of computable general equilibrium (CGE) model simulations for four Central and Eastern European (CEE) countries. We decompose the results to explain the differentiation of impact on unit production cost by industry. We find that direct cost savings from productivity improvement typically exceed the effects of higher wages, even when considering the reciprocal effects of increased prices of nontradables. These effects are negative for the price competitiveness of the tradable industries and can be reduced by procompetition regulation in the nontradable sector. Journal: Eastern European Economics Pages: 153-177 Issue: 2 Volume: 57 Year: 2019 Month: 3 X-DOI: 10.1080/00128775.2018.1552521 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1552521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:2:p:153-177 Template-Type: ReDIF-Article 1.0 Author-Name: Hernan Moscoso Boedo Author-X-Name-First: Hernan Author-X-Name-Last: Moscoso Boedo Title: Optimal Technological Choices After a Structural Break: The Case of the Former Communist Economies Abstract: This article analyzes the transition observed after the fall of communism in Eastern Europe and the former Soviet Union. It uses a general equilibrium model whereby skill bias in production technology is optimally chosen. As observed in the data, the model produces significant temporary losses in output and physical capital, together with increases in the skill premium, suggesting that part of the transition could be explained by a costly process of adjustment to new technologies. Journal: Eastern European Economics Pages: 178-196 Issue: 2 Volume: 57 Year: 2019 Month: 3 X-DOI: 10.1080/00128775.2018.1539336 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1539336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:2:p:178-196 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Lucian Crișan Author-X-Name-First: Emil Lucian Author-X-Name-Last: Crișan Title: The Impact of Culture, Perceptions, and Knowledge on Economic Outcomes in Romania Journal: Eastern European Economics Pages: 349-351 Issue: 5 Volume: 57 Year: 2019 Month: 9 X-DOI: 10.1080/00128775.2019.1623050 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1623050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:5:p:349-351 Template-Type: ReDIF-Article 1.0 Author-Name: Monica Violeta Achim Author-X-Name-First: Monica Violeta Author-X-Name-Last: Achim Author-Name: Sorin Nicolae Borlea Author-X-Name-First: Sorin Nicolae Author-X-Name-Last: Borlea Author-Name: Lucian Vasile Găban Author-X-Name-First: Lucian Vasile Author-X-Name-Last: Găban Author-Name: Alin Adrian Mihăilă Author-X-Name-First: Alin Adrian Author-X-Name-Last: Mihăilă Title: The Shadow Economy and Culture: Evidence in European Countries Abstract: This paper investigates whether culture plays a role in the size of the shadow economy in countries. We also examine the impact of religion and happiness variables on the size of the shadow economy across countries after controlling for governance, economic development, and the tax burden, using panel data on 31 European countries over the period 2005–2015. First, we found that the gross domestic product (GDP) of European countries is underreported by 19 percent because of unrecorded shadow economy activities. Second, our empirical findings document that collectivism, femininity, a short-term orientation, restraint, and religiosity increase the size of the shadow economy, whereas greater happiness decreases it. The findings are important for policy makers so that they can include cultural factors in their analysis of people’s behavior regarding the shadow economy and thus make the most appropriate decisions on how to fight this phenomenon. Journal: Eastern European Economics Pages: 352-374 Issue: 5 Volume: 57 Year: 2019 Month: 9 X-DOI: 10.1080/00128775.2019.1614461 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1614461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:5:p:352-374 Template-Type: ReDIF-Article 1.0 Author-Name: Codruta Mare Author-X-Name-First: Codruta Author-X-Name-Last: Mare Author-Name: Simona Laura Dragoș Author-X-Name-First: Simona Author-X-Name-Last: Laura Dragoș Author-Name: Ingrid-Mihaela Dragotă Author-X-Name-First: Ingrid-Mihaela Author-X-Name-Last: Dragotă Author-Name: Cristian Mihai Dragoș Author-X-Name-First: Cristian Mihai Author-X-Name-Last: Dragoș Title: Insurance Literacy and Spatial Diffusion in the Life Insurance Market: A Subnational Approach in Romania Abstract: In most Eastern European countries, the life insurance market is poorly developed with respect to the income level of their citizens. Most of the academic literature investigating the determinants of this market focuses on cross-country- or individual-level studies. Our research assesses the specificities of the life insurance market at a subnational level, more specifically at the county level. The behavioral mechanisms are highlighted through cross-section linear regressions with spatial interactions on a database of 42 counties in Romania in 2015. One important result is the positive effect of insurance literacy, estimated in a national survey, on the demand for life insurance. Another significant result is the spatial diffusion process identified in life insurance density between neighboring counties. Among the control variables, we identified a significant positive impact of income and urbanization on the demand for life insurance and a negative impact of the unemployment rate. Journal: Eastern European Economics Pages: 375-396 Issue: 5 Volume: 57 Year: 2019 Month: 9 X-DOI: 10.1080/00128775.2019.1618194 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1618194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:5:p:375-396 Template-Type: ReDIF-Article 1.0 Author-Name: Anca Nichita Author-X-Name-First: Anca Author-X-Name-Last: Nichita Author-Name: Larissa Batrancea Author-X-Name-First: Larissa Author-X-Name-Last: Batrancea Author-Name: Ciprian Marcel Pop Author-X-Name-First: Ciprian Author-X-Name-Last: Marcel Pop Author-Name: Ioan Batrancea Author-X-Name-First: Ioan Author-X-Name-Last: Batrancea Author-Name: Ioan Dan Morar Author-X-Name-First: Ioan Dan Author-X-Name-Last: Morar Author-Name: Ema Masca Author-X-Name-First: Ema Author-X-Name-Last: Masca Author-Name: Ana Maria Roux-Cesar Author-X-Name-First: Ana Maria Author-X-Name-Last: Roux-Cesar Author-Name: Denis Forte Author-X-Name-First: Denis Author-X-Name-Last: Forte Author-Name: Henrique Formigoni Author-X-Name-First: Henrique Author-X-Name-Last: Formigoni Author-Name: Adilson Aderito da Silva Author-X-Name-First: Adilson Aderito Author-X-Name-Last: da Silva Title: We Learn Not for School but for Life: Empirical Evidence of the Impact of Tax Literacy on Tax Compliance Abstract: Tax revenues are fundamental budgetary resources for the majority of governments around the world. Consequently, the goal of identifying efficient strategies that facilitate an increase in tax compliance should be on the agenda of all tax authorities. By surveying 358 Romanian taxpayers, our study analyzes how tax literacy influences tax compliance, thus contributing to the existing literature, which reports few results on this topic. Using moderation analysis, we find that tax literacy is one of the key elements shaping tax compliance. Respondents who reported more neutral social representations of taxation concepts turned out to be more tax literate and more willing to comply voluntarily. The level of tax literacy was estimated using a tax literacy index created for this purpose. Our study provides policy makers with a starting point for understanding how taxpayers comprehend taxation concepts and how they relate to the tax system. Equipped with such information, those charged with designing tax policy could help raise literacy among taxpayers, making the role of tax collection more salient and ultimately improving tax compliance. Journal: Eastern European Economics Pages: 397-429 Issue: 5 Volume: 57 Year: 2019 Month: 9 X-DOI: 10.1080/00128775.2019.1621183 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1621183 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:5:p:397-429 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Lucian Crisan Author-X-Name-First: Emil Lucian Author-X-Name-Last: Crisan Author-Name: Catalina Crisan-Mitra Author-X-Name-First: Catalina Author-X-Name-Last: Crisan-Mitra Author-Name: Cristian Dragos Author-X-Name-First: Cristian Author-X-Name-Last: Dragos Title: The Impact on Migration Intentions of Perceived Corruption at the Organizational and Country Level in Romania Abstract: We model the relationship between corruption perceived by Romanian employees and their intention to leave the country. This research, based on a survey of 911 Romanian employees, connects migration with corruption. We construct a model that explains employees’ intention to migrate based on corruption that they perceive at the country level and multiple organizational variables, such as career satisfaction, observed organizational misconduct, turnover intention, and perceived organizational corruption. Tests of the model show that Romanian employees who perceive a high level of corruption in the country, have a low level of career satisfaction, and want to find another job are disposed toward migration rather than finding another job in Romania. Journal: Eastern European Economics Pages: 430-455 Issue: 5 Volume: 57 Year: 2019 Month: 9 X-DOI: 10.1080/00128775.2018.1533410 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1533410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:5:p:430-455 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Tomas Žiković Author-X-Name-First: Ivana Author-X-Name-Last: Tomas Žiković Title: Challenges in Predicting Financial Distress in Emerging Economies: The Case of Croatia Abstract: Using an extensive dataset of over 44,000 firms for a period that includes an economic upswing and a recession, this article examines how time-varying, firm-specific variables and changes in the macroeconomic environment affect the probability of firms’ financial distress. Traditional single-period approaches used to predict financial distress are based on unrealistically restrictive assumptions and cannot dynamically account for changes in financial indicators and macroeconomic conditions. Therefore discrete-time hazard models (using logit and cloglog) are applied; these indicate that the probability of distress is strongly influenced by both firm-specific and macroeconomic variables. Although firm-specific variables play an essential role, the results show that macroeconomic variables are important for understanding the fluctuations in the probability of distress over time. Furthermore, the findings provide evidence that both the legal criteria and a firm’s financial health should be considered when identifying firms in emerging economies that are in distress because existing bankruptcy laws are not applied. Journal: Eastern European Economics Pages: 1-27 Issue: 1 Volume: 56 Year: 2018 Month: 1 X-DOI: 10.1080/00128775.2017.1387059 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1387059 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:1:p:1-27 Template-Type: ReDIF-Article 1.0 Author-Name: Jindřich Matoušek Author-X-Name-First: Jindřich Author-X-Name-Last: Matoušek Author-Name: Lubomír Cingl Author-X-Name-First: Lubomír Author-X-Name-Last: Cingl Title: Collusion in Multi-Object Auctions: Experimental Evidence Abstract: This article experimentally examines two complex multi-unit auction mechanisms—a simultaneous multi-round auction and its extension with combinatorial bidding—that offer the opportunity to communicate and thus collude. The general setting and parametrization originated in the 2013 Czech Spectrum Auction. The results suggest that the package bidding format does not bring higher efficiency. Strikingly, allowing for communication increases efficiency in the examined auction formats. A cheap-talk collusive agreement resulted in better allocation, as compared to the treatments without communication. The authors hypothesize that combinatorial bidding makes the decision-making of bidders too complicated and causes inefficiency, especially in auctions with large numbers of goods. Journal: Eastern European Economics Pages: 28-56 Issue: 1 Volume: 56 Year: 2018 Month: 1 X-DOI: 10.1080/00128775.2017.1394161 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1394161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:1:p:28-56 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Mysíková Author-X-Name-First: Martina Author-X-Name-Last: Mysíková Author-Name: Jiří Večerník Author-X-Name-First: Jiří Author-X-Name-Last: Večerník Title: Personal Earnings Inequality and Polarization: The Czech Republic in Comparison with Austria and Poland Abstract: This article analyzes personal earnings distribution in the Czech Republic, Austria, and Poland, using EU-SILC longitudinal data. It captures a before-crisis period, 2004–2007, and a period impacted by the economic crisis, 2007–2010. It focuses on earnings distribution from three perspectives. First, it applies a relative distribution method to verify the hypothesis that the crisis might have spurred a “hollowing of the middle.” Second, it focuses on factors that affected the movements of individuals along the earnings distribution. Third, it reveals the structure of earnings inequality through regression-based decomposition. It concludes that the crisis did not spur earnings polarization. Journal: Eastern European Economics Pages: 57-80 Issue: 1 Volume: 56 Year: 2018 Month: 1 X-DOI: 10.1080/00128775.2017.1402685 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1402685 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:1:p:57-80 Template-Type: ReDIF-Article 1.0 Author-Name: Arkadiusz Bernal Author-X-Name-First: Arkadiusz Author-X-Name-Last: Bernal Title: Do Small Value-Added Tax Rate Decreases on Groceries Imply Lower Prices for Consumers? Abstract: In the vast majority of countries where a value-added tax (VAT) is in force, basic groceries are taxed at reduced rates. The reduced tax rates are intended to ensure the lowest possible prices for those products for consumers, but this does not always happen. The objective of this article is to determine whether the small reduction in the VAT rate on groceries, from 7% to 5%, which took place in January 2011 in Poland, resulted in lower prices for consumers, and the research does not support the conclusion that the government’s reduction of the VAT on basic foodstuffs had that effect. Behavioral economics and psychology can explain the absence of price reductions. The conclusions drawn have important implications for tax policy. Journal: Eastern European Economics Pages: 81-98 Issue: 1 Volume: 56 Year: 2018 Month: 1 X-DOI: 10.1080/00128775.2017.1412265 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1412265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:1:p:81-98 Template-Type: ReDIF-Article 1.0 Author-Name: Elena Jayne Jacobs Author-X-Name-First: Elena Jayne Author-X-Name-Last: Jacobs Author-Name: Peter Zámborský Author-X-Name-First: Peter Author-X-Name-Last: Zámborský Author-Name: Erwann Sbai Author-X-Name-First: Erwann Author-X-Name-Last: Sbai Title: Mutual Productivity Spillovers in Slovakia: Absorptive Capacity, the Technology Gap, and Nonlinear Effects Abstract: This article analyzes traditional productivity spillovers from foreign to local firms and reverse productivity spillovers from local to foreign firms. It argues that the extent of mutual productivity spillovers depends on absorptive capacity and the technology gap. The authors’ hypotheses were tested with panel data on Slovak firms for the period 2003–12. Traditional productivity spillovers through output were found to be positive, but the spillover effects through capital were mostly negative. The effect of the technology gap on productivity spillovers was conducive. Nonlinear effects were found in services and high-tech industries. Reverse productivity spillovers through capital were positive in the manufacturing industries. Journal: Eastern European Economics Pages: 291-323 Issue: 4 Volume: 55 Year: 2017 Month: 7 X-DOI: 10.1080/00128775.2017.1291306 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1291306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:4:p:291-323 Template-Type: ReDIF-Article 1.0 Author-Name: Lajos Baráth Author-X-Name-First: Lajos Author-X-Name-Last: Baráth Author-Name: Raushan Bokusheva Author-X-Name-First: Raushan Author-X-Name-Last: Bokusheva Author-Name: Imre Fertő Author-X-Name-First: Imre Author-X-Name-Last: Fertő Title: Demand for Farm Insurance Under Financial Constraints Abstract: This article investigates the effect of the use of crop insurance on farms’ economic performance. The authors hypothesize the existence of reciprocal causation between crop insurance use and the economic performance of farms in an environment characterized by imperfect financial markets and farm budget constraints. The results confirm the reciprocal causation hypothesis. Economic performance is found to positively influence farms’ demand for insurance, confirming the significance of budget constraints. Moreover, insurance is found to have a negative effect on Hungarian farms’ economic performance, implying that the crop insurance system is inefficient. Journal: Eastern European Economics Pages: 357-376 Issue: 4 Volume: 55 Year: 2017 Month: 7 X-DOI: 10.1080/00128775.2017.1294986 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1294986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:4:p:357-376 Template-Type: ReDIF-Article 1.0 Author-Name: Elena Denisova-Schmidt Author-X-Name-First: Elena Author-X-Name-Last: Denisova-Schmidt Author-Name: Yaroslav Prytula Author-X-Name-First: Yaroslav Author-X-Name-Last: Prytula Title: Trust and Perceived Corruption Among Ukrainian Firms Abstract: This article investigates how firms build trust with one another and with third parties in endemically corrupt environments where trust is usually very low and significantly affected by corruption. Based on a representative survey of firms operating in Ukraine, an endemically corrupt environment, the authors explore some mechanisms for building trust. The study outcomes suggest positive correlations between the perception of corruption and trust among firms (especially through such mechanisms as using patronage at all levels, inviting business partners to restaurants or parties, and introducing business partners to family and friends), while other mechanisms (such as showing expertise in the field, developing communication competencies, and using notaries and lawyers to secure contracts) demonstrate no significant links. Moreover, the results demonstrate that foreign ownership might influence corruption and trust among firms. From a policy perspective, the authors recommend more work on understanding why firms engage in specific corrupt practices and less on destroying their informal relationships. International exposure might be an additional tool for mitigating corruption in Ukraine. Journal: Eastern European Economics Pages: 324-341 Issue: 4 Volume: 55 Year: 2017 Month: 7 X-DOI: 10.1080/00128775.2017.1312455 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1312455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:4:p:324-341 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Babecký Author-X-Name-First: Jan Author-X-Name-Last: Babecký Author-Name: Kamil Galuščák Author-X-Name-First: Kamil Author-X-Name-Last: Galuščák Author-Name: Diana Žigraiová Author-X-Name-First: Diana Author-X-Name-Last: Žigraiová Title: Mechanisms of the State Dependence of Wage Setting: Evidence from a Survey of Czech Firms Abstract: Drawing on firms’ reactions to the changing macroeconomic conditions prior to and after the global financial crisis of 2008–09, this article presents evidence for the state dependence of wage setting. Further, the article investigates the underlying mechanisms of state dependence by distinguishing between firms’ general characteristics and financial performance and the environment in which firms operate. The results, based on a survey of Czech firms, show that the frequency of wage adjustment is higher for large firms, foreign-owned firms, firms covered by collective agreements, firms in good financial condition, and firms facing positive shocks, while negative demand shocks and strong competition reduce the frequency of wage adjustment. Journal: Eastern European Economics Pages: 342-356 Issue: 4 Volume: 55 Year: 2017 Month: 7 X-DOI: 10.1080/00128775.2017.1317213 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1317213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:4:p:342-356 Template-Type: ReDIF-Article 1.0 Author-Name: Sophie Dunsch Author-X-Name-First: Sophie Author-X-Name-Last: Dunsch Title: Age- and Gender-Specific Unemployment and Okun’s Law in CEE Countries Abstract: Unemployment rates, especially youth unemployment rates, have increased in various countries of Europe over the last years. This article examines age- and gender-specific unemployment rates in Central and Eastern European countries by using Okun’s law. It tests the hypothesis that young people are more vulnerable to business cycle fluctuations. Gender- and age-specific Okun coefficients for ten different countries plus the EU-15 are estimated. The results show that young people in the CEE countries are predominantly more sensitive to business cycle fluctuations, independent of gender. Journal: Eastern European Economics Pages: 377-393 Issue: 4 Volume: 55 Year: 2017 Month: 7 X-DOI: 10.1080/00128775.2017.1338962 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1338962 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:4:p:377-393 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 29 Year: 1990 Month: 12 X-DOI: 10.1080/00128775.1990.11648452 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Jan švejnar Author-X-Name-First: Jan Author-X-Name-Last: švejnar Title: A Framework for the Economic Transformation of Czechoslovakia Journal: Eastern European Economics Pages: 5-28 Issue: 2 Volume: 29 Year: 1990 Month: 12 X-DOI: 10.1080/00128775.1990.11648453 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:2:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Blaha Author-X-Name-First: Jaroslav Author-X-Name-Last: Blaha Author-Name: Michéle Kahn Author-X-Name-First: Michéle Author-X-Name-Last: Kahn Title: Transportation in the East: The Key to Trade between the Two Europes Journal: Eastern European Economics Pages: 29-63 Issue: 2 Volume: 29 Year: 1990 Month: 12 X-DOI: 10.1080/00128775.1990.11648454 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:2:p:29-63 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislas Bernard Author-X-Name-First: Stanislas Author-X-Name-Last: Bernard Title: The Point of View of a French Forwarding Agent on Freight Practices in East–West Transportation Journal: Eastern European Economics Pages: 64-66 Issue: 2 Volume: 29 Year: 1990 Month: 12 X-DOI: 10.1080/00128775.1990.11648455 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:2:p:64-66 Template-Type: ReDIF-Article 1.0 Author-Name: Ěva Ehrlich Author-X-Name-First: Ěva Author-X-Name-Last: Ehrlich Title: The Competition among Countries, 1937–1986 Journal: Eastern European Economics Pages: 67-100 Issue: 2 Volume: 29 Year: 1990 Month: 12 X-DOI: 10.1080/00128775.1990.11648456 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:2:p:67-100 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Publisher’s Note Journal: Eastern European Economics Pages: iv-iv Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648422 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:iv-iv Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Author-Name: István Dobozi Author-X-Name-First: István Author-X-Name-Last: Dobozi Title: An Overview and Assessment Journal: Eastern European Economics Pages: 3-13 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648423 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648423 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Aladár Sipos Author-X-Name-First: Aladár Author-X-Name-Last: Sipos Author-Name: Márton Tardos Author-X-Name-First: Márton Author-X-Name-Last: Tardos Title: Economic Control and the Structural Interdependence of Organizations in Hungary at the End of the Second Reform Decade Journal: Eastern European Economics Pages: 17-33 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648424 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:17-33 Template-Type: ReDIF-Article 1.0 Author-Name: Béla Balassa Author-X-Name-First: Béla Author-X-Name-Last: Balassa Title: Next Steps in the Hungarian Economic Reform Journal: Eastern European Economics Pages: 34-52 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648425 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:34-52 Template-Type: ReDIF-Article 1.0 Author-Name: Catherine M. Sokil Author-X-Name-First: Catherine M. Author-X-Name-Last: Sokil Title: Hungarian Financial and Labor Market Reforms Journal: Eastern European Economics Pages: 53-63 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648426 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:53-63 Template-Type: ReDIF-Article 1.0 Author-Name: Márton Tardos Author-X-Name-First: Márton Author-X-Name-Last: Tardos Title: Can Hungary’s Monetary Policy Succeed? Journal: Eastern European Economics Pages: 64-78 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648427 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:64-78 Template-Type: ReDIF-Article 1.0 Author-Name: Tamás Bácskai Author-X-Name-First: Tamás Author-X-Name-Last: Bácskai Title: The Reorganization of the Banking System in Hungary Journal: Eastern European Economics Pages: 79-92 Issue: 1 Volume: 28 Year: 1989 Month: 9 X-DOI: 10.1080/00128775.1989.11648428 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:1:p:79-92 Template-Type: ReDIF-Article 1.0 Author-Name: Paweł Gajewski Author-X-Name-First: Paweł Author-X-Name-Last: Gajewski Title: Sources of Regional Inflation in Poland Abstract: This article unveils the role of external, national, and idiosyncratic shocks in driving regional inflation in Poland. It shows that the importance of idiosyncratic shocks is strikingly low in the Polish regions, but that regional differences in inflation co-movements can be attributed to the diverse importance of global and national shocks. Auxiliary regressions confirm that shocks which strongly and asymmetrically affect inflation in Poland and the EU also contribute to cross-regional inflation divergence in Poland. So far as can be determined, this is the first attempt to investigate the sources of regional inflation in a CEE country. Journal: Eastern European Economics Pages: 261-276 Issue: 3 Volume: 55 Year: 2017 Month: 5 X-DOI: 10.1080/00128775.2017.1284572 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1284572 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:3:p:261-276 Template-Type: ReDIF-Article 1.0 Author-Name: Joel I. Deichmann Author-X-Name-First: Joel I. Author-X-Name-Last: Deichmann Author-Name: Abdolreza Eshghi Author-X-Name-First: Abdolreza Author-X-Name-Last: Eshghi Author-Name: Dominique Haughton Author-X-Name-First: Dominique Author-X-Name-Last: Haughton Author-Name: Mingfei Li Author-X-Name-First: Mingfei Author-X-Name-Last: Li Title: Socioeconomic Convergence in Europe One Decade After the EU Enlargement of 2004: Application of Self-Organizing Maps Abstract: This article uses self-organizing maps (SOMs) to examine convergence between European states, giving special attention to the states of Central and Eastern Europe (CEE) that joined the European Union (EU) during its monumental expansion in 2004. To augment the literature on income convergence, the robust conceptual framework employed here is based upon Terry Jordan’s much broader socioeconomic and political definition of Europe. Using associated variables, the study applies the Kohonen data visualization technique to highlight statistical clustering and movement of countries across three time periods from 2001 to 2013. Kohonen U-matrix and component maps reveal several distinct clusters of countries that remain stable over time, including Europe’s industrialized core and Scandinavia, as well as a cluster of laggard Soviet successor states at the opposite extreme. The eleven new EU countries that had been part of the eastern bloc show evidence of real (β-) convergence toward the European core, but at various paces. The Baltic states of Lithuania and Latvia experience some of the greatest observable convergence, followed by Estonia, the Visegrád states, and the former Yugoslav states of Croatia and Slovenia. Other countries that demonstrate considerable movement during the time period under investigation include some crisis-battered Mediterranean countries, plus Montenegro, Kosovo, and Turkey. While most of the evident statistical mobility is positive, Ireland experiences nominal and real divergence during the period 2011–13. In the context of Europe’s ongoing recession and the aftermath of the UK’s referendum, these findings have implications for two uncertainties: the very survival of the EU and its prospects for further expansion. Journal: Eastern European Economics Pages: 236-260 Issue: 3 Volume: 55 Year: 2017 Month: 5 X-DOI: 10.1080/00128775.2017.1287547 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1287547 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:3:p:236-260 Template-Type: ReDIF-Article 1.0 Author-Name: Ichiro Iwasaki Author-X-Name-First: Ichiro Author-X-Name-Last: Iwasaki Author-Name: Akira Uegaki Author-X-Name-First: Akira Author-X-Name-Last: Uegaki Title: Central Bank Independence and Inflation in Transition Economies: A Comparative Meta-Analysis with Developed and Developing Economies Abstract: This article empirically examines the effect of central bank independence (CBI) on inflation by means of a comparative meta-analysis of studies of transition economies and of other developed and developing economies. The results of a meta-synthesis indicate that both transition and nontransition studies have successfully identified a negative relationship between CBI and inflation. Moreover, the present meta-regression analysis suggests that a series of study conditions strongly affected the empirical results concerning transition economies. The article also finds that no significant difference exists between the two types of studies in terms of either effect size or statistical significance. Journal: Eastern European Economics Pages: 197-235 Issue: 3 Volume: 55 Year: 2017 Month: 5 X-DOI: 10.1080/00128775.2017.1287548 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1287548 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:3:p:197-235 Template-Type: ReDIF-Article 1.0 Author-Name: Aneta Krstevska Author-X-Name-First: Aneta Author-X-Name-Last: Krstevska Author-Name: Tome Nenovski Author-X-Name-First: Tome Author-X-Name-Last: Nenovski Author-Name: Kristina Pogacnik Kostovska Author-X-Name-First: Kristina Author-X-Name-Last: Pogacnik Kostovska Title: Testing the Modigliani and Miller Theory in Practice: Evidence from the Macedonian Banking System Abstract: Since the introduction of Basel III, bank capital requirements have been raised. The Modigliani and Miller (MM) theory indicates the irrelevance of the financing structure in terms of the cost of capital. This article tests the validity of the MM theory for the banking system in the Republic of Macedonia by applying panel estimation to analyze the linkage between banks’ calculated risk measure and leverage ratio. The main results find no evidence of the MM theory in this case, although the overall results are quite ambiguous, mainly because of specific characteristics of the Macedonian banking system. Journal: Eastern European Economics Pages: 277-289 Issue: 3 Volume: 55 Year: 2017 Month: 5 X-DOI: 10.1080/00128775.2017.1294021 File-URL: http://hdl.handle.net/10.1080/00128775.2017.1294021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:3:p:277-289 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Meluzín Author-X-Name-First: Tomáš Author-X-Name-Last: Meluzín Author-Name: Marek Zinecker Author-X-Name-First: Marek Author-X-Name-Last: Zinecker Author-Name: Adam P. Balcerzak Author-X-Name-First: Adam P. Author-X-Name-Last: Balcerzak Author-Name: Michał B. Pietrzak Author-X-Name-First: Michał B. Author-X-Name-Last: Pietrzak Title: Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic Abstract: We surveyed sixty-five chief financial officers (CFOs) at nonpublic and nonfinancial companies in the Czech Republic and Poland that are considered candidates for an initial public offering (IPO) to document their propensity to decline to launch an IPO and maintain private ownership. First, we found that the main arguments against launching an IPO in both countries involve information disclosure and limitations on decision-making control. Surprisingly, the majority of the managers do not see the capital market as a source of cheaper and more flexible financing compared to bank loans and other sources. In terms of exogenous factors, Polish CFOs are opportunistic with regard to the timing of an IPO. They view “the window of opportunity” in terms of overall business and industry conditions as significantly more important than do their Czech counterparts. Czech CFOs rank IPO-related demands on time and costs as the main obstacle to going public. Finally, Czech CFOs agree that a lack of confidence in the capital market is their major concern more frequently than do their Polish peers. Journal: Eastern European Economics Pages: 471-503 Issue: 6 Volume: 56 Year: 2018 Month: 11 X-DOI: 10.1080/00128775.2018.1496795 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1496795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:6:p:471-503 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Herzfeld Author-X-Name-First: Thomas Author-X-Name-Last: Herzfeld Author-Name: Iryna Kulyk Author-X-Name-First: Iryna Author-X-Name-Last: Kulyk Author-Name: Axel Wolz Author-X-Name-First: Axel Author-X-Name-Last: Wolz Title: Is Agribusiness Different? Firm-Level Evidence of Perceived Corruption in Post-Soviet Countries Abstract: We investigated firm-level perceptions of corruption, based on two enterprise surveys conducted across eight countries of the former Soviet Union. In addition to identifying the perceived major obstacles to business operations, the article looks at whether managers in the agribusiness sector perceive corruption differently than do managers in other sectors. The empirical analysis makes use of the most recent wave of the Business Environment and Enterprise Performance Survey (BEEPS) conducted between 2012 and 2013, complemented by our own survey conducted in 2016. The results paint a heterogeneous picture. One-fifth of the respondents to BEEPS agree that private payments or gifts to local officials have a moderate or high direct impact, whereas the rate of agreement declines when asked about parliamentarians or government officials. Results of a range of econometric models, however, do not reveal differences between agribusiness and other sectors at large. Only in two of ten specifications do respondents from agribusiness tend to perceive corruption as occurring less frequently than do respondents from other sectors. However, country effects seem to be more important than intersectoral differences in the perception of corruption. Journal: Eastern European Economics Pages: 504-521 Issue: 6 Volume: 56 Year: 2018 Month: 11 X-DOI: 10.1080/00128775.2018.1503937 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1503937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:6:p:504-521 Template-Type: ReDIF-Article 1.0 Author-Name: Kosta Josifidis Author-X-Name-First: Kosta Author-X-Name-Last: Josifidis Author-Name: Novica Supic Author-X-Name-First: Novica Author-X-Name-Last: Supic Author-Name: Olgica Glavaski Author-X-Name-First: Olgica Author-X-Name-Last: Glavaski Title: Institutional Changes and Income Inequality: Some Aspects of Economic Change and Evolution of Values in CEE Countries Abstract: This article examines the effects of institutional changes on the dynamics of income inequality in postcommunist countries in Central and Eastern Europe (CEE). The results of a panel analysis suggest two types of institutional changes: endogenous, in the first period of transition, associated with worsening income distribution, and exogenous, in the second period of transition, associated with stabilization in income distribution. The persistence of high income inequality in the second period of transition is explained by a post-transitional tolerance for inequality, which reflects economic evolution but also indicates a possible evolution of values in CEE countries. Journal: Eastern European Economics Pages: 522-540 Issue: 6 Volume: 56 Year: 2018 Month: 11 X-DOI: 10.1080/00128775.2018.1487265 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1487265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:6:p:522-540 Template-Type: ReDIF-Article 1.0 Author-Name: Arta Mulliqi Author-X-Name-First: Arta Author-X-Name-Last: Mulliqi Author-Name: Nick Adnett Author-X-Name-First: Nick Author-X-Name-Last: Adnett Author-Name: Mehtap Hisarciklilar Author-X-Name-First: Mehtap Author-X-Name-Last: Hisarciklilar Author-Name: Artane Rizvanolli Author-X-Name-First: Artane Author-X-Name-Last: Rizvanolli Title: Human Capital and International Competitiveness in Europe, with Special Reference to Transition Economies Abstract: This article assesses the impact of human capital endowments on international competitiveness in Europe, with special reference to transition economies in Central and Eastern Europe (CEE). The analysis uses longitudinal data for twenty-seven European economies over the period 1995–2010. In line with orthodox theory, a positive relationship is found between the labor force’s level of educational attainment and competitiveness. While in the European Economic Area (EEA17), tertiary education is the only significant education-based determinant of the export market share, in CEECs; both the shares of the workforce with secondary and tertiary education are significant with the former having a greater impact. Some evidence is found for the hypothesized impact of the quality of education. Journal: Eastern European Economics Pages: 541-563 Issue: 6 Volume: 56 Year: 2018 Month: 11 X-DOI: 10.1080/00128775.2018.1502612 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1502612 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:6:p:541-563 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board EOV Journal: Eastern European Economics Pages: 564-564 Issue: 6 Volume: 56 Year: 2018 Month: 11 X-DOI: 10.1080/00128775.2018.1537536 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1537536 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:6:p:564-564 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 29 Year: 1991 Month: 3 X-DOI: 10.1080/00128775.1991.11648457 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: J. Klacek Author-X-Name-First: J. Author-X-Name-Last: Klacek Title: 1990 Macroeconomic Analysis Journal: Eastern European Economics Pages: 5-38 Issue: 3 Volume: 29 Year: 1991 Month: 3 X-DOI: 10.1080/00128775.1991.11648458 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:3:p:5-38 Template-Type: ReDIF-Article 1.0 Author-Name: István Ábel Author-X-Name-First: István Author-X-Name-Last: Ábel Author-Name: John P. Bonin Author-X-Name-First: John P. Author-X-Name-Last: Bonin Title: Earnings-Regulation and Inflation Journal: Eastern European Economics Pages: 39-54 Issue: 3 Volume: 29 Year: 1991 Month: 3 X-DOI: 10.1080/00128775.1991.11648459 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648459 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:3:p:39-54 Template-Type: ReDIF-Article 1.0 Author-Name: Domenico Mario Nuti Author-X-Name-First: Domenico Mario Author-X-Name-Last: Nuti Title: Proposal for a Cooperative Financial Institute Journal: Eastern European Economics Pages: 55-67 Issue: 3 Volume: 29 Year: 1991 Month: 3 X-DOI: 10.1080/00128775.1991.11648460 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:3:p:55-67 Template-Type: ReDIF-Article 1.0 Author-Name: Günther Manz Author-X-Name-First: Günther Author-X-Name-Last: Manz Title: The Shadow Economy in the GDR Journal: Eastern European Economics Pages: 68-80 Issue: 3 Volume: 29 Year: 1991 Month: 3 X-DOI: 10.1080/00128775.1991.11648461 File-URL: http://hdl.handle.net/10.1080/00128775.1991.11648461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1991:i:3:p:68-80 Template-Type: ReDIF-Article 1.0 Author-Name: Vesna Bucevska Author-X-Name-First: Vesna Author-X-Name-Last: Bucevska Author-Name: Branka Hadzi Misheva Author-X-Name-First: Branka Author-X-Name-Last: Hadzi Misheva Title: The Determinants of Profitability in the Banking Industry: Empirical Research on Selected Balkan Countries Abstract: The determinants of bank profitability in general, and of the impact of market structure and efficiency on bank performance in particular, remain a much- researched topic in bank performance analysis. The purpose of this article is to investigate the relevance of the structure-conduct-performance (SCP) hypothesis versus the efficiency hypothesis in explaining bank performance by analyzing 127 commercial banks from six Balkan countries (Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Montenegro, and Macedonia) over the period 2005–2009. In order to account for the dynamic nature of bank profits, it uses a GMM estimator in testing the determinants of bank profitability. The estimation results suggest that profits persist to some extent, indicating that the deviation from a perfectly competitive market structure is marginal. In addition, the findings suggest that efficiency is significantly and positively associated with profitability, whereas the industry concentration variable is insignificant in explaining profitability, indicating support in favor of the efficiency hypothesis. Moreover, among the bank-specific control variables, only size is reported insignificant, and the rest of the variables affect bank profitability in the anticipated manner. Finally, the results suggest that neither inflation nor economic growth has an impact on bank profitability. Journal: Eastern European Economics Pages: 146-167 Issue: 2 Volume: 55 Year: 2017 Month: 3 X-DOI: 10.1080/00128775.2016.1260473 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1260473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:2:p:146-167 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Author-Name: Nikica Mojsoska-Blazevski Author-X-Name-First: Nikica Author-X-Name-Last: Mojsoska-Blazevski Author-Name: Marcelo Bergolo Author-X-Name-First: Marcelo Author-X-Name-Last: Bergolo Title: Labor-Market Scars When Youth Unemployment is Extremely High: Evidence from Macedonia Abstract: The objective of this article is to assess how the duration of unemployment spells for Macedonian youth affects their later employment (employment “scarring”) and wage outcomes (wage “scarring”). The discrete-time duration method is used to determine the unemployment spell and the standard employment and Mincer earnings functions. The School-to-Work Transition Survey 2012 is used. The results robustly suggest the presence of employment scarring: youth who remain unemployed over longer time periods have lower chances to find a job afterwards. However, the article provides no evidence for the existence of wage scarring in the Macedonian labor market. Journal: Eastern European Economics Pages: 168-196 Issue: 2 Volume: 55 Year: 2017 Month: 3 X-DOI: 10.1080/00128775.2016.1261631 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1261631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:2:p:168-196 Template-Type: ReDIF-Article 1.0 Author-Name: Dietrich Earnhart Author-X-Name-First: Dietrich Author-X-Name-Last: Earnhart Title: Corporate Environmental Strategies in Transition Economies: Survey of the Literature Abstract: Twenty-five years ago, an unprecedented economic-political transition began in Central and Eastern Europe and the former Soviet Union. Since then, a meaningful literature has examined businesses’ environmental-management efforts during the transition. Over the same period as the transition, many firms in developed countries were integrating environmental components into their business strategies and finding this integration profitable. A growing body of research explores the topic of corporate environmental strategy. Given the rising importance of this topic in developed economies, its seems highly important to reassess the literature on businesses’ environmental-protection efforts during the transition in order to explore corporate environmental strategies in transition economies where the business benefits may be less clear and domestic consumer pressure for better corporate environmental stewardship is limited. Given the lack of clarity, exploration of corporate environmental strategies in transition economies is important. Guided by a simple conceptual framework, this article reviews and assesses the full body of the empirical literature in order to explore the drivers behind corporate environmental strategies in transition economies. The discussion that follows considers a broad array of drivers: internal factors, market pressures, government, and civil society. The empirical evidence suggests a positive role for foreign ownership and foreign customer pressure, and a stronger role for governmental factors: capacity to monitor, greater enforcement, permit issuance, and higher emission charge rates. The review reveals that many key factors, such as investor pressure, domestic customer pressure, and corporate culture, are weakly explored, if not fully ignored, by empirical studies. Journal: Eastern European Economics Pages: 111-145 Issue: 2 Volume: 55 Year: 2017 Month: 3 X-DOI: 10.1080/00128775.2016.1271279 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1271279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:2:p:111-145 Template-Type: ReDIF-Article 1.0 Author-Name: David G. Tarr Author-X-Name-First: David G. Author-X-Name-Last: Tarr Title: The Eurasian Economic Union of Russia, Belarus, Kazakhstan, Armenia, and the Kyrgyz Republic: Can It Succeed Where Its Predecessor Failed? Abstract: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan formed the Eurasian Economic Union (EAEU) in order to create a single market. Armenia, Kyrgyzstan, and Kazakhstan all approximately doubled their average external tariffs, which were the Russian tariff, resulting in substantial transfers to Russia. Estimates show, however, that substantial progress in trade facilitation and reducing nontariff barriers could make the EAEU positive for all members. Moreover, the right to work for migrants or security arrangements with Russia may be the dominant issue for Armenia and the Kyrgyz Republic. So far, however, the EAEU has made little progress on reducing nontariff barriers or trade facilitation. Journal: Eastern European Economics Pages: 1-22 Issue: 1 Volume: 54 Year: 2016 Month: 1 X-DOI: 10.1080/00128775.2015.1105672 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1105672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 Author-Name: Agnieszka Słomka-Gołębiowska Author-X-Name-First: Agnieszka Author-X-Name-Last: Słomka-Gołębiowska Title: The Effect of Remuneration Committee Independence on the Pay–Performance Relationship: Evidence from the Banking Industry in Poland Abstract: This article seeks to ascertain the impact of remuneration committee independence on the level of bank executive compensation in the context of the presence of a large blockholder, based on unique hand-collected panel data for all banks listed on the Polish stock exchange between 2005 and 2013. The recent postcrisis European Commission recommendation requiring banks to have independent board members on their remuneration committees does not necessarily reduce the level of executive pay or make incentive contracts more efficient. The findings show that executives of banks with a controlling shareholder and a greater number of independent board members on their remuneration committees are paid above the average for the sample. This excessive executive compensation may be interpreted as evidence of a violation of the rights of minority shareholders and depositors. The findings are consistent with managerial power theory. Journal: Eastern European Economics Pages: 71-89 Issue: 1 Volume: 54 Year: 2016 Month: 1 X-DOI: 10.1080/00128775.2015.1110489 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1110489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:1:p:71-89 Template-Type: ReDIF-Article 1.0 Author-Name: Bojan Shimbov Author-X-Name-First: Bojan Author-X-Name-Last: Shimbov Author-Name: Maite Alguacil Author-X-Name-First: Maite Author-X-Name-Last: Alguacil Author-Name: Celestino Suárez Author-X-Name-First: Celestino Author-X-Name-Last: Suárez Title: International Production Networks and Economic Growth: The Case of the Western Balkan Countries Abstract: The globalization of the world economy has given rise to new trade patterns through the intensification of international production networks (IPNs). This phenomenon has enabled countries to undertake more in-depth specialization in niche parts of the production chain, with important benefits for their economic activity and growth. The Western Balkan countries are no exception. With their recent integration into global markets, an increasingly large share of their trade flows entail intermediate goods that are eventually processed and exported. This article analyzes the impact of different degrees of participation in IPNs on the economic performance of the Western Balkan countries, thereby testing the hypothesis that trade created by international fragmentation of production may generate effects on economic growth beyond the beneficial influence of total or final goods trade. The article focuses on the period 2002–2013. The results, using a set of panel data models, show that the degree of involvement in IPNs significantly affects economic performance, which partly explains the observed differences in the growth rates of the Western Balkan countries. We also find that the positive influence of processing trade on economic growth is greater than the traditional gains of an increase in foreign demand. Journal: Eastern European Economics Pages: 49-70 Issue: 1 Volume: 54 Year: 2016 Month: 1 X-DOI: 10.1080/00128775.2015.1112749 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1112749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:1:p:49-70 Template-Type: ReDIF-Article 1.0 Author-Name: Gábor Bóta Author-X-Name-First: Gábor Author-X-Name-Last: Bóta Author-Name: Mihály Ormos Author-X-Name-First: Mihály Author-X-Name-Last: Ormos Title: Is There a Local Advantage for Mutual Funds That Invest in Eastern Europe? Abstract: We investigate the performance and time-varying risk behavior of open-end mutual funds that invest in Central and Eastern European equities. We classify the funds on the basis of the location of their management companies to examine whether fund managers located and operating in the region have an advantage over others that results in excess returns to investors. We cannot detect a local advantage for funds managed from the CEE region as compared to funds managed from other developed European countries, but if we compare the European and non-European managed funds, there are substantial differences both in performance and risk factors. Journal: Eastern European Economics Pages: 23-48 Issue: 1 Volume: 54 Year: 2016 Month: 1 X-DOI: 10.1080/00128775.2015.1120161 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1120161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:1:p:23-48 Template-Type: ReDIF-Article 1.0 Author-Name: Massoud Metghalchi Author-X-Name-First: Massoud Author-X-Name-Last: Metghalchi Author-Name: Massomeh Hajilee Author-X-Name-First: Massomeh Author-X-Name-Last: Hajilee Author-Name: Linda A. Hayes Author-X-Name-First: Linda A. Author-X-Name-Last: Hayes Title: Return Predictability and Market Efficiency: Evidence from the Bulgarian Stock Market Abstract: We applied three well-known technical indicators and one neglected indicator to the daily data for the Bulgarian Stock Index from November 21, 2003 to March 1, 2018. The results strongly support the predictive power of technical trading rules for the entire period and for each subperiod. This study includes a comprehensive evaluation that shows that it is possible to exploit this predictive power to beat the buy-and-hold strategy with respect to both risk and transaction costs. We identify four strategies, from lowest risk to highest risk, and find that trading by the 200 days moving average beat the profitability of the buy-and-hold strategy with respect to risk and one-way transaction cost by 1.76% for the entire period and each subperiod for Bulgaria. Journal: Eastern European Economics Pages: 251-268 Issue: 3 Volume: 57 Year: 2019 Month: 5 X-DOI: 10.1080/00128775.2018.1542601 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1542601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:3:p:251-268 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Janíčko Author-X-Name-First: Michal Author-X-Name-Last: Janíčko Author-Name: Anna Krčková Author-X-Name-First: Anna Author-X-Name-Last: Krčková Title: Work Autonomy at Different Occupational Skill Levels: Recent Trends in Europe Abstract: Widening income inequality and growing employment at both ends of the wage distribution (employment polarization) have caused concerns that work autonomy might be undergoing analogous processes. We find that the distribution of work autonomy in eleven EU countries did not become more polarized in 2005–2015, and that information and communications technology use at work positively affects work autonomy, regardless of the skill level in occupations. Nevertheless, workplace size, part-time work, and the ownership of organizations may have the potential for a polarizing impact on autonomy. Some specifics of the included CEE countries were found, notably a decline in autonomy of high-skilled employees. Journal: Eastern European Economics Pages: 197-226 Issue: 3 Volume: 57 Year: 2019 Month: 5 X-DOI: 10.1080/00128775.2019.1566868 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1566868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:3:p:197-226 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Aluchna Author-X-Name-First: Maria Author-X-Name-Last: Aluchna Author-Name: Tomasz Berent Author-X-Name-First: Tomasz Author-X-Name-Last: Berent Author-Name: Bogumił Kamiński Author-X-Name-First: Bogumił Author-X-Name-Last: Kamiński Title: Dividend Payouts and Shareholder Structure: Evidence from the Warsaw Stock Exchange Abstract: Using 3,297 observations covering 516 nonfinancial companies listed in 2005–2014 on the Warsaw Stock Exchange, we apply a principal–principal agency framework to construct a panel model on the magnitude of ownership concentration and collusion among blockholders to reduce dividend payouts. We show that ownership concentration by the largest and second-largest shareholders, as well as by the state, lowers dividend payouts, while stakes held by industrial concerns and financial institutions constrain the expropriation of minority shareholders. Our results demonstrate important implications for investors and others concerned with increasing transparency and attracting new capital. Journal: Eastern European Economics Pages: 227-250 Issue: 3 Volume: 57 Year: 2019 Month: 5 X-DOI: 10.1080/00128775.2019.1568196 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1568196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:57:y:2019:i:3:p:227-250 Template-Type: ReDIF-Article 1.0 Author-Name: Zbigniew M. Fallenbuchl Author-X-Name-First: Zbigniew M. Author-X-Name-Last: Fallenbuchl Title: Editor’s Introduction Journal: Eastern European Economics Pages: 3-3 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648434 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Márton Tardos Author-X-Name-First: Márton Author-X-Name-Last: Tardos Title: Property Ownership Journal: Eastern European Economics Pages: 4-29 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648435 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:4-29 Template-Type: ReDIF-Article 1.0 Author-Name: Wojciech Pruss Author-X-Name-First: Wojciech Author-X-Name-Last: Pruss Title: Market is the Only Escape Journal: Eastern European Economics Pages: 30-38 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648436 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:30-38 Template-Type: ReDIF-Article 1.0 Author-Name: Andrzej Matysiak Author-X-Name-First: Andrzej Author-X-Name-Last: Matysiak Title: The Decay of Economic Stalinism Journal: Eastern European Economics Pages: 39-47 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648437 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:39-47 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Boguszewski Author-X-Name-First: Piotr Author-X-Name-Last: Boguszewski Title: Inflation and Equilibrium (Methodological Aspects) Journal: Eastern European Economics Pages: 48-69 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648438 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:48-69 Template-Type: ReDIF-Article 1.0 Author-Name: Szilvia Szegő Author-X-Name-First: Szilvia Author-X-Name-Last: Szegő Title: The Relationship between Wages and Inflation in Economies of Shortages Journal: Eastern European Economics Pages: 70-85 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648439 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648439 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:70-85 Template-Type: ReDIF-Article 1.0 Author-Name: Hans-Christoph Steudtner Author-X-Name-First: Hans-Christoph Author-X-Name-Last: Steudtner Title: The Tasks of Trade in Socialist Means of Production Within the Context of Further Economic Growth Journal: Eastern European Economics Pages: 86-102 Issue: 3 Volume: 28 Year: 1990 Month: 3 X-DOI: 10.1080/00128775.1990.11648440 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1990:i:3:p:86-102 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandra Kordalska Author-X-Name-First: Aleksandra Author-X-Name-Last: Kordalska Author-Name: Magdalena Olczyk Author-X-Name-First: Magdalena Author-X-Name-Last: Olczyk Title: CEE Trade in Services: Value-Added Versus Gross Terms Approaches Abstract: This article assesses the impact of the determinants of service exports in both value-added terms and gross terms for seven Central Eastern European economies in 1995–2011. The results confirm the importance of increasing labor productivity and highly skilled and medium-skilled workers in the growth of trade in services. Exports of services are also supported by linkages between domestic services, especially business services, and the manufacturing sector. The results show that the impacts of the determinants are fairly similar when exports are measured in value-added or gross terms; however, the strength of the impact differs across the countries analyzed. Journal: Eastern European Economics Pages: 269-291 Issue: 4 Volume: 56 Year: 2018 Month: 7 X-DOI: 10.1080/00128775.2018.1459194 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1459194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:4:p:269-291 Template-Type: ReDIF-Article 1.0 Author-Name: Tomoya Suzuki Author-X-Name-First: Tomoya Author-X-Name-Last: Suzuki Title: Business Cycles in Post-Conflict Serbia: The Cycle Is the Trend Abstract: As a hypothesis, “the cycle is the trend” means that business cycles are driven primarily by permanent productivity shocks that generate stochastic trends. This study estimates stochastic growth models for Serbia during the 2002Q2–2017Q2 and 2007Q1–2017Q2 periods, thereby accepting the hypothesis. Major findings are as follows. Migration outflows from Serbia to Germany negatively influenced permanent productivity shocks. Permanent productivity shocks were negatively correlated with remittances, which is also suggestive of the negative effect of migration outflows on permanent productivity shocks under the assumption that workers migrate to send money home. Labor market inefficiency pushes workers out of Serbia. Journal: Eastern European Economics Pages: 292-306 Issue: 4 Volume: 56 Year: 2018 Month: 7 X-DOI: 10.1080/00128775.2018.1464882 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1464882 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:4:p:292-306 Template-Type: ReDIF-Article 1.0 Author-Name: Magdalena Szyszko Author-X-Name-First: Magdalena Author-X-Name-Last: Szyszko Author-Name: Piotr Płuciennik Author-X-Name-First: Piotr Author-X-Name-Last: Płuciennik Title: Factors Driving Consumers’ Inflation Expectations: Does the Central Bank’s Inflation Forecast Really Matter? Abstract: This article examines the relationship between consumer expectations and inflation forecasts by the central bank. We assume that the inflation forecast is one of the factors influencing expectations. The vector error correction model is employed to test our hypothesis. The research covers the Bank of England, the Bank of Sweden, and the Czech National Bank from 2001–2015. Our results confirm the interrelation of inflation forecasts and expectations. The research contributes to the literature on inflation expectations and on inflation forecast targeting. Journal: Eastern European Economics Pages: 307-328 Issue: 4 Volume: 56 Year: 2018 Month: 7 X-DOI: 10.1080/00128775.2018.1467781 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1467781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:4:p:307-328 Template-Type: ReDIF-Article 1.0 Author-Name: Gül Ertan Özgüzer Author-X-Name-First: Gül Author-X-Name-Last: Ertan Özgüzer Author-Name: Ayla Oğuş-Binatlı Author-X-Name-First: Ayla Author-X-Name-Last: Oğuş-Binatlı Title: Economic Convergence in the EU: A Complexity Approach Abstract: This paper examines the effect of economic complexity on economic growth in the context of the EU countries. Our results suggest that a group of countries in the EU whose economic complexity exceeds a certain threshold tend to converge to levels of income corresponding to their measured complexity. On the other hand, the interaction of the current account deficit with economic complexity has important effects on growth for a second group of countries with lower levels of complexity. Since we also find that income convergence is faster within the first group, we argue that convergence is much faster for countries whose economic complexity exceeds a certain threshold. Journal: Eastern European Economics Pages: 93-108 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1126787 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1126787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:93-108 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandra Hałka Author-X-Name-First: Aleksandra Author-X-Name-Last: Hałka Author-Name: Karol Szafranek Author-X-Name-First: Karol Author-X-Name-Last: Szafranek Title: Whose Inflation Is It Anyway? Inflation Spillovers Between the Euro Area and Small Open Economies Abstract: For the last two years, inflation has been steadily falling across the countries of the European Union, generating mounting deflationary pressures. Recent studies suggest that apart from the global determinants influencing broad inflation measures (e.g., plummeting commodity prices), core inflation components are subject to the rising influence of globalization. Our analysis focuses on two aspects: the percentage of Harmonised Index of Consumer Prices (HICP) components affected by deflation, and the spillovers of headline, core, non-energy goods and services inflation between the euro area and selected small open economies. In order to address the issue of inflation broadness, we calculate the percentages of HICP components whose annual growth rates fall into certain ranges and introduce a simple measure, the discrepancy index, to show the relative strength of deflationary and inflationary groups. To address the problem of quantifying inflation spillovers across the selected economies, we use the Diebold and Yilmaz spillover indices. The results indicate that the share of deflationary groups for most countries has been consistently rising since 2010, with the discrepancy index approximating its all-time lows in the fourth quarter of 2014. Simultaneously we show that the spillover index for non-energy industrial goods and services inflation has recently risen considerably, with the measure for headline inflation remaining elevated and the one for core inflation dropping. The euro area remains a net inflation transmitter in most cases. Journal: Eastern European Economics Pages: 109-132 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1126788 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1126788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:109-132 Template-Type: ReDIF-Article 1.0 Author-Name: Joanna Mackiewicz-Łyziak Author-X-Name-First: Joanna Author-X-Name-Last: Mackiewicz-Łyziak Title: Active and Passive Monetary Policy in CEE Countries with Inflation Targeting: The Case of the Czech Republic, Hungary, and Poland Abstract: The concept of nonlinear Taylor rules describing behavior of the central banks becomes popular in the literature. In this paper we estimate Markov switching Taylor rules for three CEE economies: the Czech Republic, Hungary and Poland, all being inflation targeters. For the robustness purposes we estimate several different specifications of the Taylor rule: backward- and forward-looking, with inflation and inflation gap as explaining variables. As the analyzed CEE countries are small open economies additional variables are included to the standard Taylor rule: foreign interest rate and exchange rate. We find that two regimes of monetary policy may be distinguished: passive and active regime. The passive regime, which seems dominant, is characterized by strong smoothing of the interest rate path and little response to inflation and output gap developments. In the active regime the smoothing parameter decreases and the reaction to inflation and/or output gap is stronger. Journal: Eastern European Economics Pages: 133-152 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1126789 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1126789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:133-152 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Title: Guest Editor’s Introduction Journal: Eastern European Economics Pages: 91-92 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1126790 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1126790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: József Popp Author-X-Name-First: József Author-X-Name-Last: Popp Author-Name: Sándor Kovács Author-X-Name-First: Sándor Author-X-Name-Last: Kovács Author-Name: Péter Balogh Author-X-Name-First: Péter Author-X-Name-Last: Balogh Author-Name: Attila Jámbor Author-X-Name-First: Attila Author-X-Name-Last: Jámbor Title: Co-Authorship and Co-Citation Networks in the Agricultural Economics Literature: The Case of Central and Eastern Europe Abstract: This article analyzes co-authorship and co-citation networks in the agricultural economics literature on Central and Eastern Europe written during the last twenty-five years. It highlights the principal researchers in the field, together with their authorship and citation networks, on the basis of 238 articles written between 1990 and 2013. Most of the articles were written by a small number of researchers, indicating that clusters and central authors play an important role in scientific progress. Contrary to expectations, it turns out that number of articles and central role in network are not related. Finally, clusters are found to cite themselves more than the average, thereby boosting scientific progress for their members. Journal: Eastern European Economics Pages: 153-170 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1135065 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1135065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:153-170 Template-Type: ReDIF-Article 1.0 Author-Name: Oscar Claveria Author-X-Name-First: Oscar Author-X-Name-Last: Claveria Author-Name: Enric Monte Author-X-Name-First: Enric Author-X-Name-Last: Monte Author-Name: Salvador Torra Author-X-Name-First: Salvador Author-X-Name-Last: Torra Title: Quantification of Survey Expectations by Means of Symbolic Regression via Genetic Programming to Estimate Economic Growth in Central and Eastern European Economies Abstract: Tendency surveys are the main source of agents’ expectations. This study has a twofold aim. First, it proposes a new method to quantify survey-based expectations by means of symbolic regression (SR) via genetic programming. Second, it combines the main SR-generated indicators to estimate the evolution of GDP, obtaining the best results for the Czech Republic and Hungary. Finally, it assesses the impact of the 2008 financial crisis, finding that the capacity of agents’ expectations to anticipate economic growth in most Central and Eastern European economies improved after the crisis. Journal: Eastern European Economics Pages: 171-189 Issue: 2 Volume: 54 Year: 2016 Month: 3 X-DOI: 10.1080/00128775.2015.1136564 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1136564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:2:p:171-189 Template-Type: ReDIF-Article 1.0 Author-Name: Scott W. Hegerty Author-X-Name-First: Scott W. Author-X-Name-Last: Hegerty Title: Inflation Volatility, Monetary Policy, and Exchange-Rate Regimes in Central and Eastern Europe: Evidence from Parametric and Nonparametric Analyses Abstract: Years after the fall of Communism, countries in Central and Eastern Europe follow a variety of often-changing exchange-rate and inflation targets. How has inflation behaved under such different regimes? This article compares monthly CPI and PPI inflation for six fixed-rate and four floating-rate currencies before estimating structural breaks in each series. It compares whether the mean and variance differ across the breaks in each series, using parametric and nonparametric tests. Granger causality testing is used to examine spillovers between inflation- and exchange-rate volatility. Overall, time-series properties differ across series and regimes, with the Balkans most susceptible to spillovers between exchange-rate and inflation volatility. Journal: Eastern European Economics Pages: 70-90 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1253022 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1253022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:70-90 Template-Type: ReDIF-Article 1.0 Author-Name: Magdalena Olczyk Author-X-Name-First: Magdalena Author-X-Name-Last: Olczyk Author-Name: Aleksandra Kordalska Author-X-Name-First: Aleksandra Author-X-Name-Last: Kordalska Title: Gross Exports Versus Value-Added Exports: Determinants and Policy Implications for Manufacturing Sectors in Selected CEE Countries Abstract: This article assesses the impact of selected determinants on both value-added exports and gross exports for seven CEE economies, based on thirteen manufacturing subsectors for the years 1995–2011. The results show a decrease in domestic value-added, especially in high-tech industries. The impact of the determinants, except for vertical specialization, is similar for exports in value-added and in gross terms. The results indicate that labor productivity and highly skilled employees have a greater impact on generating domestic value-added. CEE countries do not achieve comparative advantages of a capital-intensive nature. Manufacturing does not serve a “carrier function” for services. Journal: Eastern European Economics Pages: 91-109 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1254564 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1254564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:91-109 Template-Type: ReDIF-Article 1.0 Author-Name: Margarita Rubio Author-X-Name-First: Margarita Author-X-Name-Last: Rubio Author-Name: Mariarosaria Comunale Author-X-Name-First: Mariarosaria Author-X-Name-Last: Comunale Title: Lithuania in the Euro Area: Monetary Transmission and Macroprudential Policies Abstract: This article develops a two-country monetary union new Keynesian general equilibrium model with housing and collateral constraints calibrated for Lithuania and the rest of the euro area. Within this setting, and following the recent entry of Lithuania in the European Monetary Union, the aim of the article is twofold. First, it studies how shocks are transmitted differently in the two regions, considering the recent common monetary policy. It then analyzes how Lithuanian macroprudential policies should be conducted in the context of the EMU. The proposed macroprudential tool is a decentralized Taylor-type rule for the LTV which responds to national deviations in output and house prices. Given the features of Lithuania’s housing market, common shocks are found to be transmitted more strongly in this country than in the rest of the euro area. In terms of macroprudential policies, results show that the optimal policy in Lithuania with respect to the euro area may have a different intensity and that it delivers substantial benefits in terms of financial stability. Journal: Eastern European Economics Pages: 29-49 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1255558 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1255558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:29-49 Template-Type: ReDIF-Article 1.0 Author-Name: Mariusz Kapuściński Author-X-Name-First: Mariusz Author-X-Name-Last: Kapuściński Title: The Role of Bank Balance Sheets in Monetary Policy Transmission: Evidence from Poland Abstract: This study investigates whether the effects of monetary policy are amplified by its impact on bank balance-sheet strength. Or, in other words, it tests whether the bank-lending channel of the monetary transmission mechanism, as reformulated by Disyatat (2011), works. To this end, panel vector autoregressions with high-frequency identification and univariate panel regressions are applied to data for Poland. Counterfactual exercises show that the analyzed channel accounts for about 23% of a decrease in lending following a monetary policy impulse. This is another piece of evidence showing that the financial accelerator works in both the nonfinancial and the financial sector. In some cases it can make the interplay between monetary and macroprudential policy nontrivial. Journal: Eastern European Economics Pages: 50-69 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1255559 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1255559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:50-69 Template-Type: ReDIF-Article 1.0 Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Title: Guest Editor’s Introduction Journal: Eastern European Economics Pages: 1-2 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1259577 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1259577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Filip Premik Author-X-Name-First: Filip Author-X-Name-Last: Premik Author-Name: Ewa Stanisławska Author-X-Name-First: Ewa Author-X-Name-Last: Stanisławska Title: The Impact of Inflation Expectations on Polish Consumers’ Spending and Saving Abstract: This article explores the relation between consumers’ inflation expectations and their spending and saving behavior, proxied by their buying and saving attitudes. The analysis, using a large micro dataset, suggests that inflation expectations negatively affect saving attitudes, especially in the group of consumers characterized by a very good financial situation. Moreover, the role of inflation expectations has increased since the global financial crisis. The results for buying attitudes are somewhat puzzling—especially if one tries to interpret them together with the results for saving attitude—as they also suggest a negative, although very weak, link to inflation expectations. Journal: Eastern European Economics Pages: 3-28 Issue: 1 Volume: 55 Year: 2017 Month: 1 X-DOI: 10.1080/00128775.2016.1260474 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1260474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:55:y:2017:i:1:p:3-28 Template-Type: ReDIF-Article 1.0 Author-Name: Aristidis Bitzenis Author-X-Name-First: Aristidis Author-X-Name-Last: Bitzenis Title: Determinants of Greek FDI Outflows in the Balkan Region: The Case of Greek Entrepreneurs in Bulgaria Abstract: This paper presents the specific motives behind Greek entrepreneurs' interests in FDI projects in Bulgaria, examining the obstacles that entrepreneurs and small to medium enterprises (SMEs) of Greek origin confronted in establishing FDI projects in Bulgaria in the transition period. Reasons for the great accumulation of Greek investors in the Balkan region, especially in Bulgaria, are analyzed, with special attention given to the difficulties in initiating multinational enterprises in a Balkan country such as Bulgaria. Finally, the paper examines whether the origin of an enterprise, the size of the firm, and the sector that each company belongs to played a role in the company's strategy to enter a Balkan country, and what the pros and cons of such a decision were. Journal: Eastern European Economics Pages: 79-96 Issue: 3 Volume: 44 Year: 2006 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q73R1X51044PX663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bitzenis, A. 2002a. "The Determinants of FDI in Transition Countries; Incentives and Barriers Based on a Questionnaire Research: The Case of Bulgaria, 1989-2000." In >i>International and Monetary Aspects of Transition in Southeastern Europe>/i>, ed. D. Chionis and G. Petrakos, pp. 89-144. Volos, Greece: University of Thessaly Press. 2 Bitzenis, A. 2002b. "Foreign Participation in the Bulgarian Banking System During Its Transition Period (1989-2001)." >i>Agora Without Frontiers>/i> 7, no. 4: 297-326. 3 Bitzenis, A. 2003a. "Universal Model of Theories Determining FDI: Is There Any Dominant Theory? Are the FDI Inflows in CEE Countries and Especially in Bulgaria a Myth?" >i>European Business Review>/i> 15, no. 2: 94-104. 4 Bitzenis, A. 2003b. "What Was Behind the Delay in the Bulgarian Privatization Process? Determining Incentives and Barriers of Privatization as a Way of Foreign Entry." >i>Emerging Markets Finance and Trade>/i> 39, no. 5 (September-October): 58-82. 5 Bitzenis, A. 2003c. "Did Financial Incentives Affect Foreign Direct Investment (FDI) Inflows in Bulgaria?" >i>South Eastern Europe Journal of Economics>/i> 1 (October): 65-84. 6 Bitzenis, A. 2004a. "Why Foreign Banks Are Entering Transition Economies: The Case of Bulgaria." >i>Global Business Economics Review Journal>/i> 6, no. 1 (June): 107-133. 7 Bitzenis, A. 2004b. "Is Globalisation Consistent with the Accumulation of FDI Inflows in the Balkan Countries? Regionalisation for the Case of FDI Inflows in Bulgaria." >i>European Business Review>/i> 16, no. 4: 406-425. 8 Bitzenis, A. 2004c. Explanatory Variables for the Low Western Investment Interest in Bulgaria." >i>Eastern European Economics>/i> 42, no. 6 (November-December): 5-38. 9 Bitzenis, A. 2006a. "Decisive Barriers That Affect Multinationals' Business in a Transition Country." >i>Global Business Economics Review Journal>/i>, 8, nos. 1-2 (special edition): 87-118. 10 Bitzenis, A. 2006b. "Determinants of FDI in Bulgaria: Evidence from a Questionnaire Survey." >i>Southeast European and Black Sea Studies Journal>/i>, forthcoming. 11 Bulgarian National Bank (BNB). 2005. "Foreign Trade." Bulgaria (available at >a target="_blank" href='http://www.bnb.bg/bnb/home.nsf/vWebPagesByADOptionEN/C68625FC1EE54BF 0C2256AC700497B64?OpenDocument&count=−1&EN'>http://www.bnb.bg/bnb/home.n sf/vWebPagesByADOptionEN/C68625FC1EE54BF0C2256AC700497B64?OpenDocument&cou nt=−1&EN>/a> 12 Crampton, R.J. 1997. >i>A Concise History of Bulgaria.>/i> Cambridge: Cambridge University Press. 13 Dunning, H.J. 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions." >i>Journal of International Business Studies>/i> 19, no. 1: 1-31. 14 Dunning, H.J. 1993. >i>Multinational Enterprises and the Global Economy.>/i> Wokingham, UK: Addison-Wesley. 15 European Bank for Reconstruction and Development (EBRD). 2000. "How Do Foreign Investors Assess the Quality of Labour in Transition Economies? Results from a Postal Survey." Transition Report 2000, Office of Chief Economist, European Bank for Reconstruction and Development, London (available at >a target="_blank" href='http://www.ebrd.com/pubs/tr/00/survey.pdf'>http://www.ebrd.com/pubs/ tr/00/survey.pdf>/a> 16 Genco, P.; S. Taurelli; and C. Viezzoli. 1993. "Private Investment in Central and Eastern Europe: Survey Results." Working Paper no. 7, EBRD, London (available at >a target="_blank" href='http://www.ebrd.com/pubs/econo/wp0007.pdf'>http://www.ebrd.com/pubs/ econo/wp0007.pdf>/a> 17 Iammarino, S., and C. Pitelis. 2000. "Foreign Direct Investment and Less Favoured Regions: Greek FDI in Bulgaria and Romania." >i>Global Business Review>/i> 1, no. 2: 155-171. 18 Institute for Development Research and Alternatives (IDRA). 2001. "Analyses of Problems Faced by Foreign Firms in Albania, Bulgaria, Macedonia." Institute for Development Research and Alternatives Project "Foreign Direct Investment in Balkan Countries: Alternatives to Reduce Existing Barriers." Tirana, Albania (available at >a target="_blank" href='http://www.southeasteurope.org/documents/Analysis-english-Yalamov.do c'>http://www.southeasteurope.org/documents/Analysis-english-Yalamov.doc>/ a> 19 KPMG. 1998. "Foreign Investors in Bulgaria, Survey 1998." Sofia, Bulgaria, July 15. 20 Labrianidis, L. 1997a. "The Opening of the Balkan Markets and Consequent Economic Problems in Greece." >i>Modern Greek Studies Yearbook>/i> 12-13: 211-235. 21 Labrianidis, L. 1997b. "The Openness of the Greek Enterprises in the Balkans May Lead in Undermining of the Economic Development of Greece." >i>Survey of Political Science>/i> 9 (April): 65-101. 22 Meyer, K. 1995. "Direct Foreign Investment in Eastern Europe: The Role of Labour Costs." >i>Comparative Economic Studies>/i> 37, no. 4: 69-88. 23 Meyer, K. 1996a. "Business Operation of British and German Companies with the Economies in Transition." Commonwealth of Independent States (CIS), Middle Europe Center, London Business School Department Series no. 19, London, July. 24 Meyer, K. 1996b. "Determinants of Direct Foreign Investment in Transition Economies in Central and Eastern Europe." Ph.D. dissertation, University of London. 25 Petrakos, C.G. 1997. "The Regional Structure of Albania, Bulgaria and Greece: Implications for Cross-Border Cooperation and Development." >i>European Urban and Regional Studies>/i> 4, no. 3: 195-209. 26 Pfeffermann, P.G., and G. Kisunko. 1999. "Perceived Obstacles to Doing Business: Worldwide Survey Results." World Bank Working Paper, Washington, DC (available at >a target="_blank" href='http://www.isnie.org/isnie99/Papers/Pfeffermann.pdf'>http://www.isni e.org/isnie99/Papers/Pfeffermann.pdf>/a> 27 Pye, R.K. 1998. "Foreign Direct Investment in Central Europe: The Experiences of Major Western Investors." >i>European Management Journal>/i> 16, no. 4 (August): 378-389. 28 Salavrakos, I.-D., and A.G. Petrochilos. 2003. "An Assessment of the Greek Entrepreneurial Activity in the Black Sea Area (1989-2000): Causes and Prospects." >i>Journal of Socio-Economics>/i> 32, no. 3: 331-349. 29 Southeast European Cooperative Initiative (SECI). 1999. "The Survey: Research into the Disincentives that Greek Companies Face in Their Business Activities in Southeast European Cooperative Initiative (SECI) Countries, Yugoslavia, and Russia." United Nations Economic and Social Council, Trade/1999/14, Thessaloniki, Greece, April 6 (available at >a target="_blank" href='http://www.unece.org/ead/misc/ffd2000/greek.pdf'>http://www.unece.or g/ead/misc/ffd2000/greek.pdf>/a> Handle: RePEc:mes:eaeuec:v:44:y:2006:i:3:p:79-96 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C406564633438G80 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brada, Josef C.; A. M. Kutan; and T. Yigit. 2006. "The Effects of Transition and Political Instability on Foreign Direct Investment: Central Europe and the Balkans." >i>Economics of Transition>/i> 14, no. 4: 649-680. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Ilir Gedeshi Author-X-Name-First: Ilir Author-X-Name-Last: Gedeshi Title: Role of Remittances from Albanian Emigrants and Their Influence in the Country’s Economy Abstract: Emigrants' remittances are an important source of income for Albanian households and a source of employment for many Albanians. This article uses surveys of emigrants and other data to analyze the role of emigration in the Albanian economy. Characteristics of emigrants and their motivation for emigrating and for sending remittances back to Albania are examined. The evidence suggests that the rapid growth of remittances will level off in the future. Journal: Eastern European Economics Pages: 49-72 Issue: 5 Volume: 40 Year: 2002 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=MBQEVB1R2JCDWYB8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:5:p:49-72 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 39 Year: 2001 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=VULDW7HQKQP22C2E File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Julien Lefilleur Author-X-Name-First: Julien Author-X-Name-Last: Lefilleur Title: Geographic Reorganization of the European Automobile Sector: What Role for the Central and East European Countries in an Enlarged European Union? An Empirical Approach Abstract: A massive surge in foreign investment, beginning with the transition to an enlarged European Union, has contributed strongly to the automobile sector's reorganization in Central and East European countries (CEECs). In an attempt to complement the essentially qualitative literature on the subject, this paper proposes an original empirical approach to evaluate the maturity of the CEEC automobile sector and its integration into the European automobile production network. Relying on six-digit-level disaggregated data on the CEEC automobile sector's trade within Europe for the period 1993-2003, the paper analyzes the composition of trade as well as the evolution of the CEECs' intraindustry trade (IIT). First, the results demonstrate that core CEECs no longer show any sign of a technological deficit or maturity gap vis-à-vis their partners from the ex-EU-15, with whom they reached high levels of IIT, whereas peripheral CEECs continue to accommodate infant industries that generate little IIT. Second, the econometric analysis confirms that the high levels of IIT between core CEECs and their neighboring countries in the ex-EU-15 are a consequence of the production process's decomposition within the central basin, initiated by important foreign direct investment relocation flows. These results, based on the largest available data set over the transition period, confirm that the heart of the sector, previously centered on Germany, has extended to the CEECs of Central Europe, whereas Baltic and Southern CEECs remain hardly integrated. In the long run, the successful integration of core CEECs should reinforce the German pole in the European Union and have a major effect on the European automobile sector's geography. Journal: Eastern European Economics Pages: 69-91 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TR3272808657V15J File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aiginger, K. 2001. "Europe's Position in Quality Competition." Enterprise Papers 4, European Commission, Brussels. 2 Bergstrand, J. H. 1990. "The Heckscher-Ohlin-Samuelson Model, the Linder Hypothesis, and the Determinants of Bilateral Intraindustry Trade." >i>Economic Journal>/i> 100, no. 403: 1216-1229. 3 Boillot, J. J., and Y. Lepape. 2002. >i>Le renouveau de l'industrie automobile dans les pays d'Europe centrale et orientale>/i> [The Revival of the Automotive Industry in Central and Eastern European Countries]. Paris: Centre Fran¸ais du Commerce Extérieur. 4 Chanaron, J. J. 2004. "Relationships Between the Core and the Periphery of the European Automotive System." >i>International Journal of Automative Technology and Management>/i> 4, nos. 2-3: 198-222. 5 Donnelly, T.; D. Morris; and D. Worrall. 2005. "The Role of FDI, JVs, Acquisitions, and Technological Transfer in Central Europe's Automotive Industry." In >i>Foreign Direct Investment in Emerging Economies>/i>. Basingstoke, UK: Palgrave. 6 Fontagné, L., and M. Freudenberg. 1997. "Intraindustry Trade: Methodological Issues Reconsidered." Working Paper 97-01, Centre d'Etudes Prospectives et d'Informations Internationales, Paris. 7 Fontagné, L., and M. Freudenberg. 2002. "Long-Term Trends in IIT." In >i>Frontiers of Research on Intraindustry Trade>/i>, ed. H. Lee and P. Lloyd, pp. 131-158. London: Palgrave Macmillan. 8 Fontagné, L.; M. Freudenberg; and D. Ünal-Kezenci. 1996. "Statistical Analysis of EC Trade in Intermediate Products." Série 6D, Eurostat, Paris. 9 Fontagné, L.; M. Freudenberg; and D. Ünal-Kezenci. 1999. "Haute technologie et échelles de qualité: de fortes asymétries en Europe [High Technology and Quality Ladders: Important Asymmetric in Europe]". Working Paper 99-08, Center for Information and Future Studies on International Affairs, Paris. 10 Gabrisch, H., and M. L. Segnana. 2002. "Why Is Trade Between the European Union and the Transition Economies Vertical?" Working Paper 207, University of Trento, Trento, Italy. 11 Helpman, E. 1987. "Imperfect Competition and International Trade: Evidence from Fourteen Industrial Countries." >i>Journal of the Japanese and International Economies>/i> 1, no. 1: 62-81. 12 Kandogan, Y. 2003. "Intraindustry Trade of Transition Countries: Trends and Determinants." Working Paper 566, William Davidson Institute, Ann Arbor, MI. 13 Layan, J. B., and Y. Lung. 2004. "The Dynamics of Regional Integration in the European Car Industry." In >i>Cars, Carriers of Regionalism?>/i> ed. J. Carrillo, Y. Lung, and R. van Tulder, pp. 57-74. Basingstoke, UK: Palgrave Macmillan. 14 Lefilleur, J. 2005. "Vers une régionalisation des échanges commerciaux en Europe centrale et orientale [Towards a Regionalization of Central and Eastern European Countries Trade.]." >i>Economie Internationale>/i> 101, no. IT: 89-114. 15 Lung, Y. 2004. "The Changing Geography of the European Automotive System." >i>International Journal of Automotive Technology and Management>/i> 4, nos. 2-3: 137-164. 16 Mayerhofer, P. 2002. "Austrian Border Regions and Eastern Integration: A Low Competitiveness-High Growth Paradoxon." Working Paper 202, Hamburgisches Welt-Wirtschafts-Archiv, Hamburg. 17 Nunnenkamp, P. 2005. "The German Automobile Industry and Central Europe's Integration into the International Division of Labor: Foreign Production, Intraindustry Trade, and Labor Market Repercussions." >i>Papeles del Este>/i> 9/2005 (available at >a target="_blank" href='http://www.ucm.es/BUCM/cee/papeles/09/pape0404220004a.pdf'>www.ucm.e s/BUCM/cee/papeles/09/pape0404220004a.pdf>/a> 18 Nunnenkamp, P., and J. Spatz. 2002. "Globalization of the Automobile Industry: Traditional Locations Under Pressure?" >i>Aussenwirtschaft>/i> 57, no. 4: 469-493. 19 Pavlínek, P. 2002. "Transformation of the Central and East European Passenger Car Industry: Selective Peripheral Integration Through Foreign Direct Investment." >i>Environment and Planning A>/i> 34, no. 9: 1685-1709. 20 Peneder, M. 2002. "Intangible Investment and Human Resources." >i>Journal of Evolutionary Economics>/i> 12, nos. 1-2: 107-134. 21 Peneder, M. 2003. "Industry Classifications: Aim, Scope and Techniques." >i>Journal of Industry, Competition, and Trade>/i> 3, nos. 1-2: 109-129. 22 Schulmeister, S. 1990. "Das technologische Profil des österreichischen Außenhandels." [The Technological Composition of Austrian Foreign Trade.] >i>WIFO-Monatsberichte>/i> 63, no. 12: 663-675. 23 United Nations Commission on Trade and Development (UNCTAD). 1996. >i>Trade and Development Report.>/i> New York: United Nations Publications. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:69-91 Template-Type: ReDIF-Article 1.0 Author-Name: Lorena Å kuflić Author-X-Name-First: Lorena Author-X-Name-Last: Å kuflić Author-Name: Valerija Botrić Author-X-Name-First: Valerija Author-X-Name-Last: Botrić Title: Foreign Direct Investment in Southeast European Countries: The Role of the Service Sector Abstract: According to economic theory, foreign direct investment (FDI) to developing countries flows to labor-intensive and low-technology production, and between the developed countries mainly toward high-technology production. Identifying the determining factors of FDI is a complex problem that depends on several characteristics specific to countries, sectors, and companies. All of the factors can be grouped into three broad categories: the economic policy of the host country, economic performance, and the attractiveness of the national economy. An important question is how southeast European (SEE) countries can attract higher levels of FDI. This paper uses FDI data for SEE countries, applying the panel data estimation method to determine the main host country determinants of FDI. For SEE countries, FDI inflows largely depend on completing the privatization process. Because privatization in SEE countries was connected to the service sector, and was less successful in the manufacturing sector, our findings suggest that those factors are also relevant for FDI attraction in the period analyzed, 1996-2002. Journal: Eastern European Economics Pages: 72-90 Issue: 5 Volume: 44 Year: 2006 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J6MG8006X313248T File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bénassy-Quéré, A.; M. Coupet; and T. Mayer. 2005. "Institutional Determinants of Foreign Direct Investment." Working Paper No. 5, Centre d'Etudes Prospectives et d'Informations Internationales (CEPII), Paris. 2 Blomström, M., and A. Kokko. 1997. "Regional Integration and Foreign Direct Investment." Working Paper No. 6019, National Bureau of Economic Research (NBER), Cambridge, MA. 3 Bosworth, B., and S.M. Collins. 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment." >i>Brookings Papers on Economic Activity>/i> 1: 143-169. 4 Brenton, P., and F. Di Mauro. 1999. "The Potential Magnitude and Impact of FDI Flows to CEECs." >i>Journal of Economic Integration>/i> 14, no. 1: 59-74. 5 Buckley, P.J., and M.C. Casson. 1985. >i>The Economic Theory of the Multinational Enterprise: Selected Papers.>/i> London: Macmillan. 6 Campos, F.N., and Y. Kinoshita. 2003. "Why Does FDI Go Where It Goes? New Evidence from the Transition Economies." Working Paper No. 228, International Monetary Fund (IMF), Washington, DC. 7 Dunning, J.H. 1993. >i>Multinational Enterprises and the Global Economy>/i>. New York: Addison-Wesley. 8 Focarelli, D., and A.F. Pozzolo. 2001. "The Patterns of Cross-Border Bank Mergers and Shareholdings in OECD Countries." >i>Journal of Banking and Finance>/i> 25, no. 12 >b>(December):>/b> 2305-2337. 9 Hunya, G. 2004. >i>Foreign Direct Investment in South East Europe in 2003-2004>/i>. Vienna: Organization for Economic Cooperation and Development (OECD) and Vienna Institute for International Economic Studies (WIIW). 10 International Monetary Fund (IMF). 1993. >i>Balance of Payment Manual>/i>, 5th ed. Washington, DC. 11 Lipsey, R.E. 2000. "Interpreting Developed Countries' Foreign Direct Investment." Working Paper No. 7810, National Bureau of Economic Research, Cambridge, MA. 12 Lovrincevic, Z.; G. Buturac; and Z. Maric. 2004a. "Priljev inozemnog kapitala—utjecaj na domaće investicije i strukturu robne razmjene" [Foreign Capital Inflows—Influence on Domestic Investment and Trade Structure]. >i>Ekonomski pregled>/i> 55, nos. 11-12: 894-934. 13 Lovrincevic, Z.; Z. Maric; and D. Mikulic. 2004b. "Efikasnost investicija i FDI-stara priča. nove okolnosti" [Investment Efficiency and FDI—Old Story, New Circumstances]. In >i>Hrvatska na putu u Europsku Uniju>/i>, [Croatia on the Way to the European Union], ed. I. Teodorović, pp. 53-89. Zagreb: Ekonomski Institut. 14 Nunnenkamp, P. 2002. "Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the Game?" Kiel Working Paper No. 1122, Kiel Institute of World Economics, Kiel. 15 United Nations Conference on Trade and Development (UNCTAD). 1996. >i>World Investment Report.>/i> New York: United Nations. 16 United Nations Conference on Trade and Development (UNCTAD). 1998. >i>World Investment Report.>/i> New York: United Nations. 17 United Nations Conference on Trade and Development (UNCTAD). 2004. >i>World Investment Report.>/i> New York: United Nations. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:5:p:72-90 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 43 Year: 2005 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AV2JUEAAT35GL0RQ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: TIMOTEJ JAGRIC Author-X-Name-First: TIMOTEJ Author-X-Name-Last: JAGRIC Title: Business Cycles in Central and East European Countries Abstract: The article studies the properties of business cycles in seven Central and East European countries (CEEC-7). The properties are compared using multivariate wavelet analysis. The evidence of the study suggests that the length of the business cycles in the CEEC-7 is gradually decreasing to the business cycle length of the Organization for Economic Cooperation and Development, and volatility seems to decline after transformation depression. From the viewpoint of synchronization between the European Union (EU) and the CEEC-7, the study suggests three groups of countries. More synchronization is found in countries where greater internationalization of enterprises and greater product and financial market linkages to EU markets are present. Journal: Eastern European Economics Pages: 6-23 Issue: 5 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=EMPR2LQCMM1V5L40 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:5:p:6-23 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 42 Year: 2004 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HEVGCBCBYQ1D5JAY File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:42:y:2004:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Dusan Mramor, Aljosa Valentincic Author-X-Name-First: Dusan Mramor, Aljosa Author-X-Name-Last: Valentincic Title: When Maximizing Shareholders’ Wealth Is Not the Only Choice Abstract: This article presents an empirical analysis of the financial behavior of Slovenian firms. It focuses on the goal of the firm, capital budgeting, capital structure, and dividend-payout decisions. Three theories of financial behavior, neoclassical, post-Keynesian, and employee governance, with three different goals of the firm, maximization of share value, maximization of longterm probability of survival, and maximization of wages, provide the theoretical background. A sample of fifty-one important Slovenian firms is analyzed using the data from a questionnaire for chief financial officers and from financial statements. Two additional samples of listed and privatized firms are analyzed through financial statements only. We conclude that the average investigated Slovenian firm is still governed by employees, as it was before privatization, its primary goal is maximization of wages, it does not have net capital investment, it is financed predominantly by equity, and it pays very low dividends. Journal: Eastern European Economics Pages: 64-93 Issue: 6 Volume: 39 Year: 2001 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G9EFLWBET4NXBBU6 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:6:p:64-93 Template-Type: ReDIF-Article 1.0 Author-Name: BALÁZS ÉGERT Author-X-Name-First: BALÁZS Author-X-Name-Last: ÉGERT Author-Name: RAFAñ KIERZENKOWSKI Author-X-Name-First: RAFAñ Author-X-Name-Last: KIERZENKOWSKI Author-Name: RAFAñ KIERZENKOWSKI Author-X-Name-First: RAFAñ Author-X-Name-Last: KIERZENKOWSKI Author-Name: RAFAñ KIERZENKOWSKI Author-X-Name-First: RAFAñ Author-X-Name-Last: KIERZENKOWSKI Title: Asymmetric Fluctuation Bands in the ERM and ERM II : Lessons and Challenges for New EU Member States of Central and Eastern Europe Abstract: The enlargement of the European Union raises a series of questions related to new member states' entry to the EU's exchange rate mechanism II (ERM II) and their subsequent adoption of the euro. This paper considers how to determine the best initial central parity for new EU member states from Central and Eastern Europe toward entering ERM II. This is followed by a discussion of the asymmetric nature of the fluctuation bands around a central parity that could be deemed as compatible with the Maastricht criterion on exchange rate stability, i.e., within the officially announced ±15 percent fluctuation margins, at about +2.25 percent on the weaker side, with significantly more scope for appreciation on the stronger side. Thereby, the practices of the European Monetary Institute/European Central Bank and the European Commission are compared when assessing the Maastricht criterion. With this as a background, a hypothetical ERM II is constructed for four new EU member states with flexible exchange rate regimes, namely, the Czech Republic, Hungary, Poland, and Slovakia, to assess, ex post, the hypothetical fulfillment of the Maastricht criterion by these countries. Based on such an examination, fulfilling the criterion may prove a tricky task, which, inter alia, suggests the need for the careful selection of an appropriate initial ERM II central rate. Journal: Eastern European Economics Pages: 82-115 Issue: 1 Volume: 43 Year: 2005 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WRDMY16MHUGVT88J File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alberola, E. 2003. "Real Convergence: External Disequilibria and Equilibrium Exchange Rates in EU Acceding Countries." Banco de España, Madrid, Spain. 2 Avallone, N., and A. Lahrèche-Révil. 1999. "Le taux de change réel d'équilibre dans les pays en transition: le cas de la Hongrie." TEAM, University of Paris I - Sorbonne, Cahiers blancs 1999/91 (available at mse.univ-paris1.fr/MSEPageCahierSBla.htm). 3 Begg, D.; L. Halpern; and C. Wyplosz. 1999. Monetary and Exchange Rate Policies, EMU and Central and Eastern Europe, Forum Report on the Economic Policy Initiative No. 5. London: CEPR, and New York, Prague: EastWest Institute. 4 Coudert, V. 1999. "Comment définir un taux de change d'équilibre pour les pays émergents?" [How to Define the Equilibrium Exchange Rate for Emerging Market Economies]. Economie Internationale 77: 45-65. 5 Coudert, V., and C. Couharde. 2003. "Exchange Rate Regimes and Sustainable Parities for CEECs in the Run-up to EMU Membership." Revue Economique 54, no. 5: 983-1012. 6 Csajbók, A. 2003. "The Equilibrium Real Exchange Rate in Hungary: Results from Alternative Approaches." Paper presented at the Second Workshop on Macroeconomic Policy Research, Magyar Nemzeti Bank, Budapest, October 2-3. 7 Csajbók, A., and M.A. Kovács. 2002. "FEER Enough?" National Bank of Hungary, Budapest. 8 ECB (European Central Bank). Various issues. "Convergence Report." Frankfurt. 9 Égert, B. 2002. "Investigating the Balassa-Samuelson Hypothesis in the Transition: Do We Understand What We See? A Panel Study." Economics of Transition 10, no. 2 (July): 273-309. 10 ------. 2003a. "Assessing Equilibrium Real Exchange Rates in Accession Countries: Can We Have DEER with BEER Without FEER?" Focus on Transition 2: 38-106 (available at http://ceec.oenb.at). 11 ------. 2003b. "Nominal and real convergence in Estonia: The Balassa-Samuelson (Dis)Connection: Tradable Goods, Regulated Prices and Other Culprits." Bank of Estonia Working Paper No. 4, Tallinn. 12 Égert, B., and A. Lahrèche-RÉvil. 2003. "Estimating the Equilibrium Exchange Rate of Central and Eastern European Countries: The Challenge of Euro Adoption." Weltwirtschaftliches Archiv 139, no. 4: 683-708. 13 Égert, B., and K. Lommatzsch. 2003. "Equilibrium Exchange Rates in Acceding Countries: How Large is Our Confidence (Interval)?" Focus on Transition 2: 107-137 (available at http://ceec.oenb.at). 14 Égert, B.; I. Drine; K. Lommatzsch; and C. Rault. 2003. "The Balassa-Samuelson Effect in Central and Eastern Europe: Myth or Reality?" Journal of Comparative Economics 31, no. 3: 552-572. 15 EMI (European Monetary Institute). 1998. "Convergence Report: Report Required by Article 109j of the Treaty Establishing the European Community." Frankfurt. 16 European Commission. 1998. "Convergence Report 1998." Brussels. 17 ------. 2000. "Convergence Report 2000." Brussels. 18 ------. 2004. European Economy 2, Brussels. 19 Frait, J., and L. Komárek. 1999. "Dlouhodobý rovnová¡zný reálný menový kurz koruny a jeho determinanty" [Long-Term Equilibrium Real Monetary Exchange Rate and Its Determinants]. Czech National Bank, Monetary Policy Division Working Paper no. 9, Prague. 20 IMF. 1998. "Republic of Slovakia: Recent Economic Developments." IMF Staff Country Report no. 98/60, International Monetary Fund, Washington, DC. 21 Informal Ecofin. 2003. "Acceding Countries and ERM-II." Athens, April 5. 22 Kemme, D.M., and W. Teng. 2000. "Determinants of the Real Exchange Rate, Misalignment and Implications for Growth in Poland." Economic Systems 24, no. 2: 171-205. 23 Kim, B.-Y., and I. Korhonen. 2002. "Equilibrium Exchange Rates in Transition Countries: Evidence from Dynamic Heterogeneous Panel Models." Bank of Finland Institute for Economies in Transition Discussion Paper no. 15, Helsinki (available at www.bof.fi/ bofit). 24 Kovács, M.A. 2001. "Az egyensúlyi reálárfolyam Magyarországon, MNB Háttértanulmány" [The Equilibrium Exchange Rate of Hungary, Magyar Nemzet Bank]. Background Studies No. 3, Budapest, November. 25 Kovács, M.A. (ed.). 2002. "On the Estimated Size of the Balassa-Samuelson Effect in Five Central and Eastern European Countries." National Bank of Hungary Working Paper no. 5, Budapest, July. 26 Lommatzsch, K., and S. Tober. 2002. "What Is Behind the Real Appreciation of the Accession Countries' Currencies? An Investigation of the PPI Based Real Exchange Rate." Paper presented at the Exchange Rate Strategies During the EU Enlargement, Budapest conference, November 27-30 (available at www.icegec.hu). 27 MacDonald, R., and L. Ricci. 2001. "PPP and the Balassa-Samuelson Effect: The Role of the Distribution Sector." International Monetary Fund Working Paper no. 38, March, Washington, DC. 28 Mihaljek, D., and M. Klau. 2004. "The Balassa-Samuelson Effect in Central Europe: A Disaggregated Analysis." Comparative Economic Studies 46, no. 1: 63-94. 29 Rahn, J. 2003. "Bilateral Equilibrium Exchange Rates of the EUAccession Countries Against the Euro." Bank of Finalnd Institute for Economies in Transition Discussion Paper no. 11, Budapest. 30 Rawdanowicz, A.W. 2003. "Poland's Accession to EMU: Choosing the Exchange Rate Parity." CASE Studies & Analyses 247, Warsaw, December. [Forthcoming in L.V. De Souza and B. Van Aarle (ed.), The Euro Area and the New EU Member States. New York: Palgrave Macmillan]. 31 Rubaszek, M. 2003a. "A Model of Balance of Payments Equilibrium Exchange Rate: Application to the Zloty." National Bank of Poland, Warsaw. 32 ------. 2003b. "The Optimal ERM II Central Parity for the Polish Zloty." National Bank of Poland, Warsaw. 33 Šmídková, K. 1998. "Estimating the FEER for the Czech Economy." Czech National Bank, Institute of Economy Working Paper Series no. 87, Prague. 34 Šmídková, K.; R. Barrell; and D. Holland. 2002. "Estimates of Fundamental Real Exchange Rates for the Five EU Pre-Accession Countries." Czech National Bank Working Paper Series no. 3, Prague. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:1:p:82-115 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Brada, Ali M. Kutan Author-X-Name-First: Josef Brada, Ali M. Author-X-Name-Last: Kutan Title: Balkan and Mediterranean Candidates for European Union Membership: The Convergence of Their Monetary Policy with That of the European Central Bank Abstract: We compare the convergence with German monetary policy of the Balkan and Mediterranean country candidates for European Union (EU) membership with that of countries that have recently joined the EU. Significant linkages exist between German base money stock and that of recent members of the EU; the same holds true for some of the Mediterranean region candidates for EU membership and for Slovenia and Croatia. Among the Journal: Eastern European Economics Pages: 31-44 Issue: 4 Volume: 40 Year: 2002 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QFD1THTTE2YQXF56 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:4:p:31-44 Template-Type: ReDIF-Article 1.0 Author-Name: Irfan Civcir Author-X-Name-First: Irfan Author-X-Name-Last: Civcir Title: Before the Fall, Was the Turkish Lira Overvalued? Abstract: This article examines the validity of purchasing power parity in evaluating whether the Turkish lira was overvalued on the eve of the 2001 crises. Univariate and multivariate time series techniques are used to test whether the real exchange rate is mean reverting. Half-life of deviation from purchasing power parity for various definitions is derived. The Johansen cointegration test is applied to bilateral exchange rates using the consumer price index (CPI) and the wholesale price index (WPI). Finally, various measures of misalignments are calculated, and evidence is provided that calculated half-lives are, in general, short compared to low inflation countries. Furthermore, the data support long-run relationships among exchange rates, domestic prices, and foreign prices. Calculated misalignments give mixed results on bilateral exchange rates based on CPI and WPI. While the WPI-based bilateral real exchange rate gives undervaluation, the CPI-based bilateral real exchange rate and trade-weighted real exchange rates based on WPI reveal that Turkish lira was overvalued before the eve of 2001 crises. Journal: Eastern European Economics Pages: 69-99 Issue: 2 Volume: 41 Year: 2003 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6XNN1E4TYXPUDMD9 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:2:p:69-99 Template-Type: ReDIF-Article 1.0 Author-Name: JANI BEKÕ Author-X-Name-First: JANI Author-X-Name-Last: BEKÕ Title: Causality Analysis of Exports and Economic Growth: Aggregate and Sectoral Results for Slovenia Abstract: This article examines the nature of Granger causality between exports, both aggregate and at the sectoral level, and output growth in Slovenia for the period 1992-99. The results show that for aggregate flows, as well as for many sectors, causality is bidirectional, suggesting that capacity creation and export promotion should be seen as complementary policies for promoting economic progress. Journal: Eastern European Economics Pages: 70-92 Issue: 6 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=JP7B24W0K6J3W5FB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:6:p:70-92 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 45 Year: 2007 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q98NV5554X787861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 39 Year: 2001 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=652RL72KTNMY5CDV File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: CHRISTOS A. GRAMBOVAS Author-X-Name-First: CHRISTOS A. Author-X-Name-Last: GRAMBOVAS Title: Exchange Rate Volatility and Equity Markets Abstract: This article provides an empirical analysis of the interaction between exchange rate fluctuations and equity prices in three European emerging financial markets, Greece, the Czech Republic, and Hungary. While theoretical considerations suggest that corporate value, especially for firms involved in international trade, should be sensitive to exchange rate fluctuations, to date there exists limited empirical work on the nature of this relationship. This is particularly true for countries with an evolving financial infrastructure such as those considered in this analysis. The article studies the long-run and short-run dynamics between stock prices and exchange rates and the channels through which exogenous shocks influence these markets. It employs multivariate cointegration methodology, following Ajayi and Mougoue (1996), Abdalla and Murinde (1997), Bahmani-Oskooee and Domac (1997), and Phylaktis and Ravazzolo (1999). The results indicate that the Hungarian and Greek authorities should consider the strong link between foreign exchange and capital markets before taking any policy measures. Another result is particularly important for the eurozone in that the behavior of the Greek drachma mirrors the fluctuations of the euro in recent years. Furthermore, the Hungarian and Czech results should have important implications for the forthcoming EU enlargement. Journal: Eastern European Economics Pages: 24-48 Issue: 5 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FWYM9CK774FA836H File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:5:p:24-48 Template-Type: ReDIF-Article 1.0 Author-Name: NIVELIN NOEV Author-X-Name-First: NIVELIN Author-X-Name-Last: NOEV Title: Wine Quality and Regional Reputation: Hedonic Analysis of the Bulgarian Wine Market Abstract: This paper develops a hedonic pricing model to estimate the effects of wine quality and regional and varietal reputation on prices in the Bulgarian wine market. We show, most importantly, that wine quality has a significant and positive impact. Red wines of local varieties have diminishing reputations, while white wines from local varieties have improved their standing in consumers' preferences. Our results reveal that there is significant regional reputation effect as well--at least for now--with wines sold with significant price discounts compared to Svishtov cabernet sauvignon wines. Over time, price discounts are rapidly diminishing for white wines and increasing for red wines, and regional reputations are losing significance, with an increase in the coefficients. We also show that product differentiation is important when transition markets are discussed. Regional specialization in production of a certain type of wine is displayed, and regional reputation depends strongly on it. Finally, the age of the wine has a strong positive and significant impact on market prices for red wines but is insignificant for white wines. Journal: Eastern European Economics Pages: 5-30 Issue: 6 Volume: 43 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7H7JC7DLDT0RJNEG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, K., and D. Norman. 2001. Global Wine Production, Consumption and Trade, 1961 to 1999: A Statistical Compendium. Adelaide, Australia: Centre for International Economic Studies. 2 Anderson, K.; D. Norman; and G. Wittwer. 2004. "The Global Picture." In The World's Wine Markets: Globalization at Work, ed. K. Anderson, 14-58. London: Edward Elgar. 3 Combris, P.; S. Lecocq; and M. Visser. 1997. "Estimation of a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?" Economic Journal 107, no. 441: 390-402. 4 Dreze, J., and J. Greenberg. 1980. "Hedonic Coalitions: Optimality and Stability." Econome-trica 48, no. 4: 987-1003. 5 Food and Agriculture Organization. 2003. "FAO Statistical Database." Food and Agriculture Organization of the United Nations, Rome (faostat.fao.org). 6 Feenstra, R. 1995. "Exact Hedonic Price Indexes." National Bureau of Economic Research Working Paper no. 5061, Cambridge, MA. 7 Freeman, M. 1994. "The Measurement of Environmental and Resource Values: Theory and Methods." Resources for the Future, Washington, DC. 8 Golan, A., and H. Shalit. 1993. "Wine Quality Differentials in Hedonic Grape Pricing." Journal of Agricultural Economics 44, no. 2: 311-321. 9 Griliches, Z. 1990. "Hedonic Price Indexes and the Measurement of Capital and Productiv-ity." In Fifty Years of Economic Measurement, ed. E.R. Berndt and J.E. Triplett, 185- 202. Chicago: University of Chicago and National Bureau of Economic Research. 10 Landon, S., and C.E. Smith. 1997. "The Use of Quality and Reputation Indicators by Consumers: The Case of Bordeaux Wine." Journal of Consumer Policy 20, no. 3: 289-323. 11 ------. 1998. "Quality Expectations, Reputation and Price." Southern Economic Journal 64, no. 3: 628-647. 12 Ministry of Agriculture and Forestry. 2000. "Current Situation of the Grape and Wine Growing in Bulgaria." MAF Situation Analysis, Sofia, Bulgaria. [Original in Bulgarian.] 13 National Statistical Institute. Various issues. Statistical Yearbook. Sofia, Bulgaria. 14 Nerlove, M. 1995. "Hedonic Price Functions and the Measurement of Preferences: The Case of Swedish Wine Consumers." European Economic Review 39, no. 9: 1697-1716. 15 Noev, N., and J.F.M. Swinnen. 2004. "Eastern Europe and the Former Soviet Union." In The World's Wine Markets: Globalization at Work, ed. K. Anderson, 161-186. London: Edward Elgar. 16 Oczkowski, E. 1994. "A Hedonic Price Function for Australian Premium Table Wine." Australian Journal of Agricultural Economics 38, no. 1: 93-110. 17 O'Neill, C., and Z. Philips. 1999. "An Application of the Hedonic Pricing Technique to Cigarettes in the United Kingdom." Discussion Paper 99/35, School of Economics, University of Nottingham, UK. 18 Ridker, R.G., and J.A. Henning. 1967. "The Determinants of Residential Property Values with Special Reference to Air Pollution." Review of Economics and Statistics 49, no. 2: 246-257. 19 Roberts, P.W., and R. Reagans. 2001. "Market Experience, Consumer Attention and Price Quality Relationships for New World Wines in the U.S. Market, 1987-1999." Working Paper, Graduate School of Industrial Administration, Carnegie Mellon University, Pitts-burgh, February. 20 Rosen, S. 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition." Journal of Political Economy 82, no. 1: 34-55. 21 Schamel, G. 2000. "Individual and Collective Reputation Indicators of Wine Quality." Centre for International Economic Studies Discussion Paper 0009, University of Adelaide, Australia. 22 Schamel, G., and K. Anderson. 2001. "Wine Quality and Varietal, Regional and Winery Reputations: Hedonic Prices for Australia and New Zealand." Paper presented at the Centre for International Economic Studies Wine Workshop on Understanding Developments in the World's Wine Markets, Adelaide University, Australia, October 7-9. 23 Shapiro, C. 1983. "Premiums for High Quality Products as Returns to Reputations." Quarterly Journal of Economics 98, no. 4: 659-679. 24 Triplett, J.E. 1990. "Hedonic Methods in Statistical Agency Environments: An Intellectual Biopsy." In Fifty Years of Economic Measurement, ed. E.R. Berndt and J.E. Triplett, 207-233. Chicago: University of Chicago and National Bureau of Economic Research. 25 Unwin, T. 1999. "Hedonic Price Indexes and the Qualities of Wines." Journal of Wine Research 10, no. 2: 95-105. Handle: RePEc:mes:eaeuec:v:43:y:2006:i:6:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Ljubica Knežević Cvelbar Author-X-Name-First: Ljubica Knežević Author-X-Name-Last: Cvelbar Author-Name: Polona Domadenik Author-X-Name-First: Polona Author-X-Name-Last: Domadenik Author-Name: Janez PraÅ¡nikar Author-X-Name-First: Janez Author-X-Name-Last: PraÅ¡nikar Title: Performance, Ownership, and Management Turnover in Privatized Slovenian Companies Abstract: This paper first tests the efficiency of management turnover as a corporate governance mechanism in Slovenia, a successful transition country. Second, it examines the relation between management turnover and owner identity and indirectly questions the sustainability of the current corporate governance system, characterized as "insider oriented" and unfriendly to foreign investments. The analysis is based on a panel of 211 Slovenian companies from 1998 to 2002. Results show that management turnover is an efficient corporate governance mechanism in Slovenia, but its extent is limited. Outsiders do not appear to be more efficient owners than are insiders, whereas the state is identified as an inefficient owner, especially in the case of direct state ownership. Journal: Eastern European Economics Pages: 75-89 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E23P624747163221 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, J. R., and R. J. Barro. 1990. "Pay, Performance, and Turnover of Bank CEOs." >i>Journal of Labor Economics>/i> 8 (Fall): 448-481. 2 Brunello, G.; C. Graziano; and B. Parigi. 2003. "CEO Turnover in Insider-Dominated Boards: The Italian Case." >i>Journal of Banking and Finance>/i> 27, no. 1: 1027-1051. 3 Chevalier J., and G. Ellison. 1996. "Are Some Mutual Funds Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance." National Bureau of Economic Research Working Paper no. 5852, Cambridge, MA. 4 Claessens, S., and S. Djankov. 1999. "Enterprise Performance and Management Turnover in the Czech Republic." >i>European Economic Review>/i> 43, nos. 4-6: 1115-1124. 5 Cosh, A., and A. Hughes. 1997. "Executive Remuneration, Executive Dismissal, and Institutional Shareholdings." >i>International Journal of Industrial Organization>/i> 15, no. 3: 469-492. 6 Dahya, J.; J. J. McConnell, and N. G. Travlos. 2002. "The Cadbury Committee, Corporate Performance and Top Management Turnover." >i>Journal of Finance>/i>, 57, no. 1: 461-483. 7 DeAngelo, H., and L. DeAngelo. 1985. "Managerial Ownership of Voting Rights." >i>Journal of Financial Economics>/i> 14 (March): 33-69. 8 Demsetz, H. 1986. "Corporate Control, Insider Trading, and Rates of Return." >i>American Academic Review>/i> 76, no. 2: 313-317. 9 Denis, D. J., and D. K. Denis. 1995. "Performance Changes Following Top Management Dismissals." >i>Journal of Finance>/i> 50, no. 4 (September): 1029-1057. 10 Denis, D. J.; D. K. Denis; and A. Sarin. 1997. "Ownership Structure and Top Executive Turnover." >i>Journal of Financial Economics>/i> 45, no. 2 (August): 193-221. 11 Domadenik, P.; J. PraÅ¡nikar; and J. Svejnar. 2006. "Restructuring of Firms in Transition: Ownership, Institutions, and Openness to Trade." Research Center of Faculty of Economics (RCEF) Working Paper, Ljubljana. 12 Eriksson, T. 2005. "Management Pay and Executive Turnover in the Czech and Slovak Republic." >i>Economics of Transition>/i> 13, no. 4: 659-677. 13 Fidermuc, J. P., and J. Fidermuc. 2006. "Can You Teach Old Dogs New Tricks? On Complementarity of Human Capital and Incentives." >i>Journal of International Money and Finance>/i> 25, no. 3: 1-14. 14 Franks, J., and C. Mayer. 2001. "Ownership and Control of German Corporations." >i>Review of Financial Studies>/i> 14, no. 4: 943-977. 15 Franks, J.; C. Mayer; and L. Renneboog. 2001. "Who Disciplines Management in Poorly Performing Companies?" >i>Journal of Financial Intermediation>/i> 10, nos. 3-4: 209-248. 16 Frydman, R.; M. Hessel; and A. Rapaczynski. 2001. "Why Ownership Matters? Entrepreneurship and the Restructuring of Enterprises in Central Europe." Working paper, Department of Economics, New York University, New York. 17 Gibson, M. S. 2003. "Is Corporate Governance Ineffective in Emerging Markets?" >i>Journal of Financial and Quantitative Analysis>/i> 38, no. 1: 231-250. 18 Holmstrom, B. 1979. "Moral Hazard and Observability." >i>Bell Journal of Economics>/i> 10, no. 1 (Spring): 74-91. 19 Jensen, M. C. 1993. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control System." >i>Journal of Finance>/i> 48 (July): 831-880. 20 Jensen, M. C., and W. H. Meckling. 1976. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." >i>Journal of Financial Economics>/i> 3, no. 4: 305-360. 21 Jensen, M. C., and K. J. Murphy. 1990. "Performance Pay and Top-Management Incentives." >i>Journal of Political Economy>/i> 98, no. 2: 225-264. 22 Kang, J.-K., and A. Shivdasani. 1995. "Firm Performance, Corporate Governance, and Top Executive Turnover in Japan." >i>Journal of Financial Economics>/i> 38 (May): 29-58. 23 Kaplan, S. N. 1994a. "Top Executive, Turnover, and Firm Performance in Germany." >i>Journal of Law, Economics, and Organization>/i> 10, no. 1: 142-159. 24 Kaplan, S. N. 1994b. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U. S." >i>Journal of Political Economy>/i> 102, no. 3: 510-546. 25 Knežević Cvelbar, L. 2006. "Influence of the Corporate Governance Mechanisms on Management Turnover the Case of Slovenia." Ph.D. dissertation, Department of Economics, University of Ljubljana, Ljubljana. 26 Lausten, M. 2002. "CEO Turnover, Firm Performance, and Corporate Governance: Empirical Evidence on Danish Firms." >i>International Journal of Industrial Organization>/i> 20, no. 3: 391-414. 27 Mikkelson, W. H., and M. M. Partch. 1997. "The Decline of Takeovers and Disciplinary Managerial Turnover." >i>Journal of Financial Economics>/i> 44, no 2: 205-228. 28 Murphy, K., and J. L. Zimmerman. 1993. "Financial Performance Surrounding CEO Turnover." >i>Journal of Accounting and Economics>/i> 16, no. 1-3: 273-315. 29 PraÅ¡nikar, J.; V. Bole; A. Ahčan; and M. Koman. 2003. "Sensitivity of the Exporting Economy on the External Shocks: Evidence from Slovene Firms." Paper presented at the conference "From Transition to Development: Globalisation and Political Ecoonmy of Development in Transition Economies," Faculty of Economics, Sarajevo. 30 PraÅ¡nikar, J., and A. Gregorič. 2002. "The Influence of Workers' Participation on the Power of Management in Transition Countries. The Case of Slovenia." >i>Annals of Public and Cooperative Economics>/i> 73, no. 2: 269-297. 31 Puffer, S. M., and J. B. Weintrop. 1991. "Corporate Performance and CEO Turnover: The Role of Performance Expectations." >i>Administrative Science Quarterly>/i> 36, no. 1: 1-19. 32 REB Monitoring. 2003. "Management Turnover and Company Performance: Case of Russia." Russian Economic Barometer (REB) Working Paper, Moscow. 33 Renneboog, L. 2000. "Ownership Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange." >i>Journal of Banking and Finance>/i> 24, no. 12: 1959-1995. 34 Ross, S. 1973. "The Economic Theory of Agency: The Principal's Problem." >i>American Economic Review>/i> 63, no. 2: 134-139. 35 Volpin, P. F. 2002. "Governance with Poor Investors Protection: Evidence from Top Executive Turnover in Italy." >i>Journal of Financial Economics>/i> 64, no. 1. 61-90. 36 Warner, J. B.; R. L. Watts; and K. H. Wruck. 1988. "Stock Prices and Top Management Changes." >i>Journal of Financial Economics>/i> 20 (January-March): 461-492. 37 Warzynski, F. 2001. "People Versus Incentives: The Causes and Consequences of Managerial Change in Ukraine and the Complementarity of Reforms." LICOS Center for Transitional Economics Working Paper, Leuven. 38 Weisbach, M. S. 1988. "Outside Directors and CEO Turnover." >i>Journal of Financial Economics>/i> 20 (January-March): 431-460. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:75-89 Template-Type: ReDIF-Article 1.0 Author-Name: Marian Gorynia Author-X-Name-First: Marian Author-X-Name-Last: Gorynia Author-Name: Jan Nowak Author-X-Name-First: Jan Author-X-Name-Last: Nowak Author-Name: Radoslaw Wolniak Author-X-Name-First: Radoslaw Author-X-Name-Last: Wolniak Title: Poland and Its Investment Development Path Abstract: This paper attempts to explore the concept of an investment development path (IDP) and its key component, the net outward investment position, as applied to Poland, treated here as a transitional economy. The point of departure for data analysis is the beginning of Poland's transition to a market-based system in 1990. The paper analyzes the available macroeconomic data identifying the IDP path for Poland and formulating the reasons for, and consequences of, the country's current IDP position. The role of government regulations and policies affecting foreign direct investment (FDI) is also investigated. Poland is at the end of the second stage of its IDP and behind the position that its gross domestic product would justify. This is mainly due to the pull of the large internal market, the still weak competitiveness of domestic firms in international markets, and government reluctance to adopt more active, firm-specific ownership advantage stimulating policies toward outward FDI. Journal: Eastern European Economics Pages: 52-74 Issue: 2 Volume: 45 Year: 2007 Month: 4 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G23P4313M45V4113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Antalóczy, K., and A. Éltető. 2002. "Outward Foreign Direct Investment in Hungary. Motivation and Effects." Working Paper no. 125, Institute for World Economics, Hungarian Academy of Sciences, Budapest. 2 Barry, F.; H. Goerg; and A. McDowell. 2003. "Outward FDI and the Investment Development Path of a Late-Industrializing Economy: Evidence from Ireland." >i>Regional Studies>/i> 37, no. 4: 341-349. 3 Bellak, C. 2001. "The Austrian Investment Development Path." >i>Transnational Corporations>/i> 10, no. 2: 68-107. 4 Boudier-Bensebaa, F. 2004. "FDI-Assisted Development in the Light of the Investment Development Path Paradigm: Evidence from Central and Eastern European Countries." Paper presented at the Eighth EACES Conference, Belgrade, September. 5 Buckley, P.J., and F.B. Castro. 1998. "The Investment Development Path: The Case of Portugal." >i>Transnational Corporations>/i> 7, no. 1: 1-15. 6 Campa, J.M., and M.F. Guillen. 1996. "Spain: A Boom from Economic Integration." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, pp. 78-100. London: Routledge. 7 Clegg, J. 1996. "The United Kingdom: A Par Excellence Two-Way Direct Investor." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, pp. 42-77. London: Routledge. 8 Dunning, J.H. 1981. "Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach." >i>Weltwirtschaftliches Archiv>/i> 117, no. 1: 30-64. 9 Dunning, J.H. 1986. "The Investment Development Cycle Revisited." >i>Weltwirtschaftliches Archiv>/i> 122, no. 4: 667-677. 10 Dunning, J.H, ed. 1999. >i>Governments, Globalization, and International Business.>/i> Oxford: Oxford University Press. 11 Dunning, J.H., and R. Narula. 1996. "The Investment Development Path Revisited: Some Emerging Issues." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, pp. 1-41. London: Routledge. 12 Dunning, J.H.; C.S. Kim; and J.D. Lin. 2001. "Incorporating Trade into the Investment Development Path: A Case Study of Korea and Taiwan." >i>Oxford Development Studies>/i> 29, no. 2: 145-154. 13 Durón, J.J., and F. Ubeda. 2001. "The Investment Development Path: A New Empirical Approach." >i>Transnational Corporations>/i> 10, no. 2: 1-34. 14 Durka, B., and J. Chojna, ed. 2004. >i>Foreign Investments in Poland.>/i> Warsaw: Foreign Trade Research Institute. 15 Gorynia, M. 1995. >i>Teoria i polityka regulacji mezosystemów gospodarczych a transformacja postsocjalistycznej gospodarki polskiej>/i> [The Theory and Policy of Mezosystems Regulation and the Transformation of Poland's Postsocialist Economy]. Poznań: Wydawnictwo AE w Poznaniu. 16 Gorynia, M., and R. Wolniak. 2001a. "The Competitiveness of Polish Firms on the Eve of Poland's Entry into the European Union." In >i>Ten Years of Economic Transformation>/i>, ed. K. Liuhto, pp. 83-100. Lappeenranta: Lappeenranta University of Technology. 17 Gorynia, M., and R. Wolniak. 2001b. "The Participation of Transitional Economy in Globalisation: The Case of Poland." >i>Yearbook of Polish European Studies>/i> vol. 5: 51-66. 18 Gorynia, M.; J. Nowak; and R. Wolniak. 2005. "Fostering Competitiveness of Polish Firms. Some Musings on Economic Policy and Spatial Expansion." Paper presented at the Fourteenth Annual World Business Congress of International Management Development Association (IMDA), Granada, Spain, July 10-14. 19 Graham, E.M. 1996. "The United States: Some Musings on its Investment Development Path." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, 78-100. London: Routledge. 20 Kopeć, U. 2002. "Bezpośrednie inwestycje zagraniczne w gospodarce światowej i w krajach Europy Środkowej i Wschodniej" [Foreign Direct Investment in the World Economy and in Central and Eastern European Countries]. In >i>Inwestycje zagraniczne w Polsce>/i> [Foreign Investment in Poland], ed. B. Durka. Warsaw: Instytut Koniunktur i Cen Handlu Zagranicznego. 21 Kubielas, S. 1996. "Technology Transfer and the Restructuring of the New Market Economies: The Case of Poland." Centre for Science, Technology, Energy and Environment Policy (STEEP), Discussion Paper no. 32, Science Policy Research Unit, University of Sussex, Brighton. 22 Kubielas, S.; S. Markowski; and S. Jackson. 1996. "Atrakcyjność Polski dla zagranicznych inwestycji bezpośrednich po pięciu latach transformacji" [The Attractiveness of Poland for Foreign Direct Investment After Five Years of Transition]. In >i>Studia nad reformowan gospodarkaÏ Aspekty instytucjonalne>/i> [Studies on the Reforming Economy: Institutional Aspects], ed. M. Okólski and U. Sztanderska, pp. 424-465. Warsaw: Wydawnictwo Naukowe PWN. 23 Lall, S. 1996. "The Investment Development Path: Some Conclusions." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, pp. 423-441. London: Routledge. 24 Matysiak, A. 1999. >i>Źródła kapitału społecznego>/i> [The Sources of Social Capital]. Wrocław: Wydawnictwo AE w Poznaniu. 25 Ozawa, T. 1992. "FDI and Economic Development." >i>Transnational Corporations>/i> 1, no. 1: 27-54 26 Ozawa, T. 1996. "Japan: the Macro-IDP, Meso-IDPs and the Technology Development Path (TDP)." In >i>Foreign Direct Investment and Governments>/i>, ed. J.H. Dunning and R. Narula, pp. 142-173. London: Routledge. 27 Rosati, D., and Wilinski, W. 2003. "Outward Foreign Direct Investments from Poland." In >i>Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition>/i>, ed. M. Svetlicic and M. Rojec, pp. 175-204. Aldershot, UK: Ashgate. 28 Samonis, V. 1992. "Earning or Learning? Western Direct Investment Strategies in Post-Soviet Economies." >i>MOCT-MOST Economic Journal on Eastern Europe and Russia>/i> 2, no. 3: 101-112. 29 Svetlicic, M., and M. Rojec, ed. 2003. >i>Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition.>/i> Aldershot, UK: Ashgate. 30 Wolniak, R. 1998. "Ocena funkcjonowania w Polsce przedsiebiorstw z udzialem kapitalu zagranicznego" [Performance Assessment of Enterprises with Foreign Capital Participation Operating in Poland]. In >i>Kapital zagraniczny w Polsce>/i> [Foreign Capital in Poland], ed. Z. Sadowski, pp. 125-146. Warsaw: Uniwersytet Warszawski, Wydzial Nauk Ekonomicznych. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:52-74 Template-Type: ReDIF-Article 1.0 Author-Name: Rolf J. Langhammer Author-X-Name-First: Rolf J. Author-X-Name-Last: Langhammer Title: Sectoral Distortions and Service Protection in Russia: A Comparison with Benchmark Emerging Markets and EU Accession Candidates Abstract: Recent research on gains for Russia from World Trade Organization membership concludes that service trade liberalization through allowing foreign suppliers to invest in Russian service industries promises large gains. Comparing Organization for Economic Cooperation and Development estimates on effective rates of protection with and without intermediate services for several countries, the paper shows that almost all Russian service industries effectively get taxed due to high tax equivalents for services. Options for European Neighborhood Policy must be based on reciprocity: To access the Russian market, the European Union must open its service markets to Russian companies. Journal: Eastern European Economics Pages: 70-83 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D587841RP72X3140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Dee, P. 2007. "East Asian Economic Integration and its Impact on Future Growth." >i>World Economy>/i>>b>30>/b>, no. 3: 405-423. 2 Dihel, N. 2005. "The Impact of Service Barriers on Effective Rates of Protection in Agriculture and Manufacturing." In >i>Enhancing the Performances of the Service Sector>/i>, ed. OECD, pp. 127-132. Paris: OECD. 3 Dihel, N., and P. Dee. 2006. "Services Output and Intermediate Inputs: The Impact of Liberalization." In >i>Trading Up: Economic Perspectives on Developmental Issues in the Multilateral Trading System>/i>, pp. 163-185. OECD Trade Policy Studies. Paris: OECD. 4 Dihel, N., and B. Shepherd. 2007. "Model Estimates of Services Barriers." Trade Policy Working Paper 51, Organization for Economic Cooperation and Development (OECD), Paris. 5 European Bank for Reconstruction and Development (EBRD). 2005. >i>Transition Report 2005.>/i> Business in Transition. London, November. 6 Findlay, C., and T. Warren, eds. 2000. >i>Impediments to Trade in Services: Measurement and Policy Implications.>/i> London: Routledge. 7 Hoekman, B. 2007. "Regionalism and Development: The European Neighborhood Policy and Integration à la Carte." >i>Journal of International Trade and Diplomacy>/i>>b>1>/b>, no. 1: 1-55. 8 Jensen, J.; T. Rutherford; and D. Tarr. 2006. "The Importance of Telecommunication Reform in Russia's Accession to the WTO." >i>Eastern European Economics>/i>>b>44>/b>, no. 1: 25-58. 9 Jensen, J.; T. Rutherford; and D. Tarr. 2007. "The Impact of Liberalizing Barriers to Foreign Direct Investment in Services: The Case of Russian Accession to the World Trade Organization." >i>Review of Development Economics>/i>>b>11>/b>, no. 3: 482-506. 10 Langhammer, R. J. 2007. "Service Trade Liberalization as a Handmaiden of Competitiveness in Manufacturing: An Industrialized or Developing Country Issue?" >i>Journal of World Trade>/i>>b>41>/b>, no. 5: 909-927. 11 Markusen, J.; T. F. Rutherford; and D. Tarr. 2005. "Trade and Direct Investment in Producer Services and the Domestic Market for Expertise." >i>Canadian Journal of Economics>/i>>b>38>/b>, no. 3: 758-777. 12 OECD. 2006. "Impact of Services Barriers on Effective Rates of Protection in Agriculture and Manufacturing." Trade Directorate, Working Party of the Trade Committee, TD/TC/ WP(2004)49/Rev1, Paris, September. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:70-83 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hagemejer Author-X-Name-First: Jan Author-X-Name-Last: Hagemejer Author-Name: Jan J. Michalek Author-X-Name-First: Jan J. Author-X-Name-Last: Michalek Title: The Political Economy of Poland's Trade Policy: Empirical Verification of the Grossman-Helpman Model Abstract: This paper analyzes rent-seeking behavior in trade policy based on the Grossman-Helpman (1994) framework. Our empirical implementation deals with Polish trade policy in the late 1990s. We use the instrumental variable approach to estimate the model, accounting for possible endogeneity of the regressors. Our results suggest that lobbies were important in the process of Polish trade policy formation in the period under consideration. The degree of the lobbies' influence is, however, significantly lower than in the case of the United States. The model seems to perform better for most-favored-nation cases than preferential tariffs. In the former case, our estimates are in line with the original theory. Journal: Eastern European Economics Pages: 27-46 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1P141121X855U54L File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brainard, L., and T. Verdier. 1994. "Lobbying and Adjustment in Declining Industries." >i>European Economic Review>/i> 38, nos. 3-4: 586-595. 2 Findlay, R., and S. Wellisz. 1982. "Endogenous Tariffs, the Political Economy of Trade Restrictions, and Welfare." In >i>Important Competition and Response>/i>, ed. J. Bhagwati, pp. 223-234. Chicago: University of Chicago Press. 3 Foreign Trade Research Institute. 1995. "Poland's Foreign Trade Policy 1994-1995." Warsaw. 4 Foreign Trade Research Institute. 1996. "Poland's Foreign Trade Policy 1995-1996." Warsaw. 5 Goldberg, P., and G. Maggi. 1999. "Protection for Sale: An Empirical Investigation." >i>American Economic Review>/i> 89, no. 5: 1135-1155. 6 Greene, W. H. 2003. >i>Econometric Analysis>/i>, 5th ed. Upper Saddle River, NJ: Prentice Hall. 7 Grether, J.-M.; J. De Melo; and M. Olarreaga. 2001. "Who Determines Mexican Trade Policy?" >i>Journal of Development Economics>/i> 64, no. 2: 343-370. 8 Grossman, G., and E. Helpman. 1994. "Protection for Sale." >i>American Economic Review>/i> 84, no. 4: 833-850. 9 Hillman, A. L. 1982. "Declining Industries and Political-Support Protectionist Motives." >i>American Economic Review>/i> 72, no. 5: 1180-1187. 10 Jasiecki, K.; M. Moleda-Zdziech; and U. Kurczewska. 2000. >i>Lobbing: Sztuka skutecznego wywierania wplywu>/i> [Lobbying: The Art of Effective Influence]. Krakow: Dom Wydawniczy ABC. 11 Kierzkowski, H.; M. Okolski; and S. Wellisz. 1993. >i>Stabilization and Structural Adjustment in Poland.>/i> London: Routledge. 12 Mayer, W. 1984. "Endogenous Tariff Formation." >i>American Economic Review>/i> 74, no. 5: 970-985. 13 McCalman, P. 2004. "Protection for Sale and Trade Liberalization: An Empirical Investigation." >i>Review of International Economics>/i> 12, no. 1: 81-94. 14 Michalek, J. 2005. "Poland: Stability of Trade Policy and Its Determinants." In >i>Can Regional Integration Arrangements Enforce Trade Discipline? The Story of the EU Enlargement>/i>, ed. Z. Drabek, pp. 157-192. Houndmills, UK: Palgrave Macmillan. 15 Mitra, D.; D. D. Thomakos; and M. A. Ulubasoglu. 2002. "Protection for Sale in a Developing Country: Democracy vs. Dictatorship." >i>Review of Economics and Statistics>/i> 84, no. 3 (August): 497-508. 16 Shiells, C. R.; R. F. Stern; and A. V. Deardorff. 1986. "Estimates of the Elasticities of Substitution Between Imports and Home Goods for the United States." >i>Weltwirtschaftliches Archiv>/i> 122, no. 3: 497-519. 17 Tavares, S. C. 2003. "Setting the Common Customs Tariff: Does the EU Act as a Country or as a Group of Countries?" Department of Economics, Rochester Institute of Technology, Rochester, NY. 18 Trefler, D. 1993. "Trade Liberalization and the Theory of Endogenous Protection: An Econometric Study of U. S. Import Policy." >i>Journal of Political Economy>/i> 101, no. 1: 138-160. 19 Wesolowski, W., and B. Post, eds. 1998. >i>Polityka i Sejm. Formowanie sie elity politycznej>/i> [Politics and the Parliament: Creation of the Political Elite]. Warsaw: Wydawnictwa Sejmowe. 20 World Trade Organization (WTO). 1996. Document WT/DS/19/2, Geneva, September 11, 1996. 21 World Trade Organization (WTO). 2000. Trade Policy Review: Poland. Report by the Secretariat, Document WT/TPR/S/71, Geneva. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:27-46 Template-Type: ReDIF-Article 1.0 Author-Name: ANCA PRUTEANU Author-X-Name-First: ANCA Author-X-Name-Last: PRUTEANU Title: Was There Evidence of Credit Rationing in the Czech Republic? Abstract: This work contributes to the assessment of the credit rationing hypothesis in the Czech Republic. We estimate the demand for, and supply of, new loans denominated in Czech koruna over the period 1:1997-6:2002 in a disequilibrium framework, specifically allowing the interest rate not to necessarily adjust such that demand equals supply. Based on our estimations, we suggest that the market for new loans denominated in Czech koruna was characterized by a state of moderate excess demand, hence credit rationing, only in the period 1:1999-12:2000. The remaining period appears to be characterized by excess supply. Journal: Eastern European Economics Pages: 58-72 Issue: 5 Volume: 42 Year: 2004 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=VWJEKEWLGGPNBBCD File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bean, C.; J. Larsen; and K. Nikolov. 2002. "Financial Frictions and the Monetary Transmission Mechanism: Theory, Evidence and Policy Implications." European Central Bank Working Paper no. 113. 2 Bernanke, B.; S. Gertler; and S. Gilchrist. 1999. "The Financial Accelerator in a Quantitative Business Cycle Framework." In Handbook of Macroeconomics, ed. J.B. Taylor and M. Woodford, vol. 1C, ch. 21. Amsterdam: Elsevier. 3 Blundell-Wignall, A., and M. Gizycki. 1992. "Credit Supply and Demand and the Australian Economy." Reserve Bank of Australia, Research Discussion Paper, RDP 9208. 4 Bulíø, A. 1997. "Monitoring of Borrowers Under Asymmetric Information: The Czech Experience in the Early 1990s." In The Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatizations, ed. M. Mejstøík, 238-255. Dordrecht: Kluwer. 5 Èihák, M. 1998. "První pìtiletka v ÈR jako první hospodáøský cyklus" [First Five Years as the First Economic Cycle]. Politiká ekonomie, no. 2: 161-69. 6 Freixas, X., and J. Rochet. 1997. Microeconomics of Banking. Cambridge, MA: MIT Press. 7 Ghosh, S., and A. Ghosh. 1999. "East Asia in the Aftermath: Was There a Crunch?" International Monetary Fund Working Paper, no. 99/38. 8 Hampl, M., and R. Matoušek. 2000. "Credit Contraction in the Czech Republic: Causes and Effects." Czech National Bank Working Paper, no. 19. 9 Holmstrom, B., and J. Tirole. 1996. "Modeling Aggregate Liquidity." American Economic Review, Papers and Proceedings 86, no. 2: 187-91. 10 Ito, T., and K. Ueda. 1981. "Tests of the Equilibrium Hypothesis in Disequilibrium Econometrics: An International Comparison of Credit Rationing." International Economic Review 22: 691-708. 11 Jaffee D., and Stiglitz, J. 1990, "Credit Rationing." In Handbook of Monetary Economics, ed. B.M. Friedman and F.H. Hahn, vol. 2, ch. 16. Amsterdam: North-Holland, Elsevier Science. 12 King, S. 1986. "Monetary Transmission: Through Bank Loans or Bank Liabilities?" Journal of Money, Credit and Banking 18, no. 3: 290-303. 13 Kyotaki, N., and Moore, J. 1997. "Credit Cycles." Journal of Political Economy 105: 211-48. 14 Lizal, L., and J. Svejnar. 2000. "Financial Conditions and Investment During the Transition: Evidence from Czech firms." CERGE-EI Working Paper no. 153. 15 Maddala, G.S., and F. Nelson. 1974. "Maximum Likelihood Methods for Models of Markets in Disequilibrium." Econometrica 42: 1013-30. 16 Pazarbasioglu, C. 1997. "A Credit Crunch? Finland in the Aftermath of the Banking Crisis." International Monetary Fund Staff Papers 44, no. 3: 315-27. 17 Singer, M., and J. Pospíšil. 1999. "Credit Crunch." Bulletin z 8. seminaøe Èeské spoleÈnosti ekonomické v øadì Ekonomické teorie a Èeská ekonomika, Praha, únor 1999 [Bulletin from the Eight Seminar of the Czech Economics Association on Economic Theory and the Czech Economy]. Prague, January. 18 Solttila, H., and V. Vihriala. 1994. "Finnish Banks' Problem Assets: Results of Unfortunate Asset Structure or Too Rapid Growth?" Bank of Finland Discussion Paper, no. 23/94. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:58-72 Template-Type: ReDIF-Article 1.0 Author-Name: Katerina Kalcheva Author-X-Name-First: Katerina Author-X-Name-Last: Kalcheva Title: The Impact of the Euro-Dollar Exchange Rate on Countries with a Currency Board: The Case of Estonia and Bulgaria Abstract: This article investigates the implications of the volatility of the euro-dollar rate for emerging economies that have linked with the euro through a currency board arrangement. It analyzes to what extent the economies of Estonia and Bulgaria are affected by a strong appreciation (depreciation) of the euro as their anchor currency. The article focuses on the exchange rate risk exposure with respect to trade, foreign reserves, and foreign public debt, and argues that currency risk cannot be neglected in transition countries pegged to euro. Journal: Eastern European Economics Pages: 42-68 Issue: 2 Volume: 41 Year: 2003 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6MHMVTFVE5T6GQGG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:2:p:42-68 Template-Type: ReDIF-Article 1.0 Author-Name: Jesús Rodríguez López Author-X-Name-First: Jesús Rodríguez Author-X-Name-Last: López Author-Name: José Luis Torres Chacón Author-X-Name-First: José Luis Torres Author-X-Name-Last: Chacón Title: Following the Yellow Brick Road to the Euro?: Czech Republic, Hungary, and Poland Abstract: This paper uses a combination of structural vector autoregression and bootstrapping techniques to analyze whether the exchange rates of three new EU member states—Czech Republic, Hungary, and Poland—have been used as output stabilizers during the period 1995-2005. The question provides a prior evaluation of the costs and benefits of entering the European Monetary Union (EMU). Joining the EMU is mandatory for these countries, but there is no definite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period of time. We find that the exchange rate could be a stabilizing tool in Poland, but in Czech Republic and Hungary, it appears to propagate shocks. In addition, in Czech Republic and Hungary, demand and monetary shocks account for most of the variability in both nominal and real exchange rates. Journal: Eastern European Economics Pages: 46-79 Issue: 6 Volume: 45 Year: 2007 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K8558442447W0460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andrews, D. 1993. "Test for Parameter Instability and Structural Change with Unknown Change Point." >i>Econometrica>/i> 61, no. 1: 821-856. 2 Andrews, D., and W. Ploberger. 1994. "Optimal Tests when a Nuisance Parameter Is Present Under the Alternative." >i>Econometrica>/i> 62, no. 6: 1383-1414. 3 Begg, D. 1998. "Pegging Out: Lessons from the Czech Exchange Rate Crisis." >i>Journal of Comparative Economics>/i> 26, no. 4: 669-690. 4 Bjørnland, H. 2004. "The Role of the Exchange Rate as a Shock Absorber in a Small Open Economy." >i>Open Economies Review>/i> 15, no. 1: 23-43. 5 Borghijs, A., and L. Kuijs. 2004. "Exchange Rates in Central Europe: A Blessing or a Curse?" Working Paper no. 04/2, International Monetary Fund, Washington, DC. 6 Borowski, J. 2004. "Costs and Benefits of Poland's EMU Accession: A Tentative Assessment." >i>Comparative Economic Studies>/i> 46, no. 1: 127-145. 7 Camacho, M. 2004. "Vector Smooth Transition Regression Models for U.S. GDP and the Composite Index of Leading Indicators." >i>Journal of Forecasting>/i> 23, no. 3: 173-196. 8 Camacho, M.; G. Pérez-Quirós; and L. Saiz. 2006. "Are European Business Cycles Close Enough to Be Just One?" >i>Journal of Economic Dynamics and Control>/i> 30, nos. 9-10: 1687-1706. 9 Canzoneri, M.; J. Vallés; and J. Viñals. 1996. "Do Exchange Rates Move to Address International Macroeconomic Imbalances?" Documento de Trabajo no. 9626, Banco de España, Madrid. 10 Clarida, R., and J. Galí. 1994. "Sources of Real Exchange-Rate Fluctuations: How Important Are Nominal Shocks?" >i>Carnegie-Rochester Conference Series on Public Policy>/i> 41 (December): 1-56. 11 Csermely, A. 2004. "Convergence Expectations and Convergence Strategies—Lessons from the Hungarian Experiences in the Pre-EU Period." >i>Comparative Economic Studies>/i> 46, no. 1: 104-126. 12 Darvas, Z., and G. Szapáry. 2005. "Business Cycle Synchronization in the Enlarged EU." Working Paper no. 5179, Center for Economic Policy Research, London. 13 Dibooglu, S., and A. Kutan. 2001. "Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary." >i>Journal of Comparative Economics>/i> 29, no. 2: 257-275. 14 Dornbusch, R. 1976. "Expectations and Exchange Rate Dynamics." >i>Journal of Political Economy>/i> 84, no. 6: 1161-1176. 15 European Central Bank. 2004. >i>Convergence Report.>/i> Frankfurt: European Central Bank. 16 European Commission. 2005. "Annex to the Second Report on the Practical Preparations for the Future Enlargement of the Euro Area." Commission Staff Working Document 1397, SEC (2005), Brussels. 17 Fidrmuc, J. 2004. "Migration and Regional Adjustment to Asymmetric Shocks in Transition Economies." >i>Journal of Comparative Economics>/i> 32, no. 2: 230-247. 18 Fidrmuc, J., and I. Korhonen. 2004. "The Euro Goes East: Implications for the 2000-2002 Economic Slowdown for Synchronization of Business Cycles Between the Euro Area and CEECs." >i>Comparative Economic Studies>/i> 46, no. 1: 45-62. 19 Hansen, B. 2000. "Approximative Asymptotic >i>P>/i>-Values for Structural Changes in Conditional Models." >i>Journal of Econometrics>/i> 97, no. 1: 93-115. 20 Jones, G., and A. Kutan. 2004. "Exchange Rate Management Strategies in the Accession Countries: The Case of Hungary." >i>Comparative Economic Studies>/i> 46, no. 1: 23-44. 21 Korhonen, I. 2003. "Some Empirical Tests on the Integration of Economic Activity Between the Euro Area and the Accession Countries: A Note." >i>Economics of Transition>/i> 11, no. 1: 177-196. 22 MacKinnon, J. 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests." >i>Journal of Applied Econometrics>/i> 11, no. 6: 601-618. 23 Mankiw, N. 2001. >i>Principles of Economics.>/i> Orlando, FL: Dryden. 24 McConnell, M., and G. Pérez-Quirós. 2000. "Output Fluctuations in the United States: What Has Changed Since the Early 1980s?" >i>American Economic Review>/i> 90, no. 5: 1464-1476. 25 Mundell, R. 1961. "A Theory of Optimum Currency Areas." >i>American Economic Review>/i> 51, no. 4 (September): 657-665. 26 National Bank of Poland. 2004. "A Report on the Costs and Benefits of Poland's Adoption of the Euro." National Bank of Poland, Warsaw. 27 Politis, D., and J. Romano. 1994. "The Stationary Bootstrap." >i>Journal of the American Statistical Association>/i> 89, no. 428 (December): 1303-1313. 28 Rockoff, H. 1990. "The Wizard of Oz as a Monetary Allegory." >i>Journal of Political Economy>/i> 98, no. 4: 739-760. 29 Salvatore, D. 2004. "Restructuring and Euroization in Accession Countries." >i>Journal of Policy Modelling>/i> 26, no. 7: 889-902. 30 Thomas, A. 1997. "Is the Exchange Rate a Shock Absorber? The Case of Sweden." Working Paper no. 97/176, International Monetary Fund, Washington, DC. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:6:p:46-79 Template-Type: ReDIF-Article 1.0 Author-Name: Adriana Castaldo Author-X-Name-First: Adriana Author-X-Name-Last: Castaldo Author-Name: Julie Litchfield Author-X-Name-First: Julie Author-X-Name-Last: Litchfield Author-Name: Barry Reilly Author-X-Name-First: Barry Author-X-Name-Last: Reilly Title: Who Is Most Likely to Migrate from Albania?: Evidence from the Albania Living Standards Measurement Survey Abstract: This paper uses the Albania Living Standards Measurement Survey from 2002 to examine the factors that render an individual most prone to international migration. The analysis uses novel data on whether individuals ever considered migrating abroad. The econometric models describe the data well and appear well specified on the basis of diagnostic tests. The estimated results are generally consistent with findings from the empirical literature on the willingness to migrate. It is salutary that the usual characteristics emerge as determining factors, with age, gender, employment status, and education all exerting predictable influences on migration risk. There is also a strong role detected for local labor market conditions and community-level variables that capture, among other things, the prevalence of crime. Journal: Eastern European Economics Pages: 69-94 Issue: 5 Volume: 45 Year: 2007 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R9781340302M8546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agesa, R. 2003. "Gender Differences in the Urban to Rural Wage Gap and the Prevalence of the Male Migrant." >i>Journal of Developing Areas>/i> 37, no. 1 (Fall): 13-34. 2 Ahn, N.; S. de la Rica; and A. Ugidos. 1999. "Willingness to Move for Work and Unemployment Duration." >i>Economica>/i> 66, no. 263 (August): 335-358. 3 Ahn, N.; J. Jimeno; and E. Garcia. 2002. "Migration Willingness in Spain: Analysis of Temporal and Regional Differences." FEDEA Working Paper no. 2002-21, Spain. 4 Chesher, A., and M. Irish. 1987. "Residual Analysis in the Grouped and Censored Normal Linear Model." >i>Journal of Econometrics>/i> 34, nos. 1-2 (January-February): 33-61. 5 Cramer, J. 1999. "Predictive Performance of the Binary Logit Model in Unbalanced Samples." >i>Statistician>/i> 48, part 1: 85-94. 6 DeJong, G. 2000. "Expectations, Gender, and Norms in Migration Decision-Making." >i>Population Studies>/i> 54, no. 3 (November): 307-319. 7 Doiron, D.J.; C. Riddell; and W. Craig. 1994. "The Impact of Unionization on Male-Female Earnings Differences in Canada." >i>Journal of Human Resources>/i> 29, no. 2 (Spring): 504-534. 8 Drinkwater, S. 2003a. "Estimating the Willingness to Move Within Great Britain: Importance and Implications." Department of Economics, University of Surrey. 9 Drinkwater, S. 2003b. "Go West? Assessing the Willingness to Move from Central and Eastern European Countries." Department of Economics, University of Surrey. 10 Even, W.E., and D.A. MacPherson. 1993. "The Decline of Private-Sector Unionism and the Gender Wage Gap." >i>Journal of Human Resources>/i> 28, no. 2 (Spring): 279-296. 11 Gardner, R.; G. DeJong; F. Arnold; and B. Carino. 1986. "The Best-Laid Schemes: An Analysis of the Discrepancies Between Migration Intentions and Behaviour." >i>Population and Environment>/i> 8, nos. 1-2 (Spring-Summer): 63-77. 12 Gomulka, J., and N. Stern. 1990. "The Employment of Married Women in the United Kingdom 1970-83." >i>Economica>/i> 57, no. 226 (May): 171-200. 13 Gouriéoux, C.; A. Montfort; and A. Trognon. 1984. "Pseudo-Maximum Likelihood Methods: Theory." >i>Econometrica>/i> 52, no. 3 (May): 681-700. 14 Greene, W.H. 2000. >i>Econometric Analysis>/i>, 4th ed. Upper Saddle River, NJ: Prentice Hall. 15 Heckman, J. 1979. "Sample Selection Bias as a Specification Error." >i>Econometrica>/i> 47, no. 1 (January): 153-161. 16 Huber, P.J. 1967. "The Behaviour of Maximum Likelihood Estimates Under Non-Standard Conditions." In >i>Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability>/i>, vol. 1, ed., L.M. le Cam and J. Neyman, pp. 221-223. Berkeley: University of California Press. 17 Hughes, G., and B. McCormick. 1985. "Migration Intentions in the UK: Which Households Want to Migrate and Which Succeed." >i>Economic Journal>/i> 95 (Supplement): 113-123. 18 Johnston, J., and J. DiNardo. 1999. >i>Econometric Methods>/i>, 4th ed. New York: McGraw-Hill. 19 King, R., and J. Vullnetari. 2003. "Migration and Development in Albania." Working Paper C5, Development Research Center on Migration, Globalization, and Poverty, University of Sussex. 20 Kule, D.; A. Mancellari; H. Papapanagos; S. Qirici; and P. Sanfey. 2002. "The Causes and Consequences of Albanian Emigration During Transition: Evidence from Micro Data." >i>International Migration Review>/i> 36, no. 1: 229-239. 21 Layard, R.; O. Blanchard; R. Durnbush; and P. Krugman. 1992. >i>East-West Migration: The Alternatives>/i>. Cambridge: MIT Press. 22 Louviere, J.J.; D. Henscher; and J.D. Swait. 2000. >i>Stated Choice Methods: Analysis and Applications>/i>. Cambridge: Cambridge University Press. 23 Mancellari, A.; H. Papapanagos; and P. Sanfey. 1996. "Job Creation and Temporary Emigration: The Albanian Experience." >i>Economics of Transition>/i> 4, no. 2: 471-490. 24 Manski, C. 1990. "The Use of Intentions to Data to Predict Behavior: A Best Case Analysis." >i>Journal of the American Statistical Association>/i> 85, no. 412 (December): 93-940. 25 Manski, C. 1995. >i>Identification Problems in the Social Sciences>/i>. Cambridge: Harvard University Press. 26 Oaxaca, R. 1973. "Male-Female Wage Differentials in Urban Labor Markets." >i>International Economic Review>/i> 14, no. 3 (October): 693-705. 27 O'Connell, P. 1997. "Migration Under Uncertainty: Try Your Luck or Wait and See." >i>Journal of Regional Science>/i> 37, no. 2 (May): 331-347. 28 Papapanagos, H., and P. Sanfey. 2001. "Intentions to Emigrate in Transition Countries: The Case of Albania." >i>Journal of Population Economics>/i> 14, no. 3: 491-504. 29 Pradham, M., and M. Ravallion. 2000. "Measuring Poverty Using Qualitative Perceptions of Consumption Adequacy." >i>Review of Economics and Statistics>/i> 82, no. 3 (August): 462-471. 30 Ravallion, M., and M. Lokshin. 2001. "Identifying Welfare Effects from Subjective Questions." >i>Economica>/i> 68, no. 271 (August): 335-358. 31 United Nations Economic Commission for Europe (UNECE). 2003. >i>Economic Survey of Europe>/i>, no. 1. Geneva: United Nations. 32 World Bank. 2003. "Albania Poverty Assessment." Report no. 26213-AL, Human Development Sector Unit Europe and the Central Asian Republics, Washington, DC. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:5:p:69-94 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Komárek Author-X-Name-First: Luboš Author-X-Name-Last: Komárek Author-Name: Martin Melecký Author-X-Name-First: Martin Author-X-Name-Last: Melecký Title: Currency Substitution in a Transitional Economy with an Application to the Czech Republic Abstract: Currency substitution appears to be an important issue affecting the design of monetary policy, especially in transition economies. This article strives to analyze the particular relevance of the currency substitution phenomenon in the Czech Republic. We initially discuss the role of currency substitution in small open economies in transition with some illustrations relating to the Czech Republic. We distinguish and analyze a locally and globally substituting currency from substituted ones and discuss the consequences of euroization. Further, we estimate a modified Branson and Henderson portfolio model for the Czech Republic. This provides a multiperspective approach to currency substitution in the broad sense. We attempt to improve the robustness of our estimations by applying several cointegration techniques, namely, the Johansen procedure, ARDL, DOLS, and ADL. Finally, we discuss the potential implications of currency and asset substitution according to our estimates for the Czech economy. Journal: Eastern European Economics Pages: 72-99 Issue: 4 Volume: 41 Year: 2003 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E13JQHDXXPUYUEXE File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:4:p:72-99 Template-Type: ReDIF-Article 1.0 Author-Name: Gianni Betti Author-X-Name-First: Gianni Author-X-Name-Last: Betti Author-Name: Francesca Ballini Author-X-Name-First: Francesca Author-X-Name-Last: Ballini Title: Variance Estimates of Poverty and Inequality Measures in Albania Abstract: The objective of the research reported in this paper is to contribute to the development of methodology and practical tools for computing sampling errors and design effects for complex statistics based on complex sampling designs, specifically sampling error of measures of poverty and inequality. It is taken as given that for the "typical" social surveys, based on reasonably large samples but with complex designs, the applicability of at least two broad approaches is generally well established in the literature-namely, the approaches based on Taylor linearization, and on resampling such as Jackknife Repeated Replication (JRR). This research has concentrated on elaborating the necessary details and developing software for their practical application by researchers who are not necessarily experts in the field of complex variance estimation. Journal: Eastern European Economics Pages: 84-98 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M08L3U341M0M3J03 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Azzarri, C.; G. Carletto; B. Davis; and A. Zezza. 2006. "Monitoring Poverty Without Consumption Data: An Application Using the Albania Panel Survey." >i>Eastern European Economics>/i>>b>44>/b>, no. 1: 59-82. 2 Efron, B., and C. Stein. 1981. "The Jack-Knife Estimate of Variance." >i>Annals of Statistics>/i>>b>9>/b>, no. 3: 586-596. 3 Elbers, C.; J. O. Lanjouw; and P. Lanjouw. 2003. "Micro-Level Estimation of Poverty and Inequality." >i>Econometrica>/i>>b>71>/b>, no. 1: 355-364. 4 Fay, R. E., and R. A. Herriot. 1979. "Estimates of Income for Small Places: An Application of James—Stein Procedures to Census Data." >i>Journal of the American Statistical Association>/i>>b>74>/b>, no. 366: 269-277. 5 Foster, J.; J. Greer; and E. Thorbecke. 1984. "A Class of Decomposable Poverty Measures." >i>Econometrica>/i>>b>52>/b>, no. 3: 761-766. 6 Kish, L., and M. Frankel. 1974. "Inferences from Complex Samples." >i>Journal of the Royal Statistical Society>/i>>b>B>/b>, no. 36: 1-37. 7 Neri, L.; F. Ballini; G. Betti. 2005. "Poverty and Inequality Mapping in Transition Countries." >i>Statistics in Transition>/i>>b>7>/b>, no. 1: 135-157. 8 Rao, J. N. K. 2003. >i>Small Area Estimation.>/i> London: Wiley. 9 Sen, A. 1976. "Poverty: An Ordinal Approach to Measurement." >i>Econometrica>/i>>b>44>/b>, no. 2: 219-231. 10 Theil, H. 1967. >i>Economics and Information Theory.>/i> Amsterdam: North-Holland. 11 United Nations. 1992. >i>Sampling Errors in Household Surveys: A Technical Study.>/i> New York: United Nations Department for Economic and Social Information and Policy Analysis. 12 Verma, V. 1991. >i>Sampling Methods: Training Handbook.>/i> Tokyo: Statistical Institute for Asia and the Pacific (SIAP). 13 Verma, V., and G. Betti. 2005. "Sampling Errors for Measures of Inequality and Poverty." In >i>Classification and Data Analysis 2005: Book of Short Papers>/i>, pp. 175-179. Parma: CLADAG, June 6-8. 14 World Bank. 2002. Basic Information Document, Living Standard Measurement Study, Albania, Development Research Group. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:84-98 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Janáèková Author-X-Name-First: Stanislava Author-X-Name-Last: Janáèková Title: The Chimera of Autonomous Monetary Policy in a Small Open Economy Abstract: Journal: Eastern European Economics Pages: 45-74 Issue: 3 Volume: 39 Year: 2001 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CFK7M8R6GXM5HDH2 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:3:p:45-74 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Dreger Author-X-Name-First: Christian Author-X-Name-Last: Dreger Author-Name: Hans-Eggert Reimers Author-X-Name-First: Hans-Eggert Author-X-Name-Last: Reimers Author-Name: Barbara Roffia Author-X-Name-First: Barbara Author-X-Name-Last: Roffia Title: Long-Run Money Demand in the New EU Member States with Exchange Rate Effects Abstract: Within a wide range of other economic and financial indicators, money is highly relevant to the two-pillar monetary strategy of the European Central Bank for detecting risks to price stability over the medium term. Money demand models are a natural benchmark for assessing monetary developments. The existence of a well-specified and stable relation between money and prices can be perceived as a prerequisite for using monetary aggregates in the conduct of monetary policy, which is usually assessed within a money-demand framework. In this respect, the present analysis is important for the new member states of the European Union, as they are expected to join the euro area in future years. In this study, a money-demand analysis in the new member states is conducted using panel cointegration methods. A well-behaved long-run money demand relation can be identified only if the exchange rate is included as part of the opportunity cost. In the long-run cointegrating vector, income elasticity exceeds unity. Over the entire sample period, the exchange rate vis-à-vis the U.S. dollar turns out to be significant and a more appropriate variable in money demand than is the euro exchange rate. Journal: Eastern European Economics Pages: 75-94 Issue: 2 Volume: 45 Year: 2007 Month: 4 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q62XV070G3R2548K File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Antczak, R. 2003. "Monetary Expansion and Its Influence on Inflation Performance in Transition Economies." In >i>Disinflation in Transition Economies>/i>, ed. M. Dabrowski, pp. 37-54. Budapest: Central European University Press. 2 Backé, P., and C. Thimann. 2004. "The Acceding Countries' Strategies Toward ERM II and the Adoption of the Euro: An Analytical Review." European Central Bank Occasional Paper Series no. 10, Frankfurt am Main. 3 Bai, J. 2004. "Estimating Cross-Section Common Stochastic Trends in Nonstationary Panel Data." >i>Journal of Econometrics>/i> 122, no. 2: 137-183. 4 Banerjee, A. 1999. "Panel Data Unit Roots and Cointegration: An Overview." >i>Oxford Bulletin of Economics and Statistics>/i> 61, no. 4 (Supplement): 607-629. 5 Banerjee, A.; M. Marcellino; and C. Osbat. 2004. "Some Cautions on the Use of Panel Methods for Integrated Series of Macro-Economic Data." >i>Econometrics Journal>/i> 7, no. 2: 322-340. 6 Bartlett, M.S. 1963. "Statistical Estimation of Density Functions." >i>Snakhya A>/i> 25, no. 2: 245-254. 7 Beguna, A.; N. Skorohoda; I. Sloka; and O. Tkačevs. 2002. "Money Demand in Latvia." EuroFaculty Working Paper in Economics no. 15, University of Riga, Riga. 8 Bilson, J.F.O. 1979. "Recent Development in Monetary Models of Exchange Rate Determination." >i>IMF Staff Papers>/i> 26, no. 2: 201-223. 9 Breitung, J. 2000. "The Local Power of Some Unit Root Tests for Panel Data." In >i>Advances in Econometrics 15. Nonstationary Panels, Panel Cointegration, and Dynamic Panels>/i>, ed. B. Baltagi, pp. 161-178. Amsterdam: JAI Press. 10 Breitung, J. 2002. "A Parametric Approach to the Estimation of Cointegration Vectors in Panel Data." Discussion Paper 2002, no. 3, Department of Economics, Humboldt University, Berlin. 11 Bruggeman, A.; P. Donati; and A. Warne. 2003. "Is the Demand for Euro Area M3 Stable?" European Central Bank Working Paper no. 255, Frankfurt am Main. 12 Buch, C.M. 2001. "Money Demand in Hungary and Poland." >i>Applied Economics>/i> 33, no. 8: 989-999. 13 Calvo, G., and C.A. Rodrigues. 1977. "A Model of Exchange Rate Determination Under Currency Substitution and Rational Expectations." >i>Journal of Political Economy>/i> 85, no. 3: 617-626. 14 Campbell, J.Y., and P. Perron. 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots." National Bureau of Economics Research Working Paper no. T0100, Cambridge, MA. 15 Crowder, W.J. 2003. "Panel Estimates of the Fisher Effect." Discussion Paper, Department of Economics, University of Texas at Arlington. 16 Dzwonik-Wróbel, E., and J. Zieba. 1994. "Money Supply and Money Demand in Poland, 1990-1992." Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW) Working Paper no. 3, Vienna. 17 Engle, R., and C.W.J. Granger. 1987. "Cointegration and Error Correction: Representation, Estimation and Testing." >i>Econometrica>/i> 55, no. 2: 251-276. 18 European Central Bank. 1998. "A Stability-Oriented Monetary Policy Strategy for the ESCB." Press Release, Frankfurt am Main, Germany, October 13, 1998. 19 European Central Bank. 1999. "Euro Area Monetary Aggregates and Their Role in the Eurosystem's Monetary Policy Strategy." >i>Monthly Bulletin>/i> (February): 29-47. 20 European Central Bank. 2003a. "Annual Report 2002." Frankfurt am Main, Germany, April. 21 European Central Bank. 2003b. "The ECB's Monetary Policy Strategy." Press Release, Frankfurt am Main, Germany, May 8, 2003. 22 European Central Bank. 2003c. "Editorial." >i>Monthly Bulletin>/i> (May): 5-8. 23 European Central Bank. 2003d. "Policy Position of the Governing Council of the European Central Bank on Exchange Rate Issues Relating to the Acceding Countries." Press Release, Frankfurt am Main, Germany, December 18, 2003. 24 European Central Bank. 2004. "Convergence Report." Frankfurt am Main, Germany, October. 25 Görgens, E.; K. Ruckriegel; and F. Seitz. 2004. >i>Europäische Geldpolitik>/i>, 4th ed. Stuttgart: Lucius & Lucius Verlag. 26 Hadri, K. 2000. "Testing for Stationarity in Heterogeneous Panel Data." >i>Econometric Journal 3.>/i> no. 1: 148-161. 27 Im, K.S.; M.H. Pesaran; and Y. Shin. 2003. "Testing for Unit Roots in Heterogeneous Panels." >i>Journal of Econometrics>/i> 115, no. 1: 53-74. 28 International Monetary Fund (IMF). 1998. "Republic of Poland: Selected Issues and Statistical Appendix." Staff Country Report no. 98/51, Washington, DC. 29 International Monetary Fund (IMF). 2002. >i>International Financial Statistics>/i>, CD-ROM (IFS), Washington, DC. 30 Jarocinski, M. 2003. "Money Demand and Monetization in Transition Economies." In >i>Disinflation in Transition Economies>/i>, ed. M. Dabrowski, pp. 55-84. Budapest: Central European University Press. 31 Kao, C., and S. McCoskey. 1998. "A Residual-Based Test of the Null of Cointegration in Panel Data." >i>Econometric Review>/i> 17, no. 1: 57-84. 32 Komórek, L., and M. Melecký. 2001. "Demand for Money in a Transitional Economy: The Czech Republic 1993-2001." Warwick Economic Research Papers no. 614, Department of Economics, University of Warwick, Coventry, UK. 33 Kwiatkowski, D.; P.C.B. Phillips; P. Schmidt; and Y.C. Shin. 1992. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We that Economic Time Series-Have a Unit Root?" >i>Journal of Econometrics>/i> 51, no. 1: 159-178. 34 Levin, A.; C.F. Lin; and C. Chu. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite Sample Properties." >i>Journal of Econometrics>/i> 108, no. 1: 1-24. 35 MacKinnon, J.G. 1991. "Critical Values for Cointegration Tests." In >i>Long-Run Economic Relationships: Readings in Cointegration>/i>, ed. R.F. Engle, and C.W.J. Granger, pp. 267-276. Oxford: Oxford University Press. 36 Mark, N.C., and D. Sul. 2002. "Cointegration Vector Estimation by Panel DOLS and Long-Run Money Demand." Technical Working Paper Series NBER no. 287, Cambridge, MA. 37 Newey, W.K., and K.D. West. 1994. "Automatic Lag Selection in Covariance Matrix Estimation." >i>Review of Economic Studies>/i> 61, no. 4: 631-653. 38 Orlowski, L.T. 2004. "Money Rules for the Eurozone Candidate Countries." Center for European Integration Studies Working Paper B05, Bonn. 39 Pedroni, P. 1999. "Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors." >i>Oxford Bulletin of Economics and Statistics>/i> 61, no. 4 (Supplement): 653-670. 40 Pedroni, P. 2000. "Fully Modified OLS for the Heterogeneous Cointegrated Panels." In >i>Advances in Econometrics 15. Nonstationary Panels, Panel Cointegration and Dynamic Panels>/i>, ed. B. Baltagi, pp. 93-130. Amsterdam: JAI Press. 41 Phillips, P.C.B. 1995. "Fully Modified Least Squares and Vector Autoregression." >i>Econometrica>/i> 63, no. 5: 1023-1078. 42 Phillips, P.C.B., and P. Perron. 1988. "Testing for a Unit Root in Time Series Regression." >i>Biometrika>/i> 75, no. 2: 335-346. 43 Saikkonen, P. 1991. "Asymptotically Efficient Estimation of Cointegration Regression." >i>Econometric Theory>/i> 7, no. 1: 1-21. 44 Selcuk, F. 2003. "Currency Substitution: New Evidence from Emerging Economies." >i>Economics Letters>/i> 78, no. 2: 219-224. 45 Stock, J.H., and M.W. Watson. 1993. "A Simple Estimator of Cointegration Vectors in Higher Order Integrated Systems." >i>Econometrica>/i> 61, no. 4: 783-820. 46 Urbain, J.-P. 2004. "Spurious Regression in Nonstationary Panels with Cross-Member Cointegration." Discussion paper presented at the Economics Society meeting, Madrid, Spain. 47 Westerlund, J. 2003. "Feasible Estimation in Cointegrated Panels." Discussion Paper, Department of Economics, University of Lund, Sweden. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:75-94 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Dybczak Author-X-Name-First: Kamil Author-X-Name-Last: Dybczak Author-Name: Vladislav Flek Author-X-Name-First: Vladislav Author-X-Name-Last: Flek Title: Supply-Side Adjustments in the Czech Republic: A Cross-Sector Perspective Abstract: We calculate production functions for the key productive sectors of the Czech economy (agriculture, industry, etc.), exploring the growth-accounting approach and decomposition of total factor productivity (TFP) growth. We establish that the growth in real value added over the period 1996-2005 has been driven mainly by increases in TFP. Our analysis shows, however, that this aggregate long-term growth pattern does not hold for all productive sectors. Furthermore, from 1996 to 2005, the Czech economy generally suffered from a structural burden in that all growth in TFP was due exclusively to better utilization of resources, given the initial structure of their allocation, with a negative contribution of resource reallocation. Journal: Eastern European Economics Pages: 29-45 Issue: 6 Volume: 45 Year: 2007 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BJ6486Q3Q8838486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ark, B.; R. Inklaar; and R. McGuckin. 2002. "Changing Gear: Productivity, ICT and Services: Europe and the United States." Research Memorandum GD-60, Groningen Growth and Development Centre, Groningen. 2 Baier, S.; G. Dwyer; and R. Tamura. 2002. "How Important Are Capital and Total Factor Productivity for Economic Growth?" Working Paper, Federal Reserve Bank of Atlanta, Atlanta, GA. 3 Barro, R.J. 1998. "Notes on Growth Accounting." Working Paper no. 6654, National Bureau of Economic Research, Cambridge, MA. 4 Barro, R., and X. Sala-i-Martin. 1995. >i>Economic Growth>/i>, 2d ed. Cambridge, MA: MIT Press. 5 Beffy, P.-O.; P. Ollivaud; P. Richardson; and F. Sédillot. 2006. "New OECD Methods for Supply-Side and Medium-Term Assessments: A Capital Services Approach." ECO Working Paper no. 482, Organization for Economic Cooperation and Development, Paris. 6 Bosworth, B.P., and F.M. Collins. 2003. "The Empirics of Growth: An Update." >i>Brookings Papers on Economic Activity>/i> 2: 113-179. 7 Buchtíková, A., and V. Flek. 1994. "Wage Regulation in Czechoslovakia." >i>Eastern European Economics>/i> 39 (May-June): 6-31. 8 Čapek, A. 1995. "The Bad Loans and the Commercial Bank Policies in the Czech Republic." Working Paper no. 39, Czech National Bank, Institute of Economics, Prague. 9 CZSO. 2004. >i>Balance of Non-Financial Assets, 1995-2002.>/i> Prague: Czech Statistical Office. 10 CZSO. 2005a. >i>Total Labour Costs, 1994-2004.>/i> Prague: Czech Statistical Office. 11 CZSO. 2005b. >i>Labour Market in the Czech Republic, 1993-2004.>/i> Prague: Czech Statistical Office. 12 CZSO. 2005c. >i>Gross Value Added—Industry Breakdown (Current Prices), 1995-2004.>/i> Prague: Czech Statistical Office. 13 CZSO. 2005d. >i>Gross Value Added—Industry Breakdown (Constant Prices of 1995), 1995-2004.>/i> Prague: Czech Statistical Office. 14 CZSO. 2005e. >i>Total Employment (Full-Time Equivalents), 1995-2004.>/i> Prague: Czech Statistical Office. 15 CZSO. 2005f. >i>Net Stocks of Fixed Assets—Industry Breakdown (Current Replacement Costs of 1995), 1995-2004.>/i> Prague: Czech Statistical Office. 16 CZSO. 2005g. >i>Labour Costs—Industry Breakdown, 1995-2004.>/i> Prague: Czech Statistical Office. 17 CZSO. 2006. >i>Selected Time Series.>/i> Prague: Czech Statistical Office. 18 Dybczak, K.; V. Flek; D. Hájková; and J. Hurník. 2006. "Supply-Side Performance and Structure in the Czech Republic." Working Paper no. 4, Economic Research Department, Czech National Bank, Prague. 19 Flek, V. 1993. "Efficiency Approach and Progress in Privatization in ex-Czechoslovakia." Discussion Papers on the Economic Transformation: Policy, Institutions and Structure, LICOS, Catholic University of Leuven, Leuven. 20 Flek, V. 1995. "The Strategy of Marketization and Problems of the Competitiveness of Industry in the Former Czechoslovakia." In >i>Marketization, Restructuring and Competition in Transition Industries in Central and Eastern Europe>/i>, ed. M. Jackson and W. Biesbrouck, pp. 121-162. Aldershot, UK: Avebury. 21 Flek, V., ed. 2004. "Anatomy of the Czech Labour Market: From Over-Employment to Under-Employment in Ten Years?" Working Paper no. 7, Czech National Bank, Prague. 22 Flek, V., and J. Večerník. 2005. "The Labour Market in the Czech Republic: Trends, Policies, and Attitudes." >i>Czech Journal of Economics and Finance>/i> 55, nos. 1-2: 5-24. 23 Flek, V.; M. Hájek; J. Hurník; L. Marková; and L. Prokop. 2001. "Supply-Side Performance and Structure." Working Paper no. 27, Czech National Bank, Monetary Department, Prague. [In Czech.] 24 Fonfría, A., and I. álvarez. 2005. "Structural Change and Performance in Spanish Manufacturing: Some Evidence on the Structural Bonus Hypothesis and Explanatory Factors." Universidad Complutense de Madrid, Madrid (available at >a target="_blank" href='http://www.case.com.pl/dyn/plik-8874778.pdf'>www.case.com.pl/dyn/pli k-8874778.pdf>/a> 25 Gács, J. 2001. "Structural Change and Catching Up: Experience of the Ten Candidate Countries." Paper presented at the Convergence and Divergence in Europe conference, Oesterreichische Nationalbank, Vienna, November 5-6. 26 Ganev, K. 2005. "Measuring Total Factor Productivity: Growth Accounting for Bulgaria." Bulgarian National Bank, Sofia (available at >a target="_blank" href='http://econwpa.wustl.edu/eps/ge/papers/0504/0504004.pdf'>http://econ wpa.wustl.edu/eps/ge/papers/0504/0504004.pdf>/a> 27 Giorno, C.; P. Richardson; D. Roseveare; and P. van den Noord. 1995. "Estimating Potential Output, Output Gaps and Structural Budget Balances." Working Paper no. 152, Organization for Economic Cooperation and Development, Paris. 28 Griffin, N., and K. Odaki. 2006. "Reallocation and Productivity Growth in Japan: Revisiting the Lost Decade of the 1990s." Congressional Budget Office paper, Washington, DC. 29 Hájek, M. 2005. "Economic Growth and Total Factor Productivity in the Czech Republic, 1992-2004." Working Paper no. 4, CSE-VÅ EM, Prague. [In Czech.] 30 Hájek, M., and V. Bezděk. 2001. "Estimate of the Potential Product and the Output Gap in the Czech Republic." Working Paper no. 26, Czech National Bank, Monetary Department, Prague. [In Czech.] 31 Hájek, M.; V. Izák; S. Janá ková; P. Kacvinský; V. Nachtigal; L. Prokop; and A. Kotulan. 1995. "A Macroeconomic Analysis of the Czech Economy (1990-1994)." Working Paper no. 34, Czech National Bank, Institute of Economics, Prague. 32 Hulten, C.R. 2000. "Total Factor Productivity: A Short Bibliography." Working Paper no. 7471, National Bureau of Economic Research, Cambridge, MA. 33 Kurosaki, T. 2001. "Agriculture in India and Pakistan, 1990-1995: A Further Note." Institute of Economic Research, Hitotsubashi University, Tokyo. 34 Landesman, M. 2000. "Structural Change in Transition Economies, 1989 to 1999." Research Report no. 269, WIIW, Vienna. 35 Landesman, M., and I. Szekely, eds. 1995. >i>Industrial Restructuring and Trade Reorientation in Eastern Europe.>/i> Cambridge: Cambridge University Press. 36 Lemoine, F. 1997. "Industrial Recovery in Central European Countries: Sectoral Trends, Foreign Trade and Direct Investments." ACE-Phare Workshop, Central European University, Budapest, May 9-11. 37 Limam, Y., and S. Miller. 2004. "Explaining Economic Growth: Factor Accumulation, Total Factor Productivity Growth, and Production Efficiency Improvement." Working Paper Series, Department of Economics, University of Connecticut, Storrs. 38 Mervart, J. 1998. >i>Czech Banks in the World's Context.>/i> Prague: Lidové noviny Publ. [In Czech.] 39 Poschl, J. 2000. "Transition Countries Clamber Aboard the Business Boom in Western Europe: Upswing Masks Persistent Transition-Related Problems." Research Report no. 264, WIIW, Vienna. 40 Senhadji, A. 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise." >i>IMF Staff Papers>/i> 47, no. 1: 129-158. 41 Solow, R.M. 1956. "A Contribution to the Theory of Economic Growth." >i>Quarterly Journal of Economics>/i> 70, no. 1: 65-94. 42 Thörnqvist, L. 1936. "The Bank of Finland's Consumption Price Index." Bank of Finland Monthly Bulletin no. 10, 1-8. 43 Tomšík, V. 2002. "Structural Adaptability of Manufacturing in Central European Countries During the Transition." Newton Holding Country Report, February. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:6:p:29-45 Template-Type: ReDIF-Article 1.0 Author-Name: Darja BorÅ¡;ič Author-X-Name-First: Darja Author-X-Name-Last: BorÅ¡;ič Author-Name: Jani Bekő Author-X-Name-First: Jani Author-X-Name-Last: Bekő Title: Testing the Theory of Purchasing Power Parity for Slovenia and Hungary Abstract: This paper checks the validity of the theory of purchasing power parity for Slovenia and Hungary, compared to Austria, Germany, France, and Italy, by employing data from January 1992 to December 2001. Results of unit root tests indicate that only the real exchange rate of the Hungarian forint to the Italian lira is stationary. Although some cointegration was found among nominal exchange rates and selected consumer price indexes, the theory of PPP could not be confirmed. The empirical work completed so far reveals that the underlying cause of real exchange rate appreciation in both transition countries stems from differences in relative productivity gains and steady price increases due to insufficient competition in the nontradable sector. Journal: Eastern European Economics Pages: 82-96 Issue: 4 Volume: 44 Year: 2006 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G60848H6261572H4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barlow, D. 2004. "Purchasing Power Parity in Three Transition Economies." >i>Economics of Planning 36>/i>, no. 3: 201-221. 2 Bole, V. 1999. "Financial Flows to a Small Open Economy: The Case of Slovenia." In >i>The Mixed Blessing of Financial Inflows, Transition Countries in Comparative Perspective>/i>, ed. J. Gács, R. Holzmann, and M.L. Wyzan, pp. 195-238. Cheltenham, UK: Edward Elgar. 3 —-. 2003. "Denarna politika v časuodÅ¡tevanja" [Monetary Policy in the Time of Countdown]. >i>Gospodarska gibanja 32>/i>, no. 346: 23-43. 4 Brada, J.C. 1998. "Introduction: Exchange Rates, Capital Flows, and Commercial Policies in Transition Economies." >i>Journal of Comparative Economics 26>/i>, no. 4: 613-620. 5 Campbell, J.Y., and P. Perron. 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots." National Bureau of Economic Research Working Paper Series, Technical Working Paper no. 100, Cambridge, MA. 6 Chen, B. 1995. "Long-Run Purchasing Power Parity: Evidence from Some European Monetary System Countries." >i>Applied Economics 27>/i>, no. 4: 377-383. 7 Cheung, Y., and K.S. Lai. 1993. "Long-Run Purchasing Power Parity During the Recent Float." >i>Journal of International Economics 34>/i>, no. 1-2: 181-192. 8 Christev, A., and A. Noorbakhsh. 2000. "Long-Run Purchasing Power Parity, Prices and Exchange Rates in Transition. The Case of Six Central and East European Countries." >i>Global Finance Journal 11>/i>, no. 1-2: 87-108. 9 Coricelli, F.; B. Jazbec; and I. Masten. 2003. "Exchange Rate Pass-Through in Candidate Countries." Centre for Economic Policy Research Discussion Paper no. 3894, London. 10 Desai, P. 1998. "Macroeconomic Fragility and Exchange Rate Vulnerability: A Cautionary Record of Transition Economies." >i>Journal of Comparative Economics 26>/i>, no. 4: 621-641. 11 Dickey, D. A., and W. A. Fuller. 1979. "Distribution of Estimators for Autoregressive Time Series with a Unit Root." >i>Journal of the American Statistical Association 74>/i>, no. 366: 427-431. 12 Engle, R.F., and C.W.J. Granger. 1987. "Co-Integration and Error Correction—Representation, Estimation and Testing." >i>Econometrica 55>/i>, no. 2: 251-276. 13 Froot, K.A., and K. Rogoff. 1995. "Perspectives on PPP and Long-Run Real Exchange Rates." In >i>Handbook of International Economics>/i>, vol. 3, ed. G. Grossman and K. Rogoff, pp. 1647-1688. Amsterdam: Elsevier Science. 14 Granger, C.W.J. 1986. "Developments in the Study of Cointegrated Economic Variables." >i>Oxford Bulletin of Economics and Statistics 48>/i>, no. 3: 213-228. 15 Halpern, L., and C. Wyplosz. 1997. "Equilibrium Exchange Rates in Transition Economies." >i>IMF Staff Papers 44>/i>, no. 4: 430-461. 16 Institute for Economic Diagnosis and Prognosis (IEDP). 1996. "Cene in plač—Slovenija in Madžarska" [Prices and Wages—Slovenia andd Hungary]. >i>Bilten EDP 19>/i>, no. 4: 1-71. 17 —-. 1999. "Slovenija in Italija—Ravni cen in plac" [Slovenia and Italy—Levels of Prices and Wages]. >i>Bilten EDP 22>/i>, no. 4: 1-74. 18 —-. 2003. "Slovenija in Avstrija—Ravni cen in plač" [Slovenia and Austria—Levels of Prices and Wages]. >i>Bilten EDP 26>/i>, no. 2-3: 1-100. 19 Johansen, S. 1988. "Statistical Analysis of Cointegration Vectors." >i>Journal of Economic Dynamics and Control 12>/i>, nos. 2-3: 231-254. 20 —-. 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models." >i>Econometrica 59>/i>, no. 6: 1551-1580. 21 Johansen, S., and K. Juselius. 1990. "Maximum Likelihood Estimation and Inference on Cointegration—With Applications to the Demand for Money." >i>Oxford Bulletin of Economics and Statistics 52>/i>, no. 2: 169-210. 22 Kovács, M.A. 2004. "Disentangling the Balassa-Samuelson Effect in CEC5 Countries in the Prospect of EMU Enlargement." In >i>Monetary Strategies for Joining the Euro, ed. G. Szapary and J. von Hagen>/i>, pp. 79-105. Cheltenham, UK: Edward Elgar. 23 Kovács, M.A.; J. Benes; M. Klima; J. Borowski; M.K. Dudek; P. Sotomska-Krzysztofik; F. Hajnovic; and T. Zumer. 2002. "On the Estimated Size of the Balassa-Samuelson Effect in Five Central and Eastern European Countries." National Bank of Hungary Working Paper 5, Budapest, July. 24 Kutan, A.M., and S. Dibooglu. 1998. "Sources of Real and Nominal Exchange Rate Fluctuations in Transition Economies." Federal Reserve Bank of St. Louis, Working Paper 1998-022A, St. Louis, MO. 25 Liu, P.C. 1992. "Purchasing Power Parity in Latin America: A Co-Integration Analysis." >i>Weltwirtschaftliches Archiv 128>/i>, no. 4: 662-679. 26 MacDonald, R. 1993. "Long-Run Purchasing Power Parity: Is It for Real?" >i>Review of Economics and Statistics 75>/i>, no. 4: 690-695. 27 MacKinnon, J. 1991. "Critical Values for Cointegration Tests." In >i>Long-Run Economic Relationships: Readings in Cointegration>/i>, ed. R.F. Engle and C.W.J. Granger, pp. 267-276. Oxford: Oxford University Press. 28 Ng, S., and P. Perron. 1995. "Unit Root Tests in ARIMA Models with Data-Dependent Methods for the Selection of the Truncation Lag." >i>Journal of American Statistical Association 90>/i>, no. 429: 268-281. 29 Osterwald-Lenum, M. 1992. "A Note with Quantiles of Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics." >i>Oxford Bulletin of Economics and Statistics 54>/i>, no. 3: 461-472. 30 Parikh, A., and E. Wakerly. 2000. "Real Exchange Rates and Unit Root Tests." >i>Weltwirtschaftliches Archiv 136>/i>, no. 3: 478-490. 31 Payne, J.; J. Lee; and R. Hofler. 2005. "Purchasing Power Parity: Evidence from a Transition Economy." >i>Journal of Policy Modeling 27>/i>, no. 6: 665-672. 32 Pufnik, A. 2002. "Purchasing Power Parity as a Long-Run Equilibrium: Co-Integration Test in the Case of Croatia (1991-1996)." >i>Croatian Economic Survey 1996-1999 4>/i>, no. 4: 29-54. 33 Rogoff, K. 1996. "The Purchasing Power Parity Puzzle." >i>Journal of Economic Literature 34>/i>, no. 2: 647-668. 34 Rosati, D. 1996. "Exchange Rates Policies During Transition from Plan to Market." >i>Economics of Transition 4>/i>, no. 1: 159-183. 35 Sarno, L., and M.P. Taylor. 2002. "Purchasing Power Parity and the Real Exchange Rate." >i>IMF Staff Papers 49>/i>, no. 1: 65-105. 36 Szapáry, G., and Z.M. Jakab. 1998. "Exchange Rate Policy in Transition Economies: The Case of Hungary." >i>Journal of Comparative Economics 26>/i>, no. 4: 691-717. 37 Taylor, A.M., and M.P. Taylor. 2004. "The Purchasing Power Parity Debate." National Bureau of Economic Research Working Paper 10607, Cambridge, MA. 38 Varamini, H., and H.G. Lisachuk. 1998. "The Application of Purchasing Power Parity to Ukraine by Using the Cointegration Approach." >i>Russian and East European Finance and Trade 34>/i>, no. 3: 60-69. 39 Žižmond, E., and M. Novak. 2006. "Sectoral Reallocation of Labour as a Limit of Total Factor Productivity Growth in Slovenia." >i>Post-Communist Economies 18>/i>, no. 2: 205-226. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:82-96 Template-Type: ReDIF-Article 1.0 Author-Name: Eugen Dumärescu Author-X-Name-First: Eugen Author-X-Name-Last: Dumärescu Title: Globalization and Enlargement: What Future for Eastern Europe? (Uniting Europe: A Dream Too Far) Abstract: Globalization and EU enlargement will shape the future of Europe over the next decades. The eastward enlargement of the European Union is not only a political issue or an effort to reunite peoples sharing a common history, culture, and spiritual values. It is also a process through which Europe's firms seek to enhance their competitiveness by taking advantage of market proximity, lower labor costs in Central and Eastern Europe, and the natural resource endowments of the candidate countries. From the perspective of the candidate countries, the enlargement is a vital, even existential, matter because they have relatively small markets and lack capital to overcome quickly the income gap separating them from EU members. While negotiations for accession envisage that the first new members will join the EU in 2003-4, it will take much longer for these countries to reach the economic level of the current EU members. Moreover, the EU has set an ambitious target of achieving simultaneous enlargement and a deepening of integration, which creates the risk of building a Europe of two or three levels of integration. Journal: Eastern European Economics Pages: 6-22 Issue: 6 Volume: 39 Year: 2001 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RBLNJJJM0HAB0XM5 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:6:p:6-22 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Dreger Author-X-Name-First: Christian Author-X-Name-Last: Dreger Author-Name: Konstantin Kholodilin Author-X-Name-First: Konstantin Author-X-Name-Last: Kholodilin Author-Name: Kirsten Lommatzsch Author-X-Name-First: Kirsten Author-X-Name-Last: Lommatzsch Author-Name: Jiří Slačálek Author-X-Name-First: Jiří Author-X-Name-Last: Slačálek Author-Name: Przemyslaw Wozniak Author-X-Name-First: Przemyslaw Author-X-Name-Last: Wozniak Title: Price Convergence in an Enlarged Internal Market Abstract: This paper investigates the effects of EU enlargement on price convergence. The internal market is expected to boost integration and increase efficiency and welfare through a convergence of prices in product markets. Two principal drivers are crucial to explain price developments. On one hand, higher competition exerts downward pressure on prices because of lower markups. On the other hand, the catching-up process of lowincome countries leads to a rise in price levels and higher inflation over a transition period. Using comparative price levels for forty-one product categories, price convergence can be established. However, the speed of convergence is rather slow, with half-lives of approximately ten years. The enlargement has stimulated convergence slightly toward the mean price; this effect is robust across different groups of countries. Moreover, the driving forces of convergence are explored. In line with theoretical predictions, the rise in competition exerts downward pressure on prices, whereas catching-up of low-income countries leads to a rise in price levels and higher inflation. The findings have important implications, as price convergence facilitates the working of common economic policies. Journal: Eastern European Economics Pages: 57-68 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2127502U043713L8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Allington, N. F. B.; P. Kattuman; and F. A. Waldmann. 2005. "One Market, One Money, One Price?" >i>International Journal of Central Banking>/i> 1, no. 3: 73-115. 2 Andrén, N., and L. Oxelheim. 2006. "Producer Prices in the Transition to a Common Currency." Working Paper 668, Research Institute for Industrial Economics, Stockholm. 3 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." >i>Review of Economic Studies>/i> 58, no 2: 277-297. 4 Arratibel, O.; D. Rodriguez-Palenzuela; and C. Thimann. 2002. "Inflation Dynamics and Dual Inflation in Accession Countries: A ‘New Keynesian’ Perspective." Working Paper 132, European Central Bank, Frankfurt. 5 Artis, M.; H.-M. Krolzig; and J. Toro. 2004. "The European Business Cycle." >i>Oxford Economic Papers>/i> 56, no. 1: 1-44. 6 Backé, P.; J. Fidrmuc; F. Schardax; T. Reininger. 2002. "Price Dynamics in Central and Eastern European EU Accession Countries." Working Paper 61, Oesterreichische Nationalbank, Vienna. 7 Barro, R., and X. Sala-i-Martin. 1995. >i>Economic Growth.>/i> Cambridge, MA: MIT Press. 8 Bloom, N.; S. Bond; and J. van Reen. 2007. "Uncertainty and Investment Dynamics." >i>Review of Economic Studies>/i> 74, no. 2: 391-415. 9 Borio, C., and A. Filardo. 2006. "Globalization and Inflation: New Cross-Country Evidence on the Global Determinants of Domestic Inflation." Working Paper no. 227, Bank for International Settlements, Basel. 10 Chen, N.; J. Imbs; and A. Scott. 2006. "The Dynamics of Trade and Competition." Working Paper 96, National Bank of Belgium, Brussels. 11 Cihak, M., and T. Holub. 2005. "Price Convergence in the EU Accession Countries: Evidence from the International Comparison." >i>Economie Internationale>/i> 102, no. 2: 59-82. 12 Dobado, R., and G. Marrero. 2005. "Corn Market Integration in Porfirian Mexico." >i>Journal of Economic History>/i> 65, no. 1: 103-128. 13 Égert, B. 2003. "Nominal and Real Convergence in Estonia: The Balassa-Samuelson (Dis) connection." Working Paper, Bank of Estonia, Tallinn. 14 Égert, B., and L. Halpern. 2005. "Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis." Discussion Paper 4869, Center for Economic Policy Research, London. 15 Engel, C., and J. Rogers. 2004. "European Product Market Integration After the Euro." >i>Economic Policy>/i> 19, 39: 347-384. 16 European Central Bank. 2003. >i>Inflation Differentials in the Euro Area: Potential Causes and Policy Implications.>/i> Frankfurt: European Central Bank. 17 Hlouskova, J., and M. Wagner. 2004. "What's Really the Story with This Balassa-Samuelson Effect in the CEECs?" Discussion Paper 04-16, Department Volkswirtschaft, University of Bern. 18 International Monetary Fund. 2006. "How Has Globalization Affected Inflation?" In >i>World Economic Outlook 2006>/i>, pp. 97-134. Washington, DC. 19 Lee, J., and M. K. Tang. 2003. "Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?" Working Paper WP/03/154, International Monetary Fund, Washington, DC. 20 Lojschová, A. 2003. "Estimating the Impact of the Balassa-Samuelson Effect in Transition Economies." Economic Series 140, Institute for Advanced Studies, Vienna. 21 MacDonald, R., and L. Ricci. 2001. "PPP and the Balassa-Samuelson Effect: The Role of the Distribution Sector." Working Paper WP/01/38, International Monetary Fund, Washington, DC. 22 MacDonald, R., and C. Wójcik. 2004. "Catching Up: The Role of Demand, Supply and Regulated Price Effects on the Real Exchange Rates of Four Accession Countries." >i>Economics of Transition>/i> 12, no. 1: 153-179. 23 Mumtaz, H., and P. Surico. 2006. "Evolving International Inflation Dynamics: World and Country Specific Factors." Working Paper no. 341, Bank of England, London. 24 Pain, N.; I. Koske; and M. Sollie. 2006. "Globalization and Inflation in the OECD Economies." Economics Department Working Paper 524, Organization for Economic Cooperation and Development, Paris. 25 Rogers, J. H. 2002. "Monetary Union, Price Level Convergence, and Inflation: How Close Is Europe to the United States?" International Finance Discussion Papers 740, Board of Governors of the Federal Reserve System, Washington, DC. 26 Roodman, D. 2006. "How to Do Xtabond2: An Introduction to "Difference" and "System" GMM in Stata." Working Paper no. 103, Center for Global Development. 27 Wolszczak-Derlacz, J. 2006. "One Europe, One Product, Two Prices. The Price Disparity in the EU." Discussion Paper 06.14, Center for Economic Studies, Katholieke Universiteit Leuven. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:57-68 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 44 Year: 2006 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=65VFMPR80E8702YF File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:44:y:2006:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Gleb Borisov Author-X-Name-First: Gleb Author-X-Name-Last: Borisov Title: The Vintage Effect on the Russian Labor Market Abstract: The study raises the problem of nonrandom distribution of unobservable skills across the population of a transition country. At the beginning of transition, people who grew up under different political regimes have different goals, moral norms, tastes, behavioral patterns, and motivation, resulting in earnings depending on cohort. Cohort effects are separated in two ways. In the first way, the logarithm of the real wages index is used to proxy the current period. The second way is based on an assumption about the form of age-earnings profiles in Russia. The results reveal the strong and robust relationship between earnings and cohort in Russia. Conditioning of the cohort effects on gender has been discovered as well. Journal: Eastern European Economics Pages: 23-51 Issue: 2 Volume: 45 Year: 2007 Month: 4 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=86L72545153838G8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:23-51 Template-Type: ReDIF-Article 1.0 Author-Name: Artis Kancs Author-X-Name-First: Artis Author-X-Name-Last: Kancs Title: Predicting European Enlargement Impacts: A Framework of Interregional General Equilibrium Abstract: Although the Computable General Equilibrium (CGE) model is not a new tool in analyzing policy impact, it has not yet gained wide popularity in regional applications such as rural economies. This study demonstrates, however,that a regional CGE model can be a quite useful regional development planning tool for analyzing the impacts of changes in global economic conditions as well as for assessing the interregional and intersectoral implications of potential policy changes even with limited computational resources and lacking a full range of regional economic data required by a formal CGE analysis. In our empirical analysis we have found that the rural economies of the Central and Eastern European (CEE) accession countries have to expect the largest welfare gains from integration into the European Union (EU) in the case of gradual market opening in comparison with the continuation of current policy and the complete liberalization of markets. Because agricultural markets are highly protected in the EU, above all, the rural regions of the CEE countries will gain from integration into the EU. Journal: Eastern European Economics Pages: 31-63 Issue: 5 Volume: 39 Year: 2001 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=JGXUD6M9TWRRNEXH File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:5:p:31-63 Template-Type: ReDIF-Article 1.0 Author-Name: Olivier Basdevant Author-X-Name-First: Olivier Author-X-Name-Last: Basdevant Author-Name: Ülo Kaasik Author-X-Name-First: Ülo Author-X-Name-Last: Kaasik Title: Analyzing the Prospects of Estonia Using a Macroeconomic Model Abstract: To analyze how Estonia can benefit from further integration with the European Union, we use the macroeconomic model developed at the Bank of Estonia and perform some simulations. The results show that Estonia will benefit much more from an improvement in domestic productive capacities than from a positive external shock on foreign demand. Hence, from the standpoint of joining the European Union, Estonia should continue to implement a policy aimed at promoting investment, which depends crucially on foreign direct investment, which, in turn, also crucially depends on macroeconomic stability. Thus, we emphasize the need to continue a tough fiscal policy in order to maintain the public deficit and to avoid inflationary pressures so that Estonia remains attractive to foreign investors. Journal: Eastern European Economics Pages: 38-71 Issue: 4 Volume: 41 Year: 2003 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4YMNQF6VAR0Q5G9J File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:4:p:38-71 Template-Type: ReDIF-Article 1.0 Author-Name: Kuo-chun Yeh Author-X-Name-First: Kuo-chun Author-X-Name-Last: Yeh Title: Prospects for EMU Enlargement: What Will Be the Consequences of a Fiscal Union? Abstract: Following the currency crises of the 1990s, most Asian countries believed that the European Union was their model of integration to prevent future speculative attacks. Ironically, the European Monetary Union (EMU) at present is confronted with two major problems. One is possible speculative attacks during the new members' transition to the EMU. The other is the policy mix problem. This paper combines the two current issues with which the EMU is confronted and explores what the consequences of the new members' accession will be if there is a fiscal union in the euro area. A dynamic game simulation approach is adopted to study the interaction among an accession candidate, the European Central Bank, and a prospective single fiscal authority in the EMU. The simulation results indicate that a fiscal union in the EMU may be helpful in promoting international policy coordination prior to EMU enlargement and then improving the macroeconomic stability of the accession candidate and the euro area. The result also can be a warning to East Asian governments considering their future policy based on European experience. Journal: Eastern European Economics Pages: 80-103 Issue: 6 Volume: 45 Year: 2007 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U043W53603841271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andersen, T.M. 2005. "Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting." >i>Journal of Macroeconomics>/i> 27, no. 1: 1-29. 2 Başar, T., and G.J. Olsder. 1999. >i>Dynamic Noncooperative Game Theory>/i>, 2d ed. New York: Academic Press. 3 Beetsma, R.M.W.J., and H. Jensen. 2005. "Monetary and Fiscal Policy Interaction in a Micro-Founded Model of a Monetary Union." >i>Journal of International Economics>/i> 67, no. 1: 320-352. 4 Begg, D.; B. Eichengreen; L. Halpern; J. von Hagen; and C. Wyplosz. 2003. "Sustainable Regimes of Capital Movements in Accession Countries." Policy Paper 10, Center for Economic Policy Research, London. 5 Bloch, F. 1997. "Noncooperative Models of Coalition Formation in Games with Spillovers." In >i>New Directions in the Economic Theory of the Environment>/i>, ed. C. Carraro and D. Siniscalco, pp. 311-352. Cambridge: Cambridge University Press. 6 Buiter, W., and R.C. Marston, eds. 1985. >i>International Economic Policy Coordination.>/i> Cambridge: Cambridge University Press. 7 Buiter, W.H.; G. Corsetti; and P. Pesenti. 1998. >i>Financial Markets and European Monetary Cooperation: The Lesson of the 1992-93 Exchange Rate Mechanism.>/i> Cambridge: Cambridge University Press. 8 Corker, R.; C. Beaumont; R. van Elkan; and D. Iakova. 2000. "Exchange Rate Regimes in Selected Advanced Transition Economies—Coping with Transition, Capital Inflows, and EU Accession." Policy Discussion Paper 00/03, International Monetary Fund, Washington, DC. 9 De Grauwe, P. 2005. >i>The Economics of Monetary Union.>/i> New York: Oxford University Press. 10 De Grauwe, P., and F.P. Mongelli. 2005. "Endogeneities of Optimum Currency Area: What Brings Countries Sharing a Single Currency Closer Together?" Working Paper 468, European Central Bank, Frankfurt am Main. 11 De Grauwe, P., and G. Schnabl. 2004. "EMU Entry Strategies for the New Member States." >i>Intereconomics>/i> 39, no. 5: 241-247. 12 De Grauwe, P., and G. Schnabl. 2005. "Nominal Versus Real Convergence—EMU Entry Scenarios for the New Member States." >i>Kyklos>/i> 58, no. 4: 537-555. 13 Dehaene, J.-L. 2000. "Reunification of Europe: A Societal Project for the Twenty-First Century." >i>World Economy>/i> 23, no. 10: 1311-1322. 14 ECOFIN Council. 2000. "ECOFIN Council Conclusions on Exchange Rate Strategies for Accession Countries." Brussels, November 7. 15 ECOFIN Council. 2001. "Exchange Rate Aspects of Enlargement." European Economy 1: Supplement C, ECOFIN, Brussels. 1-3. 16 Eichengreen, B. 2000. "The EMS Crisis in Retrospect." Working Paper no. 8035, National Bureau of Economic Research, Cambridge, MA. 17 Engwerda, J. 1998. "Computational Aspects of the Open-Loop Nash Equilibrium in Linear Quadratic Games." >i>Journal of Economic Dynamics and Control>/i> 22, nos. 8-9: 1487-1506. 18 Engwerda, J.; B. van Aarle; and J. Plasmans. 2002. "Cooperative and Non-Cooperative Fiscal Stabilisation Policies in the EMU." >i>Journal of Economic Dynamics and Control>/i> 26, no. 3: 451-481. 19 European Central Bank (ECB). 2001. >i>Monthly Bulletin, August.>/i> Frankfurt am Main. 20 European Central Bank (ECB). 2004. >i>Convergence Report 2004.>/i> Frankfurt am Main. 21 European Commission. 2000. "Exchange Rate Strategies for EU Candidate Countries." ECFIN/521/2000-EN, Brussels. 22 European Council. 2000. "Presidency Conclusion." Nice Council meeting, December 7-9 (available at >a target="_blank" href='http://ue.eu.int/en/info/eurocouncil/index.htm'>http://ue.eu.int/en/ info/eurocouncil/index.htm>/a> 23 Frankel, J., and A.K. Rose. 1998. "The Endogeneity of the Optimum Currency Area Criteria." >i>Economic Journal>/i> 108 (July): 1009-1025. 24 Habor, G.; R. Neck; and W.J. McKibbin. 2001. "Monetary and Fiscal Policy Rules in the European Economic and Monetary Union: A Simulation Analysis." Presented in the Conference of The European Macroeconomy: Integration, Employment and Policy Coordination, Antwerp, Belgium, November 9-10. 25 Kenen, P. 1969. "The Theory of Optimum Currency Areas: An Eclectic View." In >i>Monetary Problems of the International Economy>/i>, ed. R. Mundell and A. Swoboda, pp. 41-60. Chicago: University of Chicago Press. 26 McKibbin, W.J. 1997. "Empirical Evidence on International Economic Policy Coordination." In >i>Hand Book of Comparative Economic Policies: Macroeconomic Policy in Open Economies>/i>, vol. 5, ed. M. Fratianni, pp. 148-176. Westport, CT: Greenwood Press. 27 Merlevede, B.; J. Plamsmans; and B. van Aarle. 2003. "A Small Macro-Econometric Model of EU-Accession Countries." >i>Open Economies Review>/i> 14, no. 3: 221-250. 28 Nash, J.F. 1950. "The Bargaining Problem." >i>Econometrica>/i> 18, no. 2: 155-162. 29 Petit, M.L. 1990. >i>Control Theory and Dynamic Games in Economic Policy Analysis.>/i> Cambridge: Cambridge University Press. 30 Plasmans, J.; J. Engwerda; B. van Aarle; G. Di Bartolomeo; and T. Michalak. 2005. >i>Dynamic Modelling of Monetary and Fiscal Cooperation Among Nations.>/i> London: Springer. 31 Temperton, P. 2000. >i>The Euro.>/i> Hoboken, NJ: John Wiley & Sons. 32 Theil, H. 1964. >i>Optimal Decision Rules for Government and Industry.>/i> Amsterdam: North-Holland. 33 van Aarle, B.; J. Engwerda; and J. Plasmans. 2002. "Monetary and Fiscal Policy Interaction in the EMU: A Dynamic Game Approach." >i>Annals of Operations Research>/i> 109, no. 3: 229-264. 34 Wyplosz, C. 2004. "Regional Exchange Rate Arrangement: Lessons from Europe for East Asia." In >i>Monetary and Financial Integration in East Asia>/i>, vol. 2, ed. Asian Development Bank, pp. 241-284. New York: Palgrave Macmillan. 35 Yeh, K.C. 2005. "Is Our Model Breaking Down? A Macro-Econometric Dynamic Game Analysis of EMU Enlargement." Paper presented at the First APEA Conference, University of Hitotsubashi, Tokyo, July 30-31 (available at >a target="_blank" href='http://www.apeaweb.org/confer/hito05/papers/yeh.pdf'>www.apeaweb.org /confer/hito05/papers/yeh.pdf>/a> Handle: RePEc:mes:eaeuec:v:45:y:2007:i:6:p:80-103 Template-Type: ReDIF-Article 1.0 Author-Name: MARCO MONTANARI Author-X-Name-First: MARCO Author-X-Name-Last: MONTANARI Title: EU Trade with the Balkans : Large Room for Growth? Abstract: This paper evaluates the potential for growth in trade between the European Union and the Western Balkans. A clear-cut picture emerges from the application of a gravity model. EU trade with the Western Balkans shows considerable room for growth in both imports and exports; on the contrary, EU trade with two Balkan countries, Bulgaria and Romania, is close to, or in some cases exceeds, the values predicted by the model. From this analysis, it follows that trade policy, alongside geographical proximity, plays an important role in shaping trade patterns. Journal: Eastern European Economics Pages: 59-81 Issue: 1 Volume: 43 Year: 2005 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q1BN2PQP82PBGE7D File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Anderson, J.E. 1979. "A Theoretical Foundation for the Gravity Equation." American Economic Review, 69, no. 1: 106-116. 2 Baldwin, R. 1994. Towards an Integrated Europe. London: Centre for Economic Policy Research. 3 Bergstrand, J.H. 1985. "The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence." Review of Economics and Statistics 67, no. 3: 474-481. 4 ------. 1989. "The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade." Review of Economics and Statistics 71, no. 1: 143-153. 5 Bertolini, P., and M. Montanari. 2002. "L'integrazione commerciale tra l'UE ed i PECO: Un modello di gravità nella prospettiva dell'allargamento" [Trade Integration Between the EU and the CEECs on the Eve of Enlargement: A Gravity Model]. Rivista di Politica Economica 92, no. 3: 35-56. 6 Brenton P., and F. Di Mauro. 1998. "Is There Any Potential in Trade in Sensitive Industrial Products Between the CEECs and the EU?" World Economy, 21, no. 3. 7 Brenton, P., and D. Gros. 1997. "Trade Reorientation and Recovery in Transition Economies," Oxford Review of Economic Policy, vol. 13, no. 2: 65-76. 8 Breuss, F., and P. Egger 1997. "The Use and Misuse of Gravity Equations in European Integration Research." Osterreichisches Institut fur Wirtschaftsforschung Working Paper No. 97-93, Vienna. 9 Council of the European Union. 2001. "Stabilisation and Association Agreement Between the European Communities and Their Member States, of the One Part, and the Former Yugoslav Republic of Macedonia, of the Other Part." Council Document 6726/01, March 26, Brussels. 10 Daskalov, S.; N. Mladenov; D. Gros; P. Brenton; M. Emerson; and N. Whyte. 1999. "A Comprehensive Trade Policy Plan for the Western Balkans: A Bold Initiative to Bring More Stability and Prosperity to South Eastern Europe." Centre for European Policy Studies Working Paper no. 146, Brussels. 11 EBRD (European Bank for Reconstruction and Development). 1999. 1999 Annual Report: Ten Years of Transition. London. 12 ------. 2002. Annual Report. London. 13 EC (European Commission). 1999. Towards Greater Economic Integration. Central and Eastern Europe: Trade, Investment and Assistance of the European Union. Brussels. 14 ------. 2001. "The EU's Actions in Support to the Stabilisation & Association Process." Brussels (available at europa.eu.int/comm/external_relations/see/actions/sap.htm). 15 ------. 2002. "The Stabilisation and Association Process for South East Europe: First Annual Report." Commission Document 163, Brussels, April 4. 16 ------. 2003a. "The Stabilisation and Association Process for South East Europe. Second Annual Report." Commission Document 139, Brussels, March 26. 17 ------. 2003b. "The Western Balkans and European Integration. Communication from the Commission to the Council and the European Parliament." Commission Document 285, Brussels, May 21. 18 ------. 2004. "The Western Balkans in Transition." European Economy Occasional Papers 5, Brussels (available at europa.eu.int/comm/economy_finance). 19 European Council. 2003. "Thessaloniki European Council: Presidency Conclusions." Council Document, Brussels, June 19-20. 20 EU-Western Balkans. 2000. "Thessaloniki Summit: Final Declaration." Press release 10229/ 03, Brussels, June 21. 21 ------. 2003. "Zagreb Summit: Final Declaration." Brussels, November 24 (available at europa.eu.int/comm/external_relations/see/sum_11_00/statement.htm). 22 Faini, R., and R. Portes. 1995. "Opportunities Outweigh Adjustment: The Political Economy of Trade with Central and Eastern Europe." In EU Trade with Eastern Europe: Adjustment and Opportunities, ed. R. Faini and R. Portes, 1-18. London: Centre for Economic Policy Research. 23 Fontagné, L.; M. Freudenberg; and M. Pajot. 1999. "Le potentiel d'échanges entre l'Union européenne et les PECO: Un réexamen" [Has the Trade Potential with Central and Eastern European Countries Been Exhausted?]. Revue économique 50, no. 6: 1139-1168. 24 Frankel, J.A.; E. Stein; and S. Wei. 1998. "Continental Trading Blocs: Are they Natural or Supernatural?" In The Regionalization of the World Economy, ed. J.A. Frankel, 91-120. Chicago: University of Chicago Press. 25 Gligorov, V.; M. Kaldor; and L. Tsoukalis. 1999. Balkan Reconstruction and European Integration. London: LSE Hellenic Observatory. 26 Helpman, E., and P. Krugman. 1985. Market Structure and Foreign Trade. Cambridge, MA: MIT Press. 27 Hoekman, B., and S. Djankov. 1997. "Determinants of the Export Structure of Countries in Central and Eastern Europe." World Bank Economic Review 11, no. 3: 471-487. 28 Linnemann, H. 1966. An Econometric Study of International Trade Flows. Amsterdam: North-Holland. 29 Martin, C. 1995. "The Impact of EU Trade Agreements with Central and East European Countries: The Case of Spain." Discussion Paper no. 1238, Centre for Ecomic Policy Research, London. 30 Mátyás, L. 1997. "Proper Econometric Specification of the Gravity Model." World Economy 20, no. 3: 363-368. 31 McCallum, J. 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns." American Economic Review 85, no. 3: 615-623. 32 Nilsson, L. 2000. "Trade Integration and the EU Economic Membership Criteria." European Journal of Political Economy 16, no. 4: 807-827. 33 Novak, T. 1998. "Economic Relations between Central and Southeastern Europe: Considering Reorientation Towards the European Union." In Redefining Southeastern Europe: Political Challenges and Economic Opportunities, ed. T. Stavrou and J. Lampe, 243- 255. Munich: Sudosteuropa Gesellschaft. 34 Rose, A. 2000. "One Money, One Market: The Effect of Common Currencies on Trade." Economic Policy 15, no. 30: 7-46. 35 Schumacher, D., and P. Trubswetter. 2000. "Volume and Comparative Advantage in East- West Trade." Deutsches Institut fur Wirtschaftsforschung Discussion Paper no. 223, Berlin. 36 Slim, A. 2001. "UE-Europe centrale et orientale: entre concurrence et complémentarité." Le courrier des pays de l'Est 1012 (February): 32-44. 37 Soloaga, I., and L.A. Winters. 2001. "Regionalism in the Nineties: What Effect on Trade?" North American Journal of Economics and Finance 12, no. 1: 1-29. 38 Steil, B., and S. Woodward. 1999. "A European 'New Deal' for the Balkans." Foreign Affairs 78, no. 6: 95-105. 39 Tinbergen, J. 1962. Shaping the World Economy: Suggestions for an International Economic Policy. New York: Twentieth Century Fund. 40 Uvalic, M. 2001. "Regional Cooperation in Southeastern Europe." One Europe or Several? Working Paper 17/01, University of Perugia, Perugia, Italy (available at www.one-europe .ac.uk/pdf/wp17.pdf). 41 Wang, Z.K., and A. Winters. 1994. Eastern Europe International Trade. Manchester: Manchester University Press. 42 Welfens, P. 2001. Stabilizing and Integrating the Balkans: Economic Analysis of the Stability Pact, EU Reforms and International Organizations. Heidelberg: Springer-Verlag. 43 World Bank. 2000. The Road to Stability and Prosperity in South Eastern Europe: A Regional Strategy Paper. Washington, DC: World Bank. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:1:p:59-81 Template-Type: ReDIF-Article 1.0 Author-Name: Jernej Turk Author-X-Name-First: Jernej Author-X-Name-Last: Turk Title: The Institutional Economics Approach in Analyzing the Path of Economic Reform in Slovene Agricultural Production Abstract: Journal: Eastern European Economics Pages: 75-91 Issue: 3 Volume: 39 Year: 2001 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HEANVD8FH7VB0TWB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:3:p:75-91 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Svetličič Author-X-Name-First: Marjan Author-X-Name-Last: Svetličič Author-Name: Andreja Jaklič Author-X-Name-First: Andreja Author-X-Name-Last: Jaklič Author-Name: Anže Burger Author-X-Name-First: Anže Author-X-Name-Last: Burger Title: Internationalization of Small and Medium-Size Enterprises from Selected Central European Economies Abstract: This paper examines differences in outward foreign direct investment (FDI) activity between small and medium-size enterprises (SMEs) and large enterprises in five Central European economies (CEEs). The effects of firm size on motives, barriers, and the competitive advantages of outward investment are examined by surveying 180 firms. Employment effects are examined on a single country. The results indicate more similarities than differences in internationalization patterns and prove SMEs to be capable of internationalization strategies. Similar to large CEE firms, SMEs' investment abroad is mainly market seeking. Both groups of firms identified similar barriers, but SMEs face larger financial and capacity problems. Their larger counterparts enjoy superiority in marketing and production capabilities, but, on average, lack the agility needed for swift and efficient market entry. As SMEs frequently target specialized niches, their main competitive advantages are technological know-how, organizational flexibility, and closer relationships with their customers. Larger competitors, apart from technological know-how, rely on the benefits arising from scale economies and marketing. Home-country employment effects of SMEs are positive and larger than they are for large firms. Our empirical results show that differences found in theoretical propositions and previous empirical studies apply, to a large degree, to companies from CEEs, though the specific characteristics of both types of firms and the intensity of differences are not yet as pronounced as they are in other developed countries, which is to some extent a transition-specific phenomenon. The differences identified suggest adaptations in support policy programs for SME internationalization. Journal: Eastern European Economics Pages: 36-65 Issue: 4 Volume: 45 Year: 2007 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C5N7247257062Q35 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andersen, O. 1997. "Internationalization and Market Entry Mode: A Review of Theories and Conceptual Framework." >i>Management International Review>/i> 37, no. 2: 27-42. 2 Balakrishnan, G. 1975. "Indian Joint Ventures Abroad: A Case Study of Foreign Investment from Developing Countries." Harvard Business School, Cambridge. 3 Bank of Slovenia. 2002. >i>Direct Investment 1994-2001>/i> 6, no. 1. 4 Bell, J. 1995. "The Internationalization of Small Computer Software Firms: A Further Challenge to ‘Stage’ Theories." >i>European Journal of Marketing>/i> 29, no. 8: 60-75. 5 Blundell, R., and M. Costa Dias. 2000. "Evaluation Methods for Non-Experimental Data." >i>Fiscal Studies>/i> 21, no. 4: 427-468. 6 Buckley, P.J. 1989. "Foreign Direct Investment by Small and Medium-Sized Enterprises: The Theoretical Background." >i>Small Business Economics>/i> 1, no. 2: 89-100. 7 Buckley, P.J., and M. Casson. 1976. >i>The Future of Multinational Enterprise.>/i> London: Macmillan. 8 Buckley, P.J., and P. Ghauri. 1993. >i>The Internationalisation of the Firm: A Reader.>/i> London: Dryden Press. 9 Dunning, J.H. 1973. "The Determinants of International Production." >i>Oxford Economic Papers>/i> 25, no. 3: 289-336. 10 Dunning, J.H. 1977. "Trade Location of Economic Activity and the Multinational Enterprise: A Search for an Eclectic Approach." In >i>The International Allocation of Economic Activity>/i>, ed. B. Ohlin, P.O. Hesselborn, and P.M. Wijkman, pp. 395-418. London: Macmillan. 11 Dunning, J.H. 1981. >i>International Production and the Multinational Enterprise.>/i> London: Allen and Unwin. 12 Dunning, J.H. 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions." >i>Journal of International Business Studies>/i> 19, no. 1: 1-31. 13 Dunning, J.H. 1993. >i>Multinational Enterprises and the Global Economy.>/i> Workingham, UK: Addison-Wesley. 14 Dunning, J.H. 1995. "Reappraising the Eclectic Paradigm in an Age of Alliance Capitalism." >i>Journal of International Business Studies>/i> 26, no. 3: 461-491. 15 Dunning, J.H. 1998. "Location and the Multinational Enterprise: A Neglected Factor." >i>Journal of International Business Studies>/i> 29, no. 1: 45-66. 16 Dunning, J.H. 2000. "Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity." >i>International Business Review>/i> 9, no. 2: 163-190. 17 Dunning, J.H., and R. Narula. 1998. >i>Foreign Direct Investment and Governments, Catalysts for Economic Restructuring.>/i> London and New York: Routledge. 18 Erramilli, M.K., and C.P. Rao. 1993. "Service Firms' International Entry Mode Choice: A Modified Transaction-Cost Approach." >i>Journal of Marketing>/i> 57, no. 3 (July): 19-38. 19 Graham, E.M. 1978. "Transnational Investment by Multinational Firms: A Rivalistic Phenomenon." >i>Journal of Post Keynesian Economics>/i> 1, no. 1: 82-99. 20 Heckman, J.H.; H. Ichimura; and P. Todd. 1997. "Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme." >i>Review of Economic Studies>/i> 64, no. 4: 605-654. 21 Hennart, J.F. 1986. "What Is Internalization?" >i>Weltwirtschaftliches Archiv>/i> 122, no. 4: 791-804. 22 Hymer, S.H. 1976. >i>The International Operations of National Firms: A Study of Direct Foreign Investment.>/i> Cambridge, MA: MIT Press. 23 Jaklič, A. 2004. >i>The Impact of Factor Endowment on Creation of MNEs.>/i> Ljubljana: Ekonomska Fakulteta. 24 Jaklič, A., and M. Svetličič. 2005. >i>Enhanced Transition Through Outward Internationalization.>/i> Aldershot, UK: Ashgate. 25 Johanson, J., and L.-G. Mattsson. 1988. "Internationalization in Industrial Systems—A Network Approach." In >i>Strategies in Global Competition>/i>, ed. N. Hood and J.-E. Vahlne, pp. 287-314. London: Croom Helm. 26 Johanson, J., and J.-E. Vahlne. 1977. "The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments." >i>Journal of International Business Studies>/i> 8, no. 1: 23-32. 27 Johanson, J., and J.-E. Vahlne. 1990. "The Mechanism of Internationalization." >i>International Marketing Review>/i> 7, no. 4: 11-24. 28 Johanson, J., and J.-E. Vahlne. 1992. "Management of Foreign Market Entry." >i>Scandinavian International Business Review>/i>, 1, no. 3: 9-27. 29 Johanson, J., and F. Wiedersheim-Paul. 1975. "The Internationalization of the Firm—Four Swedish Cases." >i>Journal of Management Studies>/i> 12, no. 3: 305-322. 30 Knickerbocker, F.T. 1973. >i>Oligopolistic Reaction and Multinational Enterprise.>/i> Boston: Harvard Graduate School of Business Administration. 31 Luostarinen, R. 1989. >i>The Internationalisation of the Firm>/i>, 3rd ed. Helsinki: Acta Academiae Oeconomicae Helsingiensis. 32 Luostarinen, R. 1991. "Development of Strategic Thinking in International Business: The Case of Finland." In >i>Arenas of Strategic Thinking>/i>, ed. J. Näsi. Helsinki: Foundation for Economic Education. 33 Luostarinen, R. 1994. "Internationalisation of Finnish Firms and Their Response to Global Challenges." United Nations University, World Institute for Development Economic Research (UNU/WIDER), Helsinki. 34 Madhok, A. 1997. "Cost, Value, and Foreign Market Entry Mode: The Transaction and the Firm." >i>Strategic Management Journal>/i> 18, no. 1: 39-61. 35 Madsen, T.K., and P. Servais. 1997. "The Internationalization of Born Globals: An Evolutionary Process?" >i>International Business Review>/i> 6, no. 6: 561-583. 36 McDougall, P.P., and B.M. Oviatt. 2000. "International Entrepreneurship: The Intersection of Two Research Paths." >i>Academy of Management Journal>/i> 43, no. 5: 902-908. 37 Olley, G.S. and A. Pakes. 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry." >i>Econometrica>/i> 64, no. 6: 1263-1297. 38 Organization for Economic Cooperation and Development (OECD). 2002. >i>OECD Small and Medium Enterprise Outlook 2002.>/i> Paris: OECD. 39 Oviatt, B.M., and P.P. McDougall. 1994. "Toward a Theory of International New Ventures." >i>Journal of International Business Studies>/i> 24, no. 1: 45-64. 40 Penrose, E.T. 1959. >i>The Theory of the Growth of the Firm.>/i> Oxford: Basil Blackwell. 41 Rosenbaum, P.R., and D.B. Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." >i>Biometrika>/i> 70, no. 1: 41-55. 42 Rubin, D.B. 1980. "Bias Reduction Using Mahalanobis-Metric Matching." >i>Biometrics>/i> 36, no. 2: 293-298. 43 Selassie, H.; B. Mathews; L. Lloyd-Reason; T. Mughan. 2004. "Internationalization and Firm Size: An Empirical Study of the East of England." In >i>The Process of Internationalization>/i>, ed. F. McDonald, M. Mayer, and T. Buck, pp. 175-193. Basingstoke, UK: Palgrave Macmillan. 44 Sharma, D.D., and J. Johanson. 1987. "Technical Consulting in Internationalization." >i>International Marketing Review>/i> 4, 20-29. 45 Svetličič, M., and C. Bellak. 2003. "Investment Development Path of Small Economies: Comparative Evaluation of Austria and Slovenia." In >i>Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition (Transition and Development)>/i>, ed. M. Svetličič and Rojec, pp. 17-28. Aldershot, UK: Ashgate. 46 Svetličič, M., and M. Rojec (ed.). 2003. >i>Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition.>/i> Aldershot, UK: Ashgate. 47 United Nations Conference on Trade and Development (UNCTAD). 2003. >i>World Investment Report 2003.>/i> Geneva: UNCTAD, Division on Transnational Corporations and Investment. 48 United Nations Conference on Trade and Development (UNCTAD). 2005. >i>World Investment Report 2005.>/i> Geneva: UNCTAD, Division on Transnational Corporations and Investment. 49 Vatne, E. 1995. "Local Resource Mobilization and Internationalization Strategies in Small and Medium Sized Enterprises." >i>Environment and Planning A>/i> 27, no. 1: 63-80. 50 Vernon, R. 1966. "International Investment and International Trade in the Product Cycle." >i>Quarterly Journal of Economics>/i> 80, no. 2 (May): 190-207. 51 Vissak, T. 2000. "A Network Approach to FDI Impact on Transition Economies' Export Performance." Paper presented at European Association of Comparative Economic Studies (EACES) Paris Workshop III, University of Marne-la-Vallée. 52 Wernerfelt, B. 1984. "A Resource-Based View of Firm." >i>Strategic Management Journal>/i> 5, no. 2: 171-180. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:4:p:36-65 Template-Type: ReDIF-Article 1.0 Author-Name: SAŠO POLANEC Author-X-Name-First: SAŠO Author-X-Name-Last: POLANEC Title: Convergence at Last? : Evidence from Transition Countries Abstract: This article reexamines the hypotheses of absolute and conditional convergence for a sample of twenty-five transition countries over the period from 1990 to 2002. After splitting the sample into three four-year periods, the hypotheses are confirmed only for the latest period of transition. For the early transition stage, we find a negative relation between productivity growth, on one hand, and the pace of price liberalization and initial conditions, measured by initial market distortions, on the other hand. In addition, past/ lagged institutional reforms are found to enhance productivity growth in the intermediate and advanced stages of transition. The confirmation of convergence for the latest stage of transition, however, should not yet be considered as a sign of a permanent return to convergence in these countries as it could be the result of differences in the transition cycles. Journal: Eastern European Economics Pages: 55-80 Issue: 4 Volume: 42 Year: 2004 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=GJ53Y7XXW5VBKF4B File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aslund, A., P. Boone; and S. Johnson. 1996. "How to Stabilize: Lessons from Post-Communist Countries." Brookings Papers on Economic Activity, no. 1: 217-91. 2 Barro, R.J. 1991. "Economic Growth in a Cross Section of Countries." Quarterly Journal of Economics 106 (May): 407-43. 3 Barro, R.J., and X. Sala-i-Martin. 1997. "Technological Diffusion, Convergence and Growth." Journal of Economic Growth 2 (March): 1-26. 4 ------. 2004. Economic Growth. Cambridge, MA: MIT Press. 5 Bartholdy, K. 1997. "Old and New Problems in the Estimation of National Accounts in Transition Economies." Economics of Transition 5, no. 1: 131- 46. 6 Blanchard, O., and M. Kremer. 1997. "Disorganisation." Quarterly Journal of Economics 63: 1091-126. 7 Bloom, D.E.; D. Canning; and J. Sevilla. 2002. "Technological Diffusion, Conditional Convergence, Economic Growth." National Bureau of Economic Research. Working Paper no. 8713. Cambridge, MA. 8 Bound, J.D.; D.A. Jaeger; and R.M. Baker. 1995. "Problems with Instrumental Variables Estimation When the Correlation Between the Instruments and Endogenous Variables Is Weak." Journal of the American Statistical Association 90: 443-50. 9 Campos, N.F. 2001. "Will the Future Be Better Tommorrow? The Growth Prospects of Transition Economies Revisited." Journal of Comparative Economics 29, no. 4: 663-76. 10 Campos, N., and F. Coricelli. 2003. "Growth in Transition: What We Know, What We Don't and What We Should." Journal of Economic Literature 40, no. 3: 793-836. 11 Connolly, M. 1999. "North-South Technological Diffusion: A New Case for Dynamic Gains from Trade." Duke University, September. 12 De Melo, M.; C. Denizer; A. Gelb; and S. Tenev. 1997. "Circumstance and Choice: The Role of Initial Conditions and Policies in Transition Economies." World Bank Policy Research Working Paper, no. 1866. 13 Durlauf, S., and D. Quah. 1999. "The New Empirics of Economic Growth." In Handbook of Macroeconomics, ed. J. Taylor and M. Woodford, 235-308. Amsterdam: North-Holland. 14 Estrin, S., and G. Urga. 1997. "Testing for Ongoing Convergence in Transition Economies. Central and Eastern Europe: 1970-1995." CEPR Discussion Paper, no. 1616. 15 European Bank for Reconstruction and Development (EBRD). Transition Report, various issues. London. 16 Fischer, S. R.; Sahay; and C. Vegh. 1996a. "Economies in Transition: The Beginnings of Growth." American Economic Review (Papers and Proceedings) 86, no. 2: 229-33. 17 ------. 1996b. "Stabilization and Growth in Transition Economies: The Early Experience." Journal of Economic Perspectives 10, no. 2: 45-66. 18 Hall, R., and C.I. Jones. 1999. "Why Do Some Countries Produce So Much More Output per Worker Than Others?" Quarterly Journal of Economics 114: 83-116. 19 Heybey, B., and P. Murrell. 1997. "The Relationship Between Economic Growth and the Speed of Liberalization During Transition." Mimeo. University of Maryland. 20 Hoover, K.D., and S.J. Perez. 2001. "Truth and Robustness in Cross-country Growth Regressions." Paper presented at the European University Institute conference, Bridging Economics and Econometrics, Florence, Italy, June 6-9. 21 Iacopetta, M. 2004. "Dissemination of Technology in Market and Planned Economies." Berkeley Electronic Press Journals, Contributions to Macroeconomics 4, no. 1. 22 Islam, N. 1995. "Growth Empirics: A Panel Data Approach." Quarterly Journal of Economics 110, no. 4: 1127-70. 23 Knack, S., and P. Keefer. 1995. "Institutions and Economic Performance: Cross-Country Tests Using Alternative Measures." Economics and Politics 7: 207-27. 24 Lacko, M. 2000. "Hidden Economy--An Unknown Quantity? Comparative Analysis of Hidden Economies in Transition Countries 1989-1995." Economics of Transition 8, no. 1: 117-49. 25 Levine, R., and D. Renelt. 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions." American Economic Review 82 (September): 942-63. 26 Mankiw, N.; D. Romer; and D.N. Weil. 1992. "A Contribution to the Empirics of Economic Growth." Quarterly Journal of Economics 107, no. 2: 407-37. 27 North, Douglass C. 1981. Structure and Change in Economic History. New York: Norton. 28 ------. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press. 29 North, Douglass C., and Robert P. Thomas. 1973. The Rise of the Western World: A New Economic History. Cambridge: Cambridge University Press. 30 Polanec, S. 2001. "Is Neoclassical Growth Theory Relevant to the Transition Experience?" Economic and Business Review for Central and South-Eastern Europe 3, no. 2: 89-112. 31 Quah, D. 1999. "Cross-Country Growth Comparison: Theory to Empirics." Centre for Economic Policy Research Discussion Paper, no. 2294. 32 Roland, G. 2000. "Transition and Economics: Politics, Markets and Firms." Cambridge, MA: MIT Press. 33 Roland, G., and T. Verdier. 1999. "Transition and the Output Fall." Economics of Transition 7, no. 1: 1-28. 34 Rosati, D. 1994. "Output Decline During Transition from Plan to Market." Economics of Transition 2, no. 4: 419-42. 35 Sala-i-Martin, X. 1997. "I Just Ran Two Million Regressions." American Economic Review 87, no. 2: 178-83. 36 Shioji, E. 1997. "It's Still 2 percent: Evidence on Convergence from 116 Years of the U.S. Panel Data." Working Paper, Universitat Pompeu Fabra. 37 Solow, R.M. 1956. "A Contribution to the Theory of Economic Growth." Quarterly Journal of Economics 70, no. 1: 65-94. 38 Spagat, M. 2002. "Human Capital and the Future of Transition Economies." Centre for Economic Policy Research Discussion Paper, no. 3517. 39 Summers, R., and A. Heston. 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988." Quarterly Journal of Economics 106: 327-68. 40 Winiecki, J. 1991. "The Inevitability of the Fall in Output in the Early Stages of Transition to the Market: Theoretical Underpinnings." Soviet Studies 43, no. 4: 669-76. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:4:p:55-80 Template-Type: ReDIF-Article 1.0 Author-Name: AURÈLIA MAÑÉ ESTRADA Author-X-Name-First: AURÈLIA MAÑÉ Author-X-Name-Last: ESTRADA Author-Name: CARMEN DE LA CÁMARA ARILLA Author-X-Name-First: CARMEN DE LA CÁMARA Author-X-Name-Last: ARILLA Title: Is Russia Drifting Toward an Oil-Rentier Economy? Abstract: Recent analysis considers that Russia is drifting toward an oil-rentier economy. In this paper, we will provide useful elements to check this hypothesis. First, we lead--at a theoretical level--with the characteristics that make an oil-rentier economy. Opposing the most extended tendency that associates rentierism to a certain macroeconomic scenario, we will infer that it is only possible to speak about rentierism if specific political and social conditions occur. Once the key conditions for rentierism are established, we study the case of Russia. The review of its actual conditions leads us to establish that, in the present situation, the diagnosis of rentierism for the Russian economy is far from being confirmed. Journal: Eastern European Economics Pages: 46-73 Issue: 5 Volume: 43 Year: 2005 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9WAY8MDFP4AL3BJD File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abdel-Fadil, M. 1987. "The Macro-Behaviour of Oil-Rentier States in the Arab Region." In The Rentier State, ed. H. Beblawi and G. Luciano, pp. 83-107. London: IAI, Croom Helm. 2 Aitken, B. 2001. "Falling Tax Compliance and the Rise of the Virtual Budget in Russia." IMF Staff Papers 48 (Special Issue): 180-201. 3 Amuzegar, J. 1982. "Oil Wealth a Very Mixed Blessing." Foreign Affairs 60, no. 4: 814-835. 4 ------. 1998. "OPEC as OMEN." Foreign Affairs 77, no. 6: 95-111. 5 Andreff, W. 2003. "Las Empresas Multinacionales Rusas: Inversión Directa de Rusia en el Exterior" [Russian Multinationals: Russian Outward Foreign Direct Investment]. Información Comercial Española, Revista de Economía 805 (March): 97-115. 6 Auty, R.M. 1993. Sustaining Development in Mineral Economies: The Resource Curse Thesis. London: Routledge. 7 Auty, R.M., and A.H. Gelb. 2001. "Political Economy of Resource-Abundant States." In Resource Abundance and Economic Development, ed. R.M. Auty, pp. 127-144. Oxford: UNU/WIDER, Oxford University Press. 8 Barnes, A. 2003. "Russia's New Business Groups and State Power." Post-Soviet Affairs 19, no. 2: 154-186. 9 Beblawi, H. 1987. "The Rentier State in the Arab World." In The Rentier State, ed. H. Beblawi and G. Luciano, pp. 49-62. London: IAI, Croom Helm. 10 Boué, J.C. 2004. "Will Russia Play Ball with OPEC?" Oxford Institute for Energy Studies (OIES) Energy Comments, Oxford, January (available at www.oxfordenergy.org/ comment.php). 11 Davis, J.M.; R. Ossowski; and A. Fedelino. 2003. Fiscal Policy Formulation and Implementation in Oil Producing Countries. Washington, DC: International Monetary Fund. 12 Eifert, B.; A. Gelb; and N.B. Tallroth. 2003. "Operational Aspects of Fiscal Policy in Oil-Producing Countries." In Fiscal Policy Formulation and Implementation in Oil Producing Countries, ed. J.M. Davis, R. Ossowski, and A. Fedelino, pp. 82-122. Washington, DC: International Monetary Fund. 13 EIA (Energy Information Administration). 2003. Performance Profiles of Major Energy Producers 2001. Department of Energy, Washington, DC (www.eia.doe.gov/emeu/ perfpro/index.html). 14 Ferkat, A. 1979. "Growth of OPEC-Type Economies: A Preliminary Theoretical Inquiry." Economia Internazionale 32, no. 1: 77-87. 15 Fernández Sánchez, R. 2001. "La recuperación de la economía Rusa desde la perspectiva externa" [Russian Economic Recovery from an External Perspective]. Boletín Económico de ICE 2711 (December): 29-36. 16 Gray, D.L. 1998. "Evaluation of Taxes and Revenues from the Energy Sector in the Baltics, Russia and Other Former Soviet Union Countries." IMF Working Paper 98/34, Washington, DC. 17 Hanson, P. 2003. "The Russian Economic Recovery: Do Four Years of Growth Tell Us That the Fundamentals Have Changed?" Europe-Asia Studies 55, no. 3: 365-382. 18 Hoff, K., and J. Stiglitz. 2004. "The 'Rule of Law' Circle: Toward a Political Economy of Property Rights in the Transition Economies." Paper presented at the Association for Comparative Economic Studies (ACES) annual conference, San Diego, CA, January 3-5. 19 Ibrahim, I.B. 1987. "The Impact of the Oil Price Decline on the Economies of the Arab Countries." OPEC Review Spring: 25-43. 20 IEA (International Energy Agency). 2002. "Russia Energy Survey." Country Report. Paris (available at www.iea.org/Textbase/publications/free_new_Desc.asp? PUBS_ ID=1073). 21 Kwon, G. 2003. "Budgetary Impact of Oil Prices in Russia." Analytical Notes, IMF Resident Representative Office, Moscow, August 1 (available at www.imf.org/external/coun-try/rus/rr/2003/pdf/080103.pdf). 22 Lal, D. 1995. "Why Growth Rates Differ. The Political Economy of Social Capability in 21 Developing Countries." In Social Capability and Long-Run Economic Growth, ed. B.H. Koo and D.H. Perkins, pp. 288-309. Basingstoke, UK: Macmillan. 23 Locatelli, C. 2004a. "L'industrie pétrolière Russe entre gouvernance publique et privée: Les obstacles aux stratégies d'entrée des compagnies internationales" [The Russian Oil Industry Between Public and Private Governances: The Obstacles to the Strategies of Entry of the International Companies]. Cahier de Recherche LEPII, Série EPE, no. 35, May. 24 ------. 2004b. "La place des investissements internationaux dans l'industrie pétrolière Russe" [The Place of International Investments in the Russian Oil Industry]. Courrier de l'Est (November). 25 Luciani, G. 1987. "Allocation vs. Production States. A Theoretical Framework." In The Rentier State, ed. H. Beblawi and G. Luciani, pp. 63-82. London: IAI, Croom Helm. 26 Mahdavi, H. 1970. "The Pattern and Problems of Economic Development in Rentier States: The Case of Iran." In Studies in the Economic Theory of the Middle East, ed. M. Cook, pp. 428-467. London: Oxford University Press. 27 Mañé Estrada, A. 2000. "El mercado del petróleo en el contexto de la globalización: Transnacionalización y concentración de poder" [The Oil Market in the Globalization Framework: Concentration of Power and Transnationalism]. Master's thesis, Fundación CIDOB/Universitat Autònoma de Barcelona. 28 ------. 2001. "La industria petrolera: Transnacionalización y concentración" [The Oil Industry: Concentration and Transnationalism]. Papeles de Cuestiones Internacionales 73 (Winter): 171-179. 29 ------. 2002. "El fin del pacto social, hydrocarburos y legitimación política" [The End of the Social Agreement: Hydrocarbons and Political Legitimating]. Nación Árabe 46 (Winter): 99-114. 30 ------. 2003. "Transición en la escena energética. ¿Hacia un suministro más seguro?" [Transition in the Energy Scene]. Economía Exterior 26 (Autumn): 167-175. 31 Mañé i Borrás, E. 2000. "Auge petrolero y estancamiento agrícola en Nigeria (Síndrome Holandés y análisis estructural)" [Oil Boom and Agriculture Stagnation in Nigeria: Dutch Disease and Economic Structural Analysis]. Ph.D. dissertation, Universitat de Barcelona. 32 Mommer, B. 2000. "The Governance of International Oil. The Changing Rules of the Game." Oxford Institute for Energy Studies (OIES) Working Paper no. 26, Oxford Institute for Energy Studies, Oxford. 33 Mora, J. 1998. "Los contratos de la apertura petrolera" [The Contracts of the Oil Sector Opening]. In Venezuela en la encrucijada, ed. La Universidad de los Andres, ch. 3. Mérida, Venezuela: Universidad de Los Andes. 34 Noël, P. 2003. "La politique pétrolière Américaine: Une dépendance acceptée et assumée" [The American Oil Policy: A Known and Accepted Dependence]. Problèmes Economiques 2812 (June): 1-9. 35 Nuti, M. 1998. "A Macro-Economic Overview." Paper presented at the Russia Predicament seminar, CIS-Middle Europe Centre and Centre for Economic Forecasting, London Business School, November 13. 36 Palazuelos, E. 2003. "Dilemas de la economía Rusa atrapada entre la bonanza petrolera y la deuda externa" [Dilemmas of the Russian Economy: Trapped Between Oil-Related Wealth and External Debt]. Información Comercial Española, Revista de Economía 805 (March): 13-32. 37 Palazuelos, E., and R. Fernández. 2002. La decadencia económica de Rusia [Russian Economic Decadence]. Madrid: Debate. 38 Paliashvili, I. 1998. "The Concept of Production Sharing." Paper presented at the Production Sharing Legislation in Ukraine seminar, Russian-Ukrainian Legal Group, Kiev, Ukraine, September 14. 39 Reddaway, P.; G.W. Lapidus; B.W. Ickes; C. Saivetz; and G. Breslauer. 2004. "Russia in the Year 2003." Post-Soviet Affairs 20, no. 1: 1-45. 40 Rucker, L., and G. Walter. 2004. "Russie 2003: Sous contrôle, mais pour quoi faire?" [Rus-sia 2003: Under Control, But for What?]. Le courrier des pays de l'Est 1041 (January- February): 6-39. 41 Sánchez, A.A. 1999. "Nuevas estrategias de política económica en economías en transición: El caso de Rusia" [New Economic Policy Strategies in Transition Economies: The Russia Case]. Paper presented at the Third Economic Policy Conference, Alicante, April 29-30. 42 ------. 2003. "Estructura, resultados y límites de la estabilización de Rusia tras la crisis de 1998" [Structure, Results and Limits to Economic Policy in Russia]. Información Comercial Española, Revista de Economía 805 (March): 51-66. 43 Sapir, J. 2003a. "Éxitos y límites de la estabilización de Rusia tras la crisis de 1998" [Suc-cess of and Limits to Russian Stabilization After the 1998 Crisis]. Información Comercial Española, Revista de Economía 805 (March): 33-50. 44 ------. 2003b. "Russia's Economic Growth and European Integration." Post-Soviet Affairs 19, no. 1, 1-23. 45 Shalid, Alam, M. 1988. "The Basic Macro-Economics of Oil Economies." Journal of Development Studies 18, no. 2: 205-216. 46 Stevens, P. 2003. "Resource Impact: Curse or Blessing? A Literature Survey." Journal of Energy Literature 9, no. 1: 1-42. 47 Stiglitz, J., and S. Godoy. 2004. "Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later." Paper presented at the Association for Comparative Economic Studies (ACES) annual conference, San Diego, CA, January 3-5. 48 Sunley, E.M.; T. Baunsgaard; and D. Simaard. 2003. "Revenue from Oil and Gas Sector: Issues and Country Experience." In Fiscal Policy Formulation and Implementation in Oil Producing Countries, ed. J.M. Davis, R. Ossowski, and A. Fedelino, pp. 153-183. Washington, DC: International Monetary Fund. 49 Tarr, D., and P. Thomson. 2003. "The Merits of Dual Pricing of Russian Natural Gas." World Economy 27, no. 8: 1173-1194. 50 Walter, G. 2003. "Les réformes économiques en Russie" [The Economic Reforms in Rus-sia]. Le courrier des pays de l'Est 1038 (September): 14-23. 51 World Bank. 2003. "Russian Economic Report." Russia Country Department, Washington, DC, August (available at http://siteresources.worldbank.org/INTRUSSIANFEDERATION/ Resources/305499-1094736798511/518266-1097661221042/RER6-English.pdf). 52 ------. 2004. "Russian Economic Report." Russia Country Department, Washington, DC, February (available at http://siteresources.worldbank.org/INTRUSSIANFEDERATION/ Resources/305499-1094736798511/518266-1097661221042/RER7_eng.pdf). Handle: RePEc:mes:eaeuec:v:43:y:2005:i:5:p:46-73 Template-Type: ReDIF-Article 1.0 Author-Name: Miroljub Hadžić Author-X-Name-First: Miroljub Author-X-Name-Last: Hadžić Title: Rethinking Privatization in Serbia Abstract: Serbia has a rather unique environment for the privatization of its state-owned firms. On the one hand, unlike many transition economies, it had experience with mixed forms of ownership prior to the 1990s. On the other hand, its isolation and policy stagnation in the 1990s left it somewhat behind the other transition economies in terms of privatization. Thus, Serbia now has the opportunity to learn from the experiences of other transition economies. This article examines what those lessons should be and how they should be applied to Serbian circumstances. In the light of this analysis, Serbian privatization policies are critically evaluated, and a prognosis for future developments is proffered. Journal: Eastern European Economics Pages: 6-23 Issue: 6 Volume: 40 Year: 2002 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N5NR0WV8XCUHPB8G File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:6:p:6-23 Template-Type: ReDIF-Article 1.0 Author-Name: VLADISLAV VALENTINOV Author-X-Name-First: VLADISLAV Author-X-Name-Last: VALENTINOV Author-Name: JARMILA CURTISS Author-X-Name-First: JARMILA Author-X-Name-Last: CURTISS Title: Toward a Transaction Cost Theory of Organizational Change in Transitional Agriculture Abstract: This paper is aimed at determining the applicability of transaction cost theory to explain the organizational change in transitional agriculture of Central and Eastern European countries. Motivation for this research is provided by the fact that agricultural enterprises with minimal transaction costs of governance (family farms) do not exhibit superior efficiency and did not come to dominate over large-scale farms in this region. To explain this fact, this paper (1) expands the transaction cost theory by introducing the distinction between organizational form-related and institutional environment-related transaction costs, and (2) identifies several limitations on the applicability of transaction cost theory to transitional conditions. Journal: Eastern European Economics Pages: 25-45 Issue: 5 Volume: 43 Year: 2005 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2X603R8RJ8TB58VJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Balmann, A.; B. Czasch; and M. Odening. 2002. "Employment and Efficiency for Farms in Transition: An Empirical Analysis for Brandenburg." In Tomorrow's Agriculture: Incentives, Institutions, Infrastructure and Innovations, ed. G.H. Peters and P. Pingale, pp. 553-564. Aldershot, UK: Ashgate. 2 Balmann, A.; A. Moosburger; and M. Odening. 1996. "Beschäftigungswirkungen der Umstrukturierung der ostdeutschen Landwirtschaft" [Employment Effects of the Restructuring of East German Agriculture]. Working Paper no. 23, der Wirtschafts- und Sozialwissenschaften an der Landwirtschaftlich-Gärtnerischen Fakultät der Humboldt-Universität zu Berlin (available at www.iamo.de/mitarb/ALFONS/). 3 Beckmann, V. 1993. "Zur ökonomischen Theorie der Transformation von Produktivgenossen-schaften" [Toward Economic Theory of Producer Cooperatives' Transformation]. Zeitschrift für das gesamte Genossenschaftswesen 43: 217-231. 4 ------. 2000. Transaktionskosten und institutionelle Wahl in der Landwirtschaft: zwischen Markt, Hierarchie und Kooperation [Transaction Costs and Institutional Choice in Agriculture: Between Market, Hierarchy and Cooperation]. Berlin: Edition Sigma. 5 Beckmann, V., and K. Hagedorn. 1997. "Decollectivisation and Privatisation Policies and Resulting Structural Changes of Agriculture in Eastern Germany." In Agricultural Privatisation, Land Reform and Farm Restructuring in Central and Eastern Europe, ed. J. Swinnen, A. Buckwell, and E. Mathijs, pp. 105-160. Aldershot, UK: Ashgate. 6 Brem, M. 2000. "Getting Rid of Organizational Legacy--What Costs Restructuring of the Czech Agricultural Production." Paper presented at the KATO Symposium (Comparative Analysis of the Transition Process of the Agricultural Sector in Selected Central and Eastern European Countries), Humboldt University, November 2-4, Berlin (available at www.agrar.hu-berlin.de/wisola/ipw/KATO/KATOsymMarkusBrem.pdf). 7 ------. 2001. Landwirtschaftliche Unternehmen im Transformationsprozess--ein Beitrag zur Theorie der Restrukturierung während des Übergangs vom Plan zum Markt [Agri-cultural Enterprises in Transition--A Contribution to the Theory of Structural Change During the Switch from Plan to Market]. Aachen, Germany: Shaker Verlag. 8 Coase, R. 1937. "The Nature of the Firm." Economica 4, no. 16: 386-405. 9 Curtiss, J. 2002. Efficiency and Structural Changes in Transition. A Stochastic Frontier Analysis of Czech Crop Production. Aachen, Germany: Shaker Verlag. 10 Davidova, S.; M. Gorton; T. Ratinger; K. Zawalinska; B. Iraizoz; B. Kovács; and T. Mizo. 2002. "An Analysis of Competitiveness at the Farm Level in the Central and East European Countries." Strategy for Integrated Development of Agricultural and Rural Areas in CEE Countries (IDARA) Joint Research Project Working Paper 2/11, Research Section of Agricultural Economics and Business Management, Imperial College at Wye, University of London, Wye (available at www.agp.uni-bonn.de/agpo/rsrch/idara/Farm/ Wpaper11.doc). 11 Deininger, K. 1995. "Collective Agricultural Production--A Solution for Transition Econo-mies?" World Development 23, no. 8: 1317-1334. 12 Denzau, A., and D. North. 1994. "Shared Mental Models: Ideologies and Institutions." Kyklos 47, no. 1: 1-31. 13 Grandori, A. 2001. Organization and Economic Behavior. London: Routledge. 14 Hagedorn, K. 1997. "The Politics and Policies of Privatization of Nationalized Land in Eastern Germany." In Political Economy of Agrarian Reform in Central and Eastern Europe, ed. J.F.M. Swinnen, pp. 197-236. Aldershot, UK: Ashgate. 15 ------. 2002. "The Political Economy and Institutional Evolution of Privatisation and Restructuring of Agricultural Land in Central and Eastern Europe." Paper presented at the Regional Conference on Land Issues in Central and Eastern Europe and the Commonwealth of Independent States, Budapest, April 3-6. 16 Hannan, M., and J. Freeman. 1977. "The Population Ecology of Organizations." American Journal of Sociology 82, no. 5: 929-964. 17 Hill, B., and B. Brookes. 1993. "Farm Incomes in the European Community in the 1980s." Document Series, European Commission, Brussels. 18 Hughes, G. 1999. "Total Factor Productivity of Farms Structures in Central and Eastern Europe." Bulgarian Journal of Agricultural Science 5, no. 2: 298-311. 19 ------. 2000. "Total Productivity of Emergent Farm Structures in Central and Eastern Europe." In Central and Eastern European Agriculture in an Expanding European Union, ed. M. Banse, and S. Tangermann, pp. 61-87. Walingford: CABI. 20 Kanchev, I. 2000. "Agrarian Structures in Bulgarian--Problems and Development." In Competitiveness of Agricultural Enterprises and Farm Activities in Transition Countries, ed. P. Tillack and F. Pirscher, pp. 205-213. Kiel: Wissenschaftsverlag Vauk. 21 Knight, J. 1992. Institutions and Social Conflict. Cambridge: Cambridge University Press. 22 Koester, U., and L. Striewe. 1999. "Huge Potential, Huge Losses--The Search for Ways Out of the Dilemma of Ukrainian Agriculture." In Ukraine at the Crossroads: Economic Reforms in International Perspective, ed. A. Siedenberg and L. Hoffman, pp. 259-270. New York: Physica-Verlag. 23 Lerman, Z. 1997. "Experience with Land Reform and Farm Restructuring in the Former Soviet Union." In Land Reform, Agricultural Privatisation and Farm Restructuring in Central and Eastern Europe, ed. J.F.M. Swinnen, A. Buckwell, and E. Mathijs, pp. 311-332. Aldershot, UK: Ashgate. 24 Liebowitz, S., and S. Margolis. 2000. "Path Dependence." In Encyclopedia of Law and Economics, Volume I: The History and Methodology of Law and Economics, ed. B. Bouckaert and G. De Geest, pp. 981-998. Cheltenham, UK: Edward Elgar. 25 Mathijs, E. 2000. "Perspectives on Restructuring During Transition." Paper presented at the KATO Symposium (Comparative Analysis of the Transition Process of the Agricultural Sector in Selected Central and Eastern European Countries), Berlin, November 2-4 (available at www.agrar.hu-berlin.de/wisola/ipw/KATO/KATOsymErik.pdf). 26 Mathijs, E., and J.F.M. Swinnen. 1998. "The Economics of Agricultural Decollectivization in East Central Europe and the Former Soviet Union." Economic Development and Cultural Change 47, no. 1: 1-26. 27 Mathijs, E., and L. Vranken. 2000. "Farm Restructuring and Efficiency in Transition: Evidence from Bulgaria and Hungary." Paper presented at the American Agricultural Economics Association Annual Meeting, Tampa, FL, July 30-August 2. 28 North, D. 1984. "Transaction Costs, Institutions, and Economic History." Journal of Institutional and Theoretical Economics 140, no. 1: 7-17. 29 ------. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press. 30 ------. 1994. "Economic Performance Through Time." American Economic Review 84, no. 3: 359-369. 31 Peter, G., and H.P. Weikard. 1993. "Betriebsgröße und Organisationsform für die landwirtschaftliche Produktion." Agrarwirtschaft 42, nos. 8-9: 313-323. 32 Pollak, R. 1985. "A Transaction Cost Approach to Families and Households." Journal of Economic Literature 23, no. 2: 581-608. 33 Schlueter, A. 2001. Institutioneller Wandel und Transformation: Restitution, Transformation und Privatisierung in der Tschechischen Landwirtschaft [Institutional Change and Transformation: Restitution, Transformation, and Privatization in the Czech Agricul-ture]. Aachen, Germany: Shaker Verlag. 34 Schmitt, G. 1990. "Können sich landwirtschaftliche Produktionsgenossenschaften (LPG) der DDR als wettbewerbsfähig erweisen?" [Can Agricultural Producer Cooperatives in the GDR Prove Themselves as Competitive?]. Agra-Europe 24 (Special Issue): 1-14. 35 ------. 1991. "Das Scheitern der Kollektivierung der Landwirtschaft in den Sozialistischen Ländern: Eine Transaktionskostentheoretische Erklärung" [Failure of the Collectivization of Agriculture in the Socialist Countries: A Transaction-Cost-Theoretical Explana-tion]. Berichte über Landwirtschaft 69: 38-68. 36 ------. 1993. "Why Collectivization of Agriculture in Socialist Countries Has Failed: A Transaction Cost Approach." In Agricultural Cooperatives in Transition, ed. C. Csaki and Y. Kislev, pp. 143-159. Boulder, CO: Westview Press. 37 Shelanski, H., and P. Klein. 1999. "Empirical Research in Transaction Cost Economics: A Review and Assessment." In Firms, Markets, Hierarchies: The Transaction Cost Economics Perspective, ed. G. Carroll and D. Teece, pp. 89-118. New York: Oxford University Press. 38 Simon, H. 1961. Administrative Behavior, 2d ed. New York: Macmillan. 39 Staatz, J. 1987. "Farmers' Incentives to Take Collective Action via Cooperatives: A Transaction Cost Approach." In Cooperative Theory: New Approaches, ed. J. Royer, pp. 87- 107. ACS Service Report 18. Washington, DC: USDA. 40 Swinnen, J.F.M. 1994. "Overview of Policy and Institutional Reform in Central European Agriculture." In Policy and Institutional Reform in Central European Agriculture, ed. J.F.M. Swinnen, pp. 1-30. Aldershot, UK: Avebury. 41 Valentinov, V. 2003a. "The Institutional Change in the Transitional Agriculture in Central and East European Countries: The Social Capital Perspective." Paper presented at the Eightieth European Association of Agricultural Economists (EAAE) Seminar on New Policies and Institutions for European Agriculture, Ghent, Belgium, September 24-26. 42 ------. 2003b. "Social Capital, Transition in Agriculture, and Economic Organization: A Theoretical Perspective." Discussion Paper no. 53, Institute of Agricultural Development in Central and Eastern Europe, Halle, Germany (available at www.iamo.de/dok/ dp53.pdf). 43 Williamson, O. 1981. "The Modern Corporation: Origins, Evolution, Attributes." Journal of Economic Literature 19, no. 4: 1537-1568. 44 ------. 1985. The Economic Institutions of Capitalism. New York: Free Press. 45 ------. 1996. The Mechanisms of Governance. Oxford: Oxford University Press. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:5:p:25-45 Template-Type: ReDIF-Article 1.0 Author-Name: MARTIN MELECKY Author-X-Name-First: MARTIN Author-X-Name-Last: MELECKY Title: The Impact of Current Account Reversals on Growth in Central and Eastern Europe Abstract: According to economic theory, a capital inflows reversal--the sudden stop-- has a significant negative effect on economic growth. This article investigates the direct impact of current account reversals on growth in Central and Eastern European countries. Two steps to conduct the analysis are applied. In the first step, the standard growth equation is estimated when including the current account reversal impulse dummy. I find that after a current account reversal, the growth rate declines by 1.10 percent in the current year. The subsequent analysis of the adjustment dynamics builds upon the notion of convergence. The unconditional and conditional convergence coefficients are found to be -0.47 and -0.52, respectively. This implies that the consequences of the reversal are likely eliminated after 3.3 years when the actual growth rate is back at its equilibrium level, ceteris paribus. Finally, the cumulative loss associated with a sudden stop in capital flows is about 2.3 percent. One may infer that Central and Eastern European countries are relatively flexible in terms of adjustment and reallocation of resources given the findings in similar literature examining either a more general sample or concentrating on rather different regions. Journal: Eastern European Economics Pages: 57-72 Issue: 2 Volume: 43 Year: 2005 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W8TR6EKMKWXRD1W4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R.J. 2001. "Economic Growth in East Asia Before and After the Financial Crisis." National Bureau of Economic Research, Working Paper Series, no. 8330, Cambridge, MA. 2 Berg, A., and C. Pattillo. 1999. "Predicting Currency Crises: The Indicators Approach and an Alternative." Journal of International Money and Finance 18: 561-586. 3 Calvo, A.G. 1998. "Understanding the Russian Virus with Special Reference to Latin America." Paper presented at the Deutsche Bank conference Emerging Markets: Can They Be Crisis Free? Washington, DC, October 3 (available at www.econ.yale.edu/ alumni/reunion99/calvo2.htm). 4 Calvo, A.G. 2000. "Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments." In Currency Crises, ed. P. Krugman, pp. 71-104. Chicago: University of Chicago Press. 5 Calvo, A.G., and C.M. Reinhart. 1999. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options." University of Maryland, College Park. 6 Edwards, S. 2001. "Does the Current Account Matter?" National Bureau of Economic Research, Working Paper Series, no. 8275, Cambridge, MA. 7 Frankel, J.A., and A.K. Rose. 1996. "Currency Crashes in Emerging Markets: An Empirical Treatment." Journal of International Economics 41, no. 3: 351-366. 8 Glick, R., and M. Hutchison. 2001. "Banking and Currency Crises: How Common Are Twins?" In Financial Crises in Emerging Markets, ed. R. Glick, R. Moreno, and M. Spiegel, pp. 35-72. Cambridge: Cambridge University Press. [Previously issued as Federal Reserve Bank of San Francisco Center for Pacific Basin Studies Working Paper no. PB99-08.] 9 Gupta, P.; D. Mishra; and R. Sahay. 2000. "Output Response During Currency Crises." International Monetary Fund, Washington, DC, May. 10 Haimowitz, H.J. 1998. "The Longevity of Expansions." Federal Reserve Bank of Kansas City Economic Review 4: 13-33. 11 Hutchison, M.M. 2001. "A Cure Worse than the Disease? Currency Crises and Output Costs of IMF-Supported Stabilization Programs." National Bureau of Economic Research, Working Paper Series, no. 8305, Cambridge, MA. 12 Hutchison, M., and I. Neuberger. 2001. "Output Costs of Currency and Balance of Payments Crises in Emerging Markets." University of California, Santa Cruz. 13 ------. 2002a. "The Cost of Sudden Stops: Capital Flow Reversals and Output Loss." University of California, Santa Cruz. 14 ------. 2002b. "How Bad Are Twins? Output Costs of Currency and Banking Crises." University of California, Santa Cruz. 15 International Monetary Fund. 1998. "Financial Crises: Characteristics and Indicators of Vulnerability." In World Economic Outlook, pp. 74-97. Washington, DC: International Monetary Fund. 16 Kaminski, G.; S. Lizondo; and C. Reinhart. 1998. "Leading Indicators of Currency Crises." International Monetary Fund Staff Papers 45: 1-48. 17 Lothian, J., and M. Taylor. 1996. "Real Exchange Rate Behavior: the Recent Float from the Perspective of the Past Two Centuries." Journal of Political Economy, 104, no. 3 (June): 488-509. 18 Milesi-Ferretti, G., and A. Razin. 1998a. "Current Account Reversals and Currency Crises: Empirical Regularities." National Bureau of Economic Research, Working Paper Series, no. 6620, Cambridge, MA. 19 ------. 1998b. "Sharp Reductions in Current Account Deficits: An Empirical Analysis." European Economic Review 42, nos. 3-5 (May): 897-908. 20 Moreno, R. 1999. "Depreciation and Recessions in East Asia." Federal Reserve Bank of San Francisco Economic Review 3, no. 3: 27-40. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:2:p:57-72 Template-Type: ReDIF-Article 1.0 Author-Name: Lorena Å kuflić Author-X-Name-First: Lorena Author-X-Name-Last: Å kuflić Author-Name: Valerija Botrić Author-X-Name-First: Valerija Author-X-Name-Last: Botrić Title: Analysis of the Cohesive Trade Elements Between the European Union and the SEEC-7 Abstract: The development of Southeast European countries (SEECs) depends crucially on international trade. This paper empirically analyzes intraindustry trade between SEECs and the European Union using bilateral trade data at the combined nomenclature four-digit level from 1996 to 2004. We analyze trade patterns for Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania, and Serbia and Montenegro. Applying the Grubel-Lloyd index indicates changes in the trade of manufactured goods between the SEECs and the European Union during the first years of the Stabilization and Association Agreement implementation period. Journal: Eastern European Economics Pages: 6-23 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J070N2265P14512N File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Astrov, V.; E. Christie; and V. Gligorov 2001. >i>Balkans and Europe: Trade, State, Money, and Politics.>/i> Final Report of the Vienna Institute for International Economic Studies (WIIW) Countdown Project, Vienna. 2 Atkrupane, C.; S. Djankov; and B. Hoekman 1987. "Determinants of IIT Between East and West Europe". World Bank Policy Research Working Paper no. 1850, Washington, D.C. 3 Balassa, B. 1986. "Intra-Industry Specialization: A Cross-Country Analysis". >i>European Economic Review>/i> 30, no. 1: 27-42. 4 Bergstrand, J.H. 1983. "Measurement and Determinants of Intra-Industry International Trade". In >i>Intra-Industry Trade: Empirical and Methodological Aspects>/i>, ed. P.K.M. Tharakan, pp. 201-262. Amsterdam: North-Holland. 5 Botrić, V., and L. Å kuflić. 2005. "Main Determinants of Foreign Direct Investment in the South East European Countries". Paper presented at the Second Euroframe Conference on Economic Policy Issues in the European Union: Trade, FDI and Relocation: Challenges for Employment and Growth in the European Union, Vienna, June 3. 6 Caves, R.E. 1981. "Intra-Industry Trade and Market Structure in the Industrial Countries". >i>Oxford Economic Papers>/i> 33, no. 2: 203-223. 7 Clark, D.P. 1993. "Recent Evidence on Determinants of Intra-Industry Trade Between Developing Countries and the United States". >i>Journal of Economic Development>/i> 24, no. 2: 79-94. 8 Eurostat. 2005a. "External Trade of Western Balkan Countries". Statistics in Focus: External Trade no. 1, Luxembourg. 9 Eurostat. 2005b. "Intra and Extra EU Trade". Annual Data, CN-Supplement 2/2005, Luxembourg. 10 Falvey, R. 1981. "Commercial Policy and Intra-Industry Trade". >i>Journal of International Economics>/i> 11, no. 4: 495-511. 11 Farrell, M.J. 1991. "Industry Characteristics and Scale Economics as Sources of Intra-Industry Trade". >i>Journal of Economic Studies>/i> 18, no. 4: 36-54. 12 Finger, J.M. 1975. "Trade Overlap and Intra-Industry Trade". >i>Economic Inquiry>/i> 13, no. 4: 581-589. 13 Freudenberg, M., and F. Lemoine 1999. "Central and Eastern European Countries in the International Division of Labour in Europe". Centre d'Etudes Prospectives et d'Informations Internationales Working Paper no. 1999-05, Paris. 14 Gligorov, V. 2004. >i>Costs of Protection in Southeast European Countries Policy Conclusions.>/i> Vienna: WIIW and OeNB (Oesterreichische Nationalbank). 15 Greenaway D., and C. Milner 1983. "On the Measurement of Intra-Industry Trade". >i>Economic Journal>/i> 93, no. 372: 900-908. 16 Greenaway D., and C. Milner 1984. "A Cross Section Analysis of Intra-Industry Trade in the UK". >i>European Economic Review>/i> 25, no. 3: 319-344. 17 Grubel, H.G., and P.J. Lloyd 1975. >i>Intra-Industry Trade—The Theory and Measurement of International Trade in Differentiated Products.>/i> London and Basingstore: Macmillan. 18 Hoekman, B., and S. Djankov 1996. "Intra-Industry Trade, Foreign Direct Investment, and the Reorientation of Eastern European Exports". World Bank Policy Research Working Paper no. 1652, Washington, DC. 19 Krugman, P. 1987. "The Narrow Moving Band, the Dutch Disease, and the Competitiveness Consequences of Mrs. Thatcher: Notes on Trade in the Presence of Dynamic Scale Economies". >i>Journal of Development Economics>/i> 27, no. 1-2: 41-55. 20 Lancaster, K. 1980. "Intra-Industry Trade Under Perfect Monopolistic Competition". >i>Journal of International Economics>/i> 10, no. 2: 151-175. 21 Loertscher, R., and F. Wolter 1980. "Determinants of Intra-Industry Trade: Among Countries and Across Industries". >i>Weltwirtschaftliches Archiv>/i> 116, no. 2: 280-293. 22 Å kuflić, L. 2005. "The Integration Process as a Determinant of the Intra-Industry Trade". Paper presented at the Forty-Fifth Congress of the European Regional Science Association, Land Use and Water Management in a Sustainable Network Society, Vrije Univeriteit Amsterdam, August 23-27. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:6-23 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Author-X-Name-First: Martin Author-X-Name-Last: Mandel Author-Name: Vladimr Tomšk Author-X-Name-First: Vladimr Author-X-Name-Last: Tomšk Title: Monetary and Fiscal Policy Mix in the Czech Republic Abstract: Monetary and fiscal policy should be paired with the economic objectives on which they have the most influence. The authors have applied Mundell's principle of effective market classification (EMC) to the conditions of the Czech economy - a small open economy with a managed floating exchange rate system and a high influx of foreign direct investment. Empirical verification confirmed the requirement of the modification of the EMC principle in the Czech Republic. An application of the modified model in the Czech Republic resulted in the following recommendation for the Czech economic policy mix: monetary policy should control the internal balance and fiscal policy the external balance. Journal: Eastern European Economics Pages: 6-24 Issue: 4 Volume: 39 Year: 2001 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R6RL894YP36JYRF5 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:4:p:6-24 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 39 Year: 2001 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3A36224EXNAB4Q22 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Selahattin Bekmez Author-X-Name-First: Selahattin Author-X-Name-Last: Bekmez Title: Sectoral Impacts of Turkish Accession to the European Union: A General Equilibrium Analysis Abstract: After major liberalization efforts by Turkish officials in the 1980s, the arguments about full membership in the European Union (EU) have become a priority for Turkey because Turkey's joining the EU will have a strong impact on the macroeconomic structure of both Turkey and the EU. In order to analyze the impacts of Turkish accession to the EU, a computable general equilibrium model has been developed and the results of various policy scenarios have been compared. The model considers the imperfect competition in the Turkish manufacturing sector. Results show that full membership appears to be the most beneficial scenario for the Turkish economy based on domestic production, domestic sales, and private income. However, knowing that this process is political rather than completely economic, appropriate cautions should be taken in utilizing the results of this study. Journal: Eastern European Economics Pages: 57-84 Issue: 2 Volume: 40 Year: 2002 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YJ50UFF5YYF6HXVM File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:2:p:57-84 Template-Type: ReDIF-Article 1.0 Author-Name: Imre Fertő Author-X-Name-First: Imre Author-X-Name-Last: Fertő Author-Name: Karoly Attila Soós Author-X-Name-First: Karoly Attila Author-X-Name-Last: Soós Title: Trade Specialization in the European Union and in Postcommunist European Countries Abstract: We describe the evolving pattern of European countries' trade using recently developed empirical procedures based on the classic Balassa index. The extent of trade specialization exhibits a declining trend; European countries have lost their comparative advantage in a number of product groups over time. The indices of specialization have also tended to converge. For particular product groups, the indices display greater variation. They are stable for product groups with comparative disadvantage, but product groups with weak-to-strong comparative advantage show significant variation over time. The results reinforce the finding of a general decrease in specialization but do not support the idea of self-reinforcing mechanisms, strongly emphasized in much of the endogenous growth and trade literature. Journal: Eastern European Economics Pages: 5-28 Issue: 3 Volume: 46 Year: 2008 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1232064706H8KX07 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amendola, G.; P. Guerrieri; and P. C. Padoan. 1992. "International Patterns of Technological Accumulation and Trade." >i>Journal of International and Comparative Economics>/i> 1, no. 1: 173-197. 2 Anderson, T. W., and L. A. Goodman. 1957. "Statistical Inference About Markov Chains." >i>Annals of Mathematical Statistics>/i> 28, no. 1: 89-110. 3 Balassa, B. 1965. "Trade Liberalization and Revealed Comparative Advantage." >i>Manchester School of Economic and Social Studies>/i> 33, no. 2: 99-123. 4 Balassa, B. 1977. "Revealed Comparative Advantage Revisited: An Analysis of Relative Export Shares of the Industrial Countries, 1953-71." >i>Manchester School of Economic and Social Studies>/i> 45, no. 4: 327-344. 5 Brasili, A.; P. Epifani; and R. Helg. 2000. "On the Dynamics of Trade Patterns." >i>De Economist>/i> 148, no. 2: 233-257. 6 Cantwell, J. 1989. >i>Technological Innovation and Multinational Corporations.>/i> Oxford: Blackwell. 7 Dalum, B.; K. Laursen; and G. Villumsen. 1998. "Structural Change in OECD Export Specialization Patterns: Despecialization and ‘Stickiness.’" >i>International Review of Applied Economics>/i> 12, no. 3: 423-443. 8 Deardorff, A. 1974. "Factor Proportions and Comparative Advantage in the Long Run: Comment." >i>Journal of Political Economy>/i> 82, no. 4: 829-833. 9 De Benedictis, L., and M. Tamberi. 2001. "A Note on the Balassa Index of Revealed Comparative Advantage." Working Paper no. 158, Department of Economics, University of Ancona, Italy. 10 Dulleck, U.; N. Foster; R. Stehrer; and J. Worz. 2005. "Dimensions of Quality Upgrading. Evidence from CEEs." >i>Economics of Transition>/i> 13, no. 1: 51-76. 11 Ethier, W. J. 1979. "Internationally Decreasing Costs and World Trade." >i>Journal of International Economics>/i> 9, no. 1: 1-24. 12 Ethier, W. J. 1981. "National and International Return to Scale in the Modern Theory of International World Trade." >i>American Economic Review>/i> 72, no. 3: 389-405. 13 Findlay, R. 1970. "Factor Proportions and Comparative Advantage in the Long Run: Comment." >i>Journal of Political Economy>/i> 78, no. 1: 27-34. 14 Findlay, R. 1995. >i>Factor Proportions, Trade and Growth.>/i> Cambridge, MA: MIT Press. 15 Geweke, J.; R. Marshall; and G. Zarkin. 1986. "Mobility Indices in Continuous Time Markov Chains." >i>Econometrica>/i> 54, no. 6: 1407-1423. 16 Grossman, G., and E. Helpman. 1990. "Comparative Advantage and Long-Run Growth." >i>American Economic Review>/i> 80, no. 4: 796-815. 17 Grossman, G., and E. Helpman. 1991. >i>Innovation and Growth in the Global Economy.>/i> Cambridge, MA: MIT Press. 18 Havlik, P. 2001. "Competitiveness of CEECs' Industry." In >i>Proceedings of the International Conference on the 10-Year Review of Transitional Economies and Challenges in the Next Decade>/i>, Final Report, 23-36. Vienna: UNIDO. 19 Helpman, E., and P. Krugman. 1985. >i>Market Structure and Foreign Trade.>/i> Cambridge, MA: MIT Press. 20 Hillman, A. L. 1980. "Observation on the Relation Between ‘Revealed Comparative Advantage’ and Comparative Advantage as Indicated by Pretrade Relative Prices." >i>Weltwirtschaftliches Archiv>/i> 116, no. 3: 315-321. 21 Hinloopen, J., and C. van Marrewijk. 2001. "On the Empirical Distribution of the Balassa Index." >i>Weltwirtschaftliches Archiv>/i> 137, no. 1: 1-35. 22 Hinloopen, J., and C. van Marrewijk. 2004a. "Empirical Relevance of the Hillman Condition and the Comparative Advantage." Working Paper 2004-019/2, Tinbergen Institute, Amsterdam. 23 Hinloopen, J., and C. van Marrewijk. 2004b. "Dynamics of Chinese Comparative Advantage." Working Paper 2004-034/2, Tinbergen Institute, Amsterdam. 24 Kemp, M. 1969. >i>The Pure Theory of International Trade and Investment.>/i> Englewood Cliffs, NJ: Prentice Hall. 25 Krugman, P. 1987. "The Narrow Moving Band, the Dutch Disease, and the Competitive Consequences of Mrs. Thatcher: Notes on Trade in the Presence of Dynamic Scale Economies." >i>Journal of Development Economics>/i> 27, no. 1: 41-54. 26 Landesmann, M. A., and R. Stehrer. 2002. "Evolving Competitiveness of CEECs in an Enlarged Europe." >i>Rivista di Politica Economia>/i> 92, no. 1: 23-87. 27 Laursen, K. 2000. >i>Trade Specialization, Technology, and Economic Growth.>/i> Cheltenham, UK: Edward Elgar. 28 Lucas, R. 1988. "On the Mechanics of Economic Development." >i>Journal of Monetary Economics>/i> 22, no. 1: 3-22. 29 Marchese, S., and F. N. De Simone. 1989. "Monotonicity of Indices of Revealed Comparative Advantage: Empirical Evidence on Hillman's Condition." >i>Weltwirtschaftliches Archiv>/i> 125, no. 1: 158-167. 30 Markusen, J. 1981. "Trade and the Gains from Trade with Imperfect Competition." >i>Journal of International Economics>/i> 11, no. 4: 531-551. 31 Proudman, J., and S. Redding. 2000. "Evolving Patterns of International Trade." >i>Review of International Economics>/i> 8, no. 3: 373-396. 32 Redding, S. 1999. "Dynamic Comparative Advantage and the Welfare Effects of Trade." >i>Oxford Economic Papers>/i> 51, no. 1: 15-39. 33 Redding, S. 2002. "Specialization Dynamics." >i>Journal of International Economics>/i> 58, no. 2: 299-334. 34 Shorrocks, A. 1978. "The Measurement of Mobility." >i>Econometrica>/i> 46, no. 5: 1013- 1024. 35 Stehrer, R., and J. Worz. 2003. "Technological Convergence and Trade Patterns." >i>Review of World Economics>/i> 139, no. 2: 191-219. 36 Vollrath, T. L. 1991. "A Theoretical Evaluation of Alternative Trade Intensity Measures of Revealed Comparative Advantage." >i>Weltwirtschaftliches Archiv>/i> 130, no. 2: 265-279. 37 Wong, K. 1995. >i>International Trade in Goods and Factor Mobility.>/i> Cambridge, MA: MIT Press. 38 Worz, J. 2003. "Skill Upgrading in Central and Eastern European Manufacturing Trade." >i>Empirical Economics Letters>/i> 2, no. 6: 247-256. 39 Worz, J. 2005. "Dynamics of Trade Specialization in Developed and Developing Countries." >i>Emerging Markets Finance and Trade>/i> 41, no. 3: 92-111. 40 Yilmaz, B. 2005. "The Foreign Trade Pattern and Foreign Trade Specialization in the European Union." >i>Eastern European Economics>/i> 43, no. 5: 74-100 41 Young, A. 1991. "Learning-by-Doing and Dynamic Effects of International Trade." >i>Quarterly Journal of Economics>/i> 106, no. 2: 396-406. 42 Zaghini, A. 2005. "Evolution of Trade Patterns in the New EU Member States." >i>Economics of Transition>/i> 13, no. 4: 629-658. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:3:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno S. Sergi Author-X-Name-First: Bruno S. Author-X-Name-Last: Sergi Title: Testing the Saving Functions of Keynes and Maizels Abstract: This article examines two competing saving functions. The Keynesian theory views the saving function as related to GDP. The "Maizels hypothesis" relates domestic saving to the export component of GDP. Since the economies of central Europe are exhibiting growing trade ties with the European Union, it is conceivable that this may boost domestic savings, thereby enhancing economic growth. This article tests these two hypotheses by using quarterly data for Slovakia over the period 1993-2001. Standard ordinary least-squares and the Johansen cointegration technique are used. The results are consistent with the Maizels hypothesis. Journal: Eastern European Economics Pages: 60-69 Issue: 3 Volume: 41 Year: 2003 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8T96P4KYMKLE8K4Q File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:60-69 Template-Type: ReDIF-Article 1.0 Author-Name: Žiga Čepar Author-X-Name-First: Žiga Author-X-Name-Last: Čepar Author-Name: Å tefan Bojnec Author-X-Name-First: Å tefan Author-X-Name-Last: Bojnec Title: Population Aging and the Education Market in Slovenia and Croatia Abstract: This paper investigates key demographic developments in the Slovenian and Croatian populations and their implications for education and labor markets. Changes in fertility, mortality, and migration have led to a growing proportion of elderly people. The declining proportion of the young is one of the important structural changes affecting demand for education, implying changes in demand for labor employed in education. We use multiple regression models to analyze population aging as a variable explaining changes in demand for education in Slovenia and Croatia. We also include in the regression framework other explanatory variables that determine demand for education. We find that declining fertility has a significant negative influence on the demand for all three levels of schooling-primary, secondary, and tertiary-in both countries and is especially important to demand for primary and secondary schools. This has important policy implications that should be considered to minimize the negative trends for education markets arising from an aging population. Journal: Eastern European Economics Pages: 68-86 Issue: 3 Volume: 46 Year: 2008 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J625L7H158K35214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alvarado, J., and J. Creedy. 1998. >i>Population Aging, Migration, and Social Expenditure.>/i> Northampton, MA: Edward Elgar. 2 Bulatao Radolfo, A., and J. B. Casterline. 2001. >i>Global Fertility Transition.>/i> New York: Population Council. 3 Central Bureau of Statistics of the Republic of Croatia (CBSC). 2004. >i>Statistical Yearbook of the Republic of Croatia 2003.>/i> Zagreb: Central Bureau of Statistics of the Republic of Croatia (available at >a target="_blank" href='http://www.dzs.hr'>www.dzs.hr>/a> 4 Central Bureau of Statistics of the Republic of Croatia (CBSC). 2005. >i>Statistical Yearbook of the Republic of Croatia 2004.>/i> Zagreb: Central Bureau of Statistics of the Republic of Croatia (available at >a target="_blank" href='http://www.dzs.hr'>www.dzs.hr>/a> 5 Central Bureau of Statistics of the Republic of Croatia (CBSC). 2006. >i>Statistical Yearbook of the Republic of Croatia 2005.>/i> Zagreb: Central Bureau of Statistics of the Republic of Croatia (available at >a target="_blank" href='http://www.dzs.hr'>www.dzs.hr>/a> 6 čepar, ž., and Å¡. Bojnec. 2005. "Population, Education, and Socio-Economic Development in Slovenia." In >i>Managing the Process of Globalization in the New and Upcoming EU Members: Proceedings of the Sixth International Conference of the Faculty of Management Koper>/i>, ed. V. Bobek, pp. 327-336. Koper: Faculty of Management. 7 Champion, T.; S. Fotheringham; P. Rees; P. Boyle; and J. Stillwell. 1998. "The Determinants of Migration Flows in England: A Review of Existing Data and Evidence." Report for the Department of the Environment, Transport, and the Regions, Department of Geography, University of Newcastle upon Tyne, UK. 8 De Santis, G. 1997. "Aging Societies: Where Does the Economic Problem Lie?" In >i>Social and Economic Aspects of Aging Societies: An Important Social Development Issue, 5th Biannual European IUCISD Conference>/i>, ed. N. Stropnik, pp. 149-175. Ljubljana: Institute for Economic Research. 9 Drinkwater, S.; J. Eade; and M. Garapich. 2006. "Poles Apart? EU Enlargement and the Labor Market Outcomes of Immigrants in the UK." Discussion Paper IZA DP no. 2410, Institute for the Study of Labor, Bonn. 10 Hinde, A. 1998. >i>Demographic Methods.>/i> London: Arnold. 11 Hole, J. 2004. >i>Global Demographic Change: Economic Impacts and Policy Challenges.>/i> Kansas City: Federal Reserve Bank of Kansas City. 12 Johnson, P. A., and K. F. Zimmermann. 1993. "Aging and the European Labor Market: Public Policy Issues." In >i>Labor Markets in an Aging Europe>/i>, ed. P. A. Johnson and K. F. Zimmermann, pp. 1-22. Cambridge: Cambridge University Press. 13 Kinsella, K. G., and V. A. Velkoff. 2001. >i>An Aging World.>/i> Washington, DC: U. S. Government Printing Office. 14 Klinger, A. 2002. >i>Labor Market Responses to Population Aging and Other Socio-Demographic Change.>/i> Issue Paper. Geneva: United Nations Economic Commission for Europe. 15 Leat, M. 1998. >i>Human Resource Issues of the European Union.>/i> London: Pitman. 16 Maricic, D. 2005. >i>Zarobljenici "odljeva mozgova>/i>" [Captives of a "Brain Drain"]. >i>Privredni vjesnik>/i> 3: 14. 17 Povhe, J. 2006. "Migration Changes, Slovenia, 2005." Press Release, Statistical Office of the Republic of Slovenia, Ljubljana, February 14 (available at >a target="_blank" href='http://www.stat.si/eng/novica_prikazi.aspx?ID=432'>www.stat.si/eng/n ovica_prikazi.aspx?ID=432>/a> 18 Productivity Commission. 2005. "Economic Implications of an Aging Australia." Research Report, Canberra. 19 Ruhs, M. 2006. >i>Ireland: A Crash Course in Immigration Policy.>/i> Country Profiles. Oxford: Centre on Migration, Policy and Society. 20 Sirkeci, I. 2003. "Migration from Turkey to Germany: An Ethnic Analysis." >i>New Perspectives on Turkey>/i> 28-29: 189-208. 21 Statistical Office of the Republic of Slovenia (SORS). 2005. >i>Statistical Yearbook 2004.>/i> Ljubljana: Statistical Office of the Republic of Slovenia (available at >a target="_blank" href='http://www.stat.si/letopis/index_vsebina.asp?leto=2004&jezik=en'>www .stat.si/letopis/index_vsebina.asp?leto=2004&jezik=en>/a> 22 Statistical Office of the Republic of Slovenia (SORS). 2006a. "Rapid Reports, 19 January 2006, no. 13, Population, no. 1." Statistical Office of the Republic of Slovenia, Ljubljana (available at >a target="_blank" href='http://www.stat.si/doc/statinf/05-si-007-0601.pdf'>www.stat.si/doc/s tatinf/05-si-007-0601.pdf>/a> 23 Statistical Office of the Republic of Slovenia (SORS). 2006b. >i>Statistical Yearbook 2005.>/i> Ljubljana: Statistical Office of the Republic of Slovenia (available at >a target="_blank" href='http://www.stat.si/letopis/index_vsebina.asp?leto=2005&jezik=en'>www .stat.si/letopis/index_vsebina.asp?leto=2005&jezik=en>/a> 24 U. S. Census Bureau. 2006. "International Data Base Data Access." Washington, DC (available at >a target="_blank" href='http://www.census.gov/ipc/www/idb/summaries.html'>www.census.gov/ipc /www/idb/summaries.html>/a> 25 Verbic, M.; B. Majcen; and R. Van Nieuwkoop. 2006. "Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model." >i>Eastern European Economics>/i> 44, no. 4: 60-81. 26 Wagner, H. 2005. "Pension Reform in the New EU Member States: Will a Three-Pillar Pension System Work?" >i>Eastern European Economics>/i> 43, no. 4: 27-51. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:3:p:68-86 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Newell Author-X-Name-First: Andrew Author-X-Name-Last: Newell Author-Name: Francesco Pastore Author-X-Name-First: Francesco Author-X-Name-Last: Pastore Title: Regional Unemployment and Industrial Restructuring in Poland Abstract: This paper studies regional unemployment inequality in Poland. We find that regions experiencing greater change in industrial structure have higher unemployment rates. We also find that high-unemployment regions have higher inflow rates to unemployment rather than longer spells of unemployment. These findings suggest that regional unemployment varies importantly with job destruction in Poland. Econometric analysis of the determinants of employment to unemployment flows reinforces this impression. We use our estimates to assess the extent to which regional unemployment variation is due to economic restructuring. We show that this cannot be done unambiguously, and offer reasons why many previous attempts to separate out the effects of restructuring on unemployment have been unsuccessful. Journal: Eastern European Economics Pages: 5-28 Issue: 3 Volume: 44 Year: 2006 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7044GN5821417076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aghion, P., and O. Blanchard. 1994. "On the Speed of Transition in Central Europe." In >i>NBER Macroeconomics Annual>/i>, pp. 283-320. Cambridge, MA: National Bureau of Economic Research. 2 Arulampalam, W., and M.B. Stewart. 1995. "The Determinants of Individual Unemployment Durations in an Era of High Unemployment." >i>Economic Journal>/i> 105, no. 429 (March): 321-332. 3 Blanchard, O. 1997. >i>The Economics of Post-Communist Transition.>/i> Oxford: Clarendon Press. 4 Blanchard, O.J., and L.F. Katz. 1992. "Regional Evolutions." >i>Brookings Papers on Economic Activity>/i> 1: 1-75. 5 Boeri, T. 1997. "Labour Market Flows in the Midst of Structural Change." In >i>Enterprise Restructuring and Unemployment in Models of Transition>/i>, ed. S. Commander. Cambridge: Cambridge University Press. 6 Boeri, T., and S. Scarpetta. 1995. "Emerging Regional Labour Market Dynamics in Central and Eastern Europe." Organization for Economic Cooperation and Development, Paris. 7 Boeri, T., and S. Scarpetta. 1996. "Regional Mismatch and the Transition to a Market Economy." >i>Labour Economics>/i> 3, no. 3 (October): 233-254. 8 Burda, M. 1993. "Unemployment, Labour Markets and Structural Change in Eastern Europe." >i>Economic Policy>/i> 16, no. 1: 101-137. 9 Cox, D.R. 1972. "Regression Models and Life-Tables with Discussion." >i>Journal of the Royal Statistical Society Series B>/i>, 34, no. 2: 187-220. 10 Curtis, J.S. 1988. "Frictional Unemployment and the Role of Industrial Diversity." >i>Quarterly Journal of Economics>/i> 103, no. 4 (November): 715-728. 11 Curtis, J.S., and C. Nardinelli. 1992. "Does Industrial Diversity Always Reduce Unemployment? Evidence from the Great Depression and After." >i>Economic Enquiry>/i> 30, no. 2 (April): 384-397. 12 Góra, M., and H. Lehmann. 1995. "How Divergent Is Regional Labour Market Adjustment in Poland?" In >i>The Regional Dimension of Unemployment in Transition Countries: A Challenge for Labour Market and Social Policies>/i>, ed. S. Scarpetta and A. Wörgötter, pp. 126-163. Paris: OECD. 13 Jimeno, J.F., and S. Bentolilla. 1998. "Regional Unemployment Persistence (Spain, 1976-1994)." >i>Labour Economics>/i> 5, no. 1 (March): 25-51. 14 Kiefer, N.M. 1988. "Economic Duration Data and Hazard Functions." >i>Journal of Economic Literature>/i> 26, no. 2: 647-679. 15 Lancaster, T. 1990. >i>The Econometric Analysis of Transition Data.>/i> Cambridge: Cambridge University Press. 16 Layard, R.; S. Nickell; and R. Jackman. 1991. >i>Unemployment.>/i> Oxford: Oxford University Press. 17 Lehmann, H., and P.P. Walsh. 1998. "Gradual Restructuring and Structural Unemployment in Poland: A Legacy of Central Planning." Discussion Paper no. 78, LICOS, Centre for Transition Economies, Katholieke Universiteit Leuven, Leuven. 18 Lilien, D. 1982. "Sectoral Shifts and Cyclical Unemployment." >i>Journal of Political Economy>/i> 90, no. 4 (August): 777-793. 19 Meyer, B.D. 1990. "Unemployment Insurance and Unemployment Spell." >i>Econometrica>/i> 85, no. 4 (July): 752-782. 20 Nickell, S. 1997. "Unemployment and Labour Market Rigidities: Europe Versus North America." >i>Journal of Economic Perspectives>/i> 11, no. 3 (Summer): 55-74. 21 Organization for Economic Cooperation and Development (OECD). 1997. >i>Poland.>/i> Economic Surveys. Paris. 22 Scarpetta, S., and P. Huber. 1995. "Regional Economic Structures and Unemployment in Central and Eastern Europe. An Attempt to Identify Common Patterns." In >i>The Regional Dimension of Unemployment in Transition Countries: A Challenge for Labour Market and Social Policies>/i>, ed. S. Scarpetta and A. Wörgötter, pp. 206-233. Paris: OECD. 23 Wood, A. 1995. "How Trade Has Hurt Unskilled Workers." >i>Journal of Economic Perspectives>/i> 9, no. 3: 57-80. 24 Wood, A. 1998. "Globalisation and the Rise of Labour Market Inequalities." >i>Economic Journal>/i> 108, no. 450: 1463-1482. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:3:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Nevenka Hrovatin Author-X-Name-First: Nevenka Author-X-Name-Last: Hrovatin Title: Restructuring the Slovenian ElectricityIndustry: The Benefits and Costs of Introducing the Electricity Market Abstract: In 1999, Slovenia adopted the Energy Law, which is set to significantly change the way its electric utilities operate. Liberalization will take place in two stages. The first stage will run from April 15, 2001, to January 1, 2003, when eligible customers will be allowed to purchase electricity freely at home. After 2003, the free purchasing rights will be extended to imports. The liberalization and introduction of the electricity market will require a tremendous change in the operating philosophy of the entire Slovenian electricity sector. This article attempts to evaluate the effects of market opening for each stage separately. Emphasis is placed on the impacts of market opening on domestic prices for eligible and noneligible customers, on distribution effects as well as on allocative and production efficiency. The magnitude of “stranded investments” in conjunction with options for their recovery are also addressed. Journal: Eastern European Economics Pages: 6-30 Issue: 5 Volume: 39 Year: 2001 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0NV9C9M07363UH7C File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:5:p:6-30 Template-Type: ReDIF-Article 1.0 Author-Name: JOZ+E P. DAMIJAN Author-X-Name-First: JOZ+E P. Author-X-Name-Last: DAMIJAN Author-Name: MOJMIR MRAK Author-X-Name-First: MOJMIR Author-X-Name-Last: MRAK Title: Trade Reintegration of Southeastern Europe : The Role of Slovenia Abstract: This paper analyzes economic cooperation between Slovenia and the countries of the former Yugoslavia. We find the region still highly unstable and bearing a high trade deficit that may prompt the governments in the region to put restrictions on trade. In order to secure exports markets, a number of Slovenian firms are actively drawing foreign direct investment (FDI) into the region. We analyze this increased investment activity in some depth, combining survey and accounting data of Slovenian major investors into the Southeastern European (SEE) region in order to reveal their motivation for FDI. We find that, so far, trade-promoting rather than efficiency-seeking or resource-seeking motives are the driving force behind this increased investment activity. Slovenian firms are predominantly oriented toward increasing sales to the region from their Slovenian headquarters rather than toward setting up SEE production facilities in order to exploit local comparative advantages. The rationale for this is the still too-unstable political and economic environment of the SEE region, the low financial discipline of local customers, and the still underutilized resources of Slovenian-headquartered firms. Trade promotion might be a short-term strategy of Slovenian firms; in the longer run, however, we find some evidence in support of efficiency-seeking and resource-seeking motives. Journal: Eastern European Economics Pages: 25-56 Issue: 2 Volume: 43 Year: 2005 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LWUPXLWXXR3RHBUB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bank of Slovenia. Various issues. "Monthly Bulletin." 2 Brainard, S.L. 1997. "An Empirical Assessment of the Proximity-Concentration Tradeoff Between Multinational Sales and Trade." American Economic Review 87: 520-544. 3 Damijan, P.J. 1999. "Interaction of Different Types of Economies of Scale, Monopolistic Competition, and Modern Patterns of Trade." RCEF Working Papers Series, no. 85, Ljubljana. 4 ------. 2001. "Slovenian Investment Activity in Former Yugoslav Markets: Trade-Promoting or Efficiency-Seeking Motivation?" Economic and Business Review 3, nos. 3/4: 229- 247. 5 Damijan, P.J., and B. Majcen. 2000. "Trade Reorientation, Firm Performance and Restructuring of Slovenian Manufacturing Sector." Emergo 7, no. 1: 24-35. 6 Damijan, P.J.; M. Knell; B. Majcen; and M. Rojec. 2003a. "Technology Transfer through FDI in Top-10 Transition Countries: How Important are Direct Effects, Horizontal and Vertical Spillovers?" William Davidson Institute Working Paper, no. 549. 7 ------. 2003b. "The Role of FDI, R&D Accumulation and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries." Economic Systems, 27, no. 2: 189-204. 8 Dunning, J.H. 1993. Multinational Enterprises and the Global Economy. Workingham: Addison-Wesley. 9 EBRD (European Bank of Reconstruction and Development). 2003. Transition Report Update 2003. London. 10 Ethier, W.J. 1986. "The Multinational Firm." Quarterly Journal of Economics 101: 805-833. 11 Fidrmuc, J. 2000. "Optimum Currency Area Theory, Trade Integration, and EMU Enlargement." RCEF Working Papers Series, no. 115, Ljubljana. 12 Heckman, J.J. 1979. "Sample Selection Bias as a Specification Error." Econometrica 47, no. 1: 153-161. 13 Markusen, J.R. 1995. "The Boundaries of Multinational Enterprises and the Theory of International Trade." Journal of Economic Perspective 9, no. 2: 169-189. 14 Markusen, J.R., and A.J. Venables. 1995. "Multinational Firms and the New Trade Theory." National Bureau of Economic Research Working Paper, no. 5036, Cambridge, MA. 15 UNCTAD (United Nations Conference on Trade and Development). 2000. World Investment Report. Geneva: UNCTAD. 16 WIIW (Vienna Institute for International Economic Studies). 2003. "South East European Trade." Vienna. 17 World Bank. 2000. "The Road to Stability and Prosperity in South Eastern Europe." Washington, DC: World Bank. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:2:p:25-56 Template-Type: ReDIF-Article 1.0 Author-Name: Angelos Kotios Author-X-Name-First: Angelos Author-X-Name-Last: Kotios Title: Southeastern Europe and the Euro Area: The Euroization Debate Abstract: This article analyzes the theoretical and practical aspects of the unilateral euroization approach. It focuses on the degree of integration between the transition Balkan countries and the European Union (EU) and its implications for monetary and exchange rate policy. It includes an analysis that concentrates on the concept of unilateral euroization and especially the changes in the national monetary order it implies. The potential benefits and costs for the countries of Southeast Europe are discussed. A comparison is attempted between euroization and the currency board arrangement. The EU position regarding unilateral euroization by non-EU members is discussed. Attention is given to the potential paths for implementing euroization. The main findings are summarized and an attempt is made to answer the question of whether the Balkans should euroize. Journal: Eastern European Economics Pages: 24-50 Issue: 6 Volume: 40 Year: 2002 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B0LJ7L8DPCQ36DGB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:6:p:24-50 Template-Type: ReDIF-Article 1.0 Author-Name: DAVID EPSTEIN Author-X-Name-First: DAVID Author-X-Name-Last: EPSTEIN Title: Efficiency and Stability of Large Agricultural Enterprises Abstract: The problem of efficiency and stability of large agricultural enterprises is examined. Despite widespread opinion, based on average data and a priori conclusions, that large enterprises are inefficient, the study of agricultural enterprises in the St. Petersburg Region 1 demonstrates that a considerable number of large enterprises are effective, meaning that they have a potential for further growth, which is being put into practice. Moreover, current data show that the efficiency of an enterprise depends pro rata on the number of workers. On the whole, by approximately 50 percent, the efficiency of enterprises is defined by the quality of management. The study also investigates the economic ways in which unprofitable agricultural enterprises survive. The major factors of success of the most effective enterprises include monthly planning of an enterprise's manufacturing and its basic divisions, regular control of expenses, regular monitoring of receipts and expenditures, a system of motivation that depends on specific results on the part of top managers and specialists, and the disposition of profits mainly for investment. Top management's attention to concentration of land and property shares in the hands of enterprise management was unexpectedly low. Journal: Eastern European Economics Pages: 70-92 Issue: 5 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q9J73DE1PXF76NUA File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:5:p:70-92 Template-Type: ReDIF-Article 1.0 Author-Name: Hajnalka Tarjáni Author-X-Name-First: Hajnalka Author-X-Name-Last: Tarjáni Title: The Role of Technology Change and Trade in Changing Relative Labor Demand in Hungary Abstract: This paper examines the influence of capital accumulation and imports on the relative demand for skilled and unskilled labor in Hungary between 1980 and 2002. Historical data show that both relative employment and wages of skilled labor were favorably influenced by the changes of the past decades, when the Hungarian economy transitioned from a centrally planned to a market-led regime. The international literature suggests that skill-biased technology development and increasing trade resulted in similar changes in many developed and less-developed economies. Because only limited research has been done in this respect in Hungary, the paper investigates whether these factors had similar effects on relative labor demand in Hungary to those observed in the international literature. Compared to the results of relevant Hungarian studies, the most important finding of the paper is that, during past decades, capital and skilled labor were used not only as relative complements in production, but as absolute complements. The paper employs a framework that allows for the fulfillment of the appropriate curvature conditions required by the underlying economic theory. Journal: Eastern European Economics Pages: 35-54 Issue: 5 Volume: 45 Year: 2007 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=940W7VL73252686R File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ábrahám, Á., and G. Kézdi. 2000. "Long-Run Trends in Earnings and Employment in Hungary, 1972-1996." BWP 2000/2, Institute of Economics, Hungarian Academy of Sciences, Budapest. 2 Aw, B.Y., and M.J. Roberts. 1985. "The Role of Imports from the Newly Industrialising Countries in U.S. Production." >i>Review of Economics and Statistics>/i> 67, no. 1: 109-117. 3 Berman, E.; J. Bound; and S. Manchin. 1998. "Implications of Skill-Biased Technological Change: International Evidence." >i>Quarterly Journal of Economics>/i> 113, no. 4: 1245-1279. 4 Berndt, E. 1991. >i>The Practice of Econometrics>/i>. Reading, MA: Addison-Wesley. 5 Card, D., and J.E. DiNardo. 2002. "Skill Biased Technology Change and Rising Wage Inequality: Some Problems and Puzzles." National Bureau of Economic Research Working Paper 8769, Cambridge, MA. 6 Darvas, Z., and A. Simon. 2000. "Capital Stock and Economic Development in Hungary." >i>Economics of Transition>/i> 8, no. 1: 197-223. 7 DeSantis, R.A. 2002. "Wage Inequality Between and Within Groups: Trade-Induced or Skill-Biased Technical Change? Alternative Age Models for the UK." >i>Economic Modelling>/i> 19, no. 5: 725-746. 8 Diewert, W.E., and T.J. Wales. 1987. "Flexible Functional Forms and Global Curvature Conditions." >i>Econometrica>/i> 55, no. 1: 43-68. 9 Diewert, W.E., and T.J. Wales. 1988. "Normalized Quadratic Systems of Consumer Demand Functions." >i>Journal of Business and Economic Statistics>/i> 6, no. 3: 303-312. 10 Egger, P., and R. Stehrer. 2003. "International Outsourcing and the Skill Specific Wage Bill in Eastern Europe." >i>World Economy>/i> 26, no. 1: 61-72. 11 Fallon, P.R., and P.R.G. Layard. 1975. "Capital-Skill Complementarity, Income Distribution and Output Accounting." >i>Journal of Political Economy>/i> 83, no. 2: 279-302. 12 Feenstra, R.C., and G.H. Hanson. 2001. "Global Production Sharing and Rising Inequality: A Survey of Trade and Wages." National Bureau of Economic Research Working Paper 8372, Cambridge, MA. 13 Goldin, C., and L.F. Katz. 1996. "The Origins of Technology-Skill Complementarity." National Bureau of Economic Research Working Paper 5657, Cambridge, MA. 14 Griliches, Z. 1969. "Capital-Skill Complementarity." >i>Review of Economics and Statistics>/i> 51, no. 4: 465-468. 15 Grossman, G. 1982. "The Employment and Wage Effects of Import Competition in the United States." National Bureau of Economic Research Working Paper 1041, Cambridge, MA. 16 Haskel, J.E., and M.J. Slaughter. 2002. "Does the Sector Bias of Skill-Biased Technical Change Explain Changing Skill Premia?" >i>European Economic Review>/i> 46, no. 10: 1757-1783. 17 Juhn, C.; K.M. Murphy; and B. Pierce. 1993. "Wage Inequality and the Rise in Returns to Skill." >i>Journal of Political Economy>/i> 101, no. 3: 410-442. 18 Kertesi, G., and J. Köllő. 2001. "Economic Transformation and the Revaluation of Human Capital—Hungary, 1986-1999." Institute of Economics, Hungarian Academy of Sciences, BWP 2001/4, Budapest. 19 Kertesi, G., and J. Köllő. 2002. "Labour Demand with Heterogeneous Labour Inputs After the Transition in Hungary, 1992-1999 and the Potential Consequences of the Increase of Minimum Wage in 2001 and 2002." Institute of Economics, Hungarian Academy of Sciences, BWP 2002/5, Budapest. 20 Kézdi, G. 2002. "Two Phases of the Labour Market Transition in Hungary: Inter-Sectoral Reallocation and Skill Biased Technological Change." Institute of Economics, Hungarian Academy of Sciences, BWP 2002/3, Budapest. 21 Kohli, U. 1991. >i>Technology, Duality and Foreign Trade>/i>. New York: Harvester Wheatsheaf. 22 Kohli, U. 1993. "A Symmetric Normalized Quadratic GNP Function and the U.S. Demand for Imports and Supply of Exports." >i>International Economic Review>/i> 34, no. 1: 243-256. 23 Kohli, U. 1994. "Canadian Imports and Exports by Origin and Destination: A Semi-Flexible Approach." >i>Canadian Journal of Economics>/i> 34, no. 3: 580-603. 24 Köllőo, J. 2001. "Meddig tart a rendszerváltás?" [How Long Does Transition Take?]. Institute of Economics, Hungarian Academy of Sciences, BWP 2001/11, Budapest. 25 Kőrösi, G. 1998. "Labour Demand During Transition in Hungary." Institute of Economics, Hungarian Academy of Sciences, BWP 1998/5, Budapest. 26 Kőrösi, G. 2002. "Labour Adjustment and Efficiency in Hungary." Institute of Economics, Hungarian Academy of Sciences, BWP 2002/4, Budapest. 27 Központi Statisztikai Hivatal (KSH). 2002a. >i>Labour Force Survey>/i>. Budapest. 28 Központi Statisztikai Hivatal (KSH). 2002b. >i>Employment and Earnings>/i>. Budapest. 29 Központi Statisztikai Hivatal (KSH). 2002c. >i>Statistical Yearbook of Hungary>/i>. Budapest. 30 Központi Statisztikai Hivatal (KSH). 2002d. >i>National Accounts of Hungary>/i>. Budapest. 31 Tombazos, C.G. 1998. "U.S. Production Technology and the Effects of Imports on the Demand for Primary Factors." >i>Review of Economics and Statistics>/i> 80, no. 3: 480-483. 32 Tombazos, C.G. 1999. "The Role of Imports in Expanding the Demand Gap Between Skilled and Unskilled Labour in the U.S." >i>Applied Economics>/i> 31, no. 4: 509-516. 33 Tombazos, C.G. 2003. "A Production Theory Approach to the Imports and Wage Inequality." >i>Economic Inquiry>/i> 41, no. 1: 42-61. 34 White, K.J. 1992. "The Durbin-Watson Test for Autocorrelation in Nonlinear Models." >i>Review of Economics and Statistics>/i> 74, no. 2: 370-373. 35 Wiley, D.E.; W.H. Schmidt; and W.J. Bramble. 1973. "Studies of a Class of Covariance Structure Models." >i>Journal of the American Statistical Association>/i> 68, no. 342: 317-323. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:5:p:35-54 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Blum Author-X-Name-First: Ulrich Author-X-Name-Last: Blum Title: The East German Cement Cartel: Cartel Efficiency and Policy After Economic Transformation Abstract: >p>In 2003 the German Antitrust Commission (GAC) proved the existence of a cartel in the German cement industry. The German cement producers involved in the case were fined $661 million>sup>*>/sup> for having established quotas to extract additional rents. One of the main centers of this cartel was in East Germany, where the East German Cement Combine with its giant facilities had been sold, in the early 1990s, to four large producers by Treuhand in the process of privatizing the economy. All defendants conceded having formed a cartel only in this market.>/p>>p>This paper challenges the GAC's argument of excess revenue in the East German market. We argue that legal evidence does not necessarily translate to economic evidence. Demand for cement is realized in geographical and, to a more limited extent, product space. Without cartels, we would expect monopolistic competition to prevail. Any transition in a market regime from a cartel to postcartel period must be traceable in the individual firm's demand function, which differs from the clients' demand function because of costs for spatial and product differentiation. Within the framework of an econometric model, we cannot identify any structural changes in demand. Most likely, imports from Poland and Czech Republic were dumped into the East German market, and some medium-sized producers were responsible for the cartel never working.>/p>>p>The paper also shows how difficult it is to generate competition in certain industries, even in a well-established market economy such as that of West Germany. The openness of the economy—that is, transborder shipments—is decisive for competition.>/p> Journal: Eastern European Economics Pages: 5-28 Issue: 6 Volume: 45 Year: 2007 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3013W71LW7310138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abbott, T. 1994. "Observed Price Dispersion: Product Heterogeneity, Regional Markets, or Local Market Power." >i>Journal of Economics and Business>/i> 46, no. 1: 21-37. 2 Albaek, S.; P. Mollgaard; and P.B. Overgaars. 1997. "Government-Assisted Oligopoly Coordination? A Concrete Case." >i>Journal of Industrial Economics>/i> 45, no. 4: 429-443. 3 Axelrod, R., and W.D. Hamilton. 1981. "The Evolution of Cooperation," >i>Science>/i> 211, no. 4489: 1390-1396. 4 Bernheim, B.D., and M.D. Whinston. 1990. "Multimarket Contact and Collusive Behavior." >i>Rand Journal of Economics>/i> 21, no. 1: 1-26. 5 Binmore, K. 1992. >i>Fun and Games: A Text on Game Theory.>/i> Lexington, MA: D.C. Heath. 6 Blum, U., and J. Mönius. 1997. "Versunkene Kosten und Wirtschaftspolitik" [Sunk Costs and Economic Policy]. >i>Wirtschaftswissenschaftliches Studium>/i> 27, no. 1: 7-13. 7 Blum, U.; S. Müller; and A. Weiske. 2006. >i>Angewandte Industrieökonomik>/i> [Applied Industrial Organization Theory]. Wiesbaden: Gabler. 8 Bresnahan, T. 1981. "Duopoly Models with Consistent Conjectures." >i>American Economic Review>/i> 71, no. 5: 934-945. 9 Corts, K.S. 1999. "Conduct Parameters and the Measurement of Market Power." >i>Journal of Econometrics>/i> 88, no. 2: 227-250. 10 D'Aspremont, C.; D. Encaoua; and J.-C. Ponssard. 2000. "Competition Policy and Game Theory: Reflections Based on the Cement Industry Case." In >i>Market Structure and Competition Policy: Game Theoretical Approaches>/i>, ed. G. Norman and J.-F. Thisse, pp. 9-30. Cambridge: Cambridge University Press. 11 Dick, A.R. 2004. "If Cartels Were Legal, Where Would Firms Fix Prices?" In >i>How Cartels Endure and How They Fail>/i>, ed. P.E. Grossmann, pp. 144-173. Cheltenham, UK: Edward Elgar. 12 Dumez, H., and A. Jeunemaître. 2000. >i>Understanding and Regulating the Market at a Time of Globalization: The Case of the Cement Industry.>/i> Houndmills, UK: Macmillan. 13 Farrell, J. 1987. "Cheap Talk, Co-ordination, and Entry." >i>Rand Journal of Economics>/i> 18, no. 1: 34-39. 14 Fudenberg, D., and J. Tirole. 1984. "The Fat Cat Effect, the Puppy Dog Ploy and the Lean and Hungry Look." >i>American Economic Review, Papers and Proceedings>/i> 74, no. 2: 361-368. 15 Green, E.J., and R.H. Porter. 1984. "Noncooperative Collusion Under Imperfect Price Information." >i>Econometrica>/i> 52, no. 1: 87-100. 16 Greenhut, M.; G. Norman; and L.-S. Hung. 1987. >i>The Economics of Imperfect Competition: A Spatial Approach.>/i> Cambridge: Cambridge University Press. 17 Griffith, W.E.; R.C. Hill; and G.G. Judge. 1993. >i>Learning and Practicing Econometrics.>/i> New York: John Wiley & Sons. 18 Grossman, P.E. 2004. "What Do We Really Mean by Cartel Success?" In >i>How Cartels Endure and How They Fail>/i>, ed. P.E. Grossmann, pp. 1-8. Cheltenham, UK: Edward Elgar. 19 Harberger, A. 1962. "The Incidence of the Corporation Income Tax." >i>Journal of Political Economy>/i> 70, no. 3: 215-240. 20 Hollander, A. 1990. "Quota Leasing as a Competitive Strategy: A Story of Chicken Feed, Laying Hens, and Eggs." >i>Canadian Journal of Economics>/i> 23, no. 3 (August): 617-629. 21 Kühn, K.-U. 2001. "Fighting Collusion by Regulating Communication Between Firms." >i>Economic Policy: A European Forum>/i> 16, no. 32: 167-204. 22 Koutsoiyannis, A. 1977. >i>Theory of Econometrics.>/i> Houndmills, UK: Macmillan. 23 Levenstein, M.C., and V.Y. Suslow. 2004. "Studies of Cartel Stability: A Comparison of Methodological Approaches." In >i>How Cartels Endure and How They Fail>/i>, ed. P.E. Grossmann, pp. 9-52. Cheltenham, UK: Edward Elgar. 24 Liefmann, R. 1915. "Monopoly or Competition as Basis for Government Trust Policy." >i>Quarterly Journal of Economics>/i> 29, no. 2: 308-325. 25 Liefmann, R. 1930. >i>Kartelle, Konzerne und Trusts>/i> [Cartels, Corporations, and Trusts]. Stuttgart: Ernst Heinrich Moritz Verlag. 26 Lösch, A. 1962. >i>Die räumliche Ordnung der Wirtschaft>/i> [The Economics of Location], 3d ed. Stuttgart: Fischer. 27 McLure, C. 1969. "The Inter-Regional Incidence of General Regional Taxes." >i>Public Finance>/i> 24, no. 3: 457-483. 28 Morgan Stanley. 2003. "Cemex: Losing Footing Against Global Peers." Morgan Stanley Equity Research Latin America, New York, January 30. 29 Porter, R.H. 1985. "On the Incidence and Duration of Price Wars." >i>Journal of Industrial Economics>/i> 33, no. 4: 415-426. 30 Röller, L.-H., and F. Steen. 2006. "On the Workings of a Cartel: Evidence from the Norwegian Cement Industry." >i>American Economic Review>/i> 96, no. 1: 321-338. 31 Rosenbaum, D.I., and S.L. Reading. 1988. "Market Structure and Import Share: A Regional Analysis." >i>Southern Economic Journal>/i> 54, no. 3: 694-700. 32 Sogard, L. 1992. "Multi-Product Incumbent and a Puppy Dog Entrant: Some Simulations for the Norwegian Cement Industry." >i>International Journal of Industrial Organization>/i> 10, no. 2: 251-271. 33 Slade, M.E. 1990a. "Cheating on Collusive Agreements." >i>International Journal of Industrial Organization>/i> 8, no. 4: 519-543. 34 Slade, M.E. 1990b. "Strategic Pricing Models and Interpretation of Price-War Data." >i>European Economic Review>/i> 34, no. 2: 524-537. 35 Stigler, G. 1964. "A Theory of Oligopoly." >i>Journal of Political Economy>/i> 72, no. 1: 44-61. 36 Sweeney, J. 1974. "Quality, Commodity Hierarchies and Housing Markets." >i>Econometrica>/i> 42, no. 1: 147-167. 37 Trivers, R.L. 1971. "Evolution of Reciprocal Altruism." >i>Quarterly Review of Biology>/i> 46, no. 1: 35-57. 38 von Hayek, F.A. 1945. "The Use of Knowledge in Society." >i>American Economic Review>/i> 35, no. 4: 519-530. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:6:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: STANISLAVA JANÁÈKOVÁ Author-X-Name-First: STANISLAVA Author-X-Name-Last: JANÁÈKOVÁ Title: Eurozone Expansion: Certain Risks for Countries Catching Up Abstract: Accession countries are bound by European Union rules to enter the eurozone after they have fulfilled the Maastricht criteria. Yet for many years, the eurozone will not constitute an optimum currency area for the new members. There are additional risks connected with low relative economic levels--as well as low relative price levels--of the new candidates. Catch-up will require fast productivity growth and will entail inflation rates well above present eurozone targets. The shares of the new countries in the Harmonized Index of Consumer Prices will be relatively low but in sum, and together with present eurozone members with higher-than-average inflation, they could pose a threat for the European Central Bank's (ECB) low-inflation policy. Restrictive steps by the ECB would, in turn, slow down growth in the new countries. For this reason, adoption of the euro should not be undertaken too hastily, without regard for the needs of the catch-up process. Journal: Eastern European Economics Pages: 6-44 Issue: 2 Volume: 42 Year: 2004 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YQP3DVV57U7A7A43 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bjorgstén, N. 2000. "Real Convergence in the Enlarged Euro Area: A Coming Challenge for Monetary Policy." Helsinki, Bank of Finland Economics Department Working Paper no. 1/2000. 2 Cincibuch, M., and D. Vávra. 2001. " Toward the European Monetary Union. A Need for Exchange Rate Flexibility?" Eastern European Economics 38, no. 6: 23-63. 3 Doyle, P.; L. Kuijs; and G. Jiang. 2001. "Real Convergence to EU Income Levels: Central Europe from 1990 to the Long Term." In The Road to EU Accession, ed. R. Feldman and M.C. Watson, 1-33. Washington, DC: International Monetary Fund. 4 European Central Bank (ECB). 1999. "Inflation Differentials in a Monetary Union." ECB Monthly Bulletin (October): 35-44. 5 ------. 2001. "New Technologies and Productivity in the Euro Area." ECB Monthly Bulletin (July): 37-48. 6 European Commission. 1990. One Market, One Money. European Economy. Brussels. 7 Eurostat. 2001. "The European Comparison Programme: Aggregate-level Results for 1999." Luxembourg, September. 8 Fidrmuc, J., and F. Schardax. 2000. "More 'Pre-Ins' Ante Portas?" Focus on Transition, no. 2: 28-47. Oesterreichische Nationalbank. 9 Janáèková, S. 1999. "Pøíprava èeské ekonomiky na vstup do EU a cenová konvergence" [Preparation of the Czech Economy for the Accession to the EU and Price Convergence]. Politická ekonomie, no. 4: 435-48. 10 ------. 2000. "Chiméra autonomní mìnové politiky v malé otevøené ekonomice" [A Chimera of Autonomous Monetary Policies in a Small Open Economy]. Politická ekonomie, no. 6: 765-80. 11 ------. 2001. "Vyrovnávání cenových hladin a cenových relací vùèi EU. Podkladová studie pro Radu vlády pro ekonomickou a sociální strategii" [Convergence of Price Levels and Price Relations to the EU. Basic Study for the Government Council for Economic and Social Strategies]. Prague. Available at www.vlada.cz/1250/vrk/rady/ses/dokumenty/studie/ sbornik_podkladu.htm. 12 McKinnon, R.I. 1963. "Optimum Currency Areas." American Economic Review 53: 717-25. 13 Mundell, R.A. 1961. "A Theory of Optimum Currency Areas." American Economic Review 51: 657-65. 14 Nielsen, E.F., and J.J. Nordvig-Rasmussen. 2001. "The Next Wave of EU Enlargement: Opportunities in Convergence." Goldman Sachs, Global Economics, Paper no. 64). 15 Noyer, C. 2001. "The ECB and the Accession Process." Speech presented at the EUROFINAS Conference, Warsaw, October 15. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:2:p:6-44 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Melecky Author-X-Name-First: Martin Author-X-Name-Last: Melecky Title: Anticipation, External Crises, and Output Growth in Emerging Market Economies Abstract: This paper examines the relative effect of anticipated and unanticipated components of external crises on growth cycles in emerging market economies. The external crises considered are currency crises and current account reversals. Unlike the negative effect of current account reversals on gross domestic product growth, which can be attributed to unsound development and existing imbalance in the domestic economy, the likely negative effect of the currency and joint crises is due to both an unsound domestic economy and unanticipated external shocks, such as contagion from other economies, owing to regional homogeneity. Journal: Eastern European Economics Pages: 29-48 Issue: 3 Volume: 46 Year: 2008 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H564450H519X7564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arellano, M., and S. R. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." >i>Review of Economic Studies>/i> 58, no. 2: 277-297. 2 Aziz, J.; F. Caramazza; and R. Salgado. 2000. "Currency Crises: In Search of Common Elements." Working Paper WP/00/67, International Monetary Fund, Washington, DC. 3 Barro, R. J. 2001. "Economic Growth in East Asia Before and After the Financial Crisis." Working Papers Series 8330, National Bureau of Economic Research, Cambridge, MA. 4 Berg, A., and C. Pattillo. 1999. "Predicting Currency Crises: The Indicators Approach and an Alternative." >i>Journal of International Money and Finance>/i> 18, no. 4: 561-586. 5 Calvo, A. G. 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops." >i>Journal of Applied Economics>/i> 1, no. 1: 35-54. 6 Calvo, A. G. 2000. "Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments." In >i>Currency Crises>/i>, ed. P. Krugman, pp. 71-104. Chicago: University of Chicago Press. 7 Calvo, A. G.; A. Izquierdo; and E. Talvi. 2006. "Phoenix Miracles in Emerging Markets: Recovering Without Credit from Systematic Financial Crises." Paper presented at the Seventh Jacques Polak Annual Research Convergence, International Monetary Fund, Washington, DC. 8 Calvo, A. G., and C. M. Reinhart. 1999. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options." University of Maryland, College Park, June. 9 Edison, H. J. 2000. "Do Indicators of Financial Crises Work? An Evaluation of an Early Warning System." International Finance Discussion Papers Series 675, Board of Governors of the Federal Reserve System, Washington, DC. 10 Edwards, S. 2001. "Does the Current Account Matter?" Working Papers Series 8275, National Bureau of Economic Research, Cambridge, MA. 11 Eichengreen, B.; A. Rose; and C. Wyplosz. 1995. "Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attacks." >i>Economic Policy>/i> 21, no. 21: 249-312. 12 Frankel, J. A., and A. K. Rose. 1996. "Currency Crashes in Emerging Markets: An Empirical Treatment." >i>Journal of International Economics>/i> 41, nos. 3-4: 351-366. 13 Gupta, P.; D. Mishra; and R. Sahay. 2000. "Output Response During Currency Crises." International Monetary Fund, Washington, DC, May. 14 Hall, A. R.; G. D. Rudebusch; and D. W. Wilcox. 1996. "Judging Instrument Relevance in Instrumental Variables Estimation." >i>International Economic Review>/i> 37, no. 2: 283-298. 15 Hutchison, M., and I. Neuberger. 2001. "Output Costs of Currency and Balance of Payments Crises in Emerging Markets." University of California, Santa Cruz. 16 Hutchison, M., and I. Neuberger. 2002a. "How Bad Are Twins? Output Costs of Currency and Banking Crises." University of California, Santa Cruz. 17 Hutchison, M., and I. Neuberger. 2002b. "The Cost of Sudden Stops: Capital Flow Reversals and Output Loss." University of California, Santa Cruz. 18 Kaminski, G.; S. Lizondo; and C. Reinhart. 1998. "Leading Indicators of Currency Crises." >i>International Monetary Fund Staff Papers>/i> 45, no. 1: 1-48. 19 Kaminski, G., and C. Reinhart. 1999. "Twin Crisis: The Causes of Banking and Balance of Payment Problems." >i>American Economic Review>/i> 3, no. 89: 473-500. 20 Milesi-Ferretti, G., and A. Razin. 1998. "Sharp Reductions in Current Account Deficits: An Empirical Analysis." >i>European Economic Review>/i> 42, nos. 3-5: 897-908. 21 Milesi-Ferretti, G., and A. Razin. 1999. "Current Account Reversals and Currency Crises: Empirical Regularities." Paper presented at National Bureau of Economic Research conference on currency crises, Cambridge, MA, February 6. 22 Moreno, R. 1999. "Depreciation and Recessions in East Asia." >i>Federal Reserve Bank of San Francisco Economic Review>/i> 3: 27-40 (available at >a target="_blank" href='http://www.sf.frb.org/econrsrch/econrev/99-3/27-40.pdf'>www.sf.frb.o rg/econrsrch/econrev/99-3/27-40.pdf>/a> 23 Pagan, A. R. 1997. "Towards an Understanding of Some Business Cycle Characteristics." >i>Australian Economic Review>/i> 30, no. 1: 1-15. 24 Park, Y. C., and J. W. Lee. 2001. "Recovery and Sustainability in East Asia." Korea University, March. 25 Shankar, R. 2001. "Growth Effects in a Stochastic Model of Currency Crisis." Job Market Paper, University of California at Santa Cruz. 26 Stock, J., and M. Watson. 2003. >i>Introduction to Econometrics.>/i> Upper Saddle River, NJ: Addison-Wesley. 27 Stock, J.; J. Wright; and M. Yogo. 2002. "A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments." >i>Journal of Business and Economic Statistics>/i> 4, no. 20:518-529. 28 Windmeijer, F. 2000. "A Finite Sample Correction for the Variance of Linear Two-Step GMM Estimators." Working paper WOO/19, Institute for Fiscal Studies, London. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:3:p:29-48 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Döbeli Author-X-Name-First: Barbara Author-X-Name-Last: Döbeli Author-Name: Marcin Kolasa Author-X-Name-First: Marcin Author-X-Name-Last: Kolasa Title: Comparing the Growth Performance of the New EU Countries Abstract: We measure the contribution of the main factors explaining real domestic income growth in eight new EU countries. Our concept of real domestic income differs from real gross domestic product (GDP) by treating changes in the prices of goods traded internationally as a real effect to income growth. Our estimates show that three countries experience a strong increase in their terms of trade, indicating that real GDP growth underestimates the increase in real domestic income of these countries, and that real GDP growth should be used only to roughly approximate changes in a country's real income. Journal: Eastern European Economics Pages: 55-68 Issue: 5 Volume: 45 Year: 2007 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H8X1205635U15644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arrow, K.; H.B. Chenery; B.S. Minhas; and R.M. Solow. 1961. "Capital-Labor Substitution and Economic Efficiency." >i>Review of Economics and Statistics>/i> 45, no. 3: 225-247. 2 Berndt, E.R., and L.R. Christensen. 1973. "The Translog Function and the Substitution of Equipment, Structures, and Labor in U.S. Manufacturing, 1929-1968." >i>Journal of Econometrics>/i> 1, no. 1: 81-114. 3 Christensen, L.R.; D.W. Jorgenson; and L.J. Lau. 1973. "Transcendental Logarithmic Production Frontiers." >i>Review of Economics and Statistics>/i> 55, no. 1: 26-45. 4 Diewert, W.E. 1974. "Applications of Duality Theory." In >i>Frontiers of Quantitative Economics>/i>, vol. 2, ed. M.D. Intriligator and D.A. Kendrick, pp. 106-171. Amsterdam: North-Holland. 5 Diewert, W.E. 1976. "Exact and Superlative Index Numbers." >i>Journal of Econometrics>/i> 4, no. 2: 115-145. 6 Diewert, W.E., and C.J. Morrison. 1986. "Adjusting Output and Productivity Indexes for Changes in the Terms of Trade." >i>Economic Journal>/i> 96 (September): 659-679. 7 Easterly, W.; M. Kremer; L. Pritchett; and L.H. Summers. 1993. "Good Policy or Good Luck?" >i>Journal of Monetary Economics>/i> 32, no. 3: 459-483. 8 European Commission. 2005. "Reference Manual for ECFIN's Production Function Methodology." Brussels (available at >a target="_blank" href='http://forum.europa.eu.int/Public/irc/ecfin/outgaps/library'>http:// forum.europa.eu.int/Public/irc/ecfin/outgaps/library).>/a> 9 Harrigan, J. 1997. "Technology, Factor Supplies, and International Specialization: Estimating the Neoclassical Model." >i>American Economic Review>/i> 87, no. 4: 475-494. 10 Jorgenson, D.W.; F.M. Gollop; and B.M. Fraumeni. 1987. >i>Productivity and U.S. Economic Growth>/i>. Cambridge: Harvard University Press. 11 Kohli, U. 1990. "Growth Accounting in the Open Economy: Parametric and Nonparametric Estimates." >i>Journal of Economic and Social Measurement>/i> 16, no. 3: 125-136. 12 Kohli, U. 2003. "Growth Accounting in the Open Economy: International Comparisons." >i>International Review of Economics and Finance>/i> 12 no. 4: 417-435. 13 Kohli, U. 2004a. "An Implicit Törnqvist Index of Real GDP." >i>Journal of Productivity Analysis>/i> 21, no. 3: 337-353. 14 Kohli, U. 2004b. "Real GDP, Real Domestic Income, and Terms-of-Trade Changes." >i>Journal of International Economics>/i> 62, no. 1: 83-106. 15 Pula, G. 2003. "Capital Stock Estimation in Hungary: A Brief Description of Methodology and Results." Magyar Nemzeti Bank Working Paper no. 2003/7, National Bank of Hungary, Budapest. 16 Young, A. 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience." >i>Quarterly Journal of Economics>/i> 110, no. 3: 641-680. 17 Zienkowski, L. 2001. >i>Co to jest PKB? Jego rola w analizach ekonomicznych i prognozowaniu>/i> [What Is GDP? Its Role in Economic Analyses and Forecasting]. Warsaw: Elipsa. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:5:p:55-68 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 44 Year: 2006 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X233303RHL1RQ444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=91UT6178L1537982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Timotej Jagri Author-X-Name-First: Timotej Author-X-Name-Last: Jagri Title: Measuring Business Cycles: The Case of Slovenia Abstract: In this article, spectral analysis is used to study cyclic patterns in the Slovene economy. We examine whether the transition in Slovenia was marked by a statistically significant movement of aggregate economic activity, which corresponds to the definition of the business cycle proposed by Burns and Mitchell. We find that in the period 1992-2000 a statistically significant cyclic component is present. The cyclic component oscillates at the frequency of 33.3 months. The results obtained here suggest that two full-length cycles can be identified in the period under observation. Journal: Eastern European Economics Pages: 63-87 Issue: 1 Volume: 40 Year: 2002 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FR4JFJKA5KK1D5YP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:63-87 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 1 Volume: 40 Year: 2002 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R63ECX7F3UXF8T9A File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Ozlem Onaran Author-X-Name-First: Ozlem Author-X-Name-Last: Onaran Title: Jobless Growth in the Central and East European Countries: A Country-Specific Panel Data Analysis of the Manufacturing Industry Abstract: This paper estimates a labor demand equation based on the panel data of the manufacturing industries in the Central and East European countries of Czech Republic, Hungary, Poland, Slovakia, Slovenia, Lithuania, Bulgaria, and Romania. It tests the effect of domestic factors (wages and output) and international factors (exports, imports, and foreign direct investment, or FDI) on employment during the era of posttransition recovery. The findings indicate that employment does not respond to wages in more than half the cases. The output elasticity of labor demand is mostly positive, but low; in a number of cases, employment is completely delinked from output. An impressive speed of integration to the European economic sphere through FDI and international trade has not prevented job losses in the manufacturing industry. There are very few cases of positive effects, but insignificant effects of trade and FDI dominate the findings, with some evidence of negative effects as well. Journal: Eastern European Economics Pages: 90-115 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N503N72187M18G78 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amsden, A. H., and R. V. Hoeven. 1996. "Manufacturing Output, Employment, and Real Wages in the 1980s: Labor's Loss Until the Century's End." >i>Journal of Development Studies>/i> 32, no. 4: 506-530. 2 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." >i>Review of Economic Studies>/i> 58, no. 2: 277-297. 3 Basu, S.; S. Estrin; and J. Svejnar. 2005. "Employment Determination in Enterprises Under Communism and in Transition: Evidence from Central Europe." >i>Industrial and Labor Relations Review>/i> 58, no. 3: 353-369. 4 Blanchard, O. J. 1998. >i>The Economics of Postcommunist Transition.>/i> Oxford: Claredon Press. 5 Boeri, T., and P. Garibaldi. 2006. "Are Labor Markets in the New Member States Sufficiently Flexible for EMU?" >i>Journal of Banking and Finance>/i> 30, no. 5: 1393-1407. 6 Boeri, T., and K. Terrell. 2002. "Institutional Determinants of Labor Reallocation in Transition." >i>Journal of Economic Perspectives>/i> 16, no. 1: 51-76. 7 Brada, J. C. 1989. "Technological Progress and Factor Utilization in Eastern European Economic Growth." >i>Economica>/i> 56, no. 224: 433-448. 8 Feenstra, R. C., and G. H. Hanson. 1996. "Foreign Direct Investment, Outsourcing, and Relative Wages." National Bureau of Economic Research Working Paper no. 5121, Cambridge, MA. 9 Ghosh, J. 2005. "Exporting Jobs or Watching Them Disappear? Relocation, Employment, and Accumulation in the World Economy." In >i>Work and Well-Being in the Age of Finance>/i>, ed. C. P. Ghosh and J. Chandrashakar, pp. 99-119. New Delhi: Tulika Books. 10 Gora, M. 1995. "The Labor Market in Poland: A Tentative Analysis of the First Years of Transition." >i>Eastern European Economics>/i> 33, no. 5: 75-96. 11 Greenaway, D.; R. Hine; and P. Wright. 1999. "An Empirical Assessment of the Impact of Trade on Employment in the United Kingdom." >i>European Journal of Political Economy>/i> 15: 485-500. 12 Havlik, P., and M. Landesmann. 2005. "Structural Change, Productivity, and Employment in the New EU Member States." In >i>Economic Restructuring and Labor Markets in the Accession Countries.>/i> Vienna: Vienna Institute for International Economic Studies Research Project commissioned by EU DG Employment, Social Affairs, and Equal Opportunities. 13 Hine, R., and P. Wright. 1997. "Trade and Manufacturing Employment in UK Manufacturing." In >i>International Trade and Labour Markets>/i>, ed. J. Borkakoti and C. Milner, pp. 118-139. London: Macmillan. 14 Horton, S.; R. Kanbur; and D. Mazumdar. 1994. "Labor Markets in an Era of Adjustment: An Overview." In >i>Labor Markets in an Era of Adjustment>/i>, vol. 1, ed. S. Horton, R. Kanbur, and D. Mazumdar, pp. 1-60. Washington, DC: World Bank. 15 Hunya, G., and I. Geishecker. 2005. >i>Employment Effects of Foreign Direct Investment in Central and Eastern Europe.>/i> Vienna Institute for International Economic Studies Research Reports, no. 321, Vienna. 16 Izyumov, A., and J. Vahaly. 2002. "The Unemployment-Output Tradeoff in Transition Economies: Does Okun's Law Apply?" >i>Economics of Planning>/i> 35, no. 4: 317-331. 17 Jackman, R. 1994. "Economic Policy and Employment in the Transition Economies of Central and Eastern Europe: What Have We Learned?" >i>International Labor Review>/i> 133, no. 3: 327-345. 18 Kajzer, A. 1995. "The Real-Wage-Employment Relationship and Unemployment in Transition Economies: The Case of Slovenia and Hungary." >i>Eastern European Economics>/i> 33, no. 4: 55-78. 19 Kornai, J. 1995. >i>Highways and Byways: Studies on Reform and Postcommunist Transition.>/i> Cambridge, MA: MIT Press. 20 Landesmann, M.; H. Vidovic; and T. Ward. 2004. "Economic Restructuring and Labor Market Developments in the New EU Member States." Vienna Institute for International Economic Studies Research Report no. 312, Vienna. 21 Lehmann, H. 1995. "Active Labor Market Policies in the OECD and in Selected Transition Economies." World Bank Policy Research Working Paper Series no. 1502, Washington, DC. 22 Mencinger, J. 2003. "Does Foreign Direct Investment Always Enhance Economic Growth?" >i>Kyklos>/i> 56, no. 4: 491-508. 23 Milner, C., and P. Wright. 1998. "Modeling Labor Market Adjustment to Trade Liberalization in an Industrializing Economy." >i>Economic Journal>/i> 108 (March): 509-528. 24 Onaran, O. 2001. "The Effect of Trade Liberalization on Labor Demand in the Turkish Manufacturing Industry." Paper presented at athe annual conference of the Association of Heterodox Economics, London, July 7-8. 25 Onaran, O., and E. Stockhammer. 2005. "Two Different Export-Oriented Growth Strategies: Accumulation and Distribution in Turkey and South Korea." >i>Emerging Markets Finance and Trade>/i> 41, no. 1: 65-89. 26 Organization for Economic Cooperation and Development. 2005. >i>Employment Outlook.>/i> Paris. 27 Pollin, R.; J. Burns; and J. Heintz. 2004. "Global Apparel Production and Sweatshop Labor: Can Raising Retail Prices Finance Living Wages?" >i>Cambridge Journal of Economics>/i> 28, no. 2: 153-171. 28 Reinert, E. S., and R. Kattel. 2004. "The Qualitative Shift in European Integration: Toward Permanent Wage Pressures and a ‘Latin-Americanization’ of Europe?" PRAXIS Center for Policy Studies Working Paper no. 17, Tallinn. 29 Rodrik, D. 1997. >i>Has Globalization Gone Too Far?>/i> Washington, DC: Institute for International Economics. 30 Schaffer, M. E. 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence." >i>Journal of Comparative Economics>/i> 26: 80-103. 31 Stehrer, R. 2004. "Can Trade Explain the Sector Bias of Skill-Biased Technical Change?" Vienna Institute for International Economic Studies Working Paper no. 30, Vienna. 32 Wood, A. 1994. >i>North-South Trade, Employment, and Inequality: Changing Fortunes in a Skill-Driven World.>/i> Oxford: Clarendon Press. 33 World Bank. 2006. >i>Doing Business Report.>/i> Washington, DC. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:90-115 Template-Type: ReDIF-Article 1.0 Author-Name: Ioannis-Dionysios Salavrakos Author-X-Name-First: Ioannis-Dionysios Author-X-Name-Last: Salavrakos Author-Name: Chris Stewart Author-X-Name-First: Chris Author-X-Name-Last: Stewart Title: Partner Selection Criteria as Determinants of Firm Performance in Joint Ventures: Evidence from Greek Joint Ventures in Eastern Europe Abstract: The present paper reviews Greek entrepreneurial activity, mainly foreign direct investment, in the Black Sea Economic Cooperation Area from 1989 to 2004. It assesses the association between the performance of joint ventures and partner selection criteria, drawn from theoretical considerations of international joint ventures. This is achieved using an econometric treatment of survey data from Greek enterprises involved in joint ventures with Eastern European companies. We develop ordered probit models of the determinants of three measures of firm performance: financial performance, general managers' performance, and personnel performance. The findings confirm that Greek joint ventures' performance in Eastern Europe is explained by the same set of factors that have been found to explain such activity elsewhere. The statistically significant factors are adequate financial resources, no opportunistic motives, partner being involved in similar activities, partner being imposed by the external environment, and partner status. However, the only determinant common to all three measures is the partner being involved in similar activities. Overall, and taking into consideration previous research, this suggests that Greek firms' future prospects seem secure, due to a competitive advantage from their early entry into East European markets and the careful selection of their partners. Journal: Eastern European Economics Pages: 60-78 Issue: 3 Volume: 44 Year: 2006 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8V60220663645300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Adler, L., and J.D. Hlavacek. 1976. >i>Joint Ventures for Product Innovation.>/i> New York: American Management Association. 2 Babanasis, S. 1997. >i>Changes and Entrepreneurial Opportunities in Central and Eastern Europe.>/i> Athens: Papazisis Editions. [In Greek.] 3 Bitsenis, A. 2004. "Hellenic Investments in Excess of 5 Billion USD in the Balkans." >i>Imerisia>/i> (December 23-26, 2004). [In Greek.] 4 Bitsenis, A. 2006. "Decisive FDI Barriers That Affect Multinationals' Business in a Transition Country." >i>Global Business and Economics Review>/i> 8, nos. 1-2: 87-118. 5 Daniels, J. 1971. >i>Recent Foreign Direct Manufacturing Investment in the United States.>/i> New York: Praeger. 6 European Bank for Reconstruction and Development (EBRD). 1999. "Board Approved Greek Projects." London. 7 Ganitsky, J., and G. Watzke. 1990. "Implications of Different Time Perspectives for Human Resource Management in International Joint Ventures." >i>Management International Review>/i> 30: 37-51. 8 Geringer, M.J. 1991. "Strategic Determinants of Partner Selection Criteria in International Joint Ventures." >i>Journal of International Business Studies>/i> 22, no. 1: 41-62. 9 Geringer, M.J., and C. Frayne. 1990. "Human Resource Management and International Joint Venture Control: A Parent Company Perspective." >i>Management International Review>/i> 30: 103-120. 10 Geringer, M.J., and L. Hebert. 1989. "Control and Performance of International Joint Ventures." >i>Journal of International Business Studies>/i> 20, no. 2: 235-254. 11 Geringer, M.J., and L. Hebert. 1991. "Measuring Performance of International Joint Ventures." >i>Journal of International Business Studies>/i> 22, no. 2: 249-263. 12 Greene, W.H. 2000. >i>Econometric Analysis>/i>, 4th ed. Upper Saddle River, NJ: Prentice Hall. 13 Hassid, J. (ed.) 1994. "Exploration of Entry Conditions of Greek Industrial Enterprises in the Markets of the Balkans." Hellenic Bank of Industrial Development, Athens, November. 14 Hios, N. 1999. "Investing in the Balkans: Facts and Figures." >i>Hermes>/i> 35 (Spring). [In Greek.] 15 Karafotakis, E. 1994. "Transbalkan distribution networks." Paper presented at the International Forum for the Black Sea Co-operation Conference, Thessaloniki, November 24-26. [In Greek.] 16 Katseli, L. 1994. "Strategy for the Establishment of a Balkan Regional Market." Paper presented at the Northern Greece and the Balkans: The Time of Entrepreneurial Drive conference, Thessalonika, April 4-5. [In Greek.] 17 McDonald, R. 1995. "California Here I Come: A Survey of Greek Investments in Post-Soviet Europe." >i>Industrial Review>/i> Special Survey Series no. 17 (October). 18 McDonald, R. 1998. "Mini-Multinationals. Greek Outward Investments." >i>Industrial Review-Business File>/i> Special Survey Series no. 29 (September-October). 19 McDonald, R. 2000. "Breaking Out. A Survey of Greek Foreign Investments." >i>Industrial Review-Business File>/i> Special Survey Series no. 37 (special issue). 20 Petrochilos, G. 1997. "Theory, Policy & Practice of Greek Outward Foreign Direct Investment." In Business and Economics for the Twenty-First Century, ed. D. Kantarelis, pp. 117-127. Worcester, MA: Business and Economics Society International. 21 Petrochilos, G. 1999. "Explaining Greek Outward Foreign Direct Investment: A Case of Regional Economic Integration." Economics Research Paper Series RP99 03, Department of Economics, Coventry University, Coventry, UK. 22 Petrochilos, G., and I.D. Salavrakos. 2001. "An Analysis of the Mode of Entry of Greek Outward Foreign Investment in the Balkans and the Black Sea Economic Co-operation Area (BSECA)." In >i>Business and Economics Society International, Anthology 2001>/i>, ed. D. Kantarelis, pp. 594-606. Worcester, MA: Business and Economics Society International. 23 Raveed, S.R., and W. Renforth. 1983. "State Enterprise-Multinational Corporation Joint Ventures: How Well Do They Meet Both Partners Needs?" >i>Management International Review>/i> 21, no. 3: 47-57. 24 Salavrakos, I.D. 1997. "The Development of Greek International Business in Albania, Bulgaria, Romania and Russia (1989-1996): A Business Strategy Approach." >i>Euro-Unial Business Administration Bulletin>/i> 36, no. 304: 62-66. 25 Salavrakos, I.D. 1999. >i>The Black Sea Economic Co-operation (BSEC): Macro and Microeconomic Dimensions of Integration with the Global Economy.>/i> Athens: Scientific Library, Kritiki editions. 26 Salavrakos, I.D., and G.A. Petrochilos. 2003. "An Assessment of the Greek Entrepreneurial Activity in the Black Sea Area (1989-2000): Causes and Prospects." >i>Journal of Socio-Economics>/i> 32, no. 3: 331-349. 27 Salavrakos, I.D., and C. Stewart. 2003. "Determinants of Firm Performance in Greek Joint Ventures with Eastern European Enterprises." Department of Economics Discussion Paper DEDP 02/03, London Metropolitan University, April. 28 Vlachoutsicos, C. 1993. "The Western Investments in Russia: The Problem of Foreign Exchange Shortage and the Methods of Facing It: The Case of 33 Joint Ventures." Ph.D. dissertation, Aegean University, October, Chios, Greece. [In Greek.] Handle: RePEc:mes:eaeuec:v:44:y:2006:i:3:p:60-78 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 44 Year: 2006 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R0053816U7204731 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:44:y:2006:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: ANNA ZORSKA Author-X-Name-First: ANNA Author-X-Name-Last: ZORSKA Title: Foreign Direct Investment and Transformation: Evolution and Impacts in the Polish Economy Abstract: The effect of the inflow of foreign direct investment (FDI) can be investigated with the theory of international production offering useful insights into the expansion of firms in foreign countries, which can also be applied to host countries undergoing economic transformation--in this paper's case, Poland. A thorough analysis of changing FDI inflows (and inward stocks) and its various patterns, as well as their impact on the Polish economy, has disclosed certain nuances of evolving FDI contribution and effects on the processes of transformation and, to some extent, on economic development and European Union regional integration. The conclusion is that it was not just the transition of the Polish economy but, rather, a complex and long-term process of systemic transformation that attracted FDI in the 1990s, and to which FDI and foreign-capital companies have made significant contributions. However, the contribution of FDI and transnational corporations in changing the stage of Poland's economic development is insufficient. Journal: Eastern European Economics Pages: 52-78 Issue: 4 Volume: 43 Year: 2005 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2QQAATLTMDCLDA54 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Artisien-Maksimenko, P., ed. 2000. Multinationals in Eastern Europe. London, New York: Macmillan Press and St. Martin's Press. 2 Åslund, A. 2002. Building Capitalism: The Transformation of the Former Soviet Bloc. Cambridge: Cambridge University Press. 3 Balcerowicz, L. 1997. Socjalizm, kapitalizm, transformacja. Szkice z przeÂomu epok [So-cialism, Capitalism, Transformation. Essays on the Edge of Epochs]. Warsaw: Wydawnictwo Naukowe PWN. 4 BaÂtowski, M. 2002. PrzeksztaÂcenia wÂasno ciowe przedsi biorstw pa stwowych w Polsce [Ownership Transformation of State-Owned Enterprises in Poland]. Warsaw: Wydawnictwo Naukowe PWN. 5 Blanchard, O.J. 1997. The Economics of Post-Communist Transition. Oxford: Oxford University Press. 6 Chojna, J. 2003. "Miejsce podmiotów z udziaÂem kapitaÂu zagranicznego w gospodarce narodowej Polski" [Position of Companies with Foreign Capital in External Trade of Poland]. In Inwestycje zagraniczne w Polsce: Raport Roczny [Foreign Investments in Poland: The Annual Report], ed. B. Durka, pp. 27-52. Warsaw: IKiCHZ. 7 ------. 2004. "Miejsce podmiotów z udziaÂem kapitaÂu zagranicznego w gospodarce narodowej Polski" [Position of Companies with Foreign Capital in External Trade of Poland]. In Inwestycje zagraniczne w Polsce: Raport Roczny [Foreign Investments in Poland: The Annual Report], ed. B. Durka, pp. 17-37. Warsaw: IKiCHZ. 8 Cichocki, K. 1997. The Impact of Foreign Direct Investment on the Polish Economy. Warsaw: The Business Consulting and Economic Research Center, Warsaw School of Economics. 9 Clarke, George R.G. 2003. WpÂyw typu wÂasno ci i zagranicznej konkurencji na rozpows-zechnianie si Internetu w krajach transformacji [The Impact of Ownership Type and Foreign Competition on the Internet Use in the Transforming Countries]. Paper presented at the Fifth International Conference "New Economy and the Post-Socialist Transforma-tion." Leon Koz;min;ski Academy of Management and Entrepreneurship, Warsaw. 10 Dunning, J.H. 1981. International Production and the Multinational Enterprise. London: Allen and Unwin. 11 ------. 1993. Multinational Enterprises and the Global Economy. Wokingham, UK: Addison-Wesley. 12 Durka, B., and J. Chojna. 2003. "Udzia podmiotów z kapitaÂem zagranicznym w polskim handlu zagranicznym" [The Share of Foreign-Capital Companies in the Polish Foreign Trade]. In Inwestycje zagraniczne w Polsce: Raport Roczny [Foreign Investments in Poland: The Annual Report], ed. B. Durka, pp. 53-74. Warsaw: IKiCHZ. 13 ------. 2004. "Udzia podmiotów z kapitaÂem zagranicznym w polskim handlu zagranicznym" [The Share of Foreign-Capital Companies in the Polish Foreign Trade]. In Inwestycje zagraniczne w Polsce: Raport Roczny [Foreign Investments in Poland: The Annual Report], ed. B. Durka, pp. 38-59. Warsaw: IKiCHZ. 14 Estrin, S.; K. Hughes; and S. Todd. 1997. Foreign Direct Investment in Central and Eastern Europe: Multinationals in Transition. London and Washington: Royal Institute of International Affairs, and Pinter Publishers. 15 Hamilton, I.F.E. 2000. "The Locational Impacts of Foreign Direct Investment in Poland." In Foreign Direct Investment in a Transition Economy. The Polish Case, ed. M.A. Weresa, pp. 99-123. London: School of Slavonic and East European Studies, University College London. 16 Hunya, G. 2002. "Recent Impacts of Foreign Direct Investment on Growth and Restructuring in Central European Transition Countries." Vienna Institute for International Economic Studies (WIIW) Research Report no. 284. 17 Hunya, G., ed. 2000. Integration Through Foreign Direct Investment: Making Central European Industries Competitive. Cheltenham, UK: Edgar Elgar. 18 Hymer, S.F. 1976. The International Operations of National Firms: A Study of Foreign Direct Investment. Cambridge, MA: MIT Press. 19 Indicator. 2003. Opinia inwestorów zagranicznych o spoÂecznych i ekonomicznych warunkach dziaÂalno ci w Polsce [The Opinion of Foreign Investors on the Social and Economic Conditions of Business in Poland]. Warsaw: Center of Marketing Research. 20 Inwestycke zagraniczne w Polsce. Raport roczy 2001 [Foreign Investments in Poland. The 2001 Annual Report]. 2001. Warsaw: IkiCHZ. 21 Kaminski, B., and B.K. Smarzynska. 2001. "Integration into Global Production and Distribution Networks Through FDI: The Case of Poland." Post-Communist Economies 13, no. 3: 265-288. 22 KoÂodko, G.W. 2001. Globalizacja a perspektywy rozwoju krajów posocjalistycznych [Glo-balization and the Perspectives of the Development of the Post-Socialist Countries]. Torun: Dom Organizatora. 23 ------. 2002. From Shock to Therapy: The Political Economy of Postsocialist Transformation. Oxford: Oxford University Press. 24 Lavigne, M. 1999. The Economics of Transition from Socialist Economy to Market Economy. London: Macmillan. 25 The List of Foreign Investors in Poland. Various issues. Warsaw: PAIIZ. 26 Matkowski, Z. 2003. "Sytuacja gospodarcza krajów pososjalistycznych--ekonomiczne i spoÂeczne skutki transformacji" [Economic Situation of Post-Socialist Countries--Eco-nomic and Social Results of the Transformation]. Ekonomista no. 6: 737-774. 27 Moosa, I.A. 2000. Foreign Direct Investment: Theory, Evidence and Practice. Houndmills, Basingstoke, Hampshire; New York: Palgrave. 28 Ozawa, T. 1992. "Foreign Direct Investment and Development." Transnational Corporations 1, no. 1: 27-54. 29 Pac, Roland. 2003. "Inwestycje zagraniczne w polskim sektorze bankowym i ubezpieczeniowym" [Foreign Investment in Polish Banking and Insurance Sectors]. In Inwestycje zagraniczne w Polsce: Raport Roczny [Foreign Investments in Poland: The Annual Report], ed. B. Durka, pp. 137-154. Warsaw: IKiCHZ. 30 Porter, M.E. 1990. The Competitive Advantage of Nations. New York: Free Press. 31 Przybylska, K. 2001. Determinanty zagranicznych inwestycji bezpo rednich w teorii ekonomicznej: Empiryczna weryfikacja czynników lokalizacji zagranicznych inwestycji bezpo rdnich w Czechach, Polsce i na W grzech [Determinants of Foreign Direct Investment in Economic Theory: Empirical Verification of Locational Determinants of Locating Foreign Direct Investment in Czech Republic, Poland and Hungary]. Krakow: Wydawnictwo Akademii Ekonomicznej w Krakowie. 32 Sachs, J.D., and A. Warner. 1995. "Economic Reforms and the Process of Global Integra-tion." Brookings Papers on Economic Activity 1, no. 1: 1-118. 33 UNCTAD (United Nations Conference on Trade and Development). Various issues. World Investment Report. Geneva: United Nations. 34 UNECE (United Nations Economic Commission for Europe). Various issues. Economic Survey of Europe no. 1. Geneva: United Nations. 35 von Westernhagen, N. 2002. Systemic Transformation, Trade and Economic Growth: Developments, Theoretical Analysis and Empirical Results. Heidelberg and New York: Springer. 36 Weresa, M.A. 2002. WpÂyw handlu zagranicznego i inwestycji bezpo rednich na innowacyjno polskiej gospodarki [Impact of Foreign Trade and Investments on Innovativeness of the Polish Economy]. Warsaw: SzkoÂa GÂówna Handlowa. 37 Wróbel, J. 2001. "Modernizacja polskiej gospodarki" [Modernization of the Polish Economy]. Nasz Rynek KapitaÂowy, nos. 6-7: 23-24, 126-127. 38 Zorska, A. 1998. Ku globalizacji? Przemiany w korporacjach transnarodowych i w gospodarce wiatowej [Toward Globalization? Changes in Transnational Corporations and in the World Economy]. Warsaw: Wydawnictwo Naukowe PWN. 39 ------. 2003. "FDI Expansion of TNCs in Poland and Its Impact on the Economy." In Transnational Corporations in Poland, ed. A. Zorska, pp. 49-85. Warsaw: Leon Koz;min;ski Academy of Entrepreneurship and Management. 40 Z®ukrowska, K. 2000. "The Role of Foreign Direct Investment in the Polish Transforma-tion." In Foreign Direct Investment in a Transition Economy: The Polish Case, ed. M.A. Weresa, pp. 53-75. London: School of Slavonic and East European Studies, University College London. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:52-78 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 3 Volume: 40 Year: 2002 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L6A25C66LVY2YLLN File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Oleksandr Shepotylo Author-X-Name-First: Oleksandr Author-X-Name-Last: Shepotylo Author-Name: David Tarr Author-X-Name-First: David Author-X-Name-Last: Tarr Title: Specific Tariffs, Tariff Simplification, and the Structure of Import Tariffs in Russia, 2001-2005 Abstract: The Russian tariff structure contains over 11,000 tariff lines. Of these, a specific tariff may apply for about 1,700. Due to a new data set, this is the first paper to accurately assess tariff rates. We find that the average tariff in Russia has increased between 2001 and 2003, from about 11.5 percent to between 13 percent and 14.5 percent, but held steady in 2004 and 2005. This places Russia's tariffs at a level slightly higher than other middleincome countries and considerably higher than Organization for Economic Cooperation and Development countries. Russia implemented tariff simplification in 2000-2001. Contrary to conventional wisdom on the effect of tariff simplification, the trade-weighted standard deviation of the Russian tariff increased, approximately doubling from 9.5 percent in 2001 to 18 percent in 2003, but it then fell to 15.2 percent by 2005. We show that ignoring the specific tariffs results in an underestimate of average tariff rates by about one to three percentage points and an even larger underestimate of the standard deviation. Journal: Eastern European Economics Pages: 47-56 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R14J3U752186T54U File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Afontsev, S. 2002. "Endogenous Tariff Protection and the Level of Trade Distortions in Russia." Economics Education and Research Consortium Working Paper 01/07, Moscow (available at >a target="_blank" href='http://www.eerc.ru/details/download.aspx?file_id=3583/'>www.eerc.ru/ details/download.aspx?file_id=3583/>/a> 2 Afontsev, S. 2004. "The Political Economy of Tariff Unification." Economics Education and Research Consortium Working Paper 04/12E, Moscow, (available at >a target="_blank" href='http://www.eerc.ru/details/download.aspx?file_id=3766/'>www.eerc.ru/ details/download.aspx?file_id=3766/>/a> 3 Michalopoulos, C., and D. Tarr. 1994. "Trade in the New Independent States." Studies of Economies in Transition 13, World Bank, Washington, DC. 4 Michalopoulos, C., and D. Tarr. 1996. "Trade Performance and Policy in the New Independent States." Directions in Development Series, World Bank, Washington, DC. 5 Shepotylo, O., and D. Tarr. 2007. "The Structure of Tariffs in Russia: 2001-2005." Policy and Research Working Paper, World Bank, Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/trade/russia-wto'>www.worldbank.org/trade/r ussia-wto>/a> 6 Subramanian, A.; A. Ibrahim; and L. A. Torres-Castro. 1993. "Optimal Tariffs: Theory and Practice." Working Paper, International Monetary Fund, Washington, DC. 7 Tarr, D. 1999. "Design of Tariff Policy for Russia." In >i>Russia's Trade Policy: Reform for WTO Accession>/i>, ed. Harry Broadman. Washington, DC: World Bank (available at >a target="_blank" href='http://www.worldbank.org/trade/russia-wto'>www.worldbank.org/trade/r ussia-wto>/a> 8 Tarr, D. 2002. "On the Design of Tariff Policy: Arguments for and Against Uniform Tariffs." In >i>Development, Trade and the WTO: A Handbook>/i>, ed. B. Hoekman, A. Mattoo, and P. English. Washington, DC: World Bank (available in Russian at >a target="_blank" href='http://www.worldbank.org/trade/russia-wto'>www.worldbank.org/trade/r ussia-wto)>/a> Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:47-56 Template-Type: ReDIF-Article 1.0 Author-Name: TIMOTEJ JAGRIC Author-X-Name-First: TIMOTEJ Author-X-Name-Last: JAGRIC Author-Name: BORIS PODOBNIK Author-X-Name-First: BORIS Author-X-Name-Last: PODOBNIK Author-Name: MARKO KOLANOVIC Author-X-Name-First: MARKO Author-X-Name-Last: KOLANOVIC Title: Does the Efficient Market Hypothesis Hold?: Evidence from Six Transition Economies Abstract: In this paper, a wavelet analysis of long-range dependence (LRD) based on the Hurst exponent is presented. An estimator is used to perform an analysis of LRD in the capital markets of six transition economies. The results suggest that we can divide the stock markets into two groups: markets with strong LRD (the Czech Republic, Hungary, Russia, and Slovenia), and markets with no or only a weak form of LRD (Poland and Slovakia). Additionally, if the Hurst exponent is estimated on a sliding time window, the results show some additional properties, which we believe are representative for the markets in transition economies. Journal: Eastern European Economics Pages: 79-103 Issue: 4 Volume: 43 Year: 2005 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CYAX9Y0ETN213U8F File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abry, P., and P. Flandrin. 1996. "Point-Process, Long-Range Dependence and Wavelets." In Wavelets in Medicine and Biology, ed. A. Aldroubi and M. Unser, 413-438. Boca Raton, FL: CRC Press. 2 Abry, P.; P. Goncalves; and P. Flandrin. 1993. "Wavelet-Based Spectral Analysis of 1/f Processes." In International Conference on Acoustics, Speech and Signal Processing, pp. III.237-III.240. Los Alamitos, CA: IEEE Computer Society Press. 3 ------. 1995. "Wavelets, Spectrum Estimation, 1/f Processes." Wavelets and Statistics, Lecture Note in Statistics 105: 15-30. 4 Aldroubi, A., and M. Unser 1993. "Families of Multiresolution and Wavelet Spaces with Optimal Properties." Numerical Functional Analysis and Optimization 14, nos. 5-6: 417-446. 5 Barkoulas, J.T., and C.F. Baum. 1996. "Long-Term Dependence in Stock Returns." Economics Letters 53, no. 3: 253-259. 6 Barkoulas, J.T.; C.F. Baum; and N. Travlos. 2000. "Long Memory in the Greek Stock Market." Applied Financial Economics 10, no. 2: 177-184. 7 Beran, J. 1994. Statistics for Long-Memory Processes. New York: Chapman and Hall. 8 Bollerslev, T., and H.O.A. Mikkelsen. 1996. "Modeling and Pricing Long-Memory in Stock Market Volatility." Journal of Econometrics 73, no. 1: 151-184. 9 Campbell, J.Y.; A.W. Lo; and A.C. MacKinlay. 1997. The Econometrics of Financial Markets. Princeton: Princeton University Press. 10 Cheung, Y.W., and K.S. Lai. 1995. "A Search for Long Memory in International Stock Market Returns." Journal of International Money and Finance 14, no. 4: 597-615. 11 Crato, N. 1994. "Some International Evidence Regarding the Stochastic Behavior of Stock Returns." Applied Financial Economics 4, no. 1: 33-39. 12 Cutland, N.J.; P.E. Kopp; and W. Willinger. 1995. "Stock Price Returns and the Joseph Effect: A Fractional Version of the Black-Scholes Model." Progress in Probability 36: 327-351. 13 Daubechies, I. 1992. Ten Lectures on Wavelets. Philadelphia: SIAM Press. 14 Fama, E.F. 1965. "The Behaviour of Stock Market Prices." Journal of Business 38, no. 1: 34-105. 15 Flandrin, P. 1989. "On the Spectrum of Fractional Brownian Motions." IEEE Transactions on Information Theory IT-35, no. 1: 197-199. 16 ------. 1992. "Wavelet Analysis and Synthesis of Fractional Brownian Motion." IEEE Transactions on Information Theory IT-38, no. 2: 910-917. 17 Gabaix, X.; P. Gopikrishan; V. Plerou; and H.E. Stanley. 2003. "A Theory of Power-Law Distributions in Financial Market Fluctuations." Nature 423: 267-270. 18 Gordon, B., and L. Rittenberg. 1995. "The Warsaw Stock Exchange: A Test of Market Efficiency." Comparative Economic Studies 37, no. 2: 1-11. 19 Granger, C.W.J. 1980. "Long Memory Relationships and the Aggregation of Dynamic Models." Journal of Econometrics 14, 2: 227-238. 20 Hampton, J. 1996. "Rescaled Range Analysis: Approaches for the Financial Practitioner, Part 3." NeuroVe$t Journal 4, no. 1: 27-30. 21 Henry, O.T. 2002. "Long Memory in Stock Returns: Some International Evidence." Applied Financial Economics 12, no. 10: 725-729. 22 Hiemstra, C., and J.D. Jones. 1997. "Another Look at Long Memory in Common Stock Returns." Journal of Empirical Finance 4, no. 4: 373-401. 23 Hurst, H.E. 1951. "The Long-Term Storage Capacity of Reservoirs." Transactions of the American Society of Civil Engineers 116: 770-808. 24 Jagric, T. 2003. "A Nonlinear Approach to Forecasting with Leading Economic Indicators." Studies in Nonlinear Dynamics and Econometrics 7, no. 2: 1-19 (available at www.bepress.com/snde/vol7/iss2/art4). 25 Jagric, T., and R. Ovin. 2004. "Method of Analyzing Business Cycles in a Transition Economy: The Case of Slovenia." Developing Economies 42, no. 1: 42-62. 26 Lo, A. 1991. "Long-Term Memory in Stock Market Prices." Econometrica 59, no. 5: 1279-1313. 27 Mandelbrot, B.B. 1977. The Fractal Geometry of Nature. New York: W.H. Freeman. 28 Mandelbrot, B.B., and J.W. Van Ness. 1968. "Fractional Brownian Motions, Fractional Noises and Applications." SIAM Review 10: 442-437. 29 Mandelbrot, B., and J. Wallis. 1969. "Computer Experiments with Fractional Gaussian Noises: Part 3, Mathematical Appendix." Water Resources Research 5, no. 1: 228-267. 30 Mantegna, R.N., and H.E. Stanley. 2000. An Introduction to Econophysics: Correlations and Complexity in Finance. New York: Cambridge University Press. 31 Panas, E. 2001. "Estimating Fractal Dimension Using Stable Distributions and Exploring Long Memory Through Arfima Models in Athens Stock Exchange." Applied Financial Economics 11, no. 3: 395-402. 32 Pandey, V.; T. Kohers; and G. Kohers. 1995. "Chaotic Determinism in the Stock Returns of the Major Pacific Rim Equity Markets and the U.S." Paper presented at the 1995 Eastern Finance Association Meeting, Hilton Head, SC, April. 33 Paxson, V., and S. Floyd. 1994. "Wide-Area Traffic: The Failure of Poisson Modelling." Paper presented at the Proceedings of SIG-COMM'94, London, August. 34 Peters, E.E. 1992. "R/S Analysis Using Logarithmic Returns." Financial Analysts Journal 48, no. 6 (November-December): 81-82. 35 Sadique, S., and P. Silvapulle. 2001. "Long-Term Memory in Stock Market Returns: International Evidence." International Journal of Finance and Economics 6, no. 1: 59-67. 36 Schwartz, E.S. 1997. "The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging." Journal of Finance 52, no. 3: 923-973. 37 Taqqu, M.S.; V.T. Teverovsky; and W. Willinger. 1996. "Estimators for Long-Range Dependence: An Empirical Study." Fractals 3, no. 4: 785-798. 38 Tolvi, J. 2003. "Long Memory in a Small Stock Market." Economics Bulletin 7, no. 3: 1-13. 39 Willinger, W.; M.S. Taqqu; and A. Erramilli. 1996. "A Bibliographical Guide to Self-Similar Traffic and Performance Modeling for Modern High-Speed Networks." In Stochastic Networks: Theory and Applications, ed. F.P. Kelly, S. Zachary, and I. Ziedins, 339-366. Oxford: Clarendon Press. 40 Wright, J.H. 2001. "Long Memory in Emerging Market Stock Returns." Emerging Markets Quarterly 5, no. 3: 50-55. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:79-103 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Author-Name: Jani Bekő Author-X-Name-First: Jani Author-X-Name-Last: Bekő Title: Economic Policy Mix in Slovenia and the Road to the European Monetary Union Abstract: As one of the few new EU member countries to enter the Exchange Rate Mechanism II in June 2004, Slovenia decided to implement the fast-track approach for joining the European Monetary Union. Although it limits a number of exchange rate and macroeconomic risks, the strategy of quick euro adoption simultaneously requires a highly orchestrated domestic economic policy intervention. The weakest part of this integration agenda is a sustainable disinflation policy. Results of various economic policy scenarios imply that when domestic monetary policy is oriented toward precluding exchange rate variability, the existing dynamics of inflation have to be managed by an adequate mix of wage deindexation, sustainable fiscal adjustment, and rigorous price policy in segments of the Slovenian economy in which insufficient competition creates lasting price pressures, through higher costs or wage increases not based on productivity gains. Lowering inflation in Slovenia to comparable euro area levels will be evidence that the gradual approach to economic transformation after the 1990s, as it has been practiced in the Slovenian economy, is compatible with swift monetary integration and ultimate adoption of the euro. Journal: Eastern European Economics Pages: 71-90 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J6666118U2052460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Babetskii, I.; L. Boone; and M. Maurel. 2004. "Exchange Rate Regimes and Shocks Asymmetry: The Case of the Accession Countries." >i>Journal of Comparative Economics>/i>>b>32>/b>, no. 2: 212-229. 2 Backé, P.; C. Thimann; O. Arratibel; O. Calvo-Gonzalez; A. Mehl; and C. Nerlich. 2004. "The Acceding Countries Strategies Towards ERM II and the Adoption of the Euro." Occasional Paper 54, no. 10, European Central Bank, Frankfurt. 3 Bank of Slovenia. 2005. "Monetary Overview and Policy." >i>Monthly Bulletin>/i>>b>14>/b>, no. 1: 5-19. 4 Bekő, J. 2003. "The Validity of the Balance-of-Payments Constrained Growth Model for a Small Economy in Transition: The Case of Slovenia." >i>Journal of Post Keynesian Economics>/i>>b>26>/b>, no. 1 (Fall): 69-93. 5 Bekő, J., and M. Festić. 2004. "Disinflation in Slovenia: Evidence from an Iterative Multisectoral Model." >i>Eastern European Economics>/i>>b>42>/b>, no. 4 (July-August): 81-103. 6 Bofinger, P. 1994. "Is Europe an Optimum Currency Area?" In >i>Years for European Monetary Integration>/i>, ed. A. Steinherr, pp. 38-56. London: Longman. 7 Bole, V. 2003. "Denarna politika v času odÅ¡tevanja" [Monetary Policy in the Time of Countdown]. >i>Gospodarska gibanja>/i>>b>58>/b>, no. 346: 23-43. 8 Bole, V. 2004. "Segmenti ekonomske politike in priključitev EU" [Segments of Economic Policy and EU Accession]. >i>Bančni vestnik>/i>>b>53>/b>, no. 5: 5-11. 9 Bolle, M. 2003. >i>Eurozone Enlargement—Reshaping Policies and Social Conflicts.>/i> Berlin: Berlin Wissenschafts Verlag. 10 Brada, J.C., and A.M. Kutan. 2000. "The Evolution of Monetary Policy in Transition Economies." >i>Federal Reserve Bank of St. Louis Review>/i>>b>82>/b>, no. 2: 31-40. 11 Brada, J.C., and A.M. Kutan. 2002. "The End of Moderate Inflation in Three Transition Economies?" Working Paper no. 433, William Davidson Institute, Ann Arbor, Michigan, January. 12 Buiter, H.W. 1995. "Macroeconomic Policy During A Transition to Monetary Union." Centre for Economic Policy Research Discussion Paper no. 1222, London. 13 Coricelli, F., and B. Jazbec. 2001. "Real Exchange Rate Dynamics in Transition Economies." Centre for Economic Policy Research Discussion Paper no. 2869, London. 14 Drabek, Z. 1999. "A Comment on Inflation in the Czech Republic." >i>Post-Soviet Geography and Economics>/i>>b>40>/b>, no. 2: 139-141. 15 European Central Bank (ECB). 2005. "Key Macro Economic Indicators." Frankfurt (available at >a target="_blank" href='www.ecb.int/stats/money/long/html/forecast/spring2005'>www.ecb.int/s tats/money/long/html/forecast/spring2005>/a> 16 European Commission. 2004. "Convergence Report." Brussels (available at >a target="_blank" href='europa.eu.int/scadplus/leg/enl/vb/125057.htm'>europa.eu.int/scadplus /leg/enl/vb/125057.htm>/a> 17 European Commission. 2005. "Convergence Report." Brussels, March (available at >a target="_blank" href='europa.eu.int/scadplus/leg/en/lvb/125339.htm'>europa.eu.int/scadplus /leg/en/lvb/125339.htm>/a> 18 Eurostat. 2004. "Economy and Finance: Main Economic Indicators and Monetary Statistics." Brussels (available at >a target="_blank" href='epp.eurostat.cec.eu.int'>epp.eurostat.cec.eu.int>/a> 19 Fischer, C. 2002. "Real Currency Appreciation in Accession Countries: Balassa-Samuelson and Investment Demand." Working Paper no. 8, Bank of Finland, Institute for Economies in Transition Discussion, Helsinki. 20 Gibson, H.D., and E. Tsakalotos. 2004. "Capital Flows and Speculative Attacks in Prospective EU Member States." >i>Economics of Transition>/i>>b>12>/b>, no. 3: 559-586. 21 Gros, D. 2000. "How Fit Are the Candidates for EMU?" >i>World Economy>/i>>b>23>/b>, no. 10: 1367-1377. 22 Haggard, S.; R. Kaufman; and M. Shugard. 1998. "Hungarian Fiscal Policy Making in Comparative Perspective." Collegium Budapest Discussion Paper no. 151, Budapest. 23 Horvath, J., and A. Rátfai. 2004. "Supply and Demand Shocks in Accession Countries to the Economic and Monetary Union." >i>Journal of Comparative Economics>/i>>b>32>/b>, no. 2: 202-212. 24 Institute for Economic Diagnosis and Prognosis (IEDP). 2003. "Slovenija in Avstrija—Ravni cen in plač" [Slovenia and Austria—Levels of Prices and Wages]. >i>Bilten EDP>/i>>b>26>/b>, nos. 2-3: 5-24. 25 Institute of Macroeconomic Analysis and Development of the Republic of Slovenia (IMAD). 2004. "Macro Indicators." Internal data, Ljubljana. 26 Institute of Macroeconomic Analysis and Development of the Republic of Slovenia (IMAD). 2005. >i>Slovenian Economic Mirror>/i>>b>56>/b>, Report no. 3: 6-9. 27 Jones, G., and A.M. Kutan. 2004. "Exchange Rate Management Strategies in the Accession Countries: The Case of Hungary." >i>Comparative Economic Studies>/i>>b>46>/b>, no. 1: 23-45. 28 Kenen, P. 1969. "The Theory of Optimum Currency Areas: An Eclectic View." In >i>Monetary Problems in the International Economy>/i>, ed. R. Mundell and A. Swoboda, pp. 23-39. Chicago: University of Chicago Press. 29 Korhonnen, I., and J. Fidrmuc. 2001. "Similarity of Supply and Demand Shocks Between the Euro Area and the CEECs." Discussion Paper no. 14, Bank of Finland, Institute for Economies in Transition, Helsinki. 30 Kozamernik, D. 2004. "The ERM II Issues—An Interpretation of the Slovenian Approach." >i>Bilten Banke Slovenije: Prikazi in analize>/i>>b>12>/b>, no. 1: 7-20. 31 Lavrač, V. 2004. "Makroekonomska tveganja ob vstopu v ERM II in EMU" [Macroeconomic Risks After Entering in the ERM II and EMU]. Working Paper no. 29, Institute for Economic Research, Ljubljana. 32 MacDonald, R., and C. Wójcik. 2004. "Catching Up: The Role of Demand, Supply and Regulated Price Effects on the Real Exchange Rates of Four Accession Countries." >i>Economics of Transition>/i>>b>12>/b>, no. 1: 153-179. 33 McKinnon, I.R. 1963. "Optimum Currency Area." >i>American Economic Review>/i>>b>54>/b>, no. 2: 717-725. 34 Mencinger, J. 2004. "Javnofinančni sektor pred vstopom v EU" [The Public Sector Before Entering into EU]. >i>Gospodarska gibanja>/i>, >b>59>/b>, no. 355: 23-52. 35 Mihaljek, D., and M. Klau. 2004. "The Balassa-Samuelson Effect in Central Europe: A Disaggregated Analysis." >i>Comparative Economic Studies>/i>>b>46>/b>, no. 1: 63-95. 36 Mundell, A.R. 1961. "The Theory of Optimum Currency Areas." >i>American Economic Review>/i>>b>52>/b>, no. 3: 657-665. 37 Ross, M., and R. Lättemäe. 2004. "EMU Accession Issues in Estonia." >i>Comparative Economi Studies>/i>>b>46>/b>, no. 1: 146-159. 38 Von Hagen, J., and J. Zhou. 2004. "Exchange Rate Policies on the Last Stretch." In >i>Monetary Strategies for Joining the Euro>/i>, ed. Gy Szapáry and J. von Hagen, pp. 41-73. Cheltenham, UK: Edward Elgar. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:71-90 Template-Type: ReDIF-Article 1.0 Author-Name: JUTTA GÜNTHER Author-X-Name-First: JUTTA Author-X-Name-Last: GÜNTHER Author-Name: OLIVER GEBHARDT Author-X-Name-First: OLIVER Author-X-Name-Last: GEBHARDT Title: Eastern Germany in the Process of Catching Up : The Role of Foreign and West German Investors in Technological Renewal Abstract: Foreign direct investment (FDI) as a means to support economic transformation and the ongoing process of catch-up development caught researchers' attention for a number of Central and East European countries. Little research, however, has been carried out for eastern Germany in this respect, although FDI plays an important role there too. Descriptive analysis via the use of unique survey data shows that foreign and west German affiliates perform much better with respect to technological capability and labor productivity than do east German firms. The results of the regression analysis, however, show that it is not the status of ownership as such that forms a significant determinant of innovativeness in eastern Germany but, rather, firm characteristics, such as firm size, export intensity, technical state of the equipment, and research and development (R&D) activities. Given that foreign and west German affiliates perform better with respect to all of these characteristics, they can be considered as a means to support the process of technological renewal and economic development. Journal: Eastern European Economics Pages: 78-102 Issue: 3 Volume: 43 Year: 2005 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5NQW6YP8V94ACVG3 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arvanitis, S. 1997. "The Impact of Firm Size on Innovative Activity--An Empirical Analysis Based on Swiss Firm Data." Small Business Economics, vol. 9, no. 6: 473-490. 2 Autschbach, J. 1997. Internationale Standortwahl: Direktinvestitionen der deutschen Automobilindustrie in Osteuropa [International choice of location: Foreign direct investment of the German automobile industry]. Wiesbaden: Gabler. 3 Barz, M. 1998. "Foreign Direct Investment and Technology Transfer: The Case of Russia." Ph.D. disseration, Sussex University, Brighton, UK. 4 Bellmann, L.; P. Ellguth; and R. Jungnickel. 2002. "Produktivität in auslandskontrollierten Betrieben Ostdeutschlands" [Productivity in Foreign Controlled Enterprises in East Germany]. In Die ostdeutschen Betriebe in der internationalen Arbeitsteilung [Productivity in Foreign Controlled Enterprises in East Germany], ed. L. Bellmann, 85-110. Beiträge zur Arbeitsmarkt- und Berufsforschung no. 263, Institut für Arbeitsmarkt- und Berufsforschung, Nuremberg. 5 Belitz, H.; K. Brenke; and F. Fleischer. 2000. Der Beitrag ausländischer Investoren zum Aufbau wettbewerbsfähiger Wirtschaftsstrukturen in den neuen Bundesländern. Berlin: Duncker & Humblot. 6 Borrmann, C. 2003. "Methodical Problems of FDI Statistics in Accession Countries and EU Countries." HWWA Research Report no. 231, Hamburg Institute of International Economics, Hamburg. 7 Buckley, P., and M. Casson. 1976. The Future of the Multinational Enterprise. London: Macmillan. 8 ------. 1985. The Economic Theory of the Multinational Enterprise. London: Macmillan. 9 Carroli, P.; E. Pol; and P.L. Robertson. 2000. "Classification of Industries by Level of Technology: An Appraisal and Some Implications." Prometheus 18, no. 4: 417-436. 10 Caves, R.E. 1996. Multinational Enterprises and Economic Analysis. Cambridge: Cambridge University Press. 11 Cohen, W.M., and D.A. Levinthal. 1990. "Absorptive Capacity: A New Perspective on Learning and Innovation." Administrative Science Quarterly 35, no. 1: 128-152. 12 Deutsche Bundesbank. 2003. "Kapitalverflechtung mit dem Ausland" [International Capital Movements]. Statistische Sonderveröffentlichung, no. 10, Frankfurt. 13 Deutsches Institut für Wirtschaftsforschung; Institut für Arbeitsmarkt und Berufsforschung; Institut für Weltwirtschaft an der Universität Kiel; Institut für Wirtschaftsforschung Halle; Zentrum für Europäische Wirtschaftsforschung (DIW Berlin/IAB/IfW/IWH/ZEW). 2003. "Zweiter Fortschrittsbericht wirtschaftswissenschaftlicher Institute über die wirtschaftliche Entwicklung in Ostdeutschland" [Second Progress Report by Economic Research Institutes about the Economic Development in East Germany]. Special Editions 7/2003. Halle Institute for Economic Research, Halle. 14 Döhrn, R. 1996. "Direktinvestitionen und Sachkapitalbildung: Statistische Unterschiede und ihre ökonomischen Implikationen." RWI: Mitteilungen 47: 19-33. 15 Dunning, J.H. 1993. Multinational Enterprises and the Global Economy. Reading, MA: Addison-Wesley. 16 Felder, J; G. Licht; E. Nerlinger; and H. Stahl. 1996. "Factors Determining R&D and Innovation Expenditure in German Manufacturing Industries." In Determinants of Innovation: The Message of New Indicators, ed. A. Kleinknecht, 125-154. London: Macmillan. 17 Foyn, F. 2001. "Innovationserhebung der Gemeinschaft. Innovationsverhalten nach Wirtschaftszweigen" [Innovation Survey of the European Community: Innovation Behavior of Industries]. Statistik kurz gefasst, Wissenschaft und Technologie (Eurostat-Reihe), no. 1/2001. 18 Guenther, Jutta. 2004. "Technological Capability of Foreign and West German Investors in East Germany." IWH Discussion Paper 189, Halle Institute for Economic Research, Halle. 19 Hartung, J., and B. Elpert. 1999. Multivariate Statistik. Lehr- und Handbuch der angewandten Statistik [Multivariate Data Analysis: Handbook of Applied Statistics]. Munich, Vienna: Oldenbourg. 20 Hatzichronoglou, T. 1997. "Revision of the High-Technology Sector and Product Classification." STI Working Paper 1997/2, OECD, Paris. 21 Hunya, G., and J. Stankovsky. 2003. "Foreign Direct Investment in CEECs and the Former Soviet Union, with Special Attention to Austrian FDI Activities." WIIW-WIFO Data on FDI (February), Vienna Institute for International Economic Studies, Vienna. 22 Hymer, Stephen H. 1960. "The International Operation of National Firms: A Study of Direct Foreign Investment." Ph.D. dissertation, MIT, Cambridge, MA. 23 International Monetary Fund (IMF). 1993. Balance of Payments Manual, 5th ed. Washington, DC: IMF. 24 Jost, T. 1999. "Zur Aussagekraft der Direktinvestitionsstatistiken der Deutschen Bundesbank" [The Significance of Direct Investment Statistics of the Deutsche Bundesbank]. In Theorie und Empirie der Direktinvestitionen [Theory and Empirics of Foreign Direct Investment], ed. R. Döhrn and G. Heiduk, 129-148. Berlin: Duncker & Humblot. 25 Kamien, M.I., and N.L. Schwarz. 1985. "Market Structure and Innovation: A Survey." Journal of Economic Literature 13, no. 1: 1-37. 26 Klagge, B. 1997. Internationalisierung des Bankwesens in Osteuropa: die ausländische Direktinvestitionstätigkeit im ungarischen und tschechischen Bankensektor im Spannungsfeld zwischen nationalen Bedingungen und der internationalen Niederlassungspolitik multinationaler Banken [Internationalization of the Banking Sector in Eastern Europe: Foreign Direct Investment in the Hungarian and Czech Banking Sector in the Field of Conflict Between National Policies and International Choice of Location of Multinational Banks]. Munster: Lit Verlag. 27 Kölling, A. 2000. "The IAB-Establishment Panel." Schmollers Jahrbuch 120: 291-300. 28 Krockow, A. 2002. "Außenhandel mit Hochtechnologieprodukten" [Foreign Trade and High-Technology Production]. Wirtschaft und Statistik, no. 2: 116-122. 29 Nagelkerke, Nico J.D. 1991. "A Note on a General Definition of the Coefficient of Determination." Biometrika 78, no. 3: 691-692. 30 Organization for Economic Cooperation and Development (OECD). 1996. Benchmark Definition of Foreign Direct Investment. Paris: OECD. 31 ------. 1999. Science, Technology and Industry Scoreboard 1999: Benchmarking Knowledge-Based Economies. Paris: OECD. 32 ------. 2002. Measuring Globalisation: The Role of Multinationals in OECD Economies. Paris: OECD. 33 Organization for Economic Cooperation and Development/Eurostat (OECD/Eurostat). 1997. Oslo Manual: Proposed Guidelines for Collecting and Interpreting Technological Innovation Data. Paris. 34 Pampel, F.C. 2000. Logistic Regression: A Primer. Thousand Oaks, CA: Sage. 35 Pavitt, Keith. 1984. "Sectoral Patterns of Technical Change: Towards a Taxonomy and a Theory." Research Policy 13, no. 6: 343-373. 36 Rugman, Alan M. 1980. "Internalization as a General Theory of Foreign Direct Investment: A Re-Appraisal of the Literature." Weltwirtschaftliches Archiv 116: 365-379. 37 ------. 1985. "Internalization is Still a General Theory of Foreign Direct Investment." Weltwirtschaftliches Archiv 121: 570-575. 38 Sachverständigenrat. 1997. Reformen voranbringen. Jahresgutachten des Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung 1996/97 [Fostering Economic Reforms: Yearly Report of the Sachverständigenrat About the Economic Development in Germany 1996-97]. Stuttgart: Metzler-Poeschel. 39 Stephan, J. 2003. "Evolving Structural Patterns in the Enlarging European Division of Labour: Sectoral and Branch Specialisation and the Potentials for Closing the Productivity Gap." Special Editions 5/2003. Halle Institute for Economic Research, Halle. 40 Vernon, R. 1966. "International Investment and International Trade in the Product Cycle." Quarterly Journal of Economics 80: 190-207. 41 Votteler, M. 2001. "Messung der Position von Regionen bei ausländischen Direktinvestitionen" [Measuring the Position of Regions with Respect to Foreign Direct Investment]. In Wirtschaftspolitische Problemstellungen im Vorfeld des EU-Beitritts [Economic Problems in the Forefront of European Union's Enlargement], ed. W. Gerstenberger, 141-151. Bericht ifo/IfW-Symposium. Dresden: Ifo Institut. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:3:p:78-102 Template-Type: ReDIF-Article 1.0 Author-Name: Pantoleon D. Skayannis Author-X-Name-First: Pantoleon D. Author-X-Name-Last: Skyrgiannis Author-Name: Haralambos Skyrgiannis Author-X-Name-First: Haralambos Author-X-Name-Last: Skyrgiannis Title: The Role of Transport in the Development of the Balkans Abstract: The authors analyzes the transport infrastructure of the Balkan region. Even though the Balkans are an important crossroads for European trade with other parts of the world, Balkan regional transportation networks are both underdeveloped and poorly oriented to the region's need to expand its trade with the European Union (EU) and other parts of the world. The article examines both the needed regional policies for improving the transportation network and how regional efforts fit into the broader all-European programs, such as those of the EU, for improving transport in the region. Journal: Eastern European Economics Pages: 33-48 Issue: 5 Volume: 40 Year: 2002 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K1NRJVLAHE9T084R File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:5:p:33-48 Template-Type: ReDIF-Article 1.0 Author-Name: ZBIGNIEW MATKOWSKI Author-X-Name-First: ZBIGNIEW Author-X-Name-Last: MATKOWSKI Title: Postsocialist Countries : Macroeconomic Performance, Growth Prospects, and Social Welfare Abstract: The article presents a comparative analysis of the current economic situation in twenty-seven postsocialist countries of Europe and Asia, as reflected by the latest available data from various international sources. The ultimate aim is to assess the economic and social effects of transformation toward an open market economy and to elucidate the chances and threats related to further development. Current macroeconomic performance and long-term economic prospects seem to be best in Central Eastern Europe, but quite poor in the least developed countries of the Commonwealth of Independent States and the Balkans. Much of the same applies to the living standards, which have risen in the first subgroup, but rather decreased in the second. Russia, with its huge resources and a strong impact on most neighboring countries, remains the main source of uncertainty. Journal: Eastern European Economics Pages: 44-80 Issue: 3 Volume: 42 Year: 2004 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H15QNQT2W1H3KLYK File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 European Bank for Reconstruction and Development. Transition Report 2002. London, 2003. 2 Instytut Wschodni. Nowa Europa-raport z transformacji [New Europe: Report on Transformation]. Warsaw, 2003. 3 International Monetary Fund. International Financial Statistics Yearbook 2002. Washington, DC, 2002. 4 ------. International Financial Statistics. May 2003. Washington, DC, 2003. 5 ------. World Economic Outlook, April 2003. Washington, DC, 2003. 6 Matkowski, Z. "Sytuacja gospodarcza krajów posocjalistycznych-ekonomiczne i spoleczne efekty transformacji" [Economic Situation in Postsocialist Countries: Economic and Social Effects of Transformation]. Ekonomista 5 (2003): 737-74. 7 Milanovic, B. Income Inequality and Poverty during the Transition from Planned to Market Economy. Washington, DC, World Bank, 1998. 8 United Nations. World Economic Situation and Prospects 2003. New York, 2003. 9 United Nations Development Programme. Human Development Report 2002. New York: Oxford University Press, 2003. 10 United Nations Economic Commission for Europe. Economic Survey of Europe 2003. Vol.1. Geneva, 2003. 11 World Bank. Making Transition Work for Everyone: Poverty and Inequality in Europe and Central Asia. Washington, DC, 2000. 12 ------. World Development Indicators 2003. Washington, DC, 2003. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:44-80 Template-Type: ReDIF-Article 1.0 Author-Name: Yener Kandogan Author-X-Name-First: Yener Author-X-Name-Last: Kandogan Title: Does Product Differentiation Explain the Increase in Exports of Transition Countries? Abstract: This paper analyzes the increase in transition countries' exports to their nontraditional trade partners. It uses four different measures of product differentiation to determine the extent to which dynamics in product variety explain this phenomenon. It is found that opening up to new trade partners, at first, increases the number of sectors in which trade occurs. This is followed by a brief period of specialization in selected sectors, and finally, an increase in the number of varieties of products in these sectors. It is also found that the increase in product variety in Central and East European country (CEEC) exports has been much more substantial than it has been in the Commonwealth of Independent States (CIS), consistent with a much larger reorientation of CEEC trade with nontraditional partners. Journal: Eastern European Economics Pages: 6-22 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H2404836382781G0 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aturupane, C.; S. Djankov; and B. Koekman. 1999. "Horizontal and Vertical Intra-Industry Trade Between Eastern Europe and the European Union." >i>Weltwirtschaftliches Archiv>/i>>b>135>/b>, no. 1: 62-81. 2 Brenton, P., and D. Gros. 1997. "Trade Reorientation and Recovery in Transition Economies." >i>Oxford Review of Economic Policy>/i>>b>13>/b>, no. 3: 65-76. 3 Collins, S., and D. Rodrik. 1991. >i>Eastern Europe and the Soviet Union in the World Economy: Policy Analyses in International Economics>/i> 32. Washington, DC: Institute for International Economics. 4 Djankov, S., and C. Freund. 2002. "Trade Flows in the Former Soviet Union, 1987 to 1996." >i>Journal of Comparative Economics>/i>>b>30>/b>, no. 1: 76-90. 5 Djankov, S., and B. Hoekman. 1996. "Intra-Industry Trade, Foreign Direct Investment and the Reorientation of East European Exports." Centre for Economic policy Research Discussion Paper 1377, London. 6 Drabek, Z. 1983. "The Impact of Technological Differences on East-West Trade." >i>Weltwirtschaftliches Archiv>/i>>b>119>/b>, no. 4: 630-648. 7 EBRD (European Bank for Reconstruction and Development). 1995. >i>Transition Report.>/i> London. 8 Feenstra, R. 1994. "New Product Varieties and the Measurement of International Prices." >i>American Economics Review>/i>>b>84>/b>, no. 1: 157-177. 9 Feenstra, R., and J. Markusen. 1996. "Accounting for Growth with New Inputs." >i>International Economic Review>/i>>b>35>/b>, no. 2: 429-447. 10 Feenstra, R.; T.-H. Yang; and G.G. Hamilton. 1999a. "Business Groups and Product Variety in Trade: Evidence from South Korea, Taiwan, and Japan." >i>Journal of International Economics>/i>>b>48>/b>, no. 1: 71-100. 11 Feenstra, R.; D. Madani; T.-H. Yang; and C.-Y. Liang. 1999b. "Testing Endogenous Growth in South Korea and Taiwan." >i>Journal of Development Economics>/i>>b>60>/b>, no. 2: 317-341. 12 Funke, M., and R. Ruhwedel. 2001. "Product Variety and Economic Growth- Empirical Evidence for the OECD Countries." >i>IMF Staff Papers>/i>>b>48>/b>, no. 2: 225-242. 13 Funke, M., and R. Ruhwedel. 2003. "Export Variety and Economic Growth in East European Transition Economies." Bank of Finland BOFIT Discussion Paper no. 8, Helsinki. 14 Grubel, H., and P. Lloyd. 1975. >i>Intra-Industry Trade: The Theory and Measurement of International Trade in Differentiated Products.>/i> London: Basingstoke. 15 Halpern, L. 1993. "Factors and Effects of Trade Reorientation in Hungary." Centre for Economic Policy Research Working Paper no. 772, London. 16 Hamilton, C., and A. Winters. 1992. "Opening Up International Trade with Eastern Europe." >i>Economic Policy>/i>>b>14>/b>: 77-104. 17 Harrigan, J. 1996. "Openness to Trade in Manufactures in the OECD." >i>Journal of International Economics>/i>>b>40>/b>, nos. 1-2: 23-39. 18 Helpman, E. 1981. "International Trade in the Presence of Product Differentiation, Economies of Scale, and Monopolistic Competition." >i>Journal of International Economics>/i>>b>11>/b>, no. 3: 305-340. 19 Helpman, E. 1987. "Imperfect Competition and International Trade: Evidence from Fourteen Industrialized Countries." >i>Journal of the Japanese and International Economies>/i>>b>1>/b>, no. 1: 62-81. 20 Hufbauer, G. 1970. "The Impact of National Characteristics and Technology on the Commodity Composition of Trade in Manufactured Goods. In >i>The Technology Factor in International Trade>/i>, ed. R. Vernon, pp. 145-231. New York: Columbia University Press. 21 Hummels, D., and P. Klenow. 2002. "The Variety and Quality of a Nation's Trade." National Bureau of Economic Research Working Paper no. 8712, Cambridge, MA. 22 Hummels, D., and J. Levinsohn. 1993. "Product Differentiation as a Source of a Comparative Advantage?" >i>American Economic Review>/i>>b>83>/b>, no. 2: 445- 449. 23 Hummels, D., and J. Levinsohn. 1995. "Monopolistic Competition and International Trade: Reconsidering the Evidence." >i>Quarterly Journal of Economic>/i>>b>110>/b>, no. 3: 799-836. 24 Kaminski, B. 1996. "Factors Affecting Trade Reorientation of the Newly Independent States." In >i>Economic Transition in Russia and the New States of Eurasia>/i>, ed. B. Kaminski, pp. 386-415. Armonk, NY: M.E. Sharpe. 25 Kaminski, B.; L.A. Winters; and Z.K. Wang. 1996. >i>Foreign Trade in the Transition: The International Environment and Domestic Policy.>/i> Studies of Economics in Transformation 20. Washington DC: World Bank. 26 Kandogan, Y. 2003. "Reconsidering the Adjustment Costs of the Europe Agreements." >i>Applied Economics Letters>/i>>b>10>/b>, no. 2: 63-68. 27 Landesmann, M., and I. Szekely. 1995. >i>Industrial Restructuring and Trade Reorientation in Eastern Europe.>/i> Cambridge: Cambridge University Press. 28 Murrell, P. 1990. >i>The Nature of Socialist Economies: Lessons from Eastern European Foreign Trade.>/i> Princeton: Princeton University Press. 29 Muscatelli, A.; A. Stevenson; and C. Montagna. 1995. "Modeling Aggregate Manufactured Exports for Some Asian Newly Industrialized Economies." >i>Review of Economics and Statistics>/i>>b>77>/b>, no. 1: 147-155. 30 Owen, C., and S. Wren-Lewis. 1993. "Variety, Quality and UK Exports." University of Strathclyde, International Centre for Macroeconomic Modelling Discussion Paper 14, Glasgow. 31 Sheets, N., and S. Boata. 1996. "Eastern European Export Performance During Transition." Board of Governors of the Federal Reserve System, International Finance Discussion Paper no. 562, Washington, DC. 32 Winiecki, J. 1982. "Investment Cycles and an Excess Demand Inflation in Planned Economies: Sources and Processes." >i>Octa Economica>/i>>b>28>/b>, nos. 3-4: 147- 161. 33 Winiecki, J. 2000. "Successes of Trade Reorientation and Expansion in Post Communist Transition: An Enterprise Level Approach." >i>Banca Nazionale del Lavoro Quarterly Review>/i>>b>53>/b>, no. 213: 187-223. 34 Winiecki, J. 2002. >i>Transition Economies and Foreign Trade.>/i> London: Routledge 35 Zaghini, A. 2003. "Trade Advantages and Specialization Dynamics in Acceding Countries." European Central Bank Working Paper no. 249, Frankfurt- am- Main, Germany. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:6-22 Template-Type: ReDIF-Article 1.0 Author-Name: PAUL DRAGOS ALIGICA Author-X-Name-First: PAUL DRAGOS Author-X-Name-Last: ALIGICA Author-Name: ADINA DABU Author-X-Name-First: ADINA Author-X-Name-Last: DABU Title: Land Reform and Agricultural Reform Policies in Romania's Transition to the Market Economy Abstract: This article explores in depth the key legislative and policy elements of the Romanian agrarian reform, surveys their historical and social context, articulates the ideas and beliefs that guided them, and assesses their success and repercussions. This detailed overview reveals that above and beyond any structural constraints, legacies of the past, or interest group pressures, the relative failure of the Romanian agriculture reform could be largely traced to a set of assumptions and beliefs that inspired the policymakers in charge of the process: (a) The erroneous assumption that land restitution and private ownership of the land could by themselves solve the problems of low productivity; (b) the paradoxical resilience of the idea that large farm size was the ideal form of organization of production in agriculture; (c) the misplaced belief that rural markets were to emerge naturally as a result of the reintroduction of private property rights over land; and (d) the notion that agricultural policies can be designed in isolation from the overall development of the other sectors of the economy. Journal: Eastern European Economics Pages: 49-69 Issue: 5 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XVVYN6W30WV4DWXK File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:5:p:49-69 Template-Type: ReDIF-Article 1.0 Author-Name: PÉTER FÖLDVÁRI Author-X-Name-First: PÉTER Author-X-Name-Last: FÖLDVÁRI Author-Name: BAS VAN LEEUWEN Author-X-Name-First: BAS VAN Author-X-Name-Last: LEEUWEN Title: An Estimation of the Human Capital Stock in Eastern and Central Europe Abstract: Using the method suggested by Dagum and Slottje (2000), this study estimates the value of national and per capita human capital for six Central and Eastern European countries: Hungary, Slovakia, Poland, Estonia, Bulgaria, and Russia. The estimates are based on available household surveys for 1993, 1995, and 1997. The results indicate that the per capita human capital stock was much lower in Central and Eastern Europe than in the United States in 1982 as estimated by Dagum and Slottje. This paper also shows that the human capital estimates by the Dagum-Slottje method are subject to a sample selection bias, which can be corrected by the Heckman selection model. Journal: Eastern European Economics Pages: 53-65 Issue: 6 Volume: 43 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CTLRU9AH0KHJBJ98 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R.J., and J.-W. Lee. 1993. "International Comparisons of Educational Attainment." Journal of Monetary Economics 32, no. 3: 363-394. 2 ------. 1996. "International Measures of Schooling Years and Schooling Quality." American Economic Review 86, no. 2: 218-223. 3 ------. 2001. "International Data on Educational Attainment: Updates and Implications." Oxford Economic Papers 53, no. 3: 541-563. 4 Baumol, W. 1990. "Entrepreneurship: Productive, Unproductive, and Destructive." Journal of Political Economy 98, no. 5: 893-921. 5 Cohen, D., and M. Soto. 2001. "Growth and Human Capital: Good Data, Good Results." Centre for Economic Policy Research Discussion Paper no. 3025, London. 6 Dagum, C. 1978. "Toward a General Model of Production and Distribution." Hommage a Francois Perroux Presses Universitaires de Grenoble 30, no. 3: 413-436. 7 ------. 1994. "Human Capital, Income and Wealth Distribution Models and Their Applications to the USA." Paper presented at the Proceedings of the American Statistical Association, Business and Economic Section 154th Meeting. 8 Dagum, C., and D.J. Slottje. 2000. "A New Method to Estimate the Level and Distribution of Household Human Capital with Application." Structural Change and Economic Dynamics 11, no. 2: 67-94. 9 de la Fuente, A., and R. Doménech. 2000. "Human Capital in Growth Regressions: How Much Difference Does Quality Data Make?" Organization for Economic Cooperation and Development Working Paper no. 262, Paris. 10 Denison, E.F. 1967. Why Growth Rates Differ. Washington, DC: Brookings Institution Press. 11 ------. 1974. Accounting for United States Economic Growth 1929-1969. Washington DC: Brookings Institution Press. 12 Di Bartolo, A. 2000. "Human Capital Estimation Through Structural Equation Models with Some Categorical Observed Variables." Working Paper Series 2000-02, Integrated Research Infrastructure in the Socio-Economic Sciences (IRISS), Luxemburg. 13 Heckman, J.J. 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection, and Limited Dependent Variables and a Simple Estimator for such Models." Annals of Economic and Social Measurement 5 (December): 475-492. 14 Kyriacou, G.A. 1991. "Level and Growth Effects of Human Capital: A Cross-Country Study of the Convergence Hypothesis." Economic Research Reports, C.V. Starr Center for Applied Economics, New York University. 15 Le, T.; J. Gibson; and L. Oxley. 2003. "Cost- and Income-Based Measures of Human Capi-tal." Journal of Economic Surveys 17, no. 3: 271-307. 16 Lucas, R.E. 1988. "On the Mechanics of Economic Development." Journal of Monetary Economics 22, no. 1: 3-42. 17 Mulligan, C., and X. Sala-i-Martin. 1997. "A Labor Income-Based Measure of the Value of Human Capital: An Application to the States of the United States." Japan and the World Economy 9, no. 2: 159-191. 18 Nehru, V.; E. Swanson; and A. Dubey. 1995. "A New Database on Human Capital Stock in Developing and Industrial Countries: Sources, Methodology, and Results." Journal of Development Economics 46, no. 2: 379-401. 19 Oxley, L., and W. Zhu. 2002. "How Much Human Capital Does New Zealand Have?" Paper presented at Econometric Society Australasian Meeting, July, Brisbane. 20 Romer, P. 1986. "Increasing Returns and Long Run Growth." Journal of Political Economy 94, no. 5: 1002-1037. 21 ------. 1989. "Human Capital and Growth: Theory and Evidence." National Bureau of Economic Research Working Paper no. 3173, Cambridge, MA. 22 Tao, H.L., and T.F. Stinson. 1997. "An Alternative Measure of Human Capital Stock." University of Minnesota Economic Development Center Bulletin 97/01, Minneapolis. 23 United Nations. 1997. Demographic Yearbook: Historical Supplement, vol. 49. New York: Department of Economic and Social Affairs, Statistical Office of the United Nations. 24 ------. 2001. Demographic Yearbook, vol. 53. New York: Department of Economic and Social Affairs, Statistical Office of the United Nations. 25 Wooldridge, J.M. 2002. Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press. 26 Wössman, L. 2003. "Specifying Human Capital." Journal of Economic Surveys 17, no. 3: 239-270. Handle: RePEc:mes:eaeuec:v:43:y:2006:i:6:p:53-65 Template-Type: ReDIF-Article 1.0 Author-Name: MICHAL BRZOZOWSKI Author-X-Name-First: MICHAL Author-X-Name-Last: BRZOZOWSKI Title: Exchange Rate Variability and Foreign Direct Investment: Consequences of EMU Enlargement Abstract: This paper analyzes theoretically and empirically the likely impact of the reduction in exchange rate uncertainty, due to European Monetary Union accession, on the intensity of foreign direct investment (FDI) inflow into candidate countries. Theoretical models give an ambiguous picture of how exchange rate uncertainty and volatility affect the direction and magnitude of such inflows. This paper finds that exchange rate uncertainty and volatility--and nominal exchange rate uncertainty in particular--may negatively influence the decision to locate investment in transition and accession countries. Euro adoption, on the other hand, is likely to positively influence FDI inflows in accession countries. Journal: Eastern European Economics Pages: 5-24 Issue: 1 Volume: 44 Year: 2006 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1JA352EGDC1QNCYF File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aizenman, J. 1992. "Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment." National Bureau of Economic Research Working Paper no. 3953, Cambridge, MA. 2 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58, no. 2 (April): 277-297. 3 Bénassy-Quéré, A.; L. Fonatagné; and A. Lahrèche-Révil. 2001. "Exchange Rate Strategies in the Competition for Attracting Foreign Direct Investment." Journal of the Japanese and International Economies 15, no. 2: 178-198. 4 Bevan, A.A., and S. Estrin. 2000. "The Determinants of Foreign Direct Investment in Transition Economies." Center for Economic Policy Research Discussion Paper no. 2638, London. 5 Bollerslev, T. 1986. "Generalized Autoregressive Conditional Heteroskedasticity." Journal of Econometrics 31, no. 3 (April): 307-327. 6 Chakrabarti, A. 2001. "The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions." Kyklos 54, no. 1 (February): 89-114. 7 Claessens, S.; D. Oks; and R. Polastri. 1998. "Capital Flows to Central and Eastern Europe and the Former Soviet Union." World Bank Policy Research Working Paper no. 1976, Washington, DC. 8 Cushman, D.O. 1985. "Real Exchange Rate Risk, Expectations, and the Level of Direct Investment." Review of Economics and Statistics 67, no. 2: 297-308. 9 Darby, J.; A. Hughes Hallet; J. Ireland; and L. Piscitelli. 1999. "The Impact of Exchange Rate Uncertainty on the Level of Investment." Economic Journal 109, no. 454 (March): C55-C67. 10 Dixit, A.K., and R.S. Pindyck. 1994. Investment Under Uncertainty. Princeton: Princeton University Press. 11 Garibaldi, P.; N. Mora; R. Sahay; and J. Zettelmeyer. 2001. "What Moves Capital to Transition Economies." IMF Staff Papers 48 (Special Issue): 109-145. 12 Gastanaga, V.M.; J.B. Nugent; and B. Pashamova. 1998. "Host Country Reforms and FDI Inflows: How Much Difference Do They Make?" World Development 26, no. 7: 1299-1314. 13 Goldberg, L., and C. Kolstad. 1995. "Foreign Direct Investment, Exchange Rate Volatility and Demand Uncertainty." International Economic Review 36, no. 4 (November): 855-873. 14 IMF (International Monetary Fund). 2003. International Financial Statistics. Washington, DC, January. 15 Katzner, D.W. 1998. Time, Ignorance, and Uncertainty in Economic Models. Ann Arbor: University of Michigan Press. 16 Noorbakhsh, F.; A. Paloni; and A. Youssef. 2001. "Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence." World Development 29, no. 9: 1593-1610. 17 Resmini, L. 2000. "The Determinants of Foreign Direct Investment in the CEECs. New Evidence from Sectoral Patterns." Economics of Transition 8, no. 3: 665-689. 18 Sung, H., and H.E. Lapan. 2000. "Strategic Foreign Direct Investment and Exchange Rate Uncertainty." International Economic Review 41, no. 2: 411-423. 19 UNCTAD. 2002. World Investment Report: Transnational Corporations and Export Competitiveness. New York: United Nations Conference on Trade and Development. 20 World Bank. 2003. World Development Indicators, 2003. Washington, DC. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:1:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: NAZMI SARI Author-X-Name-First: NAZMI Author-X-Name-Last: SARI Title: Consumer Spending for Pharmaceuticals and Its Implications for Health Care Financing: The Case of Kazakhstan Abstract: The health care sector in the countries of the former Soviet Union experienced significant changes in the 1990s and moved away from the principle of providing free care. Kazakhstan experienced a similar trend in financing pharmaceuticals. After the introduction of direct patient contributions for outpatient pharmaceuticals, the economic burden on poor and rural people increased significantly. This article examines various policy changes in promoting equity and analyzes the implications and feasibility of subsidy programs on the health care budget. The simulations from a two-part model suggest that the program covering the poor increases the health care budget by 7.7 percent. This increases to 20 percent when extended to people in rural areas. Instead of adopting a straightforward subsidy program for certain groups, this article identifies policy alternatives that may enhance social welfare by decreasing economic inefficiencies. Journal: Eastern European Economics Pages: 43-55 Issue: 1 Volume: 42 Year: 2004 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KPHP8Q1NEP67CV7K File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abel-Smith, B., and J. Falkingham. 1995. "Financing Health Services in Kyrgyzstan: The Extent of Private Payments." London School of Economics and Political Science. 2 Albert, A.; C. Bennett; and M. Bojar. 1992. "Health Care in the Czech Repub-lic." Journal of American Medical Association 267, no. 18: 2461-66. 3 Arrow, K.J. 1963. "Uncertainty and the Welfare Economics of Medical Care." American Economic Review 53, no. 5 (December): 941-73. 4 Chawla, M.; P. Berman; and D. Kawiorska. 1998. "Financing Health Services in Poland: New Evidence on Private Expenditures." Health Economics 7, no. 4: 337-46. 5 Cook, R.D., and S. Weisberg. 1983. "Diagnostics for Heteroscedasticity in Regression." Biometrika 70, no. 1: 1-10. 6 Culyer, A.J. 1993. "Health, Health Expenditure, and Equity." In Equity in the Finance and Delivery of Health Care, ed. E. van Doorslaer, A. Wagstaff, and F. Rutten, 299-319. Oxford: Oxford University Press. 7 Delcheva, E.; D. Balabanova; and M. McKee. 1997. "Under-the-Counter Payments for Health Care: Evidence from Bulgaria." Health Policy 42: 89-100. 8 Duan, N.; W.G. Manning; C.N. Morris; and J.P. Newhouse. 1983. "A Comparison of Alternative Models for the Demand for Medical Care." Journal of Business and Economic Statistics 1, no. 2: 115-26. 9 Ensor, T., and L. Savelyeva. 1998. "Informal Payments for Health Care in the Former Soviet Union: Some Evidence from Kazakhstan." Health Policy and Planning 13, no. 1: 41-49. 10 Grootendorst, P.V. 1995. "A Comparison of Alternative Models of Prescription Drug Utilization." Health Economics 4: 183-98. 11 Heckman, J.J. 1979. "Sample Selection Bias as a Specification Error." Econometrica 47, no. 1: 153-61. 12 Kazakhstan National Statistical Agency. 1996. Government of Kazakhstan, Almaty, Kazakhstan. 13 Le Grand, J. 1984. "Equity as an Economic Objective." Journal of Applied Philosophy 1, no. 1: 39-51. 14 ------. 1987. "Equity, Health, and Health Care." Social Justice Research 1, no. 3: 257-74. 15 Leibowitz, A.; W.G. Manning; and J.P. Newhouse. 1985. "The Demand for Prescription Drugs as a Function of Cost-sharing." Social Science and Medicine 21, no. 10: 1063-69. 16 Makinen, M. 1993. Aide Memoire on the Kazakhstan Health Sector. Bethesda, MD: Abt Associates. 17 Makinen, M.; H. Waters; M. Rauch et al. 2000. "Inequalities in Health Care Use and Expenditures: Empirical Data from Eight Developing Countries and Countries in Transition." Bulletin of the World Health Organization 78, no. 1: 55-65. 18 Manning, W.G.; J.P. Newhouse; N. Duan; E.B.Keeler; and A. Leibowitz. 1987. "Health Insurance and the Demand for Medical Care: Evidence from a Randomized Experiment." American Economic Review 77, no. 3: 251-77. 19 Newhouse, J.P., et al. 1993. Free for All? Lessons from the RAND Health Insurance Experiment. Cambridge: Harvard University Press. 20 Novak, J.; V. Goldin et al. 1996. Household Survey of South Kazakhstan Oblast. Bethesda, MD: Abt Associates. 21 Sari, N., and J.C. Langenbrunner. 2001. "Consumer Out-of-Pocket Spending for Pharmaceuticals in Kazakhstan: Implications for Sectoral Reform." Health Policy and Planning 16, no. 4: 428-34. 22 Schieber, G., and A. Maeda. 1998. A Curmudgeon's Guide to Health Care Financing. Washington, DC: World Bank 23 Shaw, R.P., and C.C. Griffin. 1995. Financing Health Care in Sub-Saharan Africa Through User Fees and Insurance. Washington, DC: World Bank. 24 Street, A.; A. Jones; and A. Furuta. 1999. "Cost-sharing and Pharmaceutical Utilization and Expenditure in Russia." Journal of Health Economics 18, no. 4: 459-72. 25 University of York. 1998. Project Preparation for the Kazakhstan Health Sector Project: Final Report. York, UK: International Programme Centre for Health Economics. 26 Wagstaff, A., and E. van Doorslaer. 2000. "Equity in Health Care Finance and Delivery." In Handbook of Health Economics, ed. A.J. Culyer and J.P. Newhouse, 1803-62. Amsterdam: Elsevier Science. 27 World Bank. 1997. Kazakhstan Living Standard Measurement Survey, 1996. Washington, DC. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:1:p:43-55 Template-Type: ReDIF-Article 1.0 Author-Name: Joel I. Deichmann Author-X-Name-First: Joel I. Author-X-Name-Last: Deichmann Author-Name: Abdolreza Eshghi Author-X-Name-First: Abdolreza Author-X-Name-Last: Eshghi Author-Name: Dominique M. Haughton Author-X-Name-First: Dominique M. Author-X-Name-Last: Haughton Author-Name: Selin Ayek Author-X-Name-First: Selin Author-X-Name-Last: Ayek Author-Name: Nicholas C. Teebagy Author-X-Name-First: Nicholas C. Author-X-Name-Last: Teebagy Title: Foreign Direct Investment in the Eurasian Transition States Abstract: As foreign direct investment (FDI) continues to flow into the transition economies of Eurasia, it becomes possible to specify more extensive and robust models to explain the distribution of foreign capital. This article reports the results of a regression model based upon twenty-six variables that are reduced, through factor analysis, to four factors. Using FDI relative to population as the dependent variable, we find that human and social capital is the most important determinant of the distribution of investments that generally favors the western states over the east, and the states that are highly urbanized over those that are rural. Most important, this factor reinforces the primacy of professional skills and highly developed infrastructure that favor countries such as Poland, Hungary, and the Baltics. Second, we find that natural resources are a necessary condition for the inflow of foreign capital, as exemplified by the oil- and gas-rich states of Central Asia that are unattractive by most other measures. Third, following one decade of reforms, we find that foreign firms respond positively to favorable investment climate, trade policy, and market reforms. Finally, financial depth as measured by money, quasimoney, and credit, while important, falls just short of the one percent level of significance. We conclude with policy recommendations for the conditions that can be altered, including developing human and social capital, specifically, labor skills and infrastructure, and reform policies relevant to privatization, investment, and trade. At the same time, we acknowledge that other determinants that are beyond the control of governments, such as preconditions and the availability of raw materials, will continue to impact the attractiveness of host countries in the region. Journal: Eastern European Economics Pages: 5-34 Issue: 1 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KN85C1N292MKJ32C File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:1:p:5-34 Template-Type: ReDIF-Article 1.0 Author-Name: István Csillag Author-X-Name-First: István Author-X-Name-Last: Csillag Author-Name: Péter Mihályi Author-X-Name-First: Péter Author-X-Name-Last: Mihályi Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Last Chance: An Eighteen-Month Program for Stabilization and Reforms in Hungary Abstract: Journal: Eastern European Economics Pages: 3-100 Issue: 6 Volume: 44 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K275410N12K31472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Antal, L.; I. Csillag; and P. Mihályi. 2000a. "Versenyvil ág Arany-keretben" [The World of Competition in Arany-Frame]. >i>Népszabadság>/i> (October 5). 2 Antal, L.; I. Csillag; and P. Mihályi. 2000b. "Magyarázzuk a globalizációt" [We Are Explaining Globalization]. >i>Népszabadság>/i> (August 12). 3 Antal, L.; I. Csillag; and P. Mihályi. 2005. "Antikádárizmus, avagy még egy indulatos röpirat az átmenetrő" [Anti-Kadarism, or Another Passionate Pamphlet on Transition]. >i>Élet és Irodalom>/i> (March 4). 4 Banyár, J., and J. Mészáros. 2003. >i>Egy lehetséges és kívánatos nyugdíjrendszer>/i> [A Feasible and Desirable Pension System]. Budapest: Gondolat. 5 Bauer, T. 1981. >i>Tervgazdaság, beruházás, ciklusok>/i> [Planned Economy, Investments, Cycles]. Budapest: KJK. 6 Bauer, T., and P. Mihályi. 2003. "Ne csinálj felfordulást!" [Do Not Mess Around!]. >i>Népszabadság>/i> (September 4). 7 Békesi, L. 2001. "A modern államok költségvetési politikáját befolyásoló makrogazdasági és gazdaságpolitikai keretek" [Macroeconomic and Economic Policy Frameworks that Impact on the Fiscal Policies of Modern States]. >i>Közgazdasági Szemle>/i> 10. 8 Benedek, D.; M. Rigó; Á. Scharle; and P. Szabö. 2006. "Minimálbére emelések Magyarországon 2001-2006" [Increases of the Minimum Wage in Hungary 2001-2006]. >i>PM Kutatási Füzetek>/i> 16. 9 Berlemann, M., and M. Thum. 2005. "Blooming Landscapes in East Germany." CESifo Forum no. 4, IFO, Munich. 10 Bokros, L. 2004. >i>Verseny és szolidaritás>/i> [Competition and Solidarity]. Budapest: Élet és Irodalom. 11 Bokros, L. 2006. "Kívánja-e az államháztartási reform a lakossági tehervállalás növekedését?" [Does the Reform of Public Finances Require People to Tolerate Increased Burdens?]. >i>Élet és Irodalom>/i> (January 6). 12 Bokros, L., and J.-J. Dethier. 1998. >i>Public Finance Reform During the Transition: The Experience of Hungary.>/i> Washington, DC: World Bank. 13 Christensen, L. 2005. "Lithuanian Fiscal Reform." In >i>The Reverse Learning>/i>, ed. J. Winiecki, pp. 93-104. Rzeszow: WSIiZ (University of Information Technology and Management). 14 Csaba, I.; P. Mihályi; and L. Molnár. 2004. "Kenyér vagy kalács (Egészségügyi reform: most vagy soká)" [Bread or Cake (Health Care Reform: Now or Later)]. >i>Népszabadság>/i> (June 14). 15 Csillag, I. 1995. >i>Az Állampénztár létrehozása, mq'ködési mechanizmusa>/i> [The Establishment and Operational Mechanism of the State Fund]. Budapest: Finance Research Institute. 16 Csillag, I. 1996. "Az állam biztonságától a köz biztonságáig" [From State to Public Security]. >i>Közgazdasági Szemle>/i> 6. 17 Csillag, I. 1999a. >i>Fiscal Federalism and the Hungarian Local Governments.>/i> Budapest: Finance Research Institute; CIPE and USAID. 18 Csillag, I. 1999b. >i>Kúltségvetési reformok nemzetküzi üsszehasonlításban>/i> [International Comparison of Fiscal Reforms]. Budapest: Finance Research Institute. 19 Csillag, I. 1999c. >i>0-bázisü költségvetés>/i> [Budget with a 0-Base]. Budapest: Finance Research Institute. 20 Csillag, I. 2001a. >i>A helyi önkormányzati pénzügyi rendszerbe illeszkedő garanciarendszer létrehozásának lehetőségei>/i> [Possibilities to Establish a Guarantee System Which Fits the Financial System of Local Governments]. Budapest: Finance Research Institute, Phare. 21 Csillag, I. 2001b. "Költségvetési összhangzattan: Diktatróbl demokráciába" [Fiscal Harmony: From Dictatorship into Democracy]. >i>Közgazdasági Szemle>/i> 10. 22 Csillag, I. 2001. Küzpénzek, átláthatöság, pénzügyi fegyelem Konferencia a költségvetésről)" [Public Money, Transparency, Fiscal Discipline (Conference on the Budget)]. >i>Közgazdasági Szemle>/i> 10. 23 Csizmár, G. 2005. "Előadás a budapesti közgazdaságtudományi egyetemen." Paper delivered at the Budapest University of Economic Sciences, MTI, March 1. 24 Czeti, M., and M. Hoffman. 2006. "A magyar államadósság dinamikája: elemzés és szimulációk" [The Dynamics of Hungarian Public Debt: Analysis and Simulations]. >i>MNB-tanulmányok>/i> 50. 25 Forbes, S. 2005. >i>Flat Tax Revolution.>/i> Washington, DC: Regnary Publishing. 26 Hall, R.E., and A. Rabushka. 1985 (1995). >i>The Flat Tax.>/i> Stanford: Hoover Institution. 27 Heller, Ágnes, and Ferenc Fehér. 1993. >i>A modernitás ingája>/i> [The Pendulum of Modernism]. Budapest: T-Twins Kiadó. 28 Hetényi, István. 2006. "Az egykulcsos személyi jövedelemadóról" [On the Flat Rate Personal Income Tax]. >i>HVG>/i>, February 11. 29 Hungarian Competition Authority. 2003. "Gazdasági Versenyhivatal," [The Pharmaceutical Market]. Competition Policy Series, July 1. 30 Hüttl, A. 1997. "Az Európai Monetáris Unió és a statisztika" [The EMU and Statistics]. >i>Közgazdasági Szemle>/i> 3. 31 Irsch, N. 2005. "Small and Medium-Sized Enterprises in Eastern Germany: Status and Outlook." CESifo Forum no. 4, IFO Institute, Munich. 32 Kaldor, N. 1955. >i>An Expenditure Tax.>/i> London: Allen and Unwin. 33 Köllő, J. 2006. "Szemfényvesztés" [Delusion]. >i>HVG>/i> (February 4). 34 Kornai, J. 1972. >i>Rush Versus Harmonic Growth.>/i> Amsterdam: North-Holland. 35 Kornai, J. 1989. >i>Indulatos röpirat a gazdasági átmenet ügyében>/i> [Passionate Pamphlet in the Cause of Economic Transition in Hungary]. Budapest: HVG Rt. [Published in English as >i>The Road to a Free Economy, Shifting from a Socialist System: The Example of Hungary>/i>, New York: W.W. Norton, 1990]. 36 Kornai, J. 1996. >i>Vergődés és remény>/i> [Agony and Hope]. Budapest: KJK. 37 Kornai, J. 1998. >i>Az egészségügy reformjáról>/i> [On Health Care Reform]. Budapest: KJK. 38 Kornai, J., and K. Eggleston. 2001. >i>Welfare, Choice and Solidarity in Transition: Reforming the Health Sector in Eastern Europe.>/i> Cambridge: Cambridge University Press. 39 Kotlikoff, L. 2005. "Pension and Medicost Reform-Averting the Demographic/Fiscal Demise." CESifo Forum no. 4, IFO Institute, Munich. 40 Kun, I. 2004. "Pacuha ország" [An Untidy Country]. >i>Beszélő>/i> 5. 41 László, C. 2001. >i>"Vargabetűk>/i> az államháztartási reform tízéves történetében (1988-1997)" [Detours in the 10-Year History of the Reform of Public Finances]. >i>Közgazdasági Szemle>/i> 10. 42 Marx, K., and F. Engels. 1972. >i>A politikai gazdaságtan bírálatának alapvonalai>/i> [A Contribution to the Critique of Political Economy]. Budapest: Kossuth Könyvkiadó 46/I. 43 Mihályi, P. 1983. "Személyi jövedelemadó vagy valami más" [Personal Income Tax or Something Else]. >i>Figyelő>/i> (March 3). 44 Mihályi, P. 1997. "Privatizáció és a kárpótlás befejezése" [Privatization and the Accomplishment of Compensation]. >i>Napi Gazdaság>/i> (August 28). 45 Mihályi, P. 1998. >i>A magyar privatizáció krónikája 1989-1997>/i> [The Chronicle of Privatization in Hungary 1989-1997]. Budapest: KJK. 46 Mihályi, P. 1999. "Tíz éves az Indulatos röpirat (Kornai János: Indulatos röpirat a gazdasági átmenet ügyében)" [The Passionate Pamphlet Was Born Ten Years Ago (János Kornai: Passionate Pamphlet on Economic Transition)]. >i>Beszélő>/i> 10. 47 Mihályi, P. 2000a. "Káros lehet az önálló baleset-biztosító" [The Independent Accident-Insurance Might Be Harmful]. >i>Világgazdaság>/i> (April 21). 48 Mihályi, P. 2000b. >i>Magyar egészségügy: diagnózis és terápia>/i> [Hungarian Health Care: Diagnosis and Therapy]. Budapest: Springer Orvosi Kiadó. 49 Mihályi, P. 2003a. "Ápolásbiztosítás, a végig nem gondolt gondolat" [Nursing Insurance: An Idea Not Carefully Thought Over]. >i>Egészségügyi Gazdasági Szemle>/i> 6. 50 Mihályi, P. 2003b. >i>Bevezetés az egészségügy közgazdaságtanába>/i> [Introduction into Health Care Economics]. Veszprém: Veszprémi Egyetemi Kiadó. 51 Mihályi, P. 2004a. "A hálapénzről-talán utoljára" [On Gratitude Money-Maybe for the Last Time]. >i>Egészségügyi Gazdasági Szemle>/i> (May, Special edition). 52 Mihályi, P. 2004b. "Szempontok a magyar vasút távlati stratégiájának kidolgozásához" [Considerations as to the Long-Term Strategy of Hungarian Railways, Parts I-II]. >i>Közlekedéstudományi Szemle>/i> 9-10. 53 Mihályi, P. 2005a. "Az egészségügyi reform koncepcionális határai" [Conceptional Limits to Health Care Reform]. >i>Egészségügyi Gazdasági Szemle>/i> (November). 54 Mihályi, P. 2005b. "Közteherviselés-ma és holnapután" [General and Proportional Sharing in Taxation-Today and the Day After]. >i>Álet és Irodalom>/i> (September 16). 55 Mihályi, P. 2005c. "Jó úton járunk? Magyarország eurósratégiája" [Are We on the Right Track? The Euro-Strategy of Hungary]. >i>Közgazdasági Szemle>/i> 7-8. 56 Mogyorósy, Z. 1999. "Javaslat a gyógyszerek társadalombiztosítási támogatásának szabályozására (Tudományos bizonyítékon alapuló gyógyszer-támogatási rendszer)" [Proposal for the Regulation of the Subsidy Provided by the Social Security Funds for Medicines: A System Based on Scientific Evidence]. Budapest. 57 Neményi, J. 2001. "A felzárkózás fiskális feltételei" [Fiscal Preconditions for Convergence]. >i>Közgazdasági Szemle>/i> 10. 58 Orbán, G., and D. Palotai. 2005. "A magyar nyugdíjrendszer fenntarthatósága" [The Sustainability of the Hungarian Pension System]. >i>MNB Tanulmányok>/i> 40. 59 Pete, P. 2001. "Elemzési keret egy leendő államháztartási reform alapelveihez" [Analytical Framework for the Fundamental Principles of a Public Finances Reform To Be Implemented]. >i>Közgazdasági Szemle>/i> 10. 60 Pitti, Z. 2005. "A hazai gazdaság fejlődésének tulajdonosfüggői jellemzői" [Owner-Related Features of Hungarian Economic Development]. >i>Európai Tükör>/i> 1. 61 Radice, H. 1982. "The National Economy-A Keynesian Myth?" Paper presented at the Annual Conference of Socialist Economists, Bradford. 62 Ragnitz, J. 2005. "Fifteen Years After: East Germany Revisited." CESifo Forum no. 4, IFO Institute, Munich. 63 Rechnitzer, J. 2005. "Miért élnek jobban az emberek a Dunántúlon, mint az Alföldön? Regionális különbségek és kezelési technikák" [Why Are People Better Off in Transdanubia than in the Great Plain? Regional Disparities and Ways to Handle Them]. University of Omniscience, Budapest, November 23. 64 Samuelson, P.A., and W.D. Nordhaus. 1999. >i>Közgazdaságtan>/i> [Economics], vols. I-III. Budapest: KJK. 65 Sárközy, T. 1996. >i>A hatékonyabb kormányzásért>/i> [For the More Efficient Governance]. Budapest: Magvető. 66 Sárközy, T. 2006. >i>Államszervezetünk potenciazavarai (Javaslat egy hatékony és modern kormányzati szervezet kialakítására)>/i> [Disturbances in the Potential of Our Public Administration: Proposal to Establish an Efficient and Modern Government]. Budapest: HVG-Orac. 67 Schuknecht, L., and V. Tanzi. 2005. "Reforming Public Expenditure in Industrialized Countries—Are There Trade-Offs?" European Central Bank Working Paper no. 435, Frankfurt-am-Main. 68 Soós, K.A. 2005. "Választási gazdaságpolitikák és folyó fizetési mérleg alakulása" [Economic Policies for Elections and Changes in the Current Account]. >i>Közgazdasági Szemle>/i> 12. 69 Stern, N. 1982. "On the Specification of Models of Optimum Income Taxation." >i>Journal of Public Economics>/i> 6. 70 Surányi, G. 2005. "The Euro Framework Must Be Reformed." >i>Banker>/i> (March 7). 71 Szántó, A. 2001. "Államháztartás a dirigizmus jegyében" [Public Finances in the Spirit of Dirigism]. >i>Közgazdasági Szemle>/i> 10. 72 Tanzi, Vito. 2005. "Fiscal Policy and Fiscal Rules in the European Union." CESifo Forum no. 3, IFO Institute, Munich. 73 Vanicsek, Mária. 1998. >i>Az elosztásos privatizáció>/i> [Distributive Privatization]. Számadás a talentumról series. Budapest: ÁPV Rt. 74 von Dohnányi, Klaus. 2005. >i>Unification, Reconstruction and Federalist Reform in Germany.>/i> CESifo Forum no. 4, IFO Institute, Munich. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:6:p:3-100 Template-Type: ReDIF-Article 1.0 Author-Name: Bernhard Seliger Author-X-Name-First: Bernhard Author-X-Name-Last: Seliger Title: Toward a More General Theory of Transformation Abstract: Scientific interest in studying the problems of the transformation of economic systems remains high more than ten years after the revolutionary changes in Central and Eastern Europe (CEE). At the same time, transformation theory has revealed several problems that are not possible to solve using mainstream economic theory. A reformulation of transformation theory is proposed, using the discussion of the Ordnungsproblem by the German ordo-liberals, the Austrian tradition, especially the evolutionary competition process for institutions, new institutional economics (NIE), and public choice as the main ingredients. Such a theory could also be applied to transformation processes apart from those in CEE. Journal: Eastern European Economics Pages: 36-62 Issue: 1 Volume: 40 Year: 2002 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TEU2F3MKRRY9G7U7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:36-62 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 43 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4GMP8DLJ61Q09EMC File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2006:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEPH C. BRADA Author-X-Name-First: JOSEPH C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 43 Year: 2005 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NG5NJKRCX677QJNE File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2005:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Ekrem Tatoglu Author-X-Name-First: Ekrem Author-X-Name-Last: Tatoglu Author-Name: Keith W. Glaister Author-X-Name-First: Keith W. Author-X-Name-Last: Glaister Author-Name: Fuat Erdal Author-X-Name-First: Fuat Author-X-Name-Last: Erdal Title: Determinants of Foreign Ownership in Turkish Manufacturing Abstract: This study provides a comprehensive account of foreign investors' ownership strategies in the manufacturing sector in Turkey, drawing broadly on the framework of Dunning's eclectic theory and the transaction cost model of ownership. Unlike most of the prior research on equity ownership, which has been confined to a single source country, this study examines the ownership determinants of firms from numerous countries investing in a single host country. The study is based on a sample of 659 foreign affiliates of multinational enterprises with varying levels of foreign ownership. The study first examines the choice between a wholly owned subsidiary (WOS) and a joint venture (JV). The results show that cultural distance between the home country and the host country, the concentration ratio of the industry, diversification of parent-affiliate, capital size of affiliate, location of the affiliate, and, to some extent, the age of affiliate have the expected impact, supporting the study's hypotheses. However, the results concerning the impact of natural resource intensity of the target industry are contrary to expectations and contradict the findings of previous research. Next, the choice of equity level if the ownership structure is a JV is examined. The variables of cultural distance, diversification of parent-affiliate, and concentration ratio of Turkish industry entered prove relatively strong determinants of foreign ownership level. Little or no support is found for the impact of the age of the JV, the capital size of the JV, and the location of the JV on the foreign equity ownership level. Journal: Eastern European Economics Pages: 5-41 Issue: 2 Volume: 41 Year: 2003 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B3BE3YD4U3RU136L File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:2:p:5-41 Template-Type: ReDIF-Article 1.0 Author-Name: Nikolaynenovsky Kalinhristov Author-X-Name-First: Nikolaynenovsky Author-X-Name-Last: Kalinhristov Author-Name: Mihail Mihaylov Author-X-Name-First: Mihail Author-X-Name-Last: Mihaylov Title: Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries Abstract: The article carries out a comparative and descriptive analysis of the currency boards that have been introduced in three East European countries: Bulgaria, Estonia, and Lithuania. The initial conditions and specific features of currency boards in these three countries are presented in detail. There is also a focus on the institutional, organizational, legal, and political characteristics of these currency boards. Special attention is given to deviations from the orthodox currency board framework. Currency boards in the countries under consideration limit the scope for monetary policy, due to the presence of atypical balance sheet items and the employment of a number of monetary policy instruments. The comparison of currency board operation in the three countries reveals significant differences in the historical background of currency board adoption, institutional design, and overall macroeconomic framework. This observation does not fit completely with the generally accepted view that currency boards in the three transition economies function in a similar pattern and that the differences among them are insignificant. The article suggests some new directions for the analysis of currency boards in transition countries. Journal: Eastern European Economics Pages: 6-35 Issue: 1 Volume: 40 Year: 2002 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C2P8HXXDA4BXXU74 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:6-35 Template-Type: ReDIF-Article 1.0 Author-Name: Evgeni Peev Author-X-Name-First: Evgeni Author-X-Name-Last: Peev Title: Ownership and Control Structures in Transition to "Crony” Capitalism: The Case of Bulgaria Abstract: The transformation of the Bulgarian economy has been hampered by a process of privatization that created “crony capitalism,” which is characterized by the lack of appropriate capital market institutions and by ownership objectives and behaviors that are inappropriate to a market economy. How such forms of ownership developed and how they hamper the development of a true market economy in Bulgaria are discussed.Some policies for creating better ownership forms are also examined. Journal: Eastern European Economics Pages: 73-91 Issue: 5 Volume: 40 Year: 2002 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QPBQC35KVM0PWV88 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:5:p:73-91 Template-Type: ReDIF-Article 1.0 Author-Name: Phillip J. Bryson Author-X-Name-First: Phillip J. Author-X-Name-Last: Bryson Title: User Fees in Local Finance: Performance and Potential in the Czech Republic and Slovakia Abstract: >p>The Czech Republic and Slovakia, like other transition countries in Central and Eastern Europe, have given significant lip service to fiscal decentralization and engaged in public administration reforms. But the subnational governments of their public finance systems still lack relative autonomy, which could be addressed partly through developing independent revenue sources for their municipalities and regions. Currently, such independent revenue sources include the proceeds of a strictly nominal property tax as well as those of a small set of local user fees and taxes designed and approved by the central governments. Together they represent only about 5 percent of total municipal budget revenues.>/p>>p>A number of market democracies have used user fees dramatically to generate revenues for local governments, a possibility that remains undiscovered in the Czech Republic and Slovakia. User fees could potentially generate badly needed revenue for the municipal and regional governments of the twin republics. The user fees and taxes currently available to the local governments of the two republics are reviewed, primarily to demonstrate their current, very limited use. The revenue implications of current fees are also addressed, revealing them as little more than nuisance fees. A discussion on the growing significance of user fees globally and their potential for the Czech Republic and Slovakia suggests the possibility for heavier use. Particular attention is paid to the question of charging user fees not only for cost recovery, but to provide some budgetary relief for hard-pressed local authorities in economic transition. A basic theory of optimal, revenue-enhancing user fees is presented.>/p> Journal: Eastern European Economics Pages: 5-27 Issue: 2 Volume: 46 Year: 2008 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=02V23301U030P58V File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bätz, K. 1979. >i>Administrierte Preispolitik öffentlicher Unternehmen, Gebühren und Tarife als Mittel zur Lenkung der Nachfrage nach öffentlichen Leistungen>/i> [Administered Price Policies of Public Enterprises: Fees and Tariffs as a Means of Linking the Demand for Public Services]. Baden-Baden: Nomos. 2 Besley, T. J. 1991. "Welfare Improving User Charges for Publicly Provided Private Goods." >i>Scandinavian Journal of Economics>/i> 93, no. 4: 495-510. 3 Bird, R. M., and T. Tsiopoulos. 1997. "User Charging in the Federal Government—A Background Document." Treasury Board of Canada, Ottawa (available at >a target="_blank" href='http://www.tbs-sct.gc.ca/pubs_pol/opepubs/TB_H/UCFG-PR_e.asp?printab le=True'>www.tbs-sct.gc.ca/pubs_pol/opepubs/TB_H/UCFG-PR_e.asp?printable=T rue>/a> 4 Bös, D. 1986. >i>Public Enterprise Economics, Theory, and Application.>/i> Amsterdam: Elsevier. 5 Bryson, P. J., and G. C. Cornia. 2003. "Moral Hazard in Property Tax Administration: A Comparative Analysis of the Czech and Slovak Republics." >i>Comparative Economic Studies>/i> 45, no. 1: 44-62. 6 Detig, D. 2004. >i>Die kommunale Anstalt des öffentlichen Rechts als Wirtschafts-förder-ungsinstitutution>/i> [The Communal Institution of Public Law as an Agent of Economic Development]. Baden-Baden: Nomos. 7 Dewees, D. N. 2002. "Pricing Municipal Services: The Economics of User Fees." >i>Canadian Tax Journal/Revue Fiscale Canadienne>/i> 50, no. 2: 586-599. 8 Downing, P. B. 1992. "The Revenue Potential of User Charges in Municipal Finance." >i>Public Finance Quarterly>/i> 20, no. 4: 512-527. 9 Feng, X., and P. Friedrich. 2004. "Location Theory of Public Enterprises." Paper presented at the Advanced Studies Summer Institute of the European Regional Studies Association. 10 Frenkel, M. 1986. >i>Federal Theory.>/i> Canberra: Centre for Research on Federal Financial Relations, Australian National University. 11 Friedrich, P. 1969. >i>Investitionskriterien für Gemeindeunternehmen>/i> [Investment Criteria for Communal Enterprises]. Tübingen: Mohr. 12 Frič, P.; R. Goulli; S. Toepler; and L. M. Salamon. 1999. "The Czech Republic." In >i>Civil Society: Dimensions of the Nonprofit Sector>/i>, ed. L. M. Salamon, H. K. Anheier, R. List, S. Toepler, and S. W. Sokolowski. Baltimore, MD: Johns Hopkins Center for Civil Society Studies. 13 Friedrich, P.; J. Gwiazda; and C. W. Nam. 2003. "Development of Local Public Finance in Europe." CESifo Working Paper no. 1107, Munich, Germany. 14 Friedrich, P.; A. Kaltschütz; and C. W. Nam. 2004. "Recent Development of Municipal Finance in Selected European Countries." ERSA Conference Papers (available at >a target="_blank" href='http://ideas.repec.org/p/wiw/wiwrsa/ersa04p288.html'>http://ideas.re pec.org/p/wiw/wiwrsa/ersa04p288.html>/a> 15 Gertler, P. J., and J. S. Hammer. 1997. "Strategies for Pricing Public Health Services." World Bank Group Policy Research Working Papers, Washington, DC. 16 Griffin, C. 1987. "User Charges for Health Care in Principle and Practice." Economic Development Institute, Seminar Paper no. 37, World Bank, Washington DC. 17 "Hospodarení územních samospráv" [The Economics of Regional Self-Government]. 2003. >i>Obec a Finance>/i> (March) (available at >a target="_blank" href='http://denik.obce.cz/go/clanek.asp?id=5521879'>http://denik.obce.cz/ go/clanek.asp?id=5521879>/a> 18 Hyman, D. N. 1993. >i>Public Finance: A Contemporary Application of Theory to Policy>/i>, 4th ed. Fort Worth: Dryden Press, Harcourt Brace College. 19 International Monetary Fund (IMF). 2002. "Czech Republic—November 2002 IMF Staff Visit: Concluding Statement (Preliminary)." Washington, DC (available at >a target="_blank" href='http://www.imf.org/external/np/ms/2002/111902.htm'>www.imf.org/exter nal/np/ms/2002/111902.htm>/a> 20 Jimenez, E. 1996. "Human and Physical Infrastructure." In >i>Handbook of Development Economics>/i>, ed. J. Behrman and T. Srinavasan. Amsterdam: North-Holland. 21 Jirásková, Z., and A. Å neberková. 2002. >i>Místní Poplatky V Praxi>/i> [Local Fees in Practice]. Prague: Polygon. 22 Kaiser, F. M. 1988. "U. S. Customs Service User Fees: A Variety of Charges and Counter-Charges." >i>Public Budgeting & Finance>/i> 8, no. 3: 78-95. 23 Lee, D. R., and P. W. Wilson. 1991. "Efficient User Charges in a Rent-Seeking Model." >i>Economic Inquiry>/i> 29, no. 2: 367-374. 24 Lösenbeck, H.-D. 1963. >i>Die Preisbildung öffentlicher Unternehmen>/i> [Price Formation in Public Firms]. Berlin: Duncker & Humblot. 25 Montreal Economic Institute. 2004. "The Pros and Cons of Public Service User Fees." Economic Note, Montreal (available at >a target="_blank" href='http://www.iedm.org/uploaded/pdf/december03.pdf'>www.iedm.org/upload ed/pdf/december03.pdf>/a> 26 National Parliament, Republic of Slovakia. 1990. "Zakon Slovenskej národnej rady y 27 novembra 1990 o miestnych poplatkoch" [Law of the Slovak National Council of November 27 1990 on Local Fees]. Republic of Slovakia, Bratislava, November. 27 Newbery, D. M. 1988a. "Road Damage Externalities and Road User Charges." >i>Econometrica>/i> 56, no. 2: 295-316. 28 Newbery, D. M. 1988b. "Road User Charges in Britain." >i>Economic Journal>/i> 98, no. 390: 161-176. 29 Nolan, B., and V. Turbat. 1995. "Cost Recovery in Public Health Services in Sub-Saharan Africa." EDI Technical Series, World Bank, Washington, DC. 30 Oort, C. J. 1961. >i>Der Marginalismus als Grundlage der Preisbildung in der Verkehrswirtschaft.>/i> [Marginalism as the Foundation of Price Formation in the Transportation Economy]. Rotterdam: Stichting Verkeerswetenschappelijk Centrum. 31 Organization for Economic Cooperation and Development (OECD). 1997. "Managing Across Levels of Government: Czech Republic." Paris (available at >a target="_blank" href='http://www.oecd.org/dataoecd/10/46/1902461.pdf'>www.oecd.org/dataoec d/10/46/1902461.pdf>/a> 32 Organization for Economic Cooperation and Development (OECD). 2001. "OECD Urges Governments to Focus on More Efficiency in Tax Policies." OECD Press Release, Paris (available at >a target="_blank" href='http://www.oecd.org/document/4/0,2340,en_2649_37427_1914180_1_1_1_37 427,00.html'>www.oecd.org/document/4/0,2340,en_2649_37427_1914180_1_1_1_37 427,00.html>/a> 33 Organization for Economic Cooperation and Development (OECD). 2004. "Economic Survey of the Czech Republic 2004: Fiscal Policy and Public-Expenditure Reform." Paris (available at >a target="_blank" href='http://www.oecd.org/document/18/0,2340,en_2649_37427_33915346_1_1_1_ 37427,00.html'>www.oecd.org/document/18/0,2340,en_2649_37427_33915346_1_1_ 1_37427,00.html>/a> 34 Oum, T. H., and Y. Zhang. 1990. "Airport Pricing: Congestion Tolls, Lumpy Investment, and Cost Recovery." >i>Journal of Public Economics>/i> 43, no. 3: 353-374. 35 Sedmihradská, L. 2005. >i>The Municipal Budgetary Process and Decision Making on the Revenue Side of the Budget in the Czech Republic.>/i> Bratislava: Network of Institutes and Schools of Public Administration in the Central and Eastern European Countries. 36 Smith, V. 2002. "Power to the People," >i>Wall Street Journal>/i> (October 29) (available at >a target="_blank" href='http://opinionjournal.com/extra/?id=110002540'>http://opinionjournal .com/extra/?id=110002540)>/a> 37 Thiemeyer, T. 1964. >i>Grenzkostenpreise bei öffentlichen Unternehmen>/i> [Marginal Cost Pricing of Public Firms]. Cologne: Westdeutscher Verlag. 38 Thiemeyer, T. 1970. >i>Gemeinwirtschaft als Ordnungsprinzip>/i> [Communal Economics as a Principle of the Economic Order]. Berlin: Duncker & Humblott. 39 Timothy, B. 1991. "Welfare Improving User Charges for Publicly Provided Private Goods." >i>Scandinavian Journal of Economics>/i> 93, no. 4: 495-510. 40 Vickrey, W. 1969. "Congestion Theory and Transport Investment." >i>American Economic Review>/i> 59, no. 2: 251-260. 41 Vickrey, W. 1999. "Henry George, Economies of Scale, and Land Taxation." In >i>Land-Value Taxation: The Equitable and Efficient Source of Public Finance>/i>, ed. K. C. Wenzer, pp. 24-36. London: Shepheard-Walwyn. 42 Wirl, F. 1991. >i>Die Theorie öffentlicher Firmen: Rahmenbedingungen für effiziente Versorgungsunternehmen>/i> [The Theory of Public Firms: Conditions for the Efficiency of Supplying Firms]. Baden-Baden: Nomos. 43 Woleková, H.; A. Petrášová; S. Toepler; and L. M. Salamon. 1999. "Slovakia." In >i>Civil Society: Dimensions of the Nonprofit Sector>/i>, vol. 2, ed. L. M. Salamon, H. K. Anheier, R. List, S. Toepler, S. W. Sokolowski. Baltimore, MD: Johns Hopkins Center for Civil Society Studies. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:2:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: Å tefan Bojnec Author-X-Name-First: Å tefan Author-X-Name-Last: Bojnec Author-Name: Imre Fertő Author-X-Name-First: Imre Author-X-Name-Last: Fertő Title: The Catching-Up Process of European Enlargement: Hungarian and Slovenian Agricultural, Food, and Forestry Trade Abstract: This paper analyzes trade balances and unit values in Hungarian and Slovenian bilateral agricultural, food, and forestry trade with Austria, Germany, and Italy, respectively, to distinguish types of one-way and two-way trade flows, categories of price competition, and categories of quality competition. Two-way trade flows prevail among trade types. In two-way bilateral trade, categories of price competition prevail over categories of nonprice competition, but vary across trading partners. In Hungarian trade, successful price and quality competition prevail, suggesting comparative advantages for Hungarian produce arising from available agricultural factor endowments and technological improvements in processing compared with bilateral EU trading partners. In Slovenian two-way trade, unsuccessful price and quality competition prevail, suggesting comparative trade disadvantages arising from agricultural and structural disadvantages compared with bilateral EU trading partners. Looking dynamically, we find no significant catch-up in successful competition, as for Hungary, both successful price and successful nonprice competition increased only for Austria, but deteriorated for Germany and Italy. For Slovenia, successful price and nonprice competition remain at a similar level as Austria, but decline compared with Germany and Italy. The probability of remaining one-way trade is greater than the probability of staying within the same competition category in two-way trade. There are differences across countries and over individual years, but the mobility indices indicate decline in trade flow mobility, and thus, more stable trade patterns over time. Journal: Eastern European Economics Pages: 5-34 Issue: 5 Volume: 45 Year: 2007 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1750535375205821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aiginger, K. 1997. "The Use of Unit Values to Discriminate Between Price and Quality Competition." >i>Cambridge Journal of Economics>/i> 21, no. 5: 571-592. 2 Anderson, K. 1992. "Will Eastern Europe and the Soviet Republics Become Major Agricultural Exporters?" In >i>Improving Agricultural Trade Performance Under the GATT>/i>, ed. B. Tilman, R. Gray, and A. Schmitz, pp. 5-26. Kiel: Wissenschaftsverlag Vauk. 3 Bojnec, Å . 2001a. "Patterns of Intra-Industry Trade in Agricultural and Food Products During Transition." >i>Eastern European Economics>/i> 39, no. 1 (January-February): 61-89. 4 Bojnec, Å . 2001b. "Trade and Revealed Comparative Advantage Measures: Regional and Central and East European Agricultural Trade." >i>Eastern European Economics>/i> 39, no. 2 (March-April): 72-98. 5 Brasili, A.; P. Epifani; and R. Helg. 2000. "On the Dynamics of Trade Patterns." >i>De Economist>/i> 148, no. 2: 233-257. 6 Dulleck, U.; N. Foster; R. Stehrer; and J. Woerz. 2005. "Dimensions of Quality Upgrading: Evidence from CEECs." >i>Economics of Transition>/i> 13, no. 1 (January): 51-76. 7 European Commission. 1999. "The Agricultural Situation in the European Community." 1998 report. Brussels. 8 Fertő, I. 2005. "Vertically Differentiated Trade and Differences in Factor Endowment: The Case of Agri-Food Products Between Hungary and the EU." >i>Journal of Agricultural Economics>/i> 56, no. 1: 117-134. 9 Fertő, I., and L.J. Hubbard. 2004. "The Dynamics of Agri-Food Trade Patterns—The Accession Countries' Case." Paper presented at Seventy-Eighth Annual Conference of the Agricultural Economics Society, Imperial College, London, April 2-4. 10 Funke, M., and R. Ruhwedel. 2005. "Export Variety and Economic Growth in East European Transition Economies." >i>Economics of Transition>/i> 13, no. 1 (January): 25-50. 11 Gehlhar, M.J., and D.H. Pick. 2002. "Food Trade Balances and Unit Values: What Can They Reveal About Price Competition?" >i>Agribusiness>/i> 18, no. 1: 61-79. 12 Greenaway, D.; R.C. Hine; and C.R. Milner. 1994. "Country-Specific Factors and the Pattern of Horizontal and Vertical Intra-Industry Trade in the UK." >i>Weltwirtschaftliches Archiv>/i> 130, no. 1: 77-100. 13 Günther, J., and O. Gebhardt. 2005. "Eastern Germany in the Process of Catching Up: The Role of Foreign and West German Investors in Technological Renewal." >i>Eastern European Economics>/i> 43, no. 3 (May-June): 78-102. 14 Janda, K., and D. Münich. 2004. "The Intra-Industry Trade of the Czech Republic in the Economic Transition." >i>Emerging Markets Finance and Trade>/i> 40, no. 2 (March-April): 27-50. 15 Lee, M.; M. Nziramasanga; and S.H. Ahn. 2004. "Transformation Strategy and Economic Performance: Hungary and Poland." >i>Eastern European Economics>/i> 42, no. 1 (January-February): 25-42. 16 Organization for Economic Cooperation and Development (OECD). 2006. >i>Producer and Consumer Support Estimates, OECD Database 1986-2005>/i>. Paris. 17 Proudman, J., and S. Redding. 2000. "Evolving Patterns of International Trade." >i>Review of International Economics>/i> 8, no. 3: 373-396. 18 Redding, S. 2002. "Specialization Dynamics." >i>Journal of International Economics>/i> 58, no. 2: 299-334. 19 Shorrocks, A. 1978. "The Measurement of Mobility." >i>Econometrica>/i> 46, no. 5: 1013-1024. 20 Stiglitz, J.E. 1987. "The Causes and Consequences of the Dependence of Quality on Prices." >i>Journal of Economic Literature>/i> 25, no. 1: 1-48. 21 Tangermann, S. 1994. "West Looks East." >i>European Review of Agricultural Economics>/i> 21, nos. 3-4: 375-392. 22 Ulff, J., and M. Nielsen. 2000. "Price-Quality Competition in the Exports of the Central and Eastern European Countries." >i>Intereconomics>/i> 40, no. 2 (March-April): 94-101. 23 Wörz, J. 2005. "Dynamics of Trade Specialization in Developed and Less Developed Countries." >i>Emerging Markets Finance and Trade>/i> 41, no. 3 (May-June): 92-111. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:5:p:5-34 Template-Type: ReDIF-Article 1.0 Author-Name: Dietrich Earnhart Author-X-Name-First: Dietrich Author-X-Name-Last: Earnhart Author-Name: Lubomír Lízal Author-X-Name-First: Lubomír Author-X-Name-Last: Lízal Title: Direct and Indirect Effects of Ownership on Firm-Level Environmental Performance Abstract: This paper empirically analyzes the effects of ownership structure on firmlevel environmental performance and examines the link between financial performance and environmental performance in a transition economy. Additionally, it examines the effect of ownership structure on profitability. Because investment is effectively constrained by the level of profits during the sample period, ownership may indirectly affect environmental performance by expanding firms' profitability. By linking the estimated effect of ownership on profits and the estimated effect of profits on environmental performance, we calculate the indirect effect of ownership on environmental performance. Journal: Eastern European Economics Pages: 66-87 Issue: 4 Volume: 45 Year: 2007 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V303754422K31168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arora, S., and T. Cason. 1995. "An Experiment in Voluntary Environmental Regulation: Participation in EPA's 33/50 Program." >i>Journal of Environmental Economics and Management>/i> 28, no. 3: 271-286. 2 Arora, S., and T. Cason. 1996. "Why Do Firms Volunteer to Exceed Environmental Regulations? Understanding Participation in EPA's 33/50 Program." >i>Land Economics>/i> 72, no. 4: 413-432. 3 Austin, D.; A. Alberini; and J. Videras. 1999. "Is There a Link Between a Firm's Environmental and Financial Performance?" Paper presented at NBER Summer Institute Public Economics Workshop, Public Policy and the Environment, Cambridge, MA, August 2. 4 Bluffstone, R. 1999. "Are the Costs of Pollution Abatement Lower in Central and Eastern Europe? Evidence from Lithuania." >i>Environment and Development Economics>/i> 44, no. 4: 449-470. 5 Claessens, S., and S. Djankov. 1999. "Ownership Concentration and Corporate Performance in the Czech Republic." >i>Journal of Comparative Economics>/i> 27, no. 3: 498-513. 6 Cohen, M.; S. Fenn; and S. Konar. 1997. "Environmental and Financial Performance: Are They Related?" Investor Responsibility Research Center monograph, Rockville, MD, August. 7 Czech Ministry of Environment. 1998. >i>Statistical Environmental Yearbook of the Czech Republic.>/i> Prague: Czech Ministry of the Environment. 8 Czech Ministry of Environment. 1999. >i>Czech Ministry of the Environment: 1999 State Environmental Policy.>/i> Prague: Czech Ministry of the Environment. 9 De Alessi, L. 1980. "The Economics of Property Rights: A Review of the Evidence." In >i>Research in Law and Economics>/i>, vol. 2, ed. R. Zerbe, pp. 27-28. Greenwich, CT: JAI Press. 10 Djankov, S. 1999. "Ownership Structure and Enterprise Restructuring in Six Newly Independent States." >i>Comparative Economic Studies>/i> 41, no. 1: 75-95. 11 Earnhart, D. 2004. "Liability for Past Environmental Contamination and Privatization." >i>Environmental and Resource Economics>/i> 29, no. 1: 97-122. 12 Earnhart, D. 2006. "Factors Shaping Corporate Environmental Performance: Regulatory Pressure and Financial Status." Paper presented at the Association of Environmental and Resource Economists (AERE) meetings, Boston, January 7. 13 Earnhart, D., and L. Lizal. 2006. "Effects of Ownership and Financial Performance on Corporate Environmental Performance." >i>Journal of Comparative Economics>/i> 34, no. 1: 111-129. 14 European Bank for Reconstruction and Development (EBRD). 1999. >i>European Bank for Reconstruction and Development: Transition Report.>/i> London: EBRD. 15 Fazzari, S.M.; G.R. Hubbard; and B.C. Petersen. 1988. "Financing Constraints and Corporate Investment." >i>Brookings Papers on Economic Activity>/i> 1: 141-195. 16 Frydman, R.; C. Gray; M. Hessel; and A. Rapaczynski. 1999. "When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies." >i>Quarterly Journal of Economics>/i> 114, no. 4: 1153-1191. 17 Gao, S., and M. Schaffer. 1998. "Financial Discipline in the Enterprise Sector in Transition Countries: How Does China Compare?" Centre for Economic Reform and Transition Working Paper 98/1, Heriott-Watt University, Edinburgh. 18 Gray, W., and M. Deily. 1996. "Compliance and Enforcement: Air Pollution Regulation in the U.S. Steel Industry." >i>Journal of Environmental Economics and Management>/i> 31, no. 1: 96-111. 19 Gupta, N.; J. Ham; and J. Svejnar. 2000. "Priorities and Sequencing in Privatization: Theory and Evidence from the Czech Republic." William Davidson Institute Working Paper no. 369, Ann Arbor, MI. 20 Hanousek, J., and E. Kocenda. 2003. "The Impact of Czech Mass Privatization on Corporate Governance." >i>Journal of Economic Studies>/i> 30, nos. 3-4: 278-293. 21 Hanousek, J.; E. Kocenda; and J. Svejnar. 2005. "Origin and Concentration: Ownership, Control, and Corporate Performance After Large-Scale Privatization." Center for Economic Research and Graduate Education-Economics Institute (CERGE-EI) Working Paper no. 259, Prague. 22 Harper, J. 2000. "The Performance of Privatized Firms in the Czech Republic." Florida Atlantic University Working Paper, Boca Raton, FL. 23 Heckman, J. 1979. "Sample Selection Bias as Specification Error." >i>Econometrica>/i> 47, no. 1: 153-161. 24 Khanna, M., and L. Damon. 1999. "EPA's Voluntary 33/50 Program: Impact on Toxic Releases and Economic Performance of Firms." >i>Journal of Environmental Economics and Management>/i> 37, no. 1: 1-25. 25 Khanna, M.; W.R. Quimio; and D. Bojilova. 1998. "Toxics Release Information: A Policy Tool for Environmental Protection." >i>Journal of Environmental Economics and Management>/i> 36, no. 3: 243-266. 26 Kocenda, E. 1999. "Residual State Property in the Czech Republic." >i>Eastern Economic Review>/i> 37, no. 5: 6-35. 27 Konar, S., and M. Cohen. 1997. "Information as Regulation: The Effect of Community Right to Know Laws on Toxic Emissions." >i>Journal of Environmental Economics and Management>/i> 32, no. 1: 109-124. 28 Konar, S., and M. Cohen. 2001. "Does the Market Value Environmental Performance?" >i>Review of Economics and Statistics>/i> 83, no. 2: 281-289. 29 Lizal, L., and J. Svejnar. 2002a. "Investment, Credit Rationing, and the Soft Budget Constraint: Evidence from Czech Panel Data." >i>Review of Economics and Statistics>/i> 84, no. 2: 353-370. 30 Lizal, L., and J. Svejnar. 2002b. "Financial Conditions and Investment During the Transition: Evidence from Czech Firms." In >i>Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe>/i>, ed. A. Meyendorff and A. Thakor, pp. 215-260. Cambridge, MA: MIT Press. 31 Megginson, W., and J. Netter. 2001. "From State to Market: A Survey of Empirical Studies on Privatization." >i>Journal of Economic Literature>/i> 39, no. 2: 321-389. 32 Oliner, S.D., and G.D. Rudebusch. 1992. "Sources of the Financing Hierarchy for Business Investment." >i>Review of Economics and Statistics>/i> 74, no. 4: 643-654. 33 Smith, S.; B.-C. Cin; and M. Vodopivec. 1997. "Privatization Evidence, Ownership Forms, and Firm Performance: Evidence from Slovenia." >i>Journal of Comparative Economics>/i> 25, no. 2: 158-179. 34 Van Ees, H., and H. Garretsen. 1994. "Liquidity and Business Investment: Evidence from Dutch Panel Data." >i>Journal of Macroeconomics>/i> 16, no. 4: 613-627. 35 Wang, H., and D. Wheeler. 2003. "Equilibrium Pollution and Economic Development in China." >i>Environment and Development Economics>/i> 8, no. 3: 451-466. 36 Wang, H., and D. Wheeler. 2005. "Financial Incentives and Endogenous Enforcement in China's Pollution Levy System." >i>Journal of Environmental Economics and Management>/i> 49, no. 1: 174-196. 37 Wang, H.; N. Mamingi; B. Laplante; and S. Dasgupta. 2003. "Incomplete Enforcement of Pollution Regulation: Bargaining Power of Chinese Factories." >i>Environmental and Resource Economics>/i> 24, no. 3: 245-262. 38 Weiss, A., and G. Nikitin. 2002. "Effects of Ownership by Investment Funds on the Performance of Czech Firms." In >i>Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe>/i>, ed. Anna Meyendorff and Anjan Thakor, pp. 187-214. Cambridge, MA: MIT Press. 39 World Bank. 1992. >i>Czech and Slovak Federal Republic Joint Environmental Study.>/i> Report no. 9623-CS. Washington, DC. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:4:p:66-87 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Mišun Author-X-Name-First: Jan Author-X-Name-Last: Mišun Author-Name: Vladimr Tomšk Author-X-Name-First: Vladimr Author-X-Name-Last: Tomšk Title: Does Foreign Direct Investment Crowd in or Crowd out Domestic Investment? Abstract: In this article, we attempt to estimate whether foreign direct investment in the Czech Republic, Hungary, and Poland crowds in or crowds out domestic investment. We used a model of total investment that introduced, from the point of view of the recipient country, foreign direct investment as an exogenous variable. We found that for the time period 1990-2000 there was evidence of a crowding-out effect in Poland. For the time period 1990- 2000 in Hungary and for the time period 1993-2000 in the Czech Republic, we found a crowding-in effect. Journal: Eastern European Economics Pages: 38-56 Issue: 2 Volume: 40 Year: 2002 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HMJ1FULBR0VE2MWC File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:2:p:38-56 Template-Type: ReDIF-Article 1.0 Author-Name: Jens Köke Author-X-Name-First: Jens Author-X-Name-Last: Köke Author-Name: Michael Schröder Author-X-Name-First: Michael Author-X-Name-Last: Schröder Title: The Prospects of Capital Markets in Central and Eastern Europe Abstract: The picture of the securities exchanges and financial sectors of Central and Eastern Europe (CEE) is still relatively unfavorable. In comparison with their Western counterparts, CEE securities exchanges, with the sole exception of the Warsaw Stock Exchange, are underdeveloped and less important to the domestic economies in general and to corporate finance in particular. Under pressure for several reasons, CEE securities exchanges should change their form of (international) organization to ensure future success. Stronger international integration of the exchanges could also improve the integration of CEE companies into international capital markets. Journal: Eastern European Economics Pages: 5-37 Issue: 4 Volume: 41 Year: 2003 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5QFKG8YE5D565108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:4:p:5-37 Template-Type: ReDIF-Article 1.0 Author-Name: JANI BEKÕ Author-X-Name-First: JANI Author-X-Name-Last: BEKÕ Author-Name: MEJRA FESTIC Author-X-Name-First: MEJRA Author-X-Name-Last: FESTIC Title: Disinflation in Slovenia : Evidence from an Iterative Multisectoral Model Abstract: This article employs an iterative multisectoral model underpinned by estimates of sectoral price functions to simulate six disinflation scenarios for the Slovenian economy. The model simulations show that substantial progress in disinflation can be made during 2004. However, instead of relying on a single anti-inflationary tool, stabilization of the inflation rate at around 3-4 percent per annum demands highly coordinated implementation of at least three instruments: moderate deindexation of wages, rigorous price policy in those segments of the Slovenian economy where lack of competition does not assure price stability, and a prudent monetary policy. Journal: Eastern European Economics Pages: 81-103 Issue: 4 Volume: 42 Year: 2004 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=GKQHP0LVQQ0Q2MG8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ashworth, P., and J.P. Byrne. 2003. "Some International Evidence on Price Determination: A Non-Stationary Panel Approach." Economic Modelling 20: 809-38. 2 Bank of Slovenia. Monthly Bulletin, various issues, Ljubljana. 3 Begg, D. 1996. "Monetary Policy in Central and Eastern Europe: Lessons After Half a Decade of Transition." IMF Working Paper 108. 4 Bekõ, J. 1998. "Ocene censkih funkcij gospodarskih sektorjev v Sloveniji" [Estimates of Sectoral Price Functions in Slovenia]. Our Economy, nos. 5-6: 618-35. 5 ------. 2003. "Causality Analysis of Exports and Economic Growth: Aggregate and Sectoral Results for Slovenia." Eastern European Economics 41, no. 6: 70-92. 6 Bekõ, J., and D. Boršiè. 2001. "Ocene sektorskih funkcij za interdependenèni model slovenskega gospodarstva" [Estimates of Sectoral Functions for the Interdependence Model of the Slovenian Economy]. Bilten EDP, nos. 2-4: 123-48. 7 Bils, M., and Y. Chang. 2000. "Understanding How Price Responds to Costs and Production." Carnegie-Rochester Conference Series on Public Policy 52: 33-77. 8 Bole, V. 1997. "Stabilization in Slovenia: From High Inflation to Excessive Inflow of Foreign Capital." In Macroeconomic Stabilization in Transition Economies, ed. M. Blejer and M. Škreb, 234-55. Cambridge: Cambridge University Press. 9 ------. 2003. "Denarna politika v èasu odštevanja" [Monetary Policy in the Time of Countdown]. Gospodarska gibanja 346: 23-43. 10 Coricelli, F.; B. Jazbec; and I. Masten. 2003. "Exchange Rate Pass-Through in Candidate Countries." CEPR Discussion Paper 3894. 11 Èihák, M., and T. Holub. 2001. "Convergence of Relative Prices and Inflation in Central and Eastern Europe." IMF Working Paper 124. 12 Estrada, A., and I. Hernando. 1999. "Microeconomic Price Adjustments and Inflation: Evidence from Spanish Sectoral Data." Banco de España, Documento de Trabajo 9921. 13 Feltenstein, A., and J. Ha. 1993. "The Sectoral Implications of Macroeconomic Policy: The Case of Postreform China." Journal of Policy Modeling 3: 277-97. 14 Festiæ, M. 2000. "Are Wages an Important Determinant of Inflation?" Eastern European Economics 37, no. 5: 36-60. 15 ------. 2001. "Monetary Policy for Slovenia: Monetary or Inflation Targeting." Ph.D. dissertation, University of Maribor, Faculty of Economics and Business. 16 Institute of Macroeconomic Analysis and Development of the Republic of Slovenia (IMAD). 2003a. Slovenian Economic Mirror, no. 11. Ljubljana. 17 ------. 2003b. Spring Report 2003. Ljubljana. 18 ------. 2003c. Autumn Report 2003. Ljubljana. 19 Koen, V., and P. De Masi. 1997. "Prices in the Transition: Ten Stylized Facts." IMF Working Paper 158. 20 Košak, T. 1995. "Razlièni koncepti primarnega denarja in stabilnost denarnega multiplikatorja" [Different Concepts of Primary Money and the Stability of Money Multiplier]. Bilten Banke Slovenije, Prikazi in analize, no. 4: 5-31. 21 Kraèun, D. 1990. "Adjustment of Input-Output Tables under Circumstances of High and Accelerated Inflation." Economic Analysis and Worker's Management 2: 129-55. 22 ------. 1996. "Model kratkoroènih uèinkov stabilizacijskih politik v tranzicijskih gospodarstvih" [Model of Short-Term Effects of Stabilization Policy in Transition Economies]. Slovenian Economic Review, no. 3: 153-90. 23 Kraèun, D., and J. Bekõ. 1999. "Pojemajoèa inflacija in posledice morebitnega cenovnega udara" [Inflation Slowdown and the Consequences of Eventual Price Shock]. Bilten EDP, nos. 2-3: 77-92. 24 Melliss, C.L. 1996. "Explaining Tradable and Non-Tradable Prices in the U.K." Manchester School of Economic and Social Studies, no. 3: 241-68. 25 Mencinger, J. 1995. "Tolar v dolgem, kratkem in zelo kratkem obdobju" [Tolar in the Long Run, in the Short Run, and in the Very Short-Run]. Gospodarska gibanja 266: 35-42. 26 Mundlak, Y.; D. Cavallo; and R. Domenech. 1990. "Effects of Macroeconomic Policies on Sectoral Prices." World Bank Economic Review, no. 1: 55-79. 27 Organization for Economic Cooperation and Development (OECD). 2003. OECD Economic Outlook, no. 73. Paris. 28 Zakotnik, I. 1996. "Ocena input-output tabele Republike Slovenije za leto 1995 v tekoèih in stalnih cenah" [Valuation of the Input-Output Table of the Republic of Slovenia for 1995 in Current and Constant Prices]. Delovni zvezek UMAR 9: 1-64. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:4:p:81-103 Template-Type: ReDIF-Article 1.0 Author-Name: Christos Papazoglou Author-X-Name-First: Christos Author-X-Name-Last: Papazoglou Title: The Euro and the Exchange Rate Policies of the Transition Economies of Southeastern Europe Abstract: This article examines the possible implications of the launching of the euro on the existing exchange rate arrangements of the countries of southeastern Europe. Given the adverse economic conditions most of them face, the impact of the euro is primarily related to macroeconomic stabilization and growth prospects and to a much lesser extent to the accession challenge. The analysis indicates that the introduction of the euro does not necessarily mean that a fixed regime vis-à-vis the new currency must be the desirable policy choice. As a matter of fact, given the importance of the euro in world trade, a policy of greater exchange rate stability against it would reveal in a much more profound way the economic and structural weaknesses of the particular countries. As a result, for most of them, the continuation of foreign aid is of vital importance for the sustainability of a policy of a euro-based exchange rate target. Journal: Eastern European Economics Pages: 5-28 Issue: 3 Volume: 41 Year: 2003 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D6333C8UAEP3EUF4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Stella Karagianni, Lois Labrianidis Author-X-Name-First: Stella Karagianni, Lois Author-X-Name-Last: Labrianidis Title: The Pros and Cons of SMEs Going International: Greek Companies in Bulgaria Abstract: Journal: Eastern European Economics Pages: 5-28 Issue: 2 Volume: 39 Year: 2001 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6GEXDY0GNY9NY8FH File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:2:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Claudia Grupe Author-X-Name-First: Claudia Author-X-Name-Last: Grupe Author-Name: SiniÅ¡a KuÅ¡ić Author-X-Name-First: SiniÅ¡a Author-X-Name-Last: KuÅ¡ić Title: Adjusting Formal and Informal Institutions: EU Integration and Intraregional Cooperation of Croatian SMEs Abstract: The paper assesses whether small- to medium-sized enterprises (SMEs) in Croatia find favoring conditions supporting their entry to the EU market and growth, and evaluates the extent to which they display truly entrepreneurial behavior in terms of effectively translating the results of research and development into commercial outcomes facilitating both. It will be determined whether regional transnational linkages may support these processes. The assessment of the entrepreneurial spirit and innovation climate in Croatia is partly based on a field study of high-technology SMEs, which was undertaken in the Zagreb region in 2004. Journal: Eastern European Economics Pages: 63-73 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B52632808K073617 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altmann, F.-L. 2002. >i>Regionale Kooperation in Südosteuropa—Organisationen, Pläne, Erfahrungen>/i> [Regional Cooperation in Southeast Europe—Organizations, Plans, Experiences]. Munich: Balkan Forum, Regionale Kooperation und Europäische Integration des Westbalkans. 2 Anastasakis, O., and V. Bojicić-Dželilović. 2002. >i>Balkan Regional Cooperation & European Integration.>/i> London: Hellenic Observatory, London School of Economics. 3 Bartlett, W., and V. Bukvić. 2002. "What Are the Main Barriers to SME Growth and Development in South East Europe?" In >i>Small Enterprise Development in South East Europe: Policies for Sustainable Growth>/i>, ed. W. Bartlett, M. Bateman, and M. Vehovec, pp. 17-37. Dordrecht: Kluwer Academic. 4 Christie, E. 2002. "Potential Trade in Southeast Europe: A Gravity Model Approach". Vienna Institute for International Economic Studies Working Paper no. 21, Vienna. 5 Grupe, C., and S. KuÅ¡ić. 2004. "Venture Capital and Its Impact on Innovation—An Option for Croatia?" Paper presented at the European International Business Academy 30th Annual Conference in Ljubljana, December 5-8. 6 Grupe, C., and S. KuÅ¡ić. 2005. >i>Innovative Entrepreneurship in Croatia—Is There a Market for Venture Capital?>/i> Baden-Baden: Nomos-Verlag. 7 Hrvatska Gospodarska Komora, Sektor za industriju. 2004. "Inovacijsko Okružje u Hrvatskoj: The Innovation Environment of Croatia" [The Innovation Environment of Croatia]. HGK Economic Reports and Proposals, Zagreb. 8 Johnson, J. 2004. "Factors Influencing the Early Internationalization of High-Technology Start-Ups: U.S. and UK Evidence". >i>Journal of International Entrepreneurship>/i> 2, no. 1: 139-154. 9 Kaminski, B., and M. de la Rocha 2003. "Stabilization and Association Process in the Balkans: Integration Options and Their Assessment". World Bank Policy Research Working Paper no. 3108, Washington, DC. 10 Kane, T.; K.R. Holmes; and M.A. O'Grady 2007. >i>2007 Index of Economic Freedom.>/i> Washington, DC/New York: Heritage Foundation. 11 KuÅ¡ić, S., and C. Grupe 2004. "Über die Wettbewerbsfähigkeit—Definitionsversuche und Erklärungsansätze" [About Competitiveness—Attempts of Definition and Explanation Approaches]. >i>Ekonomski Pregled>/i> 55, nos. 9-10: 804-813. 12 Nacionalno Vijeće za Konkurentnost. 2003. "Croatia's Competitiveness Challenge". Annual Report on Croatian Competitiveness 2002 Executive Summary, Zagreb. 13 Robson, P. 1998. >i>The Economics of International Integration>/i>, 4th ed. London: Routledge. 14 Singer, S.; S. Pfeifer; D. Borozan; N. Å arlija; and S. Oberman 2003. "What Makes Croatia a(n) (Non) Entrepreneurial Country?" GEM 2002, results for Croatia, Centar za Politiku Razvoja Malih Produzeća, Zagreb. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:63-73 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Title: Inflation Targeting for Slovenia? Abstract: The inflation rate in Slovenia is too high for integration into the European Monetary System. This article argues that inflation targeting is not a suitable approach for lowering the inflation rate in Slovenia because it brings instability; there is insufficient data for the requisite analysis, and the financial environment is insufficiently developed. Inflation targeting requires a discretionary monetary policy, but a small open economy, such as Slovenia, depends on foreign economies and their cyclical movements. Journal: Eastern European Economics Pages: 79-98 Issue: 1 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FXRMBXRFRU0R2WMW File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:1:p:79-98 Template-Type: ReDIF-Article 1.0 Author-Name: ZELJKA SPORER Author-X-Name-First: ZELJKA Author-X-Name-Last: SPORER Title: Knowledge-Based Economy and Social Capital in Central and East European Countries Abstract: Comparative analysis of the European Union (EU) and the Central and East European countries (CEECs) using economic indicators reveals a complex picture of similarities and differences. In some respects, the difference between the European south and north is greater than the difference between the EU and CEECs. The capabilities of human capital in CEECs are not far behind the EU and are above those of south Europe. Orientation toward an open economy (globalization) is present more in some CEECs than in most EU countries. CEECs, in general, invest less in research. Governments are still heavily involved in research funding in countries with a tradition in strong central planning systems and a large number of researchers. In other CEECs, business enterprises are becoming more involved in research funding but on average are still far below the European Union. The CEECs lag substantially behind EU countries in implementing new communication and information technology. These countries are not taking advantage of the new cycle of innovation. As a consequence, the technological gap is growing. The ability to implement and adapt to change depends on social capital. Some dimensions of the value system indicate the prevalence of a modernistic orientation in CEECs. But, because the communist system was dysfunctional, especially in relation to the market and democracy, social capital rapidly replaced the imperfection of the formal system and social networks. Trust became more important than the law and regulatory institutional systems. Journal: Eastern European Economics Pages: 39-71 Issue: 6 Volume: 42 Year: 2004 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=UJ8MAL8UX2TUL52A File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Atkinson, R.D.; R.H. Court; and J.M. Ward. 1999. "The State New Economic Index, Benchmarking Economic Transformation in the States." Washington, DC: Progressive Policy Institute, Technology and New Economy Project. 2 Bell, D. 1973. The Coming of Post-Industrial Society: A Venture in Social Forecasting. New York: Basic Books. 3 Bojnec, S. 2001. "Business and Managerial Start-ups, R&D, and Product Innovation in Slovenia." Eastern Europe Economics 39, no. 4 (July-August): 53-89. 4 Coleman, J.S. 1988. "Social Capital in the Creation of Human Capital." American Journal of Sociology 94, no. 395: 95-120. 5 Commission of the European Community. 2003. The Role of the Universities in the Europe of Knowledge. Brussels: European Union. 6 Etzkowitz, H. 2000. MIT and the Rise of Entrepreneurial Science. London: Routledge. 7 ------. 2003. "Research Groups as 'Quasi-firms': The Invention of the Entrepreneurial University." Research Policy 32: 109-21. 8 European Commission, Education and Culture. 2002. "Key Data on Education in Europe 2002." Chapter F, Tertiary Education. EURYDICE/Eurostat. Brussels: European Union. 9 European Commission Research. 2002. "Towards a European Research Area; Science, Technology and Innovation." Key Findings 2002. Brussels: European Union. 10 Evans, Carter & Koop, the Boston Consulting Group. 1990. "Innovations in Australia." Report for the Industry Research and Development Board (July). Canberra: Australian Government Publishing Service. 11 Frobel, F.; J. Heinrichs; and O. Kreye. 1980. "The New International Division of Labour in the World Economy." In From Modernisation to Globalization: Perspectives on Development and Social Change, ed. T. Roberts and A. Hide, 257-73. Oxford: Blackwell, 1999. 12 Fukuyama, F. 1999. The Social Virtues and the Creation of Prosperity. New York: Free Press. 13 Green, F.; D. Ashton; B. Burchell; B. Davies; and A. Felstead. 1998. "Are British Workers Getting More Skilled?" In Exclusion, Employment and Opportunity, ed. A.B. Atkinson and J. Hills. Centre for the Analysis of Social Exclusion, London School of Economics. 14 Kearney, A.T. 2003. "FDI Confidence Index." Washington, DC: Global Business Policy Council (September). 15 Leydesdorff, L., and H. Etzkowitz. 1998. "The Triple Helix as a Model for Innovation Studies." Science & Policy 25, no. 3: 195-203. 16 ------. 2001. "The Transformation of University-Industry-Government Relations." Electronic Journal of Sociology 5, no 4. 17 Lundvall, B.-A. 2002. Innovation Growth and Social Cohesion. The Danish Model. Northampton, MA: Edward Elgar. 18 McMichael, P. 1996. "Globalisation Myth and Realities." In From Modernisation to Globalisation: Perspectives on Development and Social Change, ed. T. Roberts and A. Hide, 274-91. Oxford: Blackwell, 1999. 19 Muller, K., and H. Etzkowitz. 2000. "S&T Human Resources: The Comparative Advantage of the Post-Socialist Countries." Science and Public Policy 27, no. 4: 285-91. 20 National Science Foundation. 1999. "Science and Technology Indicators." Available at www.nsf.gov. 21 Office of National Statistics. 2001. "Social Capital, a Review of the Literature." Available at www.statistics.gov.uk/socialcapital/. 22 Putnam, R. 1995. "Bowling Alone: America's Declining Social Capital." Journal of Democracy 6: 65-78. 23 Putnam, R., and K.A. Gross. "Introduction." Democracies in Flux, The Evolution of Social Capital in Contemporary Society, ed. R. Putnam, 3-19. Oxford: Oxford University Press, 2002. 24 Therborn, G. 2000. "Globalization, Dimensions, Historical Waves, Regional Effects, Normative Governance." International Sociology 15, no. 2: 151-79. 25 Won-Ki, K. 2001. "Knowledge-based Society and Engineering Education." Paper presented at the International Conference on Engineering Education, Oslo, Norway, August 6-10. 26 World Value Survey. 1995. ICPSR Survey data archive. Available at www.worldvaluessurvey.org. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:6:p:39-71 Template-Type: ReDIF-Article 1.0 Author-Name: Kadri Männasoo Author-X-Name-First: Kadri Author-X-Name-Last: Männasoo Title: Patterns of Firm Survival in Estonia Abstract: This paper examines patterns of firm survival in Estonia using a discrete time estimation approach with a complementary log-log hazard function. A firm is defined as sound if it meets the minimum capital requirement set by the law and distressed otherwise. Firms in default not only fall short of the required capital, but also exit. Evidence confirms the findings from other countries that firms face a higher risk of being distressed or in default during their start-up period than in later stages. Manufacturing firms are more robust than trade and services companies. Most important, however, firm survival depends positively on sales mark-up, high and stable asset returns, low leverage, and a large asset base. Journal: Eastern European Economics Pages: 27-42 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M6WW2K3386225650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altman, E. I. 1968. "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy." >i>Journal of Finance>/i> 23, no. 4: 589-609. 2 Altman, E. I. 2000. "Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models." Working Paper, Stern School of Business, New York University. 3 Altman, E. I.; R. Haldeman; and P. Narayanan. 1977. "Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations." >i>Journal of Banking and Finance>/i> 1, no. 1: 29-54. 4 Beaver, W. 1966. "Financial Ratios as Predictors of Failure." >i>Journal of Accounting Research>/i>, 4 (supplement): 71-111. 5 Bernhardsen, E. 2001. "A Model of Bankruptcy Prediction." Working Paper ANO 2110/10, Norges Bank, Oslo. 6 Campbell, J. Y.; J. Hilscher; and J. Szilagyi. 2005. "In Search of Distress Risk." Harvard Institute of Economic Research Discussion Paper no. 2081, Cambridge, MA. 7 Cox, D. R. 1972. "Regression Models and Life-Tables." >i>Journal of the Royal Statistical Society>/i> Series B 34, no. 2: 187-220. 8 International Monetary Fund. 2006. >i>Financial Soundness Indicators Compilation Guide.>/i> Washington, DC. 9 Jenkins, S. P. 2004. "Survival Analysis." Lecture Notes, Essex University. 10 Kaniovski, S., and M. Peneder. 2008. "Determinant of Firm Survival: A Duration Analysis Using the Generalized Gamma Distribution." >i>Empirica>/i> 35, no. 1: 41-58. 11 Kiefer, N. M. 1988. "Economic Duration Data and Hazard Functions." >i>Journal of Economic Literature>/i> 26, no. 2 (June): 646-679. 12 Konings, J., and A. Xavier. 2002. "Firm Growth and Survival in a Transition Country: Micro Evidence from Slovenia." LICOS Center for Institutions and Economic Performance Discussion Paper 114/2002, Leuven, Belgium. 13 Lukason, O. 2006. "Pankrotistumise modelleerimine Eesti kaubandusettevõtete näitel" [Modeling Bankruptcies on the Example of Estonian Commercial Firms]. Master's thesis, Magistritöö, Tartu Ülikool. 14 Männasoo, K. 2007. "Determinants of Firm Sustainability in Estonia." Working Papers of Eesti Pank no. 4/2007, Tallinn. 15 Masso, J.; R. Eamets; and K. Philips. 2004. "Firm Demographics and Productivity Dynamics in Estonia." University of Tartu Economics and Business Administration Working Paper no. 25, University of Tartu, Tartu (available at SSRN: >a target="_blank" href='http://ssrn.com/abstract=609563'>http://ssrn.com/abstract=609563>/a> 16 Masso, J.; R. Eamets; and K. Philips. 2007. "Creative Destruction and Transition: Evidence on Firm Demographics from Estonia." In >i>Entrepreneurship, Industrial Location, and Economic Growth>/i>, ed. J. M. Arauzo-Carod and M. Manjón-Antolin, pp. 81-103. Cheltenham, UK: Edward Elgar. 17 Merton, R. C. 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." >i>Journal of Finance>/i> 29, no. 2 (May): 449-470. 18 Ohlson, J. A. 1980. "Financial Ratios and the Probabilistic Prediction of Bankruptcy." >i>Journal of Accounting Research>/i> 18, no. 1 (Spring): 109-131. 19 Shumway, T. 2001. "Forecasting Bankruptcy More Accurately: A Simple Hazard Model." >i>Journal of Business>/i> 74, no. 1: 101-124. 20 Sundararajan, V.; C. Enoch; S. Armida; P. Hilbers; R. Krueger; M. Moretti; and G. Slack. 2002. "Financial Soundness Indicators: Analytical Aspects and Country Practices." International Monetary Fund Occasional Paper 212, Washington, DC. 21 Walker, T. B. 2005. "Estimating Default with Discrete Duration and Structural Models." Center for Financial Research Seminar Series, Federal Deposit Insurance Corporation, Arlington, VA. 22 Weibull, W. 1951. "A Statistical Distribution Function of Wide Applicability." >i>Journal of Applied Mechanics>/i> 18, no. 3: 293-297. 23 Zmijewski, M. E. 1984. "Methodological Issues Related to the Estimation of Financial Distress Prediction Models." >i>Journal of Accounting Research>/i> 22 (supplement): 59-82. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:27-42 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 39 Year: 2001 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=78LNKLB67D9ANL46 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: STANISLAV ŠAROCH Author-X-Name-First: STANISLAV Author-X-Name-Last: ŠAROCH Author-Name: MARTIN SRHOLEC Author-X-Name-First: MARTIN Author-X-Name-Last: SRHOLEC Author-Name: VLADIMÍR TOMŠÍK Author-X-Name-First: VLADIMÍR Author-X-Name-Last: TOMŠÍK Title: Euro Adoption in the New EU Member Countries: Speed Limits on a One-Way Road Abstract: This paper discusses the strategy of the Czech economic policy as regards the current enlargement process of the European Economic and Monetary Union (EMU). The authors discuss the validity of the Maastricht criteria for the new European Union (EU) member countries, as well as the risks and puzzles of both real and nominal convergence processes. The paper shows that current fiscal policy is the main limiting factor of the speed of the Czech Republic's entry into the EMU. The paper concludes by arguing that the Czech Republic should endeavor to join the EMU as quickly as possible. Journal: Eastern European Economics Pages: 5-24 Issue: 2 Volume: 43 Year: 2005 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q0E6KUGLG2GNMRHP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Akerlof, G.A.; W.T. Dickens; and G.L. Perry. 1996. "The Macroeconomics of Low Infla-tion." Brookings Papers on Economic Activity 1: 1-59. 2 Balassa, B. 1964. "The Purchasing Power Parity Doctrine: A Reappraisal." Journal of Political Economy 72, no. 6 (December): 584-596. 3 Bank of Slovenia. 2002. "Monetary Policy Implementation Report." National Bank of Slovenia, Ljubljana, October. 4 Barro, R.J., and X. Sala-i-Martin. 1995. Economic Growth. New York: McGraw-Hill. 5 Begg, D.; O. Blanchard; D. Coyle; B. Eichengreen; J. Frankel; F. Giavazzi; R. Portes; P. Seabright; A. Venables; L.A. Winters; and C. Wyplosz. 2003. "The Consequences of Saying No." May (available at www.britainineurope.org.uk). 6 Bruno, M., and W. Easterly. 1998. "Inflation Crises and Long-Run Growth." Journal of Monetary Economics 41, no. 1: 3-26. 7 CNB (Czech National Bank). 2002. "The Czech Republic and Euro--The Strategy to the Euro Accession." Prague. 8 ------. 2003. "Inflation Report." Prague (January). 9 Czajbók, A., and A. Csermely, ed. 2003. "Adopting the Euro in Hungary: Expected Costs, Benefits and Timing." National Bank of Hungary Occasional Paper no. 24, Budapest. 10 Dedek, O. 2004. "Adopting the Euro: Brake on or Engine for True Convergence?" Eastern European Economics 42, no. 2: 45-62. 11 European Commission. 2002. "Evaluation of the 2002 Pre-accession Economic Programs of Candidate Countries." European Communities Enlargement Papers, no. 14, Brussels, November. 12 ------. 2003. "Progress on the Implementation of the Joint Assessment Papers on Employment Policies in Candidate Countries." Supporting Document to the Communication. European Commission, Brussels. 13 Eurostat. 2004. "Structural Indicators." New Cronos. 14 Feldstein, M.S. 2001. "Economic Problems of Ireland and Europe." National Bureau of Economic Research Working Paper no. 8264, Cambridge, MA. 15 Frankel, J.A., and A.K. Rose. 2000. "An of Estimate of the Effects of Currency Unions on Trade and Output." Center for Economics Policy Research (CEPR) Discussion Paper no. 2631, London. 16 Frieden, J.A. 1991. Invested Interests: The Politics of National Economy Policies in a World of Global Finance. Cambridge, MA: World Peace Foundation and MIT. 17 Görg, H., and Greenaway, D. 2002. "Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?" Center for Economics Policy Research (CEPR) Discussion Paper Series, no. 3485, London. 18 Havlik, P. 2001. "EU Enlargement: Economic Impacts on Austria, the Czech Republic, Hungary, Poland, Slovakia and Slovenia." Vienna Institute for International Economic Studies (WIIW), Research Report no. 280, October. 19 Hunya, G. 2001. "Uneven Competitiveness of Industries in the Wake of Foreign Penetration of Advanced Economies in Transition." Transnational Corporations 10, no. 2: 35-66. 20 International Monetary Fund. 2000. "Exchange Rate Regimes in Selected Advanced Transition Economies--Coping with Transition, Capital Inflows, and EU Accession." IMF Policy Discussion Paper no. 00/3, IMF, Washington, DC, April. 21 ------. 2002. International Financial Statistics, Yearbook 2002. Washington, DC: IMF. 22 Mandel, M., and V. Tomšík. 2003. Monetary Economics in a Small Open Economy [in Czech]. Prague: Management Press. 23 Mihaljek, D., and M. Klau. 2003. "The Balassa-Samuelson Effect in Central Europe: A Disaggregated Analysis." Bank for International Settlements, Working Paper no. 143, Basel, October. 24 Mussa, M.; P. Masson; A. Swoboda; E. Jadresic; P. Mauro; and A. Berg. 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy." IMF Occasional Paper no. 193, Washington, DC. 25 NBP (National Bank of Poland). 2002. "Monetary Policy Guidelines for the Year 2003." Warsaw, September. 26 NBS (National Bank of Slovakia). 2002. "Monetary Program of the NBS for 2003 and the Outlook for 2004-2006." Bratislava. 27 OECD (Organization for Economic Cooperation and Development). 1999. "Public Debt Management at the Cross-Roads." OECD Economic Outlook 66 (December): 161-177. 28 ------. 2004. Main Economic Indicators. OECD, Paris, May. 29 Pelkmans, J.; D. Gros; and J. Nunez Ferrer. 2000. "Long-Run Economic Aspects of the European Union's Eastern Enlargement." Scientific Council for Government Policy Working Documents, W-109, The Hague, September. 30 Persson, T., and G. Tabellini, 2000. "Political Economies: Explaining Economic Policy." Cambridge: MIT Press. 31 Portes, R. 2003. "The Cost of Not Joining." Wall Street Journal Europe, May 14. 32 Samuelson, P. 1964. "Theoretical Notes on Trade Problems." Review of Economics and Statistics 46, no. 2 (May): 145-154. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:2:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: C. Emre Alper, Ismail Saglam Author-X-Name-First: C. Emre Alper, Ismail Author-X-Name-Last: Saglam Title: The Transmission of a Sudden Capital Outflow: Evidence from Turkey Abstract: Journal: Eastern European Economics Pages: 29-48 Issue: 2 Volume: 39 Year: 2001 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7G9G49BTCT0PXV4M File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:2:p:29-48 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 42 Year: 2004 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=23K82NKFC8UCAX2E File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Zamrazilová Author-X-Name-First: Eva Author-X-Name-Last: Zamrazilová Title: The Puzzle of Czech Economic Growth Abstract: The Czech experience suggests that the gross domestic product (GDP) real growth rates do not perfectly express the real growth in small and highly open economies with improving terms of trade. The improvement in terms of trade has much to do with the strong catch-up in quality, recently observed in the Czech Republic. While the Czech GDP real growth rates were relatively low in comparison with other CEECs, the dynamics of gross domestic income, which is the indicator taking into account profits (or losses) stemming from change in terms of trade, suggest a more favorable picture. Moreover, a question arises as to, whether strong changes in quality are fully mirrored in the real growth rates of standard macroeconomic indicators. Journal: Eastern European Economics Pages: 40-59 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=25N3P638PMXU15W6 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alton, T.P. 1985. "East European GNP: Origin of Product, Final Uses, Rates of Growth and International Comparisons." In >i>Joint Economic Committee of the U.S. Congress, East European Economies: Slow Growth in the 1980s>/i>, vol. 1, pp. 81-132. Washington, DC: General Printing Office. 2 Benáčk, V. 2004. "Král není nahý" [The King Is Not Naked]. >i>Ekonom>/i>>b>31>/b>: 32-34. 3 Ehrlich, E. 1989. "Economic Development Levels, Proportions and Rates of Growth Based on the Physical Indicators Method: 1937-1980." Paper presented at the World Bank Conference, Washington, DC. 4 Janáčková, S. 2004. "Jedno číslo nestačí" [A Single Number Is Insufficient]. >i>Euro>/i>>b>51-52>/b>: 80-81. 5 Kubíček, J., and V. Tomšík. 2004a. "Král není nahý, ale ani bohatý" [The King Is Not Naked, Nor Is He Rich]. >i>Ekonom>/i>>b>35>/b>: 46-47. 6 Kubíček, J., and V. Tomšík. 2004b. "Kouzlo směnných relací aneb jak přepočítat HDP" [The Magic of Exchange Rate Relationships, or How to Recalculate GDP]. >i>Ekonom>/i>>b>35>/b>: 44-45. 7 Lommatzsch, K. 2004. "Jak přepočítat HDP" [How to Measure GDP]. >i>Ekonom>/i>>b>31>/b>: 30-32. 8 Marer, P. 1985. >i>Dollar GNPs of the USSR and Eastern Europe.>/i> Baltimore: Johns Hopkins University Press. 9 Sklenář, P. 2004. "Pozor, nemíchat!" [Careful, Don't Mix!]. >i>Euro>/i>>b>45>/b>: 64. 10 Spěváčk,V., and R. Vintrová. 2005. "Jak rychle rostla česká ekonomika?" [How Fast Did the Czech Economy Grow?]. >i>Ekonom>/i>>b>16>/b>: 50-53. 11 Summers, R., and A. Heston. 1988. "A New Set of International Comparisons of Real Products and Prices." >i>Review of Income and Wealth>/i>>b>34>/b>, no. 1: 1-25. 12 Zamrazilová, E. 1990. "The Level of Economic Development: International Comparisons Between East and West European Countries." >i>Jahrbuch der Wirtschaft Osteuropas>/i>>b>14>/b>, no. 2: 115-138. 13 Zamrazilová, E. 2004a. "Trade Integration of the Czech Republic with the European Union." >i>Statistika>/i>>b>4>/b>: 337-348. 14 Zamrazilová, E. 2004b. "The Puzzle of Czech Economic Growth." >i>Economic Trends>/i>>b>42>/b> (October): 8-15. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:40-59 Template-Type: ReDIF-Article 1.0 Author-Name: Jesper Jensen Author-X-Name-First: Jesper Author-X-Name-Last: Jensen Author-Name: David Tarr Author-X-Name-First: David Author-X-Name-Last: Tarr Title: Impact of Local Content Restrictions and Barriers Against Foreign Direct Investment in Services: The Case of Kazakhstan's Accession to the World Trade Organization Abstract: We employ a computable general equilibrium model of the Kazakh economy to assess the effect of accession to the World Trade Organization (WTO). Our model incorporates foreign direct investment by multinational business service providers and by multinational oil and gas companies; it contains endogenous productivity effects in both goods and services markets through a Dixit-Stiglitz (1977) framework. Our model is innovative in that we assess the effect of local content provisions for multinational oil and gas companies, provisions that are highly contentious in WTO accession negotiations. We show that our model features are crucial to the results, as the estimated gains are more than ten times larger than the gains from a constant return-to-scale model. Journal: Eastern European Economics Pages: 5-26 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G731068607775231 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Dixit, A., and J. Stiglitz. 1977. "Monopolistic Competition and Optimum Product Diversity." >i>American Economic Review>/i> 76, no. 1: 297-308. 2 Ethier, W. J. 1982. "National and International Returns to Scale in the Modern Theory of International Trade." >i>American Economic Review>/i> 72, no. 2: 389-405. 3 Findlay, C., and T. Warren, ed. 2000. >i>Impediments to Trade in Services: Measurement and Policy Implications.>/i> London: Routledge. 4 Grossman, G. M. 1981. "The Theory of Domestic Content Protection and Content Preference." >i>Quarterly Journal of Economics>/i> 96, no. 4 (November): 583-603. 5 Jensen, J.; T. Rutherford; and D. Tarr. 2004. "The Impact of Liberalizing Barriers Against Foreign Direct Investment: The Case of Russian Accession to the WTO." Policy and Research Working Paper no. 3391, World Bank, Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/russia-wto'>www.worldbank.org/russia-wto>/a > 6 Jensen, J.; T. Rutherford; and D. Tarr. 2006. "The importance of Telecommunications Reform in Russia's Accession to the WTO." >i>Eastern European Economics>/i> 44, no. 1 (January-February): 25-58. 7 Jensen, J.; T. Rutherford; and D. Tarr. 2007. "The Impact of Liberalizing Barriers Against Foreign Direct Investment: The Case of Russian Accession to the WTO." >i>Review of Development Economics>/i> 11, no. 3 (August): 482-506. 8 Jensen, J., and D. Tarr. 2007. "The Impact of Kazakhstan Accession to the World Trade Organization: A Quantitative Assessment." Policy and Research Working Paper no. 4142, World Bank, Washington, DC (available at >a target="_blank" href='http://econ.worldbank.org/external/default/main?pagePK=64165259&theS itePK=469372&piPK=64165421&menuPK=64166093&entityID=000016406_200702231612 09'>http://econ.worldbank.org/external/default/main?pagePK=64165259&theSit ePK=469372&piPK=64165421&menuPK=64166093&entityID=000016406_20070223161209 )>/a> 9 Markusen, J. R.; T. Rutherford; and D. Tarr. 2005. "Foreign Direct Investment in Services and the Domestic Market for Expertise." >i>Canadian Journal of Economics>/i> 38, no. 3: 758-777. 10 Rutherford, T. F., and D. Tarr. 2002. "Trade Liberalization and Endogenous Growth in a Small Open Economy." >i>Journal of International Economics>/i> 56, no. 2: 247-272. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: ERIK MATHIJS Author-X-Name-First: ERIK Author-X-Name-Last: MATHIJS Author-Name: NIVELIN NOEV Author-X-Name-First: NIVELIN Author-X-Name-Last: NOEV Title: Subsistence Farming in Central and Eastern Europe : Empirical Evidence from Albania, Bulgaria, Hungary, and Romania Abstract: Present-day Central and East European agriculture is characterized by a high incidence of small-scale farmers who are not producing for the market. This article uses household-level data from comparative farm surveys in Albania, Bulgaria, Hungary, and Romania to analyze the extent of subsistence farming and to investigate which farm household characteristics and endowments influence commercialization of agricultural produce. Journal: Eastern European Economics Pages: 72-89 Issue: 6 Volume: 42 Year: 2004 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WB6YF50H0M9PCYTU File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Caskie, P. 2000. "Back to Basics: Household Food Production in Russia." Journal of Agricultural Economics 51: 155-73. 2 Cragg, L.G. 1971. "Some Statistical Models for Limited Dependent Variables with Application to Demand for Durable Goods." Econometrics 39: 829-44. 3 Cungu, A., and J.F.M. Swinnen. 1998. "Albania's Radical Agrarian Reform." Economic Development and Cultural Change 47: 605-19. 4 Deininger, K. 1995. "Collective Agricultural Production: A Solution for Transition Economies?" World Development 23: 1317-34. 5 European Commission. 2002. Enlargement and Agriculture: Successfully Integrating the New Member States into the CAP. Issues Paper. Brussels: Commission of the European Communities, SEC 95 final. 6 Goetz, S.J. 1992. "A Selectivity Model of Household Food Marketing Behavior in Sub-Saharan Africa." American Journal of Agricultural Economics 74: 444-52. 7 Gow, H.R., and J.F.M. Swinnen. 1998. "Up- and Downstream Restructuring, Foreign Direct Investment, and Hold-up Problems in Agricultural Transition." European Review of Agricultural Economics 25: 331-50. 8 Greene, W.H. 2000. Econometric Analysis, 4th ed. Upper Saddle River, NJ: Prentice Hall. 9 Heckman, J.J. 1979. "Sample Selection Bias as a Specification Error." Econometrica 47: 153-61. 10 Juhász, J. 1991. "Large-scale and Small-scale Farming in Hungarian Agriculture: Present Situation and Future Prospects." European Review of Agricultural Economics 18: 399-415. 11 Kostov, P., and J. Lingard. 2002. "Subsistence Farming in Transitional Economies: Lessons from Bulgaria." Journal of Rural Studies 18, no. 1: 83-94. 12 Lerman, Z. 2001a. "Institutions and Technologies for Subsistence Agriculture: How to Increase Commercialisation." Paper presented at the Institute of Agricultural Development of Central and Eastern Europe Seminar Subsistence Agriculture in Central and Eastern Europe: How to Break the Vicious Circle? Halle (Saale), Germany, May 6-8. 13 ------. 2001b. "Agriculture in Transition Economies: From Common Heritage to Divergence." Agricultural Economics 26: 95-114. 14 Lerman, Z., and A. Mirzakhanian. 2001. Private Agriculture in Armenia. Lanham, MD: Lexington Books. 15 Mathijs, E., and J.F.M. Swinnen. 1998. "The Economics of Agricultural Decollectivization in East Central Europe and the Former Soviet Union." Economic Development and Cultural Change 47: 1-26. 16 Pouliquen, A. 2001. Competitiveness and Farm Incomes in the CEEC Agri-Food Sectors: Implications Before and After Accession for EU Markets and Policies. Brussels: European Commission, Directorate General for Agriculture. 17 Sarris, A.; T. Doucha; and E. Mathijs. 1999. "Agricultural Restructuring in Central and Eastern Europe: Implications for Competitiveness and Rural Development." European Review of Agricultural Economics 26: 305-29. 18 Seeth, H.T.; S. Chachnov; A. Surinov; and J. von Braun. 1998. "Russian Poverty: Muddling Through Economic Transition with Garden Plots." World Development 26: 1611-23. 19 Swinnen, J.F.M. 1999. "The Political Economy of Land Reform Choices in Central and Eastern Europe." Economics of Transition 7: 637-64. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:6:p:72-89 Template-Type: ReDIF-Article 1.0 Author-Name: David R. Henderson Author-X-Name-First: David R. Author-X-Name-Last: Henderson Author-Name: Robert M. McNab Author-X-Name-First: Robert M. Author-X-Name-Last: McNab Author-Name: Tamas Rozsas Author-X-Name-First: Tamas Author-X-Name-Last: Rozsas Title: Did Inequality Increase in Transition?: An Analysis of the Transition Countries of Eastern Europe and Central Asia Abstract: In the first decade that the former socialist countries of Eastern Europe and Central Asia transitioned toward freer markets, measured income inequality increased. Because this contradicted previous models of inequality, researchers linked the increase in inequality to a supposed equality under socialism and to the process of economic and political liberalization. We show, however, that other factors, including hidden inequalities in the socialist era, can explain democratization's resultant increase in measured income inequality. Journal: Eastern European Economics Pages: 28-49 Issue: 2 Volume: 46 Year: 2008 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y04381426N169J73 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abrams, A. B., and R. F. Settle. 1999. "Women's Suffrage and the Growth of the Welfare State." >i>Public Choice>/i> 100, nos. 3-4: 289-300. 2 Bird, E. J.; J. R. Frick; and G. G. Wagner. 1998. "The Income of Socialist Upper Classes During the Transition to Capitalism: Evidence from Longitudinal East German Data." >i>Journal of Comparative Economics>/i> 26, no. 2: 221-225. 3 Bollen, K. 1980. "Issues in the Comparative Measurement of Political Democracy." >i>American Sociological Review>/i> 45, no. 3: 370-390. 4 Bollen, K., and B. D. Grandjean. 1981. "The Dimension(s) of Democracy: Further Issues in the Measurement and Effects of Political Democracy." >i>American Sociological Review>/i> 46, no. 5: 651-659. 5 Bollen, K., and R. W. Jackman. 1985. "Political Democracy and the Size Distribution of Income." >i>American Sociological Review>/i> 50, no. 4: 438-457. 6 Campos, N. F. 2001. "Will the Future Be Better Tomorrow? The Growth Prospects of Transition Economies Revisited." >i>Journal of Comparative Economics>/i> 29, no. 4: 663-676. 7 Cowell, F. A. 1995. >i>Measuring Inequality>/i>, 2d ed. New York: Prentice Hall and Harvester Wheatsheaf. 8 Deininger, K., and L. Squire. 1996. "A New Data Set Measuring Income Inequality." >i>World Bank Economic Review>/i> 10, no. 3: 565-591. 9 Estrin, S.; G. Urga; and S. Lazarova. 2001. "Testing for Ongoing Convergence in Transition Economies, 1970 to 1998." >i>Journal of Comparative Economics>/i> 29, no. 4: 677-691. 10 Ferreira, F. H. G. 1999. "Inequality and Economic Performance: A Brief Overview of Theories of Growth and Distribution." Inequality, Poverty, and Socioeconomic Performance, World Bank, Washington, DC (available at >a target="_blank" href='http://www.undp.org/rblac/documents/poverty/ferreira.pdf'>www.undp.o rg/rblac/documents/poverty/ferreira.pdf>/a> 11 Filer, R. K., and J. Hanousek. 2002. "Data Watch: Research Data from Transition Economies." >i>Journal of Economic Perspectives>/i> 16, no. 1: 225-240. 12 Geishecker, I., and J. P. Haisken-DeNew. 2004. "Landing on All Fours? Communist Elites in Post-Soviet Russia." >i>Journal of Comparative Economics>/i> 32, no. 4: 700-719. 13 Gradstein, M., and B. Milanovic. 2000. "Does Liberté = Egalité? A Survey of the Empirical Evidence on the Links Between Political Democracy and Income Inequality." World Bank Working Paper no. WPS 2875, Washington, DC. 14 Gupta, S.; H. Davoodi; and R. Alonso-Terme. 1998. "Does Corruption Affect Inequality and Poverty?" Working Paper WP/98/76, International Monetary Fund, Washington, DC. 15 Henderson, D. R.; R. M. McNab; and T. Rozsas. 2005. "The Hidden Inequality in Socialism." >i>Independent Review>/i> 9, no. 3: 389-412. 16 Hewitt, C. 1977. "The Effect of Political Democracy and Social Democracy on Equality in Industrial Societies: A Cross-National Comparison." >i>American Sociological Review>/i> 42, no. 3: 420-464. 17 Husted, T. A., and L. W. Kenny. 1997. "The Effect of the Expansion of the Voting Franchise on the Size of Government." >i>Journal of Political Economy>/i> 105, no. 1: 54-82. 18 Jaggers, K., and T. Gurr. 1995. "Tracking Democracy's Third Wave with Polity III Data." >i>Journal of Peace Research>/i> 32, no. 4: 469-482. 19 Jain, Shail. 1975. >i>Size Distribution of Income: A Compilation of Data.>/i> Washington, DC: World Bank. 20 Justman, M., and M. Gradstein. 1999a. "The Industrial Revolution, Political Transition, and the Subsequent Decline in Inequality in 19th-Century Britain." >i>Explorations in Economic History>/i> 36, no. 2: 109-127. 21 Justman, M., and M. Gradstein. 1999b. "The Democratization of Political Elites and the Decline in Inequality in Modern Economic Growth." In >i>Elites, Minorities, and Economic Growth>/i>, ed. E. Brezis and P. Temin, pp. 205-222. Amsterdam: Elsevier. 22 Kattuman, P., and G. Redmond. 2001. "Income Inequality in Early Transition: The Case of Hungary, 1987-1996." >i>Journal of Comparative Economics>/i> 29, no. 1: 40-65. 23 Kaufmann, D., and A. Kaliberda. 1996. "Integrating the Unofficial Economy into the Dynamics of Post-Socialist Economies: A Framework of Analysis and Evidence." In >i>Economic Transition in Russia and the New States of Eurasia>/i>, vol. 8, ed. B. Kaminski, pp. 81-120. Armonk, NY: M. E. Sharpe. 24 Li, H.; L. Squire; and H.-F. Zou. 1998. "Explaining International and Intertemporal Variations in Income Inequality." >i>Economic Journal>/i> 106, no. 446: 26-43. 25 Lindert, P. H. 1994. "The Rise of Social Spending." >i>Explorations in Economic History>/i> 31, no. 1: 1-37. 26 Lott, J. R., Jr., and L. Kenny. 1999. "How Dramatically Did Women's Suffrage Change the Size and Scope of Government?" John M. Olin Law & Economics Working Paper no. 60, University of Chicago Law School, Chicago (available at >a target="_blank" href='http://www.law.uchicago.edu/Lawecon/wp51-100.html'>www.law.uchicago. edu/Lawecon/wp51-100.html>/a> 27 Lundberg, M., and L. Squire. 1999. "Growth and Inequality: Extracting the Lessons for Policy-Makers." World Bank, Washington, DC. 28 Martinez-Vazquez, J., and R. M. McNab. 2000. "The Tax Reform Experiment in Transitional Countries." >i>National Tax Journal>/i> 53, no. 2: 273-298. 29 Medgyesi, M.; P. Szivos; and I. Gy. Tóth. 2000. "Szegénység és egyenlőtlenségek: generációs eltolódások" [Poverty and Inequality: Generational Shift]. In >i>Társadalmi Riport 2000>/i> [Social Report 2000], ed. T. Kolosi, I. Gy. Tóth, and Gy. Vukovich, pp. 177-204. Budapest: TÁRKI. 30 Mickelwright, J. 1999. "Education, Inequality, and Transition." >i>Economics of Transition>/i> 7, no. 2: 343-376. 31 Milanovic, B. 1996. "Poverty and Inequality in Transition Economies: What Has Actually Happened?" In >i>Economic Transition in Russia and the New States of Eurasia>/i>, vol. 8, ed. B. Kaminski, pp. 171-205. Armonk, NY: M. E. Sharpe. 32 Milanovic, B. 1998. >i>Income, Inequality, and Poverty During the Transition from Planned to Market Economy.>/i> Washington, DC: World Bank. 33 Milanovic, B. 1999. "Explaining the Increase in Inequality During Transition." >i>Economics of Transition>/i> 7, no. 2: 299-341. 34 Millar, J. 1996. "What's Wrong with the Mafiya Anyway? An Analysis of the Economics of Organized Crime in Russia." In >i>International Politics of Eurasia Series>/i>, vol. 8: >i>Economic Transition in Russia and the New States of Eurasia>/i>, ed. B. Kaminski, pp. 206-219. Armonk, NY: M. E. Sharpe. 35 Muller, E. N. 1988. "Democracy, Economic Development, and Income Inequality." >i>American Sociological Review>/i> 53, no. 1: 50-68. 36 Nielsen, F., and A. Anderson. 1995. "Income Inequality, Development, and Dualism." >i>American Sociological Review>/i> 60, no. 5: 674-701. 37 Peltzman, S. 1980. "The Growth of Government." >i>Journal of Law and Economics>/i> 23, no. 2: 209-288. 38 Republic of Hungary. 1995. "évi CXVII. törvény a személyi jövedelemadóról" [Law CXVII of the Year 1995 on Personal Income Tax], Budapest (available at >a target="_blank" href='http://webjogtarcomplex.hu'>http://webjogtarcomplex.hu>/a> 39 Republic of Hungary. 1997. "évi LXXX. törvény a társadalombiztosítás ellátásairól és a magánnyugdíjra jogosultakról, valamint e szolgáltatások fedezetéről" [Law LXXX the Year 1997 on the Entitlements for Social Insurance Provisions and Private Pensions, and the Fundings of These Services], Budapest (available at >a target="_blank" href='http://webjogtar.complex.hu'>http://webjogtar.complex.hu>/a> 40 Rodrik, D. 1999. "Democracies Pay Higher Wages." >i>Quarterly Journal of Economics>/i> 114: 707-738. 41 Rosser, J. B., Jr.; M. V. Rosser; and E. Ahmed. 2000. "Income Inequality and the Informal Economy in Transition Economies." >i>Journal of Comparative Economics>/i> 28, no. 1: 156-171. 42 Simpson, M. 1990. "Political Rights and Income Inequality: A Cross-National Test." >i>American Sociological Review>/i> 55, no. 5: 682-693. 43 Sirowy, L., and A. Inkeles. 1990. "The Effects of Democracy on Economic Growth and Inequality: A Review." >i>Studies in Comparative International Development>/i> 25, no. 1: 126-157. 44 United Nations Economic Commission for Europe. 2002. "Transition Economies: One of the Fastest Growing Regions in the World in 2001; Slower Growth in 2002." Press Release, Geneva, Switzerland (available at >a target="_blank" href='http://www.unece.org/press/pr2002/02gen09e.htm'>www.unece.org/press/ pr2002/02gen09e.htm>/a> 45 Williams, P. 1999. "The Dark Side of Global Civil Society: The Role and Impact of Transnational Criminal Organizations as a Threat to International Security." In >i>International Security Management and the United Nations>/i>, ed. M. Alagappa and T. Inoguchi, pp. 173-209. Tokyo, New York, Paris: United Nations University Press. 46 World Bank. 1997. "Deininger and Squire Data Set: A New Data Set Measuring Income Inequality." Washington, DC (available at >a target="_blank" href='http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,conte ntMDK:20699070~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html'>htt p://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,contentMDK:206 99070~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html>/a> 47 World Bank. 2004. "Kazakhstan: Dimensions of Poverty in Kazakhstan, Volume II: Profile of Living Standards in Kazakhstan in 2002." Report No. 30294-KZ, Washington, DC, November 9. 48 World Bank. 2005. >i>Growth, Poverty, and Inequality: Eastern Europe and the Former Soviet Union.>/i> Washington, DC. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:2:p:28-49 Template-Type: ReDIF-Article 1.0 Author-Name: Roberto Ezcurra Author-X-Name-First: Roberto Author-X-Name-Last: Ezcurra Author-Name: Pedro Pascual Author-X-Name-First: Pedro Author-X-Name-Last: Pascual Title: Spatial Disparities in Productivity in Central and Eastern Europe Abstract: This paper examines the evolution of territorial imbalances in productivity in thirty-nine Central and East European regions between 1992 and 2001. The results obtained show an overall reduction in regional inequality over the study period, though they also indicate simultaneous between-country convergence and within-country divergence. The polarization of the distribution under consideration is seen to decrease, while the registered level of intradistribution mobility is relatively low. The analysis also indicates that regional disparities in output per worker in Central and Eastern Europe are closely linked to intrinsic differences among regions. Finally, we investigate the role played in explaining observed dispersion in sectoral productivity levels by the national-level factors, spatial location, agglomeration economies, and geographical distance from the economic core of the European Union. Journal: Eastern European Economics Pages: 5-32 Issue: 3 Volume: 45 Year: 2007 Month: 6 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=66H66278V7R41834 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amplatz, C. 2003. "The Economic Convergence Performance of Central and Eastern European Countries." >i>Economics of Planning>/i> 36, no. 4: 273-295. 2 Avery, G., and F. Cameron. 1998. >i>The Enlargement of the European Union.>/i> Sheffield, UK: Sheffield Academic Press. 3 Barro, R., and X. Sala-i-Martin. 1991. "Convergence Across States and Regions." >i>Brookings Papers on Economic Activity>/i> 1999, no. 1: 107-182. 4 Barro, R., and X. Sala-i-Martin. 1992. "Convergence." >i>Journal of Political Economy>/i> 100, no. 2: 407-443. 5 Bourguignon, F. 1979. "Decomposable Income Inequality Measures." >i>Econometrica>/i> 47, no. 4: 901-920. 6 Buček, M. 1999. "Regional Disparities in Transition in the Slovak Republic." >i>European Urban and Regional Studies>/i> 6, no. 4: 360-364. 7 Bulli, S. 2001. "Distribution Dynamics and Cross-Country Convergence: A New Approach." >i>Scottish Journal of Political Economy>/i> 48, no. 2: 226-243. 8 Campos, N. 2001. "Will the Future Be Better Tomorrow: The Growth Projects of Transition Countries Revisited." >i>Journal of Comparative Economics>/i> 29, no. 4: 663-676. 9 Canova, F., and A. Marcet. 1995. "The Poor Stay Poor: Non-Convergence Across Countries and Regions." Discussion Paper Series 1265, Center for Economic Policy Research, Washington, DC. 10 Ciccone, A. 2002. "Agglomeration Effects in Europe." >i>European Economic Review>/i> 46, no. 2: 213-227. 11 Ciccone, A., and R. Hall. 1996. "Productivity and the Density of Economic Activity." >i>American Economic Review>/i> 86, no. 1: 54-70. 12 Cowell, F. 1980. "On the Structure of Additive Inequality Measures." >i>Review of Economic Studies>/i> 47, no. 3: 521-531. 13 Cowell, F. 1995. >i>Measuring Inequality>/i>, 2d ed. London: Prentice Hall. 14 Cuadrado, J.R.; T. Mancha; and R. Garrido. 2002. "Regional Dynamics in the European Union: Winners and Losers." In >i>Regional Convergence in the European Union: Facts, Prospects and Policies>/i>, ed. J.R. Cuadrado-Roura and M. Parellada, pp. 23-52. Berlin: Springer-Verlag. 15 Davies, J.B., and A.F. Shorrocks. 1989. "Optimal Grouping of Income and Wealth Data." >i>Journal of Econometrics>/i> 42, no. 1: 97-108. 16 Deutsch, J., and J. Silber. 1999. "Inequality Decomposition by Population Subgroups and the Analysis of Interdistributional Inequality." In >i>Handbook of Income Inequality Measurement>/i>, ed. J. Silber, pp. 363-404. Boston: Kluwer Academic. 17 Dunn, E.S. 1960. "A Statistical and Analytical Technique for Regional Analysis." >i>Papers and Proceedings of the Regional Science Association>/i> 6: 97-112. 18 Durlauf, S.N., and D. Quah. 1999. "The New Empirics of Economic Growth." In >i>Handbook of Macroeconomics>/i>, vol. 1A, ed. J.B. Taylor and M. Woodford, pp. 231-304. Amsterdam: North-Holland. 19 Eichengreen, B., and F. Ghironi. 2001. "EMU and Enlargement." Working Papers in Economics 481, Boston College, Boston, MA. 20 Esteban, J. 2000. "Regional Convergence in Europe and the Industry Mix: A Shift Share Analysis." >i>Regional Science and Urban Economics>/i> 30, no. 3: 353-364. 21 Esteban, J.M.; C. Gradín; and D. Ray. 1999. "Extension of a Measure of Polarization with an Application to the Income Distributions of Five OECD Countries." Luxembourg Income Study Working Paper Series 218. Maxwell School of Citizenship and Public Affairs, Syracuse University, Syracuse, NY. 22 Esteban, J.M., and D. Ray. 1994. "On the Measurement of Polarization." >i>Econometrica>/i> 62, no. 4: 819-851. 23 European Commission. 1999. >i>Sixth Periodic Report on the Social and Economic Situation of the Regions in the European Union.>/i> Brussels: European Commission. 24 European Commission. 2004. >i>Third Report on Economic and Social Cohesion.>/i> Brussels: European Commission. 25 Ezcurra, R.; C. Gil; P. Pascual; and M. Rapún. 2005. "Regional Inequality in the European Union: Does Industry Mix Matter?" >i>Regional Studies>/i> 39, no. 6: 679-697. 26 Fingleton, B. 1999. "Estimates of Time to Economic Convergence: An Analysis of Regions of the European Union." >i>International Regional Science Review>/i> 22, no. 1: 5-35. 27 Foster, J. 1983. "An Axiomatic Characterization of the Theil Measure of Income Inequality." >i>Journal of Economic Theory>/i> 31, no. 1: 105-121. 28 Fujita, M.; P. Krugman; and A. Venables. 1999. >i>The Spatial Economy.>/i> Cambridge, MA: MIT Press. 29 Fujita, M., and J.F. Thisse. 2002. >i>Economics of Agglomeration.>/i> Cambridge: Cambridge University Press. 30 Goerlich, F.J. 2003. "Weighted Samples, Kernel Density Estimators and Convergence." >i>Empirical Economics>/i> 28, no. 2: 335-351. 31 Grabbe, H., and K. Hughes. 1998. >i>Enlarging the EU Eastwards.>/i> Chatham House Papers, Royal Institute of International Affairs. London: Pinter. 32 Gros, D., and A. Steinherr. 2001. >i>The First Ten Years of Transition: Planting the Seeds of Economic Reform in Central and Eastern Europe.>/i> Cambridge, MA: MIT Press. 33 Herz, B., and L. Vogel. 2003. "Regional Convergence in Central and Eastern Europe: Evidence from a Decade of Transition." In >i>Determinants of Growth and Business Cycles: Theory, Empirical Evidence and Policy Implications>/i>, ed. C. Hansen and M. Resinek, pp. 155-179. Berlin: INFER Annual Conference. 34 Kremer, M.; A. Onatski; and J. Stock. 2001. "Searching for Prosperity." >i>Carnegie-Rochester Conference Series on Public Policy>/i> 55 (December): 275-303. 35 Krugman, P. 1991. >i>Geography and Trade.>/i> Cambridge, MA: MIT Press. 36 Le Gallo, J. 2004. "Space-Time Analysis of GDP Disparities Among European Regions: A Markov Chain Approach." >i>International Regional Science Review>/i> 27, no. 2: 138-163. 37 Le Gallo, J., and C. Ertur. 2003. "Exploratory Spatial Data Analysis of the Distribution of Regional Per Capita GDP in Europe, 1980-1995." >i>Papers in Regional Science>/i> 82, no. 2: 175-201. 38 López-Bazo, E.; E. Vayá; A. Mora; and J. Suriñach. 1999. "Regional Economic Dynamics and Convergence in the European Union." >i>Annals of Regional Science>/i> 33, no. 3: 343-370. 39 Molle, W.; B. Van Holst; and H. Smit. 1980. >i>Regional Disparity and Economic Development in the European Community.>/i> Farnborough: Saxon House. 40 Nemes-Nagy, J. 2001. "New Regional Patterns in Hungary." In >i>Transformations in Hungary>/i>, ed. P. Meusburger and H. Jöns, pp. 39-64. Heidelberg: Physica-Verlag. 41 Overman, H., and D. Puga. 2002. "Unemployment Clusters Across Europe's Regions and Countries." >i>Economic Policy>/i> 17, no. 34: 115-147. 42 Quah, D. 1993. "Empirical Cross-Section Dynamics in Economic Growth." >i>European Economic Review>/i> 37, nos. 2-3: 426-434. 43 Quah, D. 1996a. "Twin Peaks Growth and Convergence in Models of Distribution Dynamics." >i>Economic Journal>/i> 106, no. 437: 1045-1055. 44 Quah, D. 1996b. "Empirics for Economic Growth and Convergence." >i>European Economic Review>/i> 40, no. 6: 1353-1375. 45 Quah, D. 1996c. "Regional Convergence Clusters Across Europe." >i>European Economic Review>/i> 40, nos. 3-5: 951-958. 46 Quah, D. 1997. "Empirics for Growth and Distribution Stratification, Polarization, and Convergence Clubs." >i>Journal of Economic Growth>/i> 2, no. 1: 27-59. 47 Resmini, L. 2000. "The Determinants of Foreign Direct Investment in the CEECs: New Evidence from Sectoral Patterns." >i>Economics of Transition>/i> 8, no. 3: 665-689. 48 Rodríguez-Pose, A. 1999. "Convergence or Divergence? Types of Regional Responses to Socio-Economic Change in Western Europe." >i>Tijdschrift voor Economische en Sociale Geografie>/i> 90, no. 4: 363-378. 49 Salas, R. 2002. "Multilevel Interterritorial Convergence and Additive Multidimensional Inequality Decomposition." >i>Social Choice and Welfare>/i> 19, no. 1: 207-218. 50 Shorrocks, A.F. 1980. "The Class of Additively Decomposable Inequality Measures." >i>Econometrica>/i> 48, no. 3: 613-625. 51 Shorrocks, A.F. 1982. "Inequality Decomposition by Factor Components." >i>Econometrica>/i> 50, no. 1: 193-211. 52 Shorrocks, A.F. 1983. "The Impact of Income Components on the Distribution of Family Incomes." >i>Quarterly Journal of Economics>/i> 98, no. 2: 311-326. 53 Shorrocks, A.F. 1984. "Inequality Decomposition by Population Subgroups." >i>Econometrica>/i> 52, no. 6: 1369-1385. 54 Silverman, B. 1986. >i>Density Estimation for Statistics and Data Analysis.>/i> Monographs on Statistics and Applied Probability 26. London: Chapman and Hall. 55 Stockey, N., and R. Lucas. 1989. >i>Recursive Methods in Economic Dynamics.>/i> Cambridge: Harvard University Press. 56 Theil, H. 1967. >i>Economics and Information Theory.>/i> Amsterdam: North Holland. 57 Tondl, G., and G. Vuksic. 2003. "What Makes Regions in Eastern Europe Catching Up? The Role of Foreign Investment, Human Resources and Geography." Working Paper 51, Research Institute for European Affairs, Wien. 58 Weise, C.; J. Bachtler; R. Downes; I. McMaster; and K. Toepel. 2001. "The Impact of the EU Enlargement on Cohesion." European Commission Tender no. PO/00-1/RegioA4, DIW German Institute for Economic Research and European Policies Research Center, Berlin. 59 Wostner, P. 2002. "Regional Disparities in Transition Economies: The Case of Slovenia." Paper presented at the Forty-Second European Regional Science Association conference, Dortmund, August 27-31. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:5-32 Template-Type: ReDIF-Article 1.0 Author-Name: Balázs Égert Author-X-Name-First: Balázs Author-X-Name-Last: Égert Title: Does the Productivity-Bias Hypothesis Hold in the Transition? Evidence from Five CEE Economies in the 1990s Abstract: The validity of the Balassa-Samuelson effect seems to be something of a stylized fact for transition countries. This article addresses the question as to whether the productivity bias hypothesis holds for the Czech Republic, Hungary, Poland, Slovakia, and Slovenia between 1991 and 2000. In so doing, vector autoregression model-based (VAR) cointegration analysis is employed. The results are rather varied and suggest that the Balassa-Samuelson effect is not of the same importance for each country. Generally, we find long-term cointegration relationships between productivity growth and relative prices while the link between relative prices and the real exchange rate is found to be much weaker.We then determine the extent to which the Balassa-Samuelson effect may influence inflation and real exchange rates during transition. Journal: Eastern European Economics Pages: 5-37 Issue: 2 Volume: 40 Year: 2002 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9VMCY1J6WHU7N9TB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:2:p:5-37 Template-Type: ReDIF-Article 1.0 Author-Name: ANNA MARIA A FERRAGINA Author-X-Name-First: ANNA MARIA A Author-X-Name-Last: FERRAGINA Author-Name: FRANCESCO PASTORE Author-X-Name-First: FRANCESCO Author-X-Name-Last: PASTORE Title: Factor Endowment and Market Size in EU-CEE Trade : Would Human Capital Change Actual Quality Trade Patterns? Abstract: This paper aims to test several hypotheses on determinants of the quality of trade in cross-country regressions, taking a sample of trade competitors in EU markets. The hypotheses are those underlying two models of vertical intra-industry trade: the so-called neo-Heckscher-Ohlin model, and an economic geography model based on market size and economic integration. The explanatory variables significantly affect the dependent variable, and we conclude that these variables give rise to specialization in different segments of the quality spectrum. Information is drawn from the analysis with respect to Central and Eastern European (CEE) specialization in low-quality exports to EU markets. In particular, the estimates suggest the existence of a process of the "crowding out" of existing human capital due to the process of economic transition. Moreover, the smaller market size of the EU-accession countries could contribute to strengthening the CEE disadvantage in high-quality segments of production. Journal: Eastern European Economics Pages: 5-33 Issue: 1 Volume: 43 Year: 2005 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NEQBRTWE2QR6WG77 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abd-el-Rahman, K. 1991. "Firms' Competitive and National Comparative Advantages as Joint Determinants of Trade Composition." Weltwirtschaftliches Archiv, 127, no. 1: 83-97. 2 Aturupane, C.; S. Djankov; and B. Hoekman. 1997. "Determinants of Intra-Industry Trade Between East and West Europe." Centre for Economic Policy Research, Discussion Paper no. 1721, London, November. 3 Balassa, B., and L. Bauwens. 1987. "Intra-Industry Specialization in a Multi-Country and Multi-Industry Framework." Economic Journal 97, no. 6 (December): 923-939. 4 Barro, R.J., and J.W. Lee. 1996. "International Measures of Schooling Years and Schooling Quality." American Economic Review, Papers and Proceedings 86, no. 2: 218-223. 5 CEPR. 1990. "Monitoring European Integration: The Impact of Eastern Europe." Centre for Economic Policy Research, London. 6 European Commission. 1997. Agenda 2000. 3 vols. Brussels. 7 Faini, R., and R. Portes (ed.). 1995. "European Union Trade with Eastern Europe: Adjustment and Opportunities." London: Centre for Economic Policy Research. 8 Falvey, R. 1981. "Commercial Policy and Intra-Industry Trade." Journal of International Economics 11, no. 4: 495-511. 9 Falvey, R., and H. Kierzkowski. 1987. "Product Quality, Intra-Industry Trade and Im(Perfect) Competition." In Protection and Competition in International Trade, ed. H. Kierzkowski, pp. 143-161. Oxford: Blackwell. 10 Ferragina, A. 2003. "Factor Content of Italy-CEE Trade Over Economic Transition." EMERGO: The Journal of Emerging Economies and Societies 10, no. 2: 2-21. 11 Fontagné, L., and M. Freudenberg. 1997. "Intra-industry Trade: Methodological Issues Reconsidered." CEPII /Working Paper, 10, no. 2: 97-101. 12 Greenaway, D., and J. Torstensson. 2000. "Economic Geography, Comparative Advantage and Trade Within Industries: Evidence from the OECD." Journal of Economic Integration 15, no. 2: 260-280. 13 Greenaway, D.; R.C. Hine; and C.R. Milner. 1994. "Country-Specific Factors and the Pattern of Horizontal and Vertical Intra-Industry Trade in the UK." Weltwirtschaftliches Archiv 130, no. 1: 77-100. 14 ------. 1995. "Vertical and Horizontal Intra-Industry Trade: A Cross Industry Analysis for the United Kingdom." Economic Journal 105, no. 433 (November): 1505-1518. 15 Halpern, L. 1994. "Comparative Advantage and Likely Trade Pattern of the CEECs." Discussion Paper no. 1003, Centre for Economic Policy Research, London. 16 Hamilton, C.B., and L.A. Winters. 1992. "Opening Up International Trade with Eastern Europe." Economic Policy 14 (April): 77-116. 17 Helpman, E., and P.R. Krugman. 1985. Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition and the International Economy. Hemel Hempstead, UK: Wheatsheaf, 1985. 18 Henrekson, M.; J. Torstenssonl; and R. Torstensson. 1997. "Growth Effects of European Integration." European Economic Review 41, no. 8: 1537-1557. 19 Hoekman, B., and S. Djankov. 1997. "Determinants of the Export Structure of Countries in Central and Eastern Europe." World Bank Economic Review 11, no. 3: 471-488. 20 Hummels, D., and J. Levinsohn. 1995. "Monopolistic Competition and International Trade: Reconsidering the Evidence." Quarterly Journal of Economics 110, no. 4: 799-836. 21 Krugman, P., and A.J. Venables. 1995. "Globalisation and the Inequality of Nations." Quarterly Journal of Economics 110, no. 4: 857-880. 22 Landesmann, M., and J. Burgstaller. 1997. "Vertical Product Differentiation in EU Markets: The Relative Position of East European Producers." Wiener Institut für Internationale Wirtschaftsvergleiche (WIIW), Vienna. 23 Landesmann, M., and J. Fersterer. 1998. "Vertical Product Differentiation and International Trade:An EconometricAnalysis."Vienna Institute for International Economic Studies,Vienna. 24 Naujoks, P., and K.D. Schmidt. 1994. "Outward Processing in Central and East European Transition Countries." Institut für Weltwirtschaft, Kiel Working Paper no. 631. 25 Neven, D. 1995. "Trade Liberalization with Eastern Nations: How Sensitive?" In European Union Trade with Eastern Europe: Adjustment and Opportunities, ed. R. Faini and R. Portes. London: Centre for Economic Policy Research. 26 Puga, D., and A.J. Venables. 1997. "Trading Arrangements and Industrial Development." World Bank Economic Review, 12, no. 2: 221-249. 27 Rollo, J.M.C., and A. Smith. 1993. "The Political Economy of Eastern European Trade with the European Community: Why So Sensitive?" Economic Policy 16 (April): 139-181. 28 Rollo, J.M.C., and J. Stern 1992. "Growth and Trade Prospects for Central and Eastern Europe." World Economy 15, no. 5 (September): 645-668. 29 Shaked, A., and J. Sutton. 1984. "Natural Oligopolies and International Trade." In Monopolistic Competition and International Trade, ed. H. Kierzkowski. Oxford: Oxford University Press. 30 Smith, A., and Z. Dràbek. 1995. "Trade Performance and Trade Policy in Central and Eastern Europe." Discussion Paper no. 1182, Centre for Economic Policy Research, London. 31 Stiglitz, J.E. 1987. "The Causes and Consequences of the Dependence of Quality on Price." Journal of Economic Literature 25, no. 1: 1-48. 32 Summers, R., and A. Heston. 1991. "The Penn-World Table: An Expanded Set of International Comparisons, 1950-1988." Quarterly Journal of Economics 106, no. 2 (May): 327-368. 33 Torstensson, J. 1991. "Quality Differentiation and Factor Proportions in International Trade: An Empirical Test of the Swedish Case." Weltwirtschaftliches Archiv, 127, no. 1: 183-194. 34 ------. 1996. "Determinants of Intra-Industry Trade: A Sensitivity Analysis." Oxford Bulletin of Economics and Statistics 58, no. 3: 507-524. 35 UNESCO (United Nations Educational, Scientific and Cultural Organization). 1991. Statistical Yearbook 1990. Paris: UNESCO. 36 Winters, L.A., and Z.K. Wang. 1994. Eastern Europe's International Trade. Manchester, UK: Manchester University Press. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:1:p:5-33 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 45 Year: 2007 Month: 6 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5K63M38800L20724 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brada, J.C., and A.E. King. 1993. "Is Private Farming More Efficient Than Socialized Agriculture?" >i>Economica>/i> 60, no. 237 (February): 41-56. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Trajko Slaveski, Pece Nedanovski Author-X-Name-First: Trajko Slaveski, Pece Author-X-Name-Last: Nedanovski Title: Foreign Direct Investment in the Balkans: The Case of Albania, FYROM, and Bulgaria Abstract: The Balkan transition countries have been much less successful in attracting foreign direct investment (FDI) than have the Central European transition countries. Political instability, low intra-regional trade and the small size of national markets are only some of the causes of this FDI gap. Among the more successful Balkan recipients of FDI has been Bulgaria, while Greece has been a major source of FDI for the transition economies of the Balkan region. Greek investment is driven in part by the availability of low cost labor in the nearby transition economies. The article closes by reviewing the policies and FDI patterns of the Balkan transition countries. Journal: Eastern European Economics Pages: 83-99 Issue: 4 Volume: 40 Year: 2002 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3T7BYNB9FLTTMXRF File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:4:p:83-99 Template-Type: ReDIF-Article 1.0 Author-Name: Axel Tonini Author-X-Name-First: Axel Author-X-Name-Last: Tonini Author-Name: Roel Jongeneel Author-X-Name-First: Roel Author-X-Name-Last: Jongeneel Title: Is the Collapse of Agricultural Output in the CEECs a Good Indicator of Economic Performance? A Total Factor Productivity Analysis Abstract: This paper analyzes total factor productivity (TFP) growth in agriculture for the ten Central and East European countries (CEECs) that began formal negotiations for EU accession in September 1998. A panel data set is constructed consisting of pooled time series data for the ten CEECs from 1993 to 2002, and it is used to estimate a time-varying stochastic production frontier. A Malmquist index of TFP growth is estimated and decomposed into efficiency change and technical change. The results show that despite the fall in output, TFP growth rates were positive for all ten CEECs. This suggests that the collapse of agricultural output in the CEECs is not necessarily a good indicator of agricultural performance. An analysis that only focuses on output decline provides a partial and misleading interpretation of the success of agricultural reforms. Also, estimates of technical efficiency confirm the hypothesis that large-scale farming performs better than small-scale farming when markets are missing and economic conditions are uncertain. Journal: Eastern European Economics Pages: 32-59 Issue: 4 Volume: 44 Year: 2006 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0NQ35M376011VR6V File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aigner, D.J.; C.A.K. Lovell; and P.J. Schmidt. 1977. "Formulation and Estimation of Stochastic Frontier Production Function Models." >i>Journal of Econometrics 6>/i>, no. 1: 21-37. 2 Battese, G.E., and T. Coelli. 1992. "Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India." >i>Journal of Productivity Analysis 3>/i>, no. 1-2: 153-169. 3 Blanchard, O. 1998. >i>The Economics of Post-Communist Transition.>/i> Oxford: Clarendon Press. 4 Brada, J.C. 1989. "Technological Progress and Factor Utilization in Eastern European Economic Growth." Economica 56, no. 224: 433-448. 5 —-. 1996. "Privatization Is Transition—Or Is It?" >i>Journal of Economic Perspectives 10>/i>, no. 2: 67-86. 6 Brada, J.C., and A.E. King. 1993. "Is Private Farming More Efficient than Socialized Agriculture?" Economica 60, no. 237: 41-56. 7 Brada, J.C.; A.E. King; and C.Y. Ma. 1997. "Industrial Economics of the Transition: Determinants of Enterprises Efficiency in Czechoslovakia and Hungary." >i>Oxford Economic Papers 49>/i>, no. 1: 104-127. 8 Carter, C.A., and B. Zhang. 1994. "Agricultural Efficiency Gains in Centrally Planned Economies." >i>Journal of Comparative Economics 18>/i>, no. 3: 314-328. 9 Caves, D.W.; L.R. Christensen; and W.E. Diewert. 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity." >i>Econometrica 50>/i>, no. 6: 1393-1414. 10 Coelli, T., and D.S. Prasada Rao. 2003. "Total Factor Productivity Growth in Agriculture: A Malmquist Index Analysis of 93 Countries, 1980-2000." Paper presented at the Twenty-Fifth International Conference of Agricultural Economists: Reshaping Agriculture's Contribution to Society, Durban, South Africa, August 16-22. 11 Coelli, T.; D.S. Prasada Rao; and G.E. Battese. 1998. >i>An Introduction to Efficiency and Productivity Analysis.>/i> Boston: Kluwer Academic. 12 Coelli, T.; S. Rahman; and C. Thirtle. 2003. "A Stochastic Frontier Approach to Total Factor Productivity Measurement in Bangladesh Crop Agriculture, 1961-92." Journal of International Development 15, no. 3: 321-333. 13 Colombatto, E. 2002. "Is There an Austrian Approach to Transition?" >i>Review of Austrian Economics 15>/i>, no. 1: 61-74. 14 Corbo, V., and P. Meller. 1979. "The Translog Production Function: Some Evidences from Establishment Data." >i>Journal of Econometrics 1>/i>, no. 2: 193-199. 15 Cornwell, C.; P. Schmidt; and R.C. Sickles. 1990. "Production Frontiers with Cross-Sectional and Time Series Variation in Efficiency Levels." >i>Journal of Econometrics 46>/i>, no. 1-2: 185-200. 16 Csaki, C., and J. Nash. 1998. >i>The Agrarian Economies of Central Eastern Europe and Commonwealth Independent States: Situation and Perspectives. Washington, DC: World Bank.>/i> 17 European Commission. 2002. >i>Agricultural Situation in the Candidate Countries—Country Report.>/i> Brussels: EC Directorate General for Agriculture. 18 Eurostat. 2005. >i>Tables, Structural Indicators, Employment.>/i> Brussels (available at >a target="_blank" href='http://epp.eurostat.cec.eu.int/portal/page?_pageid=1996,39140985&_da d=portals&_schema=PORTAL&screen=detailref&language=en&product=STRIND_EMPLO I&root=STRIND_EMIPLOI/emploi/em071'>http://epp.eurostat.cec.eu.int/portal/ page?_pageid=1996,39140985&_dad=portals&_schema=PORTAL&screen=detailref&la nguage=en&product=STRIND_EMPLOI&root=STRIND_EMIPLOI/emploi/em071>/a> 19 FAO (Food and Agriculture Organization). 2004. FAOSTAT-Agriculture. Rome (available at >a target="_blank" href='http://faostat.fao.org/faostat/collections?version=ext&hasbulk=0&sub set=agriculture'>http://faostat.fao.org/faostat/collections?version=ext&ha sbulk=0&subset=agriculture>/a> 20 Färe, R., and D. Primont. 1995. >i>Multi-Output Production and Duality: Theory and Applications.>/i> Boston: Kluwer Academic. 21 Färe, R.; S. Grosskopf; M. Norris; and Z. Zhang. 1994. "Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries." >i>American Economic Review 84>/i>, no. 1: 66-83. 22 Fulginiti, L.E., and R.K. Perrin. 1997. "LDC Agriculture: Non Parametric Malmquist Productivity Index." >i>Journal of Development Economics 53>/i>, no. 2: 373-390. 23 Geary, R.C. 1958. "A Note on the Comparison of Exchange Rates and Purchasing Power Parities Between Countries." >i>Journal of the Royal Statistical Society 121>/i>, no. 1: 97-99. 24 Grifell-Tatjé, E., and C.A.K. Lovell. 1995. "A Note on the Malmquist Productivity Index." Economics Letters 47, no. 2: 169-175. 25 Hayami, Y., and V.W. Ruttan. 1970. "Agricultural Productivity Differences Among Countries." American Economic Review 60, no. 5: 895-911. 26 —-. 1985. >i>Agricultural Development: An International Perspective.>/i> Baltimore: Johns Hopkins University Press. 27 Holzman, F.D. 1955. "Unemployment in Planned and Capital Economies." >i>Quarterly Journal of Economics 69>/i>, no. 3: 452-460. 28 Kawagoe, T.; Y. Hayami; and V.W. Ruttan. 1985. "The Intercountry Agricultural Production Function and Productivity Differences Among Countries. ">i>Journal of Development Economics 19>/i>, no. 1-2: 113-132. 29 Khamis, S.H. 1972. "A New System of Index Numbers for National and International Purposes." >i>Journal of the Royal Statistical Society 135>/i>, no. 1: 96-121. 30 Kornai, J. 1986. "The Soft Budget Constraint." Kyklos 39, no. 1: 3-30. 31 Kumbhakar, S.C. 1990. "Production Frontiers, Panel Data, and Time-Varying Technical Inefficiency." >i>Journal of Econometrics 46>/i>, nos. 1-2: 201-211. 32 Lau, L., and P. Yotopoulos. 1989. "The Meta-Production Function Approach to Technological Change in World Agriculture." >i>Journal of Development Economics 31>/i>, no. 2: 241-269. 33 Lee, Y.H., and P. Schmidt. 1993. "A Production Frontier Model with Flexible Temporal Variation in Technical Inefficiency." In >i>The Measurement of Productive Efficiency: Techniques and Applications>/i>, ed. H.O. Fried, C.A.K. Lovell, and S.S. Schmidt, pp. 237-255. New York: Oxford University Press. 34 Lerman, Z.; Y. Kislev; A. Kriss; and D. Biton. 2003. "Agricultural Output and Productivity in the Former Soviet Republic." >i>Economic Development and Cultural Change 51>/i>, no. 4: 999-1018. 35 Liefert, W., and J. Swinnen. 2002. "Changes in Agricultural Markets in Transition Economies." Agricultural Economic Report No. AER806, Market and Trade Economics Division, Economic Research Service, U.S. Department of Agriculture, Washington, DC. 36 Macours, K., and J. Swinnen. 2000. "Causes of Output Decline in Economic Transition: The Case of Central and Eastern European Agriculture." >i>Journal of Comparative Economics 28>/i>, no. 1: 172-206. 37 Mathijs, E., and N. Noev. 2004. "Subsistence Farming in Central and Eastern Europe." >i>Eastern European Economics 42>/i>, no. 6: 72-89. 38 Meeusen, W., and J. van den Broeck. 1977. "Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error." >i>International Economic Review 18>/i>, no. 2: 435-444. 39 Mooney, C.Z., and R.D. Duval. 1993. Bootstrapping: >i>A Non Parametric Approach to Statistical Inference.>/i> Newbury Park, CA: Sage. 40 Normile, M.A., and S.E. Leetma. 2004. "U.S.-EU Food and Agriculture Comparisons." Agriculture and Trade Report. WRS-04-04, Market and Trade Economics Division, Economic Research Service, U.S. Department of Agriculture, Washington, DC. 41 Perelman, S. 1995. "R&D, Technological Progress and Efficiency Change in Industrial Activities." >i>Review of Income and Wealth 41>/i>, no. 3: 349-366. 42 Petrick, M., and P. Weingarten. 2004. "The Role of Agriculture in Central and Eastern European Rural Development: An Overview." In >i>The Role of Agriculture in Central and Eastern European Rural Development: Engine of Change or Social Buffer?>/i> vol. 25, ed. M. Petrick and P. Weingarten, pp. 1-19. Halle (Saale): Institute of Agricultural Development in Central and Eastern Europe (IAMO). 43 Rozelle, S., and J.F.M. Swinnen. 2004. "Success and Failure of Reform: Insights from the Transition of Agriculture." >i>Journal of Economic Literature 42>/i>, no. 2: 404-456. 44 Sarris, A.H.; T. Doucha; and E. Mathijs. 1999. "Agricultural Restructuring in Central and Eastern Europe: Implications for Competitiveness and Rural Development." >i>European Review of Agricultural Economics 26>/i>, no. 3: 305-329. 45 Sauer, J., and H. Hockmann. 2005. "The Need for Theoretically Consistent Efficiency Frontier." Paper presented at the Eleventh Congress of the European Association of Agricultural Economists: The Future of Rural Europe in the Global Agri-Food System, Copenhagen, Denmark, August 24-27. 46 Stiglitz, J. 1993. "Incentives, Organizational Structure and Contractual Choice in the Reform of Socialist Agriculture." In >i>The Agricultural Transition in Central and Eastern Europe and the Former USSR>/i>, ed. A. Braverman, K. Brooks, and C. Csaki, pp. 27-46. Washington, DC: World Bank. 47 Suhariyanto, K., and C. Thirtle. 2001. "Asian Agricultural Productivity and Convergence." >i>Journal of Agricultural Economics 52>/i>, no. 3: 96-110. 48 Swinnen, J. 2002. "Transition and Integration in Europe: Implications for Agricultural and Food Markets, Policy, and Trade Agreements." >i>World Economy 25>/i>, no. 4: 481-501. 49 Swinnen, J., and H.R. Gow. 1999. "Agricultural Credit Problems and Policies During the Transition to a Market Economy in Central and Eastern Europe." >i>Food Policy 24>/i>, no. 1: 21-47. 50 Swinnen, J., and L. Vranken. 2005. "Reforms and Efficiency Change in Transition Agriculture." Paper presented at the Eleventh Congress of the European Association of Agricultural Economists: The Future of Rural Europe in the Global Agri-Food System, Copenhagen, Denmark, August 24-27. 51 Swinnen, J.F.M., and E. Mathijs. 1997. "Agricultural Privatization, Land Reform and Farm Restructuring in Central and Eastern Europe: A Comparative Analysis." In >i>Agricultural Privatization, Land Reform and Farm Restructuring in Central and Eastern Europe>/i>, ed. J.F.M. Swinnen, A. Buckwell, and E. Mathijs, pp. 333-373. Aldershot, UK: Ashgate. 52 Tonini, A., and R. Jongeneel. 2002. "Dairy Farm Size Restructuring in Poland and Hungary: Quantitative and Qualitative Analysis." In >i>Agricultural Enterprises in Transition: Parallels and Divergences in Eastern Germany, Poland and Hungary>/i>, vol. 15, ed. L. Hinners-Tobrägel, and J. Heinrich, pp. 317-339. Kiel: Wissenschaftsverlag Vauk Kiel KG. 53 Vasavada U., and R.G. Chambers. 1986. "Investment in U.S. Agriculture." >i>American Journal of Agricultural Economics 68>/i>, no. 4: 950-960. 54 WIIW (Wiener Institut für Internationale Wirtschaftsvergleiche). 2001. "Transition Countries' Agriculture in 2000: Influenced by the Weather and External Developments." >i>Vienna Monthly Report>/i> no. 6 (June) (available at >a target="_blank" href='http://www.wiiw.ac.at/recmorep.html'>http://www.wiiw.ac.at/recmorep. html>/a> 55 —-. 2003. >i>Handbook of Statistics: Countries in Transition 2003>/i>. Vienna: Vienna Institute for International Economic Studies. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:32-59 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Trade and Revealed Comparative Advantage Measures: Regional and Central and East European Agricultural Trade Abstract: Journal: Eastern European Economics Pages: 72-98 Issue: 2 Volume: 39 Year: 2001 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=91B0NA0MX531ET3F File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:2:p:72-98 Template-Type: ReDIF-Article 1.0 Author-Name: Dionysios Chionis Author-X-Name-First: Dionysios Author-X-Name-Last: Chionis Author-Name: Panagiotis Liargovas Author-X-Name-First: Panagiotis Author-X-Name-Last: Liargovas Title: An Empirical Investigation of Greek-Balkan Bilateral Trade Abstract: This article examines the role that Greece has played in the reorientation of the foreign trade of the transition Balkan countries toward the European Union (EU).Greece's imports from and especially its exports to the other Balkan countries have grown much more rapidly than that of the other EU countries. While proximity plays a role in explaining this, there are important schemes for regional integration in the Balkans that may also play a role. Nevertheless, a gravity model of trade in the region suggests that there is considerable unexploited potential for greater intra-regional trade. Journal: Eastern European Economics Pages: 6-32 Issue: 5 Volume: 40 Year: 2002 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HFM8M3QXX1WB63YR File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:5:p:6-32 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Mihaljevic Author-X-Name-First: Maja Author-X-Name-Last: Mihaljevic Title: Examining the Efficiency of Croatian Higher Education: An Application of Student Attainment Modeling Abstract: This paper uses an education production function to analyze student attainment in Croatian higher education (HE). A model of student attainment that reflects the distinctive characteristics of the Croatian HE system is developed. The results indicate that peer influence and student effort levels have a positive and statistically significant effect on student attainment, along with studying a similar subject in the secondary school and attending a gymnasium before enrolling to a higher-education institution (HEI). Paying a tuition fee and enrolling in an HEI at a mature age have negative effects on attainment. When more data become available, this model may allow an important comparison of student attainment before and after the implementation of the Bologna process guidelines. Journal: Eastern European Economics Pages: 74-88 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K00612G0278UL832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barr, N. 2000. "Benefits of Education: What We Know and What We Don't Know". Paper presented at Economic Growth and Government Policy, Her Majesty's Treasury seminar, London, October 12 (available at www.hm-treasury.gov.uk/media/C/B/252.pdf). >a target="_blank" href='http://www.hm-treasury.gov.uk/media/C/B/252.pdf'>www.hm-treasury.gov .uk/media/C/B/252.pdf>/a> 2 Baumol, W.; J. Panzar; and R. Willig 1983. "Contestable Markets: An Uprising in the Theory of Industry Structure: Reply". >i>American Economic Review>/i> 73, no. 3: 491-496. 3 Bonesrønning, H. 2004. "The Determinants of Parental Effort in Education Production: Do Parents Respond to Changes in Class Size?" >i>Economics of Education Review>/i> 23, no. 1: 1-9. 4 Coleman, J.; E. Campbell; C. Hobson; J. McPartland; A. Mood; F. Weinfeld; and R. Yorke 1966. >i>Equality of Educational Opportunity.>/i> Washington, DC: U.S. Government Printing Office. 5 Costrell, R. 1994. "A Simple Model of Educational Standards". >i>American Economic Review>/i> 84, no. 4: 956-971. 6 Costrell, R. 1997. "Can Centralized Educational Standards Raise Welfare?" >i>Journal of Public Economics>/i> 65, no. 3: 271-293. 7 De Fraja, G.; T. Oliveira; and L. Zanchi 2005. "Must Try Harder: Evaluating the Role of Effort in Educational Attainment". Center for Economic Policy Research Discussion Paper no. 5048, London. 8 Dixit, A. 2002. "Incentives and Organizations in the Public Sector: An Interpretative Review". >i>Journal of Human Resources>/i> 37, no. 4: 696-727. 9 Hanushek, E. 1986. "The Economics of Schooling: Production and Efficiency in Public Schools". >i>Journal of Economic Literature>/i> 24, no. 3: 1141-1177. 10 Hanushek, E.; J. Kain; J. Markman; and S. Rivkin 2003. "Does Peer Ability Affect Student Achievement?" >i>Journal of Applied Econometrics>/i> 18, no. 5: 527-544. 11 Henderson, V.; P. Mieszkowski; and Y. Sauvegeau 1976. "Peer Group Effects and Educational Production Functions". Economic Council of Canada, Ottawa. 12 Holstrom, B., and J. Tirole 1989. "The Theory of the Firm". In >i>Handbook of Industrial Organisation>/i>, vol. 1, ed. R. Schmalensee and R. Willig, pp. 61-133. Amsterdam: North-Holland. 13 Hoxby, C. 2000. "Peer Effects in the Classroom: Learning from Gender and Race Variation". National Bureau of Economic Research Working Paper no. 7867, Cambridge, MA. 14 Johnes, G., and R. McNabb 2004. "Never Give Up on the Good Times: Student Attrition in the UK". >i>Oxford Bulletin of Economics and Statistics>/i> 66, no. 1: 23-47. 15 Johnes, J., and B. Taylor 1990. "Undergraduate Non-Completion Rates in UK Universities: A Reply". >i>Higher Education>/i> 19, no. 3: 386-390. 16 Little, R., and D. Rubin 1987. >i>Statistical Analysis with Missing Data.>/i> New York: John Wiley. 17 Mayer, S. 1997. >i>What Money Can't Buy: Family Income and Children's Life Chances.>/i> Cambridge: Harvard University Press. 18 McEwan, P. 2003. "Peer Effects on Student Achievement: Evidence from Chile". >i>Economics of Education Review>/i> 22, no. 2: 131-141. 19 McNabb, R.; S. Pal; and P. Sloane 2002. "Gender Differences in Educational Attainment: The Case of University Students in England and Wales". >i>Economica>/i> 69, no. 275: 481-503. 20 Organization for Economic Cooperation and Development (OECD). 2001. >i>Thematic Review of National Policies for Education: Croatia.>/i> Paris. 21 Robertson, D., and J. Symons 2003. "Do Peer Groups Matter? Peer Group Versus Schooling Effects on Academic Attainment". >i>Economica>/i> 70, no. 277: 31-53. 22 Robst, J.; J. Keil; and D. Russo 1998. "The Effect of Gender Composition of Faculty on Student Retention". >i>Economics of Education Review>/i> 17, no. 4: 429-439. 23 Rothschild, M., and L. White 1995. "The Analytics of Pricing in Higher Education and Other Services in Which Customers Are Inputs". >i>Journal of Political Economy>/i> 103, no. 3: 573-586. 24 Rudd, E. 1984. "A Comparison Between the Results Achieved by Women and Men Studying for First Degrees in British Universities". >i>Studies in Higher Education>/i> 9, no. 1: 47-57. 25 Sacerdote, B. 2001. "Peer Effects with Random Assignment: Results from Dartmouth Roommates". >i>Quarterly Journal of Economics>/i> 116, no. 2: 681-704. 26 Smith, J., and R. Naylor 2001. "Dropping Out of University: A Statistical Analysis of the Probability of Withdrawal of UK University Students". >i>Journal of the Royal Statistical Society>/i> 164, no. 2 (Series A): 389-495. 27 Smith, J., and R. Naylor 2004. "Determinants of Educational Success in Higher Education". In >i>International Handbook on the Economics of Education>/i>, ed. G. Johnes and J. Johnes, pp. 415-461. Cheltenham, UK: Edward Elgar. 28 Todd, P., and K. Wolpin 2003. "On the Specification and Estimation of the Production Function for Cognitive Achievement". >i>Economic Journal>/i> 113, no. 485: f3-f33. 29 Varian, H. 1999. >i>Intermediate Microeconomics: A Modern Approach>/i>, 5th ed. New York: W.W. Norton. 30 Winston, G. 1999. "Subsidies, Hierarchy, and Peers: The Awkward Economics of Higher Education". >i>Journal of Economic Perspectives>/i> 13, no. 1: 13-36. 31 World Bank. 2000. >i>Hidden Challenges to Education Systems in Transition Economies.>/i> Washington, DC. 32 Zimmer, R., and E. Toma 2000. "Peer Effects in Private and Public Schools Across Countries". >i>Journal of Policy Analysis and Management>/i> 19, no. 1: 75-92. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:74-88 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 45 Year: 2007 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TT217RT451730410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Cincibuch, David Vávra Author-X-Name-First: Martin Cincibuch, David Author-X-Name-Last: Vávra Title: Toward the European Monetary Union - A Need for Exchange Rate Flexibility? Abstract: We address the question of the exchange rate regime for the Czech Republic before it enters the EU and the EMU. We classify the macroeconomic impacts of a single currency regime according to the traditional OCA theory. Using quantitative measures, we find the degree of macroeconomic convergence between the Czech and German (EU) economies high enough not to form a major obstacle to a fixed currency regime. In addition, we look at the transitional specificities of the Czech economy. We analyze the real appreciation of the Czech currency and its relationship to competitiveness and find that the development of cost factors exercises downward pressures on the exchange rate. Conversely, a fixed regime may alleviate the problem of foreign capital inflows and the ensuing nominal appreciation - another idiosyncrasy of the Czech economy. However, once labor market rigidities are removed, a fixed regime may become the source of a sustainable competitive advantage, growth, and convergence. Journal: Eastern European Economics Pages: 23-63 Issue: 6 Volume: 39 Year: 2001 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=GF1X261UQ93R5DPP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:6:p:23-63 Template-Type: ReDIF-Article 1.0 Author-Name: MITKO DIMITROV Author-X-Name-First: MITKO Author-X-Name-Last: DIMITROV Author-Name: GEORGE PETRAKOS Author-X-Name-First: GEORGE Author-X-Name-Last: PETRAKOS Author-Name: STOYAN TOTEV Author-X-Name-First: STOYAN Author-X-Name-Last: TOTEV Author-Name: MARIA TSIAPA Author-X-Name-First: MARIA Author-X-Name-Last: TSIAPA Title: Cross-Border Cooperation in Southeastern Europe Abstract: This article examines the current status, limits, prospects, and policies of cross-border cooperation in the border zone of Albania, Bulgaria, FYROM (Former Yugoslav Republic of Macedonia), and Greece on the basis of a survey sample of 291 manufacturing firms located near the borders in all four countries. The analysis suggests that border region firms have a higher level of interaction than the respective average national firms in all countries and that trade relations and economic cooperation eventually depend on the level of specialization and the size of the markets. It also suggests that barriers to cooperation are important and can negatively affect the performance of border region firms. Overall, firms are less concerned about the quality of infrastructure and more concerned about the general or the financial conditions prevailing in each country, indicating that the best policy for cross-border cooperation, rather than improvements in infrastructure, may be the development of the economies in the region and the improvements in their economic environment. Journal: Eastern European Economics Pages: 5-25 Issue: 6 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XALT1ALFFLYULNBJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:6:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: MICHAL RUBASZEK Author-X-Name-First: MICHAL Author-X-Name-Last: RUBASZEK Title: A Model of Balance of Payments Equilibrium Exchange Rate Abstract: In this article we present the balance of payments equilibrium exchange rate model and its empirical application to the Polish zloty. Results of the estimation indicate that in 1995-99 the zloty was not misaligned, while in 2000-2001 it was overvalued by about 10-15 percent, and, after considerable depreciation in 2002, it returned to the equilibrium level. Journal: Eastern European Economics Pages: 5-22 Issue: 3 Volume: 42 Year: 2004 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DW52RFNLLFJ2MFHL File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andrews, D. 1991. "Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation." Econometrica 59: 817-58. 2 Clark, P., and R. MacDonald. 1998. "Exchange Rates and Economic Fundamentals: A Methodological Comparison of BEERs and FEERs." International Monetary Fund Working Paper WP/98/67. Washington, DC. 3 Darvas, Z. 2001. "Exchange Rate Pass-Through and Real Exchange Rate in EU Candidate Countries." Discussion Paper 10/1. Deutsche Bundesbank. 4 Edwards, S., and M. Savastano. 1999. "Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?" Working Paper 7228, National Bureau of Economic Research. Cambridge. 5 Fernandez-Arias, E., and P. Montiel. 1996. "The New Wave of Private Capital Inflows: Push or Pull?" Journal of Development Economics 48: 389-418. 6 Hansen, B. 1992. "Tests for Parameter Instability in Regressions with I(1) Processes." Journal of Business and Economic Statistics 10: 321-34. 7 Hargreaves, C. 1994. "A Review of Methods of Estimating Cointegrating Relationships." In Nonstationary Time Series Analysis and Cointegration, ed. Hargreaves, 99-131. Oxford: Oxford University Press. 8 Hodrick, R., and E. Prescott. 1997. "Postwar U.S. Business Cycles: An Empirical Investigation." Journal of Money, Credit, and Banking 29: 1-16. 9 Johansen, S. 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models." Econometrica 59: 1551-80. 10 Juselius, K., and R. MacDonald. 2000. "International Parity Relationships Between Germany and the United States: A Joint Modelling Approach." European University Institute. 11 Kokoszczyñski, R. 2002. "Poland Before the Euro." Journal of Public Policy 22, no. 2: 199-215. 12 Kwiatkowski, D.; P. Phillips; P. Schmidt; and Y. Shin. 1992. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root." Journal of Econometrics 54: 159-78. 13 Lane, P., and G. Milesi-Ferretti. 1999. "The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries." International Monetary Fund Working Paper WP/99/115. Washington, DC. 14 MacDonald, R. 1997. "What Determines Real Exchange Rates? The Long and Short of It." International Monetary Fund Working Paper WP/97/21. Washington, DC. 15 Mroczek, W., and M. Rubaszek. 2003. "Determinanty polskiego handlu zagranicznego" [Determinants of Polish Foreign Trade]. National Bank of Poland. 16 Newey, W., and K. West. 1994. "Automatic Lag Selection in Covariance Matrix Estimation." Review of Economic Studies 61: 631-53. 17 Phillips, P., and B. Hansen. 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes." Review of Economic Studies 57: 99-125. 18 Reimers, H. 1992. "Comparisons of Tests of Multivariate Cointegration." Statistical Papers 33: 335-39. 19 Rubaszek, M. 2002. "Modeling Fundamentals for Forecasting Portfolio Inflows to Poland." Paper no. 21, National Bank of Poland. Warsaw. 20 Said, S., and D. Dickey. 1984. "Testing for Unit Roots in Autoregressive-Moving Average Models of Unknown Order." Biometrika 71: 599-608. 21 Stein, J. 1994. "The Natural Real Exchange Rate of the U.S. Dollar and Determinants of Capital Flows." In J. Williamson, ed., Estimating Equilibrium Exchange Rates, ch. 5. Washington, DC: Institute for International Economics. 22 Williamson, J. 1985. The Exchange Rate System: Policy Analyses in International Economics. Vol. 5. Washington, DC: Institute for International Economics. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:5-22 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmet Murat Alper Author-X-Name-First: Ahmet Murat Author-X-Name-Last: Alper Author-Name: Bilin Neyapti Author-X-Name-First: Bilin Author-X-Name-Last: Neyapti Title: Determinants of Workers' Remittances: Turkish Evidence from High-Frequency Data Abstract: The potential importance of workers remittances (WR) as a relatively stable source of foreign exchange has been growing across the world. We present time-series evidence on the determinants of WR in a large developing country, Turkey. Using yearly data, Aydas et al. (2005) show that WR flows to Turkey are significantly influenced by the growth rate of the home gross domestic product (GDP); the level of GDP in both home and host countries; interest rate differentials between home and host countries; the black market exchange rate; inflation; and political stability. This study utilizes higher-frequency data to further investigate the issue from both long-term and short-term perspectives. The new evidence supports the earlier findings regarding the long-run investment motive, but it also shows that consumption smoothing is an effective short-run motive for sending remittances to Turkey. Journal: Eastern European Economics Pages: 91-100 Issue: 5 Volume: 44 Year: 2006 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T35J882133615501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alper, A.M. 2005. "Ä°sci Dovizleri Belirleyen Makro Ekonomik Etkenler: Turkiye Ornegi" [Macroeconomic Determinants of Worker Remittances]. Expert Thesis, Central Bank of Turkish Republic, Ankara. 2 Aydas, O.T.; B. Neyapti; and K. Metin-Ozcan. 2005. "Determinants of Workers Remittances: The Case of Turkey." >i>Emerging Markets Finance and Trade>/i> 41, no. 3 >b>(May-June):>/b> 53-69. 3 Dickey, D.A., and W.A. Fuller. 1979. "Distribution of the Estimators for Autoregressive Time Series with a Unit Root." >i>Journal of the American Statistical Association>/i> 74, no. 366: 427-431. 4 Dickey, D.A., and W.A. Fuller. 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root." >i>Econometrica>/i> 49, no. 4: 1057-1072. 5 Gonzalo, J. 1994. "Five Alternative Methods of Estimating Long-Run Equilibrium Relationships." >i>Journal of Econometrics>/i> 60, nos. 1-2: 203-233. 6 Hendry, D.F. 1995. >i>Dynamics Econometrics>/i>. Oxford: Oxford University Press. 7 Johansen, S. 1988. "Statistical Analysis of Cointegrating Vectors." >i>Journal of Economic Dynamics and Control>/i> 12, nos. 2-3: 231-254. 8 Johansen, S., and K. Juselius. 1990. "Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money." >i>Oxford Bulletin of Economics and Statistics>/i> 52 >b>(May):>/b> 169-209. 9 Lucas, R.E.B., and O. Stark. 1985. "Motivations to Remit: Evidence from Botswana." >i>Journal of Political Economy>/i> 93, no. 5: 901-918. 10 MacKinnon, J.G. 1991. "Critical Values for Cointegration Tests." In >i>Long-Run Economic Relationships>/i>, ed. R.F. Engle and C. Granger, pp. 267-276. Oxford: Oxford University Press. 11 Neyapti, B. 2004. "Trends in Workers Remittances: A World-Wide Overview." >i>Emerging Markets Finance and Trade>/i> 40, no. 2 >b>(March-April):>/b> 83-90. 12 Ratha, D. 2003. "Worker Remittances: An Important and Stable Source of Development Finance." In >i>Global Development Finance, Volume 1: Analysis and Statistical Appendix>/i>, pp. 157-175. Washington, DC: World Bank. 13 Straubhaar, T. 1986. "The Determinants of Workers' Remittances: The Case of Turkey." >i>Weltwirtschafliches Archiv>/i> 122, no. 4: 728-740. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:5:p:91-100 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Author-X-Name-First: Martin Author-X-Name-Last: Mandel Author-Name: Vladimír Tomšík Author-X-Name-First: Vladimír Author-X-Name-Last: Tomšík Title: External Balance in a Transition Economy: The Role of Foreign Direct Investments Abstract: This paper analyzes the development of the external balance in five Central and East European countries: Czech Republic, Hungary, Poland, Slovakia, and Slovenia. The paper applies, expands, and empirically verifies the ideas of life-cycle theory in the area of the effects of foreign direct investment on the balance of payments in transition countries. The article defines and explores the basic general stages in the external balance of a transition country. The definition of the stages draws from a model of consumer behavior within the life-cycle theory. The external balance stages are defined as follows: young transition economy, mature transition economy, posttransition economy, and expanding economy. The paper develops a model that provides criteria that not only classify the current stage of each transition country, but also evaluate the success in the catching-up process of the country examined. Journal: Eastern European Economics Pages: 5-26 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L74235117445J445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ando, A., and F. Modigliani. 1963. "The Life-Cycle Hypothesis of Saving: Aggregate Implications and Tests." >i>American Economic Review>/i> 1, no. 53 (March): 55-84. 2 Appleyard, D. R.; A. J. Field; and S. Cobb. 2006. >i>International Economics.>/i> 5th ed. New York: Irwin McGraw-Hill. 3 Brada, J. C., and V. Tomšík. 2003. "Reinvested Earnings Bias, The ‘Five Percent’ Rule, and the Interpretation of the Balance of Payments: With an Application to Transition Economies." William Davidson Institute Working Paper no. 543, University of Michigan Business School. 4 Brada, J. C., and V. Tomšík. 2004. "Zahraniční investice a náchylnost k měnovým krizím: zkuÅ¡enosti tranzitivních ekonomik" [Foreign Investment and Liability to Financial Crises: Experience from the Transition Countries]. >i>Politická ekonomie>/i> 52, no. 3: 313-329. 5 Dunning, J. H. 1993. >i>Multinational Enterprises and the Global Economy.>/i> Wokingham, Berkshire, UK: Addison Wesley. 6 Dunning, J. H. 2000. >i>Regions, Globalization, and the Knowledge-Based Economy.>/i> New York: Oxford University Press. 7 Dunning, J. H. 2001. >i>Governments, Globalization, and International Business.>/i> New York: Oxford University Press. 8 Dunning, J. H. 2002. "Determinants of Foreign Direct Investment: Globalization Induced Changes and the Role of FDI Policies." Working Paper, Department of International Business, University of Reading. 9 Hill, C. W. L. 2005. >i>International Business: Competing in the Marketplace>/i>, 5th ed. New York: Irwin McGraw-Hill. 10 IMF. 2006. >i>International Financial Statistics.>/i> Washington DC. 11 Krugman, P., and M. Obstfeld. 2005. >i>International Economics: Theory and Policy>/i>, 7th ed. London: Addison-Wesley Longman. 12 Kubíček, J., and V. Tomšík. 2005. "Alternativní pohled na odhad vývoje ekonomiky." [An Alternative View on Economic Performance]. In >i>Měříme správně HDP?>/i> [Do We Measure GDP Growth Correctly?], ed. M. Loužek, pp. 57-67. Prague: Center for Economics and Politics in Prague. 13 Mandel, M. 1999. "Měnová politika po roce 1990 z hlediska makroekonomické identity soukromé spotřeby" [Monetary Policy After 1990 from the Point of View of the Macro-economic Private Consumption Identity]. >i>Finance a úvěr>/i> 49, no. 12: 725-736. 14 Mandel, M., and V. Tomšík. 2003. >i>Monetární ekonomie v malé otevřené ekonomice>/i> [Monetary Economics in a Small Open Economy]. Prague: Management Press. 15 Modigliani, F., and R. Brumberg. 1955. "Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data." In >i>Post-Keynesian Economics>/i>, ed. K. Kurihara, pp. 388-436. London: George Allen and Unwin. 16 Modigliani, F. 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations." >i>American Economic Review>/i> 76, no. 3 (June): 297-313. 17 Nunnenkamp, P. 2002. "Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the Game?" Kiel Working Paper no. 1122, Kiel Institute for the World Economy, Kiel, Germany. 18 Spěváček, V. 2006. "Makroekonomická rovnováha české ekonomiky v letech 1995-2005" [Macroeconomic Balance of the Czech Economy in the Period from 1995 to 2005]. >i>Politická ekonomie>/i> 54, no. 6: 742-761. 19 Vintrová, R. 2005. "What the GDP Indicator Does Not Reveal in Economic Analyses." >i>Finance a úvěr>/i> 55, no. 11-12: 578-588. 20 United Nations Conference on Trade and Development (UNCTAD). 2005. >i>World Investment Report 2005: Transnational Corporations and the Internalization of R&D.>/i> New York: United Nations. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Šuštar Author-X-Name-First: Boris Author-X-Name-Last: Šuštar Title: The Involvement of Slovene Companies in the Export Marketing Process Abstract: Slovene companies need to become more global in an environment of growing regionalization. The following analysis of Slovene exporters' operations investigates those elements and prerequisites of international operations essential for the expansion of a company's export activities. Larger companies with significant experience and a strong management orientation toward exporting, more easily overcome the barriers to exporting. In comparison with Western rivals, large Slovene companies are characterized as smallwith limitedoperationalresources. Thus, they seek to maximize internationalexport revenues through economies of scale and minimization of risk. Their international exports consist of more standardized goods, primarily nondurables. They export mainly to West European countries, which are economically and politically stable and have highly developed markets. A smalldomestic market, limited internalresources, technologies that rapidly become obsolete, and intense international competition keep Slovene exporters on this strategic path. Journal: Eastern European Economics Pages: 25-52 Issue: 4 Volume: 39 Year: 2001 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CA9P0JR2UGE3V4AU File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:4:p:25-52 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Author-Name: Wolfgang Münch Author-X-Name-First: Wolfgang Author-X-Name-Last: Münch Title: Some Implications of Slovenian Agricultural Accession to the European Union Abstract: Journal: Eastern European Economics Pages: 19-38 Issue: 1 Volume: 39 Year: 2001 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DR3EMMVMPXEC7TNE File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:1:p:19-38 Template-Type: ReDIF-Article 1.0 Author-Name: E. Erjavec Author-X-Name-First: E. Author-X-Name-Last: Erjavec Author-Name: S. Kavcic Author-X-Name-First: S. Author-X-Name-Last: Kavcic Author-Name: G. Mergos Author-X-Name-First: G. Author-X-Name-Last: Mergos Author-Name: C. Stoforos Author-X-Name-First: C. Author-X-Name-Last: Stoforos Title: Agricultural Policy Options for Slovenia in the Prospect of EU Accession Abstract: Journal: Eastern European Economics Pages: 39-60 Issue: 1 Volume: 39 Year: 2001 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=71N40RW3YXPLXAB8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:1:p:39-60 Template-Type: ReDIF-Article 1.0 Author-Name: IRFAN CIVCIR Author-X-Name-First: IRFAN Author-X-Name-Last: CIVCIR Title: The Monetary Models of the Turkish Lira/U.S. Dollar Exchange Rate: Long-run Relationships, Short-run Dynamics, and Forecasting Abstract: This article examines four versions of the monetary model for the Turkish lira/U.S. dollar exchange rate. The analysis focuses on two issues. First, we test whether the exchange rate is cointegrated with the long-run determinants predicted by economic theory. The sticky price versions of the monetary model support the hypothesis of cointegration. Then, we construct simultaneous equation systems that incorporate the long-run equilibrium relationships and complex short-run dynamics. The second issue is the ability of the monetary models to forecast the future exchange rate. We show that a fully dynamic out-of-sample forecast from the equilibrium-correcting monetary models significantly outperforms forecasts from random-walk models and differenced vector autoregressive models. Journal: Eastern European Economics Pages: 43-63 Issue: 6 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XBJYAHRHEGUYHG1J File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:6:p:43-63 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=48120G2359011388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Konrad Pawlik Author-X-Name-First: Konrad Author-X-Name-Last: Pawlik Title: Foreign Ownership and Productivity in Polish Industry: The Case of Polish Manufacturing, 1993-2002 Abstract: This paper studies the significance of foreign direct investment and its spillover effects in a transition country such as Poland, analyzing a unique cross-industry data set on foreign, domestic private, and domestic public companies. Aspects of foreign presence as a share of the whole industry are measured according to four criteria: foreign equity, sales, investment, and labor. The results show that the level of productivity of domestic private companies has increased steadily since 1994. A high share of foreign sales and foreign equity in the industry has a negative effect on the productivity of private companies, thus implying a crowding-out effect. No evidence has been found for association between productivity in domestic companies and foreign control over multinational enterprise affiliates, which may indicate tacit knowledge spillovers. Control variables, such as one year-lagged labor compensation and scale in domestic private and public companies, are positively associated with their productivities. Journal: Eastern European Economics Pages: 38-71 Issue: 5 Volume: 44 Year: 2006 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A93269G6P3331475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aitken, B., and A. Harrison. 1999. "Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela." >i>American Economic Review>/i> 89, no. 3: 605-618. 2 Almeida, P., and B. Kogut. 1995. "The Geographic Localization of Ideas and the Mobility of Patent Holders." Working Paper, University of Maryland, College Park, October 20. 3 Barbone, L.; D. Marchett; and S. Paternostro. 1996. "Structural Adjustment and Size in Polish Manufacturing." Policy Research Working Paper 1624, World Bank, Washington, DC. 4 Bauma, C.F., and M.E. Schaffer. 2002. "Instrumental Variables and GMM: Estimation and Testing." Economics Working Paper 545, Boston College, Chestnut Hill, MA. 5 Blanchard, O., and M. Kremer. 1997. "Disorganization." >i>Quarterly Journal of Economics>/i> 112, no. 4: 1091-1126. 6 Blomström, M., and A. Kokko. 1998. "How Foreign Investment Affects Host Countries." Policy Research Working Paper No. 1745, World Bank, Washington, DC. 7 Blomström, M., and N. Wolff. 1994. "Multinational Corporations and Productivity Convergence in Mexico." National Bureau of Economic Research (NBER) Working Paper 3141, Cambridge, MA. 8 Blomström, M.; A. Kokko; and M. Zejan. 1992. National Bureau of Economic Research Working Paper Series, Technical Working Paper no. 4131, Cambridge, MA. 9 Blomström, M., and H. Persson. 1983. "Foreign Investment and Spillover Efficiency in an Underdeveloped Economy: Evidence from the Mexican Manufacturing Industry." >i>World Development>/i> 11, no. 6: 493-501. 10 Blomström, M., and F. Sjöholm. 1999. "Technology Transfer and Spillovers: Does Local Participation with Multinationals Matter?" >i>European Economic Review>/i> 43, nos. 4-6: 915-923. 11 Bosco, M.G. 2001. "Does FDI Contribute to Technological Spillovers and Growth? A Panel Data Analysis of Hungarian Firms." >i>Transnational Corporations>/i> 10, no. 1: 43-68. 12 Brada, J.C. 2002. "Privatization, Restructuring, Corporate Governance and the Behavior of Firms in Transition Economies." In >i>Change Management in Transition Economies: Integrating Strategy, Structure and Culture>/i>, ed. H.-J. Stüting, W. Dorow, F. Claassen, and S. Blazejewski, pp. 55-70. Basingstoke, UK: Palgrave. 13 Buck, T.; I. Filatochev; M. Wright; and V. Zhukov. 1998. "Corporate Governance and Employee Ownership in an Economic Crisis: Enterprise Strategies in the Former USSR." >i>Journal of Comparative Economics>/i> 27, no. 3: 459-474. 14 Buckley, P.J., and M. Casson. 1976. >i>The Future of the Multinational Enterprise>/i>. London: Macmillan. 15 Cantwell, J. 1989. >i>Technological Innovation and Multinational Corporations.>/i> Oxford: Basil Blackwell. 16 Caves, R.E. 1974. "Multinational Firms, Competition, and Productivity in Host Country Markets." >i>Economica>/i> 41, no. 162 >b>(May):>/b> 176-193. 17 Damijan, J.; B. Majcen; M. Knell; and M. Rojec. 2001. "The Role of FDI, Absorptive Capacity, and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries." United Nations Economic Commission for Europe, Geneva, September. 18 Djankov, S. and B. Hoekman. 2000. "Foreign Investment and Productivity Growth in Czech Enterprises." >i>World Bank Economic Review>/i> 14, no. 1: 49-64. 19 Dunning, J.H. 1993. >i>Multinational Enterprises and the Global Economy.>/i> Reading, MA: Addison-Wesley. 20 Eden, L.; E. Levitas.; and R.J. Martinez. 1997. "The Production, Transfer, and Spillover of Technology: Comparing Large and Small Multinationals as Technology Producers." >i>Small Business Economics>/i> 9, no. 1 >b>(February):>/b> 53-66. 21 Felipe, J. 1999. "Total Factor Productivity Growth in East Asia: A Critical Survey." >i>Journal of Development Studies>/i> 35, no. 4: 1-41. 22 Gershenberg, I. 1987. "The Training and Spread of Managerial Know-How: A Comparative Analysis of Multinationals and Other Firms in Kenya." >i>World Development>/i> 15, no. 7: 931-939. 23 Glass, A.J., and K. Saggi. 1998. "Multinational Firms, Technology Transfer and Welfare." Working Paper No. 97-04, Ohio State University. 24 Globerman, S. 1979. "Foreign Direct Investment and ‘Spillover’ Efficiency Benefits in Canadian Manufacturing Industries." >i>Canadian Journal of Economics>/i> 12, no. 1: 42-56. 25 Görg, H., and D. Greenaway. 2004. "Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment?" >i>World Bank Research Observer>/i> 19, no. 2: 171-197. 26 Haddad, M., and A. Harrison. 1993. "Are There Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco." >i>Journal of Development Economics>/i> 42, no. 1: 51-74. 27 Hennart, J.-F. 1982. >i>A Theory of Multinational Enterprise.>/i> Ann Arbor: University of Michigan Press. 28 Johnson, H.G. 1970. "The Efficiency of Welfare Implications of the International Corporation." In >i>The International Corporation>/i>, ed. C.P. Kindleberger, pp. 35-56. Cambridge, MA: MIT Press. 29 Jones, D.C.; M. Klinedienst; and C. Rock. 1998. "Productive Efficiency During Transition: Evidence from Bulgarian Panel Data." >i>Journal of Comparative Economics>/i> 26, no. 3 >b>(September):>/b> 446-464. 30 Katz, J.M. 1987. >i>Technology Creation in Latin American Manufacturing Industries>/i>. New York: St. Martin's Press. 31 Kogut, B., and U. Zander. 1993. "Knowledge of the Firm and the Evolutionary Theory of Multinational Corporation." >i>Journal of International Business Studies>/i> 24, no. 3: 625-646. 32 Kokko, A. 1994. "Technology, Market Characteristics, and Spillovers." >i>Journal of Development Economics>/i> 43, no. 2: 279-293. 33 Kokko, A.; R. Tasini; and M. Zejan. 1996. "Local Technological Capability and Productivity Spillovers from FDI in the Uruguayan Manufacturing Sector." >i>Journal of Development Studies>/i> 32, no. 4: 602-611. 34 Konings, J. 2001. "The Effects of Foreign Direct Investment on Domestic Firms: Evidence from Firm-Level Panel Data in Emerging Economies." >i>Economics of Transition>/i> 9, no. 3: 619-633. 35 Li, X. 2001. "Foreign Direct Investment and Productivity Spillovers in the Chinese Manufacturing Sector." >i>Economic Systems>/i> 25, no. 4: 305-321. 36 Liu, X.; P. Siler; C. Wang; and Y. Wei. 2000. "Productivity Spillovers from Foreign Direct Investment: Evidence from UK Industry Level Panel Data." >i>Journal of International Business Studies>/i> 31, no. 3: 407-425. 37 Liu, Z. 2002. "Foreign Direct Investment and Technology Spillover: Evidence from China." >i>Journal of Comparative Economics>/i> 30: 579-602 38 Mansfield, E., and A. Romero. 1980. "Technology Transfer to Overseas Subsidiary by U.S.- Based Firms." Quarterly Journal of Economics 95, no. 4: 737-750. 39 Meyer, K. 2001. "Institutions, Transaction Costs, and Entry Mode Choice in Eastern Europe." >i>Journal of International Business Studies>/i> 31, no. 2: 257-367. 40 Meyer, K., and E. Sinani. 2002. "Identifying Spillovers of Technology Transfer from FDI: The Case of Estonia." Working Paper, Center for East European Studies, Copenhagen Business School. 41 Meyer, K., and E. Sinani. 2004. "Spillovers of Technology Transfer from FDI: The Case of Estonia." >i>Journal of Comparative Economics>/i> 32, no. 3: 445-466. 42 Nadiri, M.I. 1991. "Innovationer och teknikspridning" [Innovations and Technological Spillovers]. In "Forskning, Teknikspridning och Produktivitet, Till Produktivitetsdelegationene, Expertrapport" [Research, Technology Diffusion and Productivity, for Productivity Delegationism], Expert report no. 10: 7-48. 43 Nelson, K., and B. Winter. 1982. >i>An Evolutionary Theory of Economic Change.>/i> Cambridge: Harvard University Press. 44 Newman, K.L., and S. Nollen. 1998. >i>Managing Radical Organizational Change>/i>. Thousand Oaks, CA: Sage. 45 PAIZ. 2003. "The List of the Largest Foreign Investors in Poland." Polish Agency for Foreign Investment (PAIZ), Warsaw. 46 Pawlik, K. 2004. "Dataset on Foreign Affiliates in Poland 1993-2002." Working Paper No. 04-11, Department of Management and International Business, Aarhus School of Business, Denmark, December. 47 Pawlik, K. 2005. "Increasing Role of Foreign Capital in Poland Since 1993." Working Paper No. 05-04, Department of International Business, Aarhus School of Business, Denmark. 48 Ramachandran, V. 1993. "Technology Transfer, Firm Ownership, and Investment in Human Capital." >i>Review of Economics and Statistics>/i> 75, no. 4: 664-670. 49 Rhee, Y.W., and T. Belot. 1990. >i>Export Catalysts in Low-Income Countries>/i>. Washington, DC: World Bank. 50 Rodrik, D. 1999. >i>The New Global Economy and Developing Countries: Making Openness Work.>/i> Baltimore: Johns Hopkins University Press, for the Overseas Development Council. 51 Sadik, A., and A. Bolbol. 2001. "Capital Flows, FDI, and Technology Spillovers: Evidence from Arab Countries." >i>World Development>/i> 29, no. 12: 2111-2125 52 Sargan, J. 1958. "The Estimation of Economic Relationship Using Instrumental Variables." >i>Econometrica>/i> 26, No. 3: 393-415. 53 Schröder, P.J.H. 1997. "On Privatisation and Restructuring." Working Paper, University of Southern Denmark. 54 Smarzynska, B. 2002. "Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages." Policy Research Working Paper Series 2923, World Bank, Washington, DC. 55 UNECE (United Nations Economic Commission for Europe). 2001. "Economic Growth and Foreign Direct Investment in the Transition Economies." In >i>Economic Survey of Europe>/i>, vol. 1, pp. 185-225. Geneva. 56 Yudaeva, K.; K. Kozlov; N. Melentieva; and N. Ponomareva. 2001. "Does Foreign Ownership Matter? Russian Experience." CEFIR Working Paper No. 1, Center for Economic and Financial Research (CEFIR), Moscow, October. 57 Zukowska-Gagelmann, K. 2000. "Productivity Spillovers from Foreign Direct Investment in Poland." >i>Economic Systems>/i> 24, no. 3: 223-256. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:5:p:38-71 Template-Type: ReDIF-Article 1.0 Author-Name: HELMUT WAGNER Author-X-Name-First: HELMUT Author-X-Name-Last: WAGNER Title: Pension Reform in the New EU Member States: Will a Three-Pillar Pension System Work? Abstract: The new European (EU) Union member states from Central and Eastern Europe face a huge challenge in reforming their pension systems in/after transformation from a socialist to a market-based system. This paper discusses the question of whether a three-pillar pension system would be appropriate for these countries. Journal: Eastern European Economics Pages: 27-51 Issue: 4 Volume: 43 Year: 2005 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=54B2UK244XM5JNKC File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abbott, A., and S. DeViney. 1992. "The Welfare State as Transnational Event: Evidence from Sequences of Policy Adoption." Social Science History 16, no. 2: 245-274. 2 Bank Austria Creditanstalt. 2004. "Czech Republic, Hungary, Poland, Slovakia, Slovenia: Overview of Taxes, Incidental Wage Costs, Pension Systems," Xplicit Extra Report, April, Vienna, Bank Austria Creditanstalt. 3 Börsch-Supan, A. 2003. "What Are NDC Pension Systems? What Do They Bring to Reform Strategies?" Discussion Paper Series no. 42-03, Mannheim Research Institute for the Economics of Aging (MEA), Mannheim. 4 Chlon-Dominczak, A., and M. Gora. 2003. "The NDC System in Poland--Assessment After 5 Years." Paper presented at the World Bank and RFV Conference on NDC Pensions, Sandhamn, Sweden, September 29-30. 5 Commission of the European Communities. 2004. "The Social Situation in the European Union 2004." Commission Staff Working Paper SEC (2004) 636 (Brussels). 6 European Commission (EC). 2003. Public Finances in EMU 2003. Brussels: European Commission. 7 Galasso, V., and P. Profeta. 2004. "Lessons for an Ageing Society: The Political Sustain-ability of Social Security Systems." Economic Policy 19, no. 38: 63-115. 8 Holzmann, R. 1997. "Pension Reform, Financial Market Development, and Growth: Preliminary Evidence from Chile." International Monetary Fund Staff Papers 44, no. 2: 149-178. 9 Holzmann, R., and J.E. Stiglitz, ed. 2001. New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington, DC: World Bank. 10 Holzmann, R.; M. Orenstein; and M. Rutkowski, ed. 2003. Pension Reform in Europe: Process and Progress. Washington, DC: World Bank. 11 MacKenzie, G.A.; P.R. Gerson; A. Cuevas; and P.S. Heller. 2003. "Pension Reform and the Fiscal Policy Stance." Public Budgeting and Finance 23, no. 1: 115-127. 12 Müller, K. 2002. "Between State and Market: Czech and Slovene Pension Reform in Com-parison." In Pension Reform in Central and Eastern Europe, Vol. 2: Restructuring of Public Pension Schemes: Case Studies of the Czech Republic and Slovenia, ed. E. Fultz, pp. 113-146. Budapest: International Labour Office. 13 ------. 2003. Privatising Old-Age Security: Latin America and Eastern Europe Compared. Cheltenham, UK: Edward Elgar. 14 Organization for Economic Cooperation and Development (OECD). 2004. "Pension Reform in the Baltic Countries." Private Pensions Series no. 5, OECD, Paris. 15 Orszag, P.R., and J.E. Stiglitz. 2001. "Rethinking Pension Reform: Ten Myths about Social Security Systems." In New Ideas About Old Age Security, ed. R. Holzmann and J.E. Stiglitz, pp. 17-56. Washington, DC: World Bank. 16 Schimmelpfennig, A. 2000. "Pension Reform, Private Saving, and the Current Account in a Small Open Economy." International Monetary Fund Working Paper 00/171, Washington, DC. 17 Übelmesser, S. 2004. "Political Feasibility of Pension Reforms." Topics in Economic Analysis & Policy 4, no. 1: article 20. 18 United Nations. 2004. World Population to 2300. New York. 19 World Bank. 1994. Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth. Washington, DC. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:27-51 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Korosteleva Author-X-Name-First: Julia Author-X-Name-Last: Korosteleva Title: Maximizing Seigniorage and Inflation Tax: The Case of Belarus Abstract: Realizing the inflationary potential of money creation, by the mid-1990s, most Central European countries had switched to market instrument-based monetary policy. Belarus continued to use money emission, gaining seigniorage and inflation tax. The productivity of the inflation tax can be analyzed by comparing the revenue actually raised from inflation tax with the revenue that could be raised if the quantity of money had risen at a constant rate. The present paper, based on Cagan's (1956) seminal work, analyzes the effect of inflation on seigniorage revenue in Belarus, drawing conclusions about the effectiveness of monetary policy in 1995-2002, and about the consequences of inflationary financing. Journal: Eastern European Economics Pages: 33-50 Issue: 3 Volume: 45 Year: 2007 Month: 6 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M4183VVR2M682W51 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Cagan, P. 1956. "Monetary Dynamics in Hyperinflation." In >i>Studies in the Quantity Theory of Money>/i>, ed. M. Friedman, pp. 25-117. Chicago: University of Chicago. 2 Choudhry, E. 1995. "High Inflation Rates and the Long-Run Money Demand Function: Evidence from Cointegration Tests." >i>Journal of Macroeconomics>/i> 17, no. 1 (Winter): 71-91. 3 Dougherty, C. 2002. >i>Introduction to Econometrics>/i>, 2d ed. Oxford: Oxford University Press. 4 Easterly, W.R.; P. Mauro; and K. Schmidt-Hebbel. 1995. "Money Demand and Seigniorage Maximizing Inflation." >i>Journal of Money, Credit, and Banking>/i> 27, no. 2 (May): 583-603. 5 Filosa, R. 1995. "Money Demand Stability and Currency Substitution in Six European Countries (1980-1992)." Working Paper 30, Bank for International Settlements, Basel, November. 6 Giovannini, A., and M. De Melo. 1993. "Government Revenue from Financial Repression." >i>American Economic Review>/i> 83, no. 4 (September): 953-963. 7 Kiguel, M.A., and P.A. Neumeyer. 1995. "Seigniorage and Inflation: The Case of Argentina." >i>Journal of Money, Credit, and Banking>/i> 27, no. 3 (August): 672-682. 8 McKinnon, R. 1973. >i>Money and Capital in Economic Development.>/i> Washington, DC: Brookings Institution Press. 9 National Bank of the Republic of Belarus. 2000a. >i>Dinamika denezhno-kreditnykh pokazatelei za 1995-1999 gody>/i> [Credit-Monetary Indicators for 1995-1999]. Minsk: NBB, 1: 1-28. 10 National Bank of the Republic of Belarus. 2000b. >i>Dinamika denezhno-kreditnykh pokazatelei za 1995-1999 gody>/i> [Credit-Monetary Indicators for 1995-1999]. Minsk: NBB, 2: 129-273. 11 National Bank of the Republic of Belarus. 2001. >i>Bulleten' bankovskoi statistiki.>/i> Minsk: NBB. 12 National Bank of the Republic of Belarus. 2002. >i>Bulleten' bankovskoi statistiki.>/i> Minsk: NBB. 13 National Bank of the Republic of Belarus. 2003. >i>Bulleten' bankovskoi statistiki.>/i> Minsk: NBB. 14 Patterson, K. 2000. >i>An Introduction to Applied Econometrics: A Time Series Approach.>/i> Basingstoke: Macmillan. 15 Perron, P. 1989. "The Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis." >i>Econometrica>/i> 57, no. 6 (November): 1361-1401. 16 Romer, D. 1996. >i>Advanced Macroeconomics.>/i> Boston: McGraw-Hill. 17 Shaw, E.S. 1973. >i>Financial Deepening in Economic Development.>/i> New York: Oxford University Press. 18 Sriram, S.S. 1999. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Model." Working Paper WP/99/64, International Monetary Fund, Washington DC. 19 Yartseva, A.V. 1999. "Stabil'nost' funktsii sprosa na den'gi v Respublike Belarus' i vybor optimal'nykh instrumentov natsional'nym bankom" [Stability of Money Demand Function in the Republic of Belarus and the National Bank's Choice of Optimal Instrument]." >i>Ekovest>/i> 1, no. 3: 56-74. 20 Zivot, E., and D.W.K. Andrews. 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis." >i>Journal of Business and Economic Statistics>/i> 10, no. 3 (July): 251-270. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:33-50 Template-Type: ReDIF-Article 1.0 Author-Name: Giyas Gökkent Author-X-Name-First: Giyas Author-X-Name-Last: Gökkent Author-Name: Carlos Moslares Author-X-Name-First: Carlos Author-X-Name-Last: Moslares Author-Name: Rafael Amiel-Saenz Author-X-Name-First: Rafael Author-X-Name-Last: Amiel-Saenz Title: Failure of an Exchange-Rate-Based Stabilization Plan in Turkey Abstract: The Turkish exchange-rate-based stabilization plan adopted in 2000 has been a spectacular failure, lasting a mere fourteen months despite a relatively flexible peg regime and preannounced exit strategy. The final three months of the currency regime were marred by the eruption of a banking sector crisis that quickly developed into a currency crisis, quelled only by external loans and a blanket guarantee by the sovereign of all banking sector liabilities. This was ultimately to no avail as the lira was allowed to float following a full-fledged currency crisis in late February 2001. The usual indicators of crisis did not point to imminent turmoil in November 2000 despite widespread concern about eventual dire developments. To identify the source of the November crisis, one must weigh the factors that led economic agents, and banks in particular, to expect higher interest rates after the fall. Journal: Eastern European Economics Pages: 35-67 Issue: 1 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QMNN39EBYHBLVK2W File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:1:p:35-67 Template-Type: ReDIF-Article 1.0 Author-Name: Garabed Minassian Author-X-Name-First: Garabed Author-X-Name-Last: Minassian Title: The Economic Environment in Albania, Bulgaria, Macedonia FYR, and Greece: A Cross-Country Study Abstract: This article reviews the economic environment of selected Balkan economies. As a longstanding member of the European Union (EU), Greece leads the neighboring economies in terms of GDP per capita and as a destination for foreign direct investment (FDI). Comparisons of nominal and purchasing power parity GDP highlight the large spread between the price levels in the Balkan economies in transition and the EU. Despite a number of obstacles, the Balkan transition economies have managed to stabilize price growth and to lay the foundations for future economic growth. The role of the both as a source of material support for the region and as a source of policy advice and direction is critically evaluated with respect to stabilization and macroeconomic policy. The article also reviews the slow emergence of economic institutions and the negative effects of corruption on the region's prospects for growth and for attracting FDI. Journal: Eastern European Economics Pages: 45-82 Issue: 4 Volume: 40 Year: 2002 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=45TUVEH7R4F6JKLP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:4:p:45-82 Template-Type: ReDIF-Article 1.0 Author-Name: CHRISTIAN BAUER Author-X-Name-First: CHRISTIAN Author-X-Name-Last: BAUER Author-Name: BERNHARD HERZ Author-X-Name-First: BERNHARD Author-X-Name-Last: HERZ Title: How Credible Are the Exchange Rate Regimes of the New EU Countries? : Empirical Evidence from Market Sentiment Abstract: European Union (EU) accession countries have strong incentives to stabilize their exchange rates with respect to the euro as the nominal anchor. We present a microstructure model of the foreign exchange market based on technical trading that allows us to categorize the de facto exchange rate regimes and derive a market-based measure of the credibility of these exchange rate regimes. Our empirical results indicate that in the run-up to EU accession, most Central and Eastern European countries enjoyed high credibility in their exchange rate management. However, some of these future Economic and Monetary Union participants will have to strengthen their efforts and further focus their exchange rate policy on stabilizing the euro exchange rate. Journal: Eastern European Economics Pages: 55-77 Issue: 3 Volume: 43 Year: 2005 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=62NP7F6TEAH2DTEN File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andersen, T.M. 1994. "Shocks and the Viability of a Fixed Exchange Rate Commitment." Centre for Economic Policy Research Discussion Paper 969, London. 2 Balduzzi, P.; S. Foresi; and D.J. Hait. 1997. "Price Barriers and the Dynamics for Asset Prices in Equilibrium." Journal of Financial and Quantitative Analysis 32, no. 2: 137-159. 3 Bauer, C., and B. Herz. 2004a. "Noise Traders and the Volatility of Exchange Rates." Quantitative Finance 4, no. 4: 1-16. 4 ------. 2004b. "Technical Trading, Monetary Policy and Exchange Rate Regimes." Global Finance Journal 15, no. 3: 281-302. 5 Bensaid, B., and O. Jeanne. 2000. "Self-Fulfilling Currency Crises and Central Bank Independence." Scandinavian Journal of Economics 102, no. 4: 605-620. 6 Bertola, G., and R. Caballero. 1992. "Target Zones and Feedback Effects from Dynamic Hedging." American Economic Review 82, no. 3: 520-536. 7 Bollerslev, T.; R.T. Baillie; and H.O. Mikkelsen. 1996. "Fractionally Integrated Generalized Autoregressive Conditional Heteroskedasticity." Journal of Econometrics 74, no. 1: 3-30. 8 Brada, J.C., and A.M. Kutan. 2002. "Balkan and Mediterranean Candidates for European Union Membership: The Convergence of Their Monetary Policy with that of the European Central Bank." Eastern European Economics 40, no. 4: 31-44. 9 Calvo, G.A., and C.M. Reinhard. 2002. "Fear of Floating." Quarterly Journal of Economics 117, no. 2: 379-408. 10 De Grauwe, P., and D. Decupere. 1992. "Psychological Barriers in the Foreign Exchange Markets." Journal of International and Comparative Economics 1: 86-101. 11 De Grauwe, P., and M. Grimaldi. 2002. "The Exchange Rate and Its Fundamentals: A Chaotic Perspective." CESifo Working Paper no. 639, Center for Economic Studies/Ifo Institute for Economic Research, Munich. 12 Frenkel, M., and L. Menkhoff. 2000. Stabile Weltfinanzen? Die Debatte um eine neue internationale Finanzarchitektur [Stable World Finance? The Debate on a New International Financial Architecture]. Berlin: Springer. 13 Frey, R., and A. Stremme. 1997. "Market Volatility and Feedback Effects from Dynamic Hedging." Mathematical Finance 7, no. 4: 351-374. 14 IMF (International Monetary Fund). 1999-2002. International Financial Statistics. November editions. Washington, DC. 15 Jeanne, O. 2000. "Currency Crises: A Perspective on Recent Theoretical Developments." Special Papers in International Economics no. 20, International Finance Section, Department of Economics, Princeton University. 16 Jeanne, O., and A.K. Rose. 2002. "Noise Trading and Exchange Rate Regimes." Quarterly Journal of Economics 117, no. 2: 537-569. 17 Levy-Yeyati, E., and F. Sturzenegger. 2003. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth." American Economic Review 93, no. 4: 1173-1193. 18 ------. 2004. "Classifying Exchange Rate Regimes: Deeds vs. Words." European Economic Review 49, no. 6: 1603-1635. 19 Melitz, J. 1988 "The European Monetary System." In Monetary Discipline and Cooperation in the European Monetary System: A Synthesis, ed. F. Giavazzi, S. Micossi, and M. Miller, 51-79. Cambridge: Cambridge University Press. 20 Obstfeld, M. 1994. "The Logic of Currency Crises." Cahiers Economiques et Monétaires 43: 189-213. 21 Pudschedl, W. 2004. "Slovenia: Taking the Lead in the Race for the Euro." CEE Report no. 2-2004: 40-41, Bank Austria Creditanstalt, Vienna. 22 Reinhard, C.M., and K.S. Rogoff. 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation." Quarterly Journal of Economics 119, no. 1: 1-48. 23 Sircar, K.R., and G. Papanicolaou. 1998. "General Black-Scholes Models Accounting for Increased Market Volatility from Hedging Strategies." Applied Mathematical Finance 5, no. 1: 45-82. 24 von Hagen, J., and J. Zhou. 2002. "De facto and Official Exchange Rate Regimes in Transition Economies." ZEI Working Paper no. B13-2002, Zentrum für Europäische Integrationsforschung (Center for European Integration Studies), Bonn. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:3:p:55-77 Template-Type: ReDIF-Article 1.0 Author-Name: Byung-Yeon Kim Author-X-Name-First: Byung-Yeon Author-X-Name-Last: Kim Title: Modeling Inflation in Poland: A Structural Cointegration Approach Abstract: This paper uses cointegration and error-correction models to analyze the relative effects of the monetary, labor, and external sectors on Polish inflation from 1990 to 1999. We use a structural system approach in which cointegration relations are used to derive deviations from steady-state levels. The results suggest that the labor and external sectors dominated the determination of Polish inflation during the above period, but their effects on inflation changed in the mid-1990s. During the period 1995-99, the appreciation of the domestic currency contributed to reducing inflation, whereas excessive wage increases prevented inflation from decreasing to a lower level. Journal: Eastern European Economics Pages: 60-69 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=58611331351VG327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bernanke, B.; T. Laubach; F. Mishkin; and A. Posen. 1999. >i>Inflation Targeting: Lessons from the International Experience.>/i> Princeton: Princeton University Press. 2 Brada, J., and A. Kutan. 1999. "The End of Moderate Inflation in Three Transition Economies." Working Paper 230, William Davidson Institute, Ann Arbor, MI. 3 Dibooglu, S., and A. Kutan. 2005. "Sources of Inflation and Output Movements in Poland and Hungary: Policy Implications for Accession to the Economic and Monetary Union." >i>Journal of Macroeconomics>/i>>b>27>/b>, no. 1 (March): 107-131. 4 Enev, T., and K. Koford. 2000. "The Effect of Income Policies on Inflation in Bulgaria and Poland." >i>Economics of Planning>/i>>b>33>/b>, no. 2 (October): 141-169. 5 Haderi, S.; H. Papapangos; P. Sanfey; and M. Talka. 1999. "Inflation and Stabilization in Albania." >i>Post-Communist Economies>/i>>b>11>/b>, no. 1 (March): 127-141. 6 Hendry, D. 2001. "Modelling UK Inflation, 1875-1991." >i>Journal of Applied Econometrics>/i>>b>16>/b>, no. 3 (May-June): 255-275. 7 Johansen, S. 1991. "Estimation and Hypothesis Testing of Cointegrating Vectors in Gaussian Vector Autoregressive Models." >i>Econometrica>/i>>b>59>/b>, no. 6 (November): 1551-1580. 8 Juselius, K. 1992. "Domestic and Foreign Effects on Prices in an Open Economy." >i>Journal of Policy Modelling>/i>>b>14>/b>, no. 4 (August): 401-428. 9 Karla, S. 1998. "Inflation and Money Demand in Albania." Working Paper WP98/101, International Monetary Fund, Washington, DC. 10 Metin, K. 1995. "An Integrated Analysis of Turkish Inflation." >i>Oxford Bulletin of Economics and Statistics>/i>>b>57>/b>, no. 4 (November): 513-531. 11 Pesaran, H., and Y. Shin. 1998. "Generalized Impulse Response Analysis in Linear Multivariate Models." >i>Economics Letters>/i>>b>58>/b>, no. 1 (January): 17-29. 12 Pesaran, H., and Y. Shin. 2002. "Long-Run Structural Modeling." >i>Econometric Reviews>/i>>b>21>/b>, no. 1: 49-87. 13 Surrey, M. 1989. "Money, Commodity Prices, and Inflation: Some Simple Tests." >i>Oxford Bulletin of Economics and Statistics>/i>>b>51>/b>, no. 3 (May): 219-237. 14 Welfe, A. 2000. "Modeling Inflation in Poland." >i>Economic Modeling>/i>>b>17>/b>, no. 3 (August): 375-385. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:60-69 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BALTHDN21GAH01AB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Besim Culahovic Author-X-Name-First: Besim Author-X-Name-Last: Culahovic Title: Guest Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A7563G42N7834R28 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Wojciech Bienkowski Author-X-Name-First: Wojciech Author-X-Name-Last: Bienkowski Title: Completion of Systemic Transformation Processes in Post-Communist Countries as a Condition for Successful Development of Economic Cooperation Abstract: The systemic changes that have taken place and are ongoing in post-communist countries have also changed the level and nature of mutual economic links that existed among them at the end of the 1980s. The scale of this change is illustrated not only in the dramatic decline in mutual trade but also in the evolution of the character of these links. However, the essence of the latter cannot be reduced to a simple statement that the present scale and nature of mutual economic links, which are voluntary, reflect the actual interest of the parties in maintaining these links, and not that they are enforced by the geopolitical situation of the Warsaw Pact countries, and of the Soviet Union's ambitions as a superpower. The present article provides evidence that the newly emerging shape of economic trade among the former members of the Council for Mutual Economic Assistance is also the consequence of new systemic conditions, including institutional solutions inside these countries, which differentiate the attractiveness of partners to as great an extent as do natural economic conditions, such as complementarity of resources and economic structures, or geographical proximity, ethnic ties, and common history. In other words, now and for the foreseeable future, it is not economic complementarity but complementarity of systemic solutions, including the degree of their advancement and quality of state-ofthe-art institutional solutions, that will decide the scale and nature of mutual economic links among the countries of the former socialist bloc, as well as the possible return of their previous level and significance. Journal: Eastern European Economics Pages: 51-68 Issue: 3 Volume: 40 Year: 2002 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QKP79R6U9WYRX7DD File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:51-68 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 1 Volume: 45 Year: 2007 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D12QK098330978U0 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jaan Masso Author-X-Name-First: Jaan Author-X-Name-Last: Masso Author-Name: Urmas Varblane Author-X-Name-First: Urmas Author-X-Name-Last: Varblane Author-Name: Priit Vahter Author-X-Name-First: Priit Author-X-Name-Last: Vahter Title: The Effect of Outward Foreign Direct Investment on Home-Country Employment in a Low-Cost Transition Economy Abstract: The current extensive literature on the home-country employment effect of foreign direct investment (FDI) focuses almost exclusively on investments from high-income and high labor-cost home countries. Our paper analyzes the home-country employment effect in Estonia as a low-cost, medium-income transition economy. The data from the population of Estonian firms between 1995 and 2002 are studied with regression analysis and propensity score matching to construct an appropriate counterfactual for firms that have invested abroad. Our results imply that the logic of the outward investments from low-cost transition and developing economies differs from that of high-income countries. The results indicate that in general, outward FDI positively affects home-country employment growth. Direct investors (domestic firms investing abroad) have a stronger home-country employment effect than do indirect investors (foreign-owned firms investing abroad) due to their smaller preinvestment size and because the subsidiaries of indirect investors are served from other locations rather than from Estonia. The positive employment effect is much stronger for investments made after 1999 due to the better macroeconomic performance of Estonia from 2000 onward. Services firms demonstrate a stronger home-country employment effect than do manufacturing firms. Journal: Eastern European Economics Pages: 25-59 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V11N068VQ0K872P0 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altzinger, W., and C. Bellak. 1999. "Direct Versus Indirect FDI: Impact on Domestic Exports and Employment." Working Paper 9, Working Papers Series: Growth and Employment in Europe: Sustainability and Competitiveness, Vienna University of Economics and Business Administration, Vienna. 2 Arnold, J. M., and B. Smarzynska Javorcik. 2005. "Gifted Kids or Pushy Parents? Foreign Acquisitions and Plant Performance in Indonesia." Discussion Paper 5065, Center for Economic Policy Research, London. 3 Barba Navaretti, G., and D. Castellani. 2004. "Investment Abroad and Performance at Home: Evidence from Italian Multinationals," Discussion Paper 4284, Center for Economic Policy Research, London. 4 Barba Navaretti, G.; D. Castellani; and A.-C. Disdier. 2006. "How Does Investing in Cheap Labour Countries Affect Performance at Home? France and Italy." Discussion Paper 5765, Center for Economic Policy Research, London. 5 Blomström, M.; G. Fors; and R. E. Lipsey. 1997. "Foreign Direct Investment and Employment: Home Country Experience in the United States and Sweden." >i>Economic Journal>/i>>b>107>/b>, no. 445: 1987-1997. 6 Braconier, H., and K. Ekholm. 1999. "Swedish Multinationals and Competition from High and Low-Wage Countries." Discussion Paper 2323, Center for Economic Policy Research, London. 7 Braconier, H., and K. Ekholm. 2000. "Swedish Multinationals and Competition from High and Low-Wage Countries," >i>Review of International Economics>/i>>b>8>/b>, no. 3: 448-461. 8 Braconier, H., and K. Ekholm. 2001. "Foreign Direct Investment in Central and Eastern Europe: Employment Effects in the EU." Working Paper 3052, Center for Economic Policy Research, London. 9 Brainard, S. L., and D. Riker. 1997. "Are U. S. Multinationals Exporting U. S. Jobs?" Working Paper 5958, National Bureau of Economic Research, Cambridge, MA. 10 Braunerhjelm, P., and L. Oxelheim. 2000. "Does Foreign Direct Investment Replace Home Country Investment? The Effect of European Integration on the Location of Swedish Investment." >i>Journal of Common Market Studies>/i>>b>38>/b>, no. 2: 199-221. 11 Braunerhjelm, P.; L. Oxelheim; and P. Thulin. 2005. "The Relationship Between Domestic and Outward Foreign Investment Revisited: The Impact of Industry-Specific Effects." Electronic Working Paper 35, Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Stockholm. 12 Bruno, G., and A. M. Falzoni. 2000. "Multinational Corporations, Wages and Employment: Do Adjustment Costs Matter?" Working Paper 2471, Center for Economic Policy Research, London. 13 Caliendo, M., and S. Kopeinig. 2005. "Some Practical Guidance for the Implementation of Propensity Score Matching." Discussion Paper 1588, Institute for the Study of Labor, Bonn. 14 Cuyvers, L.; M. Dumont; G. Rayp; and K. Stevens. 2005. "Home Employment Effects of EU Firms' Activities in Central and Eastern European Countries." >i>Open Economies Review>/i>>b>16>/b>, no. 2: 153-174. 15 Dewit, G.; H. Görg; and C. Montagna. 2004. "Should I Stay or Should I Go? A Note on Employment Protection, Domestic Anchorage, and FDI." Discussion Paper 845, Institute for the Study of Labor, Bonn. 16 Ekholm, K., and J. Markusen. 2002. "Foreign Direct Investment and EU-CEE Integration." Background paper for conference on Danish and International Economic Policy, University of Copenhagen, May 23-24. 17 Evans, D. S. 1987. "The Relationship Between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries." >i>Journal of Industrial Economics>/i>>b>35>/b>, no. 4: 567-581. 18 Faggio, G., and J. Konings. 2003. "Job Creation, Job Destruction, and Employment Growth in Transition Countries in the 1990s." >i>Economic Systems>/i>>b>27>/b>, no. 2: 129-154. 19 Feenstra, R. C., and G. H. Hanson. 1996. "Globalization, Outsourcing, and Wage Inequality." >i>American Economic Review>/i>>b>86>/b>, no. 2: 240-245. 20 Hansson, P. 2005. "Skill Upgrading and Production Transfer Within Swedish Multinationals in the 1990s." >i>Scandinavian Journal of Economics>/i>>b>107>/b>, no. 4: 673-692. 21 Helpman, E.; M. J. Melitz; and S. R. Yeaple. 2004. "Export Versus FDI with Heterogeneous Firms." >i>American Economic Review>/i>>b>94>/b>, no. 1: 300-316. 22 Heshmati, A. 2001. "On the Growth of Micro and Small Firms: Evidence from Sweden." >i>Small Business Economics>/i>>b>17>/b>, no. 3: 213-228. 23 Huttunen, K. 2005. "The Effect of Foreign Acquisition on Employment and Wages: Evidence from Finnish Establishments." Discussion Paper 62, Helsinki Center of Economic Research, Helsinki. 24 Jovanovic, B. 1982. "Selection and the Evolution of an Industry." >i>Econometrica>/i>>b>50>/b>, no. 3: 649-670. 25 Kokko, A. 2006. "The Home Country Effects of FDI in Developed Economies." Working Paper 225, European Institute of Japanese Studies, Stockholm. 26 Konings, J., and A. Murphy. 2001. "Do Multinational Enterprises Substitute Parent Jobs for Foreign Ones? Evidence from European Firm-Level Panel Data." Discussion Paper 2972, Center for Economic Policy Research, London. 27 Konings, J., and A. Murphy. 2003. "Do Multinational Enterprises Relocate Employment to Low Wage Regions? Evidence from European Multinationals." Discussion Paper 131, LICOS Centre for Transition Economics, Leuven. 28 Konings, J.; O. Kupets; and H. Lehmann. 2002. "Gross Job Flows in Ukraine: Size, Ownership, and Trade Effects." Discussion Paper 675, Institute for the Study of Labor, Bonn. 29 Kravis, I., and R. E. Lipsey. 1988. "The Effect of Multinational Firms' Foreign Operations on Their Domestic Employment." Working Paper 2760, National Bureau of Economic Research, Cambridge, MA. 30 Leuven, E., and B. Sianesi. 2003. "PSMATCH2: Stata Module to Perform Mahalanobis and Propensity Score Matching, Common Support Graphing, and Covariate Testing." Statistical Software Components no. S432001, Department of Economics, Boston College (available at >a target="_blank" href='http://ideas.repec.org/c/boc/bocode/s432001.html'>http://ideas.repec .org/c/boc/bocode/s432001.html>/a> 31 Lipsey, R. E.; E. Ramstetter; and M. Blomström. 2000. "Outward FDI and Parent Exports and Employment: Japan, the United States, and Sweden." >i>Global Economy Quarterly>/i>>b>1>/b>, no. 4: 285-302. 32 Lopez-de-Silanes, F.; J. R. Markusen; and T. Rutherford. 1996. "Trade Policy Subtleties with Multinational Firms." >i>European Economic Review>/i>>b>40>/b>, no. 8: 1605-1627. 33 Männik, K.; H. Hannula; and U. Varblane. 2006. "Foreign Subsidiary Autonomy and Performance in Five Central and East European Countries." In >i>Estonia, the New EU Economy: Building a Baltic Miracle?>/i> ed. H. Hannula, S. Radosevic, and N. von Tunzelmann, pp. 258-284. London: Ashgate. 34 Mariotti, S.; M. Mutinelli; and L. Piscitello. 2003. "Home Country Employment and Foreign Direct Investment: Evidence from the Italian Case." >i>Cambridge Journal of Economics>/i>>b>27>/b>, no. 3: 419-431. 35 Markusen, J. R. 2002. >i>Multinational Firms and the Theory of International Trade.>/i> Cambridge, MA: MIT Press. 36 Masso, J.; R. Eamets; and K. Philips. 2006. "Job Creation and Job Destruction in Estonia: Labor Reallocation and Structural Changes." In >i>Estonia, the New EU Economy: Building a Baltic Miracle?>/i> ed. H. Hannula, S. Radosevic, and N. von Tunzelmann, pp. 105-142. London: Ashgate. 37 Masso, J.; U. Varblane; and P. Vahter. 2007. "The Impact of Outward FDI on Home-Country Employment in a Low-Cost Transition Economy." Working Paper 873, William Davidson Institute, Ann Arbor, MI. 38 Pellenbarg, P. H.; L. J. G. van Wissen; and J. van Dijk. 2002. "Firm Relocation: State of the Art and Research Prospects." Research Report 02D31, Research Institute SOM (Systems, Organizations, and Management), University of Groningen, Groningen. 39 Pennings, E., and L. Sleuwaegen. 2000. "International Relocation: Firm and Industry Determinants." >i>Economics Letters>/i>>b>67>/b>, no. 2: 179-186. 40 Radosevic, S.; U. Varblane; and T. Mickiewicz. 2003. "Foreign Direct Investment and Its Effect on Employment in Central Europe." >i>Transnational Corporations>/i>>b>12>/b>, no. 1: 53-90. 41 Rosenbaum, P., and D. Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." >i>Biometrika>/i>>b>70>/b>, no. 1: 41-50. 42 Sachs, J., and H. Shatz. 1994. "Trade and Jobs in U. S. Manufacturing." >i>Brookings Papers on Economic Activity>/i>>b>1>/b>: 1-69. 43 Slaughter, M. J. 1995. "Multinational Corporations, Outsourcing, and American Wage Divergence." Working Paper 5253, National Bureau of Economic Research, Cambridge, MA. 44 Slaughter, M. J. 2000. "Production Transfer Within Multinational Enterprises and American Wages." >i>Journal of International Economics>/i>>b>50>/b>, no. 2: 449-472. 45 Smarzynska, Javorick B. 2004. "Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backwards Linkages." >i>American Economic Review>/i>>b>94>/b>, no. 3: 605-627. 46 StataCorp. 2003. >i>Stata Statistical Software: Release 8.0.>/i> College Station, TX: Stata Corporation. 47 Svetlicic, M., and A. Jaklic. 2003. "Outward FDI by Transition Economies: Basic Features, Trends, and Development Implications." In >i>Facilitating Transition by Internationalization>/i>, ed. Marjan Svetlicic and Matija Rojec, pp. 49-78. Aldershot, UK: Ashgate. 48 Svetlicic, M.; A. Jaklic; and A. Burger. 2007. "Internationalization of Small and Medium- Sized Enterprises from Selected Central European Companies." >i>Eastern European Economics>/i>>b>45>/b>, no. 4 (July-August): 36-65. 49 Vahter, P., and J. Masso. 2007. "Home Versus Host Country Effects of FDI: Searching for New Evidence of Productivity Spillovers." >i>Applied Economics Quarterly>/i>>b>53>/b>, no. 2: 165-196. 50 Varblane, U.; E. Reiljan; and T. Roolaht. 2003. "The Role of Outward Foreign Direct Investments in the Internationalization of Estonian Firms." In >i>Facilitating Transition by Internationalization>/i>, ed. M. Svetlicic and M. Rojec, pp. 133-154. Aldershot, UK: Ashgate. 51 Varblane, U.; T. Roolaht; E. Reiljan; and R. Jüriado. 2001. "Estonian Outward Foreign Direct Investments." Working Paper 9, Faculty of Economics and Business Administration, University of Tartu, Estonia. 52 World Investment Report. 2005. >i>Transnational Corporations and the Internationalization of R&D.>/i> New York and Geneva: United Nations. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:25-59 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksander Aristovnik Author-X-Name-First: Aleksander Author-X-Name-Last: Aristovnik Title: Short-Term Determinants of Current Account Deficits: Evidence from Eastern Europe and the Former Soviet Union Abstract: This paper tests the short-term empirical link between current account deficits and a broad set of economic variables proposed by the theoretical and empirical literature for the emerging economies of Eastern Europe and the former Soviet Union. The empirical results of a modern (dynamic) panel data econometric analysis of countries in Central and Eastern Europe, Southern and Eastern Europe, and the Commonwealth of Independent States from 1992 to 2003 are chiefly consistent with theoretical and previous empirical analyses, indicating that there is a moderate level of persisting current account deficits beyond what can be explained by the behavior of its determinants. Economic growth has a negative effect on the current account balance, implying that the domestic growth rate is associated with a larger increase in domestic investment than savings. The stages of development hypothesis can be confirmed, as poorer countries in the region reveal higher current account deficits. A current account balance deterioration is likely to accompany shocks in public budget rates, confirming the validity of the twin deficit hypothesis in the region. The results also indicate the partial effect of demographic factors, as well as the strong influence of the growth rate of EU-15 countries on external imbalances. Finally, appreciation of the real exchange rate and a worsening of the terms of trade are generating deteriorations in the current account deficits of the transition region. Journal: Eastern European Economics Pages: 24-42 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T21X737786745T16 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abel, A.B., and B.S. Bernanke 2001. >i>Macroeconomics>/i>, 4th ed. Boston: Addison-Wesley Longman. 2 Arellano, M., and S. Bond 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations". >i>Review of Economic Studies>/i> 58, no. 2: 277-297. 3 Arellano, M., and O. Bover 1995. "Another Look at the Instrumental Variable Estimation of Error-Components Models". >i>Journal of Econometrics>/i> 68, no. 1: 29-51. 4 Aristovnik, A. 2002. "What Determines the Current Account Balances in Central and Eastern Europe?" >i>NaÅ¡e gospodarstvo>/i> 48, nos. 5-6: 450-467. 5 Aristovnik, A. 2007. "How Sustainable Are External Imbalances in Selected Transition Countries?" >i>Ekonomický Časopis>/i> 55, no. 1: 19-37. 6 Beck, N., and J.N. Katz 1996. "Nuisance vs. Substance: Specifying and Estimating Time-Series-Cross Models". >i>Political Analysis>/i> 6, no. 1: 1-36. 7 Bussière, M.; M. Fratzscher; and G.J. Müller 2004. "Current Account Dynamics in OECD and EU Acceding Countries—An Intertemporal Approach". European Investment Bank Working Paper Series, no. 311, Luxembourg. 8 Calderon, C.; A. Chong; and N. Loayza 2002. "Determinants of Current Account Deficits in Developing Countries". >i>Contributions to Macroeconomics>/i> 2, no. 1: 2-35. 9 Chen, X.; S. Lin; and R.W. Reed 2005. "Another Look at What to Do with Time-Series Cross-Section Data". Economics Working Paper Archive at Washington University in St. Louis no. 0506004, St. Louis. 10 Chinn, M., and E.S. Prasad 2003. "Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration". >i>Journal of International Economics>/i> 59, no. 1: 47-76. 11 Coricelli, F., and B. Jazbec 2001. "Real Exchange Rate Dynamics in Transition Economies". Center for Economic Policy Research Discussion Papers no. 2869, London. 12 Debelle, G., and H. Faruqee 1996. "What Determines the Current Account? A Cross-Sectional and Panel Approach". International Monetary Fund Working Paper no. 58, Washington, DC. 13 Doisy, H., and K. Hervé. 2003. "Les implications des deficits ciurants des PECO". >i>Economies Internationale>/i> 95, no. 1: 59-88. 14 Duczynski, P. 2005. "Long-Run Current Account Deficits in Transition Economies". >i>Eastern European Economics>/i> 43, no. 3: 21-54. 15 Economist Intelligence Unit (EIU). 2004-5. "Database". London. 16 European Bank for Reconstruction and Development (EBRD). Various dates. >i>Transition Report.>/i> London: EBRD. 17 European Central Bank (ECB). 2004. >i>Convergence Report 2004.>/i> Frankfurt: ECB. 18 Gandolfo, G. 2004. >i>Elements of International Economics.>/i> Berlin: Springer-Verlag. 19 Herrmann, S., and A. Jochem 2005. "Determinants of Current Account Developments in Central and Eastern European EU Member States—Consequences for Enlargement of the Euro Area". Deutsche Bundesbank Discussion Paper no. 32, Frankfurt. 20 Holman, J.A. 2001. "Is the Large U.S. Current Account Deficit Sustainable?" >i>Federal Reserve Bank of Kansas City Economic Review>/i> 86, no. 1: 5-23. 21 International Monetary Fund (IMF). 2005. >i>World Economic Outlook.>/i> Washington, DC: IMF. 22 Isard, P.; H. Faruquee; R.G. Kimcaid; and M. Fetherston 2001. "Methodology for Current Account and Exchange Rate Assessments". International Monetary Fund Occasional Paper no. 209, Washington, DC. 23 Kiviet, J. 1995. "On Bias, Inconsistency, and Efficiency of Various Estimators in Dynamic Panel Data Models". >i>Journal of Econometrics>/i> 68, no. 1: 53-78. 24 Kydland, F., and E. Prescott 1990. "Business Cycles: Real Facts and a Monetary Myth". >i>Federal Reserve Bank of Minneapolis Quarterly Review>/i> 14 (Spring): 3-18. 25 Loayza, N.; K. Schmidt-Hebbel; and L. Serven 2000. "What Drives Private Saving Around the World?" World Bank Working Paper no. 2309, Washington, DC. 26 Mankiw, G.N. 2003. >i>Macroeconomics>/i>, 5th ed. New York: Worth. 27 Megarbane, P. 2002. "Slovakia's External Current Account Deficit: Why So Large and Is It Sustainable?" IMF Country Report no. 02/210, Washington, DC. 28 Mendoza, E.G. 1995. "The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations". >i>International Economic Review>/i> 36, no. 1: 101-137. 29 Milesi-Ferretti, G.M., and A. Razin 1996. "Sustainability of Persistent Current Account Deficits". National Bureau of Economic Research Working Paper no. 5467, Cambridge, MA. 30 Obstfeld, M. 1982. "Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?" >i>Quarterly Journal of Economics>/i> 97, no. 2: 251-270. 31 Obstfeld, M., and K. Rogoff 2000. "Perspectives on OECD Economic Integration: Implications for U.S. Current Account Adjustment". Center for International and Development Economics Research Working Paper C00-116, Berkeley, CA. 32 Roubini, N., and P. Wachtel 1999. "Current-Account Sustainability in Transition Economies". In >i>Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies>/i>, ed. M. Bleier and M. Skreb, pp. 19-93. Norwell, MA: Kluwer Academic. 33 Sachs, J.D. 1981. "The Current Account and Macroeconomic Adjustment in the 1970s". >i>Brookings Papers on Economic Activity>/i> 1: 201-268. 34 Svensson, L., and A. Razin 1983. "The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect". >i>Journal of Political Economy>/i> 91, no. 1: 97-125. 35 Zanghieri, P. 2004. "Current Account Dynamics in New EU Members". Centre d'Etudes Prospectives et d'Informations Internationales Working Paper no. 2004-07, Paris. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:24-42 Template-Type: ReDIF-Article 1.0 Author-Name: A. Ali Koç Author-X-Name-First: A. Ali Author-X-Name-Last: Koç Author-Name: Savaş Alpay Author-X-Name-First: Savaş Author-X-Name-Last: Alpay Title: Estimation of Complete Demand System Under Data Limitation Abstract: A common difficulty in estimating demand functions for developing countries is the lack of time series data. With the available cross-sectional data resulting from extensive surveys on households, most researchers have concentrated on the estimation of expenditure elasticities by ignoring the possible impact of prices. Obviously, the results of this partial kind of analysis may not be very reliable for policy design. Deaton (1988) introduced a methodology for using household survey data to estimate price elasticities by making use of spatial variation in prices, but its application requires certain data conditions that may not always be met, as, for example, in the case of Turkey.This article provides a practical solution for such cases by observing that regularly collected data on the cost of grouped commodity bundles across regions can reflect spatial variation in prices, and, thus, can be used as a proxy for the prices. As compared to previous studies estimating only the expenditure elasticities for Turkey, our results differ,in some cases by large margins. Thus, incorporation of prices into the demand analysis seems to be important not only in obtaining price elasticities but also in obtaining more reliable estimates of expenditure elasticities. Journal: Eastern European Economics Pages: 70-86 Issue: 3 Volume: 41 Year: 2003 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=076VUU0HM62XT978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:70-86 Template-Type: ReDIF-Article 1.0 Author-Name: SHERMAN FOLLAND Author-X-Name-First: SHERMAN Author-X-Name-Last: FOLLAND Title: Health Care in Small Areas of Three Command Economies: What Do the Data Tell Us? Abstract: The present project assembles and analyzes health systems data for small areas in contiguous regions of East Germany, Czechoslovakia, and Poland in 1988. The data were collected and maintained by the Communist central governments of East Germany and Czechoslovakia, and by the voivodships in Poland during the command system era. Analyses of these regions are compared to contemporary data from U.S. regions. Instead of assuming a common goal for each region, the data are studied to ascertain whether they reflect an identifiable, de facto goal. The key findings are that coefficients of variation of health care resource availability are somewhat larger in the command systems; and coefficients of variation in mortality rates are smaller in two of the command systems, suggesting a de facto emphasis on health status equality. The U.S. regions' data appear to be more consistent with an implicit goal of regional health status maximization. Discussions explain the relationships between the alternative goals and suggest which systems succeed in achieving a particular goal. Journal: Eastern European Economics Pages: 31-52 Issue: 6 Volume: 43 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=06YWG9RJ40QVWDUT File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alexeev, M.V., and C.G. Gaddy. 1993. "Income Distribution in the U.S.S.R. in the 1980s." Review of Income and Wealth, Series 39 (March): 23-36. 2 Andorka, R.; Z. Ferge; and I.G. Toth. 1997. "Is Hungary Really the Least Unequal?" Russian and East European Finance and Trade 33, no. 6 (November-December): 67-94. 3 Ash, T.G. 1993. The Magic Lantern. New York: Random House. 4 Auster, R.D.; I. Leveson; and D. Sarachek. 1969. "The Production of Health, an Exploratory Study." Journal of Human Resources 4, no. 4: 411-436. 5 Dartmouth Atlas Health Care Working Group. 1996. Dartmouth Atlas of Health Care. Hanover, NH: Dartmouth Medical School, American Hospital Publications. 6 Doyle, C. 1996. "The Distributional Consequences During the Early Stages of Russia's Transition." Review of Income and Wealth, Series 42 (December): 493-505. 7 Folland, S., and M. Stano. 1989. "Sources of Small Area Variations in the Use of Medical Care." Journal of Health Economics 8, no. 1 (March): 85-107. 8 ------. 1990. "Small Area Variations: A Critical Review of Propositions, Methods and Evidence." Medical Care Review 47, no. 4 (Winter): 419-465. 9 Green, L.A., and M.P. Becker. 1994. "Physician Decision Making and Variation in Hospital Admission Rates for Acute Cardiac Ischemia." Medical Care 32, no. 11: 1086-1097. 10 Hadley, J. 1982. More Medical Care, Better Health? Washington, DC: Urban Institute. 11 ------. 1988. "Medicare Spending and Mortality Rates of the Elderly." Inquiry 25, no. 4: 485-493. 12 McPherson, K.; J.E. Wennberg; O.B. Hovind; and P. Clifford. 1982. "Small-Area Variations in the Use of Common Surgical Procedures: An International Comparison of New England, England, and Norway." New England Journal of Medicine 307, no. 21 (November): 1310-1313. 13 Phelps, C.E. 1997. Health Economics, 2d ed. Reading, MA: Addison-Wesley. 14 Phelps, C.E., and S.T. Parente. 1990. "Priority Setting in Medical Technology and Medical Practice Assessment." Medical Care 28, no. 1: 703-723. 15 Pritchett, L., and L. Summers. 1996. "Wealthier Is Healthier." Journal of Human Resources 31 (Summer): 841-868. 16 Roos, N.P., and L.L. Roos Jr. 1982. "Surgical Rate Variations: Do They Reflect the Health or Socioeconomic Characteristics of the Population?" Medical Care 20, no. 9: 945-958. 17 Vangel, M.G. 1996. "Confidence Intervals for a Normal Coefficient of Variation." The American Statistician 50, no. 1: 21-26. 18 Vecernik, J. 1995. "Changing Earnings Distribution in the Czech Republic: Survey Evidence from 1988-1994." Economics of Transition 3, no. 3: 355-371. 19 Wennberg, J.E. 1987. "Population Illness Rates Do Not Explain Population Hospitalization Rates." Medical Care 25, no. 4 (April): 354-359. 20 Wennberg, J.E., and A. Gittelsohn. 1973. "Small Area Variations in Health Care Delivery." Science 182, no. 117 (November): 1102-1108. 21 ------. 1982. "Variations in Medical Care Among Small Areas." Scientific American 246, no. 4 (April): 120-134. Handle: RePEc:mes:eaeuec:v:43:y:2006:i:6:p:31-52 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Author-Name: Boris Majcen Author-X-Name-First: Boris Author-X-Name-Last: Majcen Author-Name: Renger Van Nieuwkoop Author-X-Name-First: Renger Author-X-Name-Last: Van Nieuwkoop Title: Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model Abstract: This paper uses a dynamic overlapping-generations (OLG) general equilibrium model to analyze welfare effects in Slovenia, the macroeconomic effects of the Slovenian pension reform, and the effects of the pension fund deficit on the sustainability of Slovenian public finances. Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. In addition, the present pension system is opaque and tremendously complicated and primarily, should be made more comprehensible to the public. Journal: Eastern European Economics Pages: 60-81 Issue: 4 Volume: 44 Year: 2006 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=85016814M217N067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Abel, A.B. 2003. "The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security." >i>Econometrica 71>/i>, no. 2: 551-578. 2 Armington, P.S. 1969. "A Theory of Demand for Products Distinguished by Place of Production." International Monetary Fund Staff Paper no. 16, Washington, DC. 3 Arrow, K.J., and G. Debreu. 1954. "Existence of an Equilibrium for a Competitive Economy." >i>Econometrica 22>/i>, no. 3: 265-290. 4 Auerbach, A.J., and L.J. Kotlikoff. 1987. >i>Dynamic Fiscal Policy.>/i> New York: Cambridge University Press. 5 Balistreri, E.J., and R.H. Hillberry. 2003. "Estibration: An Illustration of Structural Estimation as Calibration." Mimeograph, Colorado School of Mines, Golden, CO. 6 Böhringer, C.; T.F. Rutherford; and W. Wiegard. 2003. "Computable General Equilibrium Analysis: Opening a Black Box." Discussion Paper no. 56, Zentrum für Europäische Wirtschaftsforschung, Mannheim. 7 Brooke, A.; D. Kendrick; A. Meeraus; and R. Raman. 1998. GAMS: A User's Guide. Washington, DC: GAMS Development Corporation. 8 Deaton, A. 1992. >i>Understanding Consumption.>/i> Oxford: Clarendon Press. 9 European Commission. 2001. >i>Competitiveness and Social Cohesion: Implications for Candidate Countries.>/i> Brussels: Office for Official Publications of the European Communities. 10 Ferris, M.C., and T.S. Munson. 2000. GAMS/PATH >i>User Guide: Version 4.3.>/i> Washington, DC: GAMS Development Corporation. 11 Friedman, M. 1957. >i>A Theory of the Consumption Function.>/i> Princeton: Princeton University Press. 12 Institute of Macroeconomic Analysis and Development (IMAD). 2001. >i>Slovenija v novem desetletju: Trajnost, konkurenčnost, članstvo v EU: Strategija gospodarskega razvoja Slovenije>/i> 2001-2006 [Slovenia in the New Decennium: Sustainability, Competitiveness, EU Membership: The Strategy of Economic Development of the Republic of Slovenia, 2001-2006]. Ljubljana. 13 Mathiesen, L. 1985. "Computation of Economic Equilibria by a Sequence of Linear Complementarity Problems." In >i>Economic Equilibrium: Model Formulation and Solution>/i>, ed. A.S. Manne, pp. 144-162. Amsterdam: North-Holland. 14 Modigliani, F. 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations." >i>American Economic Review 76>/i>, no. 3: 297-313. 15 Modigliani, F., and R. Brumberg. 1954. "Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data." In Post >i>Keynesian Economics>/i>, ed. K.K. Kurihara, pp. 388-436. New Brunswick, NJ: Rutgers University Press. 16 Organization for Economic Cooperation and Development (OECD). 2000. >i>Reforms for an Ageing Society.>/i> Paris. 17 Poterba, J. 2001. "Demographic Structure and Asset Returns." >i>Review of Economics and Statistics 83>/i>, no. 4: 565-584. 18 Rutherford, T.F. 1995a. "Constant Elasticity of Substitution Functions: Some Hints and Useful Formulae." Department of Economics, University of Colorado, Boulder, December. 19 —-. 1995b. "Extensions of GAMS for Complementarity Problems Arising in Applied Economic Analysis." >i>Journal of Economic Dynamics and Control 19>/i>, no. 8: 1299-1324. 20 Stanovnik, T. 2002. "The Political Economy of Pension Reform in Slovenia." In >i>Pension Reform in Central and Eastern Europe. Volume 2: Restructuring of Public Pension Schemes: Case Studies of the Czech Republic and Slovenia>/i>, ed. E. Fultz, pp. 19-74. Budapest: International Labor Organization, Central and Eastern European Team. 21 —-. 2004. "The Pension System of Slovenia After the 1999 Reform: Developments and Challenges." Paper prepared for the Tripartite Conference Recent Developments in Pension Restructuring in Central and Eastern Europe, International Labor Organization, Budapest, December 9-10. 22 Å trovs, M. 2000. >i>Zakon o pokojninskem in invalidskem zavarovanju s komentarjem>/i> [Pension and Disability Insurance Act with Comments]. Lesce: Oziris. 23 Verbič, M. 2004. "Mikroekonometrična analiza odločitev o upokojevanju v Sloveniji" [Microeconometric Analysis of Retirement Decisions: Slovenia]. >i>IB Review 38>/i>, no. 3: 72-86. 24 —-. 2005. "Contemporary Developments in Computable General Equilibrium Modelling." Institute for Economic Research, Ljubljana, July 5. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:60-81 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 43 Year: 2005 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=23YFKEBV6U36Y7PM File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2005:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: SONYA KOSTOVA HUFFMAN Author-X-Name-First: SONYA KOSTOVA Author-X-Name-Last: HUFFMAN Title: Evaluation of Consumption and Welfare Changes Under Economic Transition in Rural Poland Abstract: The consumption and welfare changes under economic transition in rural Poland are evaluated using virtual prices for rationed goods in the prereform period. Rural households responded to price and real income changes during the transition from a centrally planned to a market economy. The actual changes in consumption patterns are consistent with the elasticity analysis. The results for rural Poland show a 74-86 percent decline in real household welfare, which is approximately one-half the value obtained using the actual prices. Compared with previous studies, the welfare loss for rural residents is slightly higher than the average for Poland. Journal: Eastern European Economics Pages: 5-20 Issue: 3 Volume: 43 Year: 2005 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F5GE5K46YFTWHJBW File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Atkinson, A., and J. Micklewright. 1992. The Economic Transformation in Eastern Europe and the Distribution of Income. Cambridge: Cambridge University Press. 2 Barten, A.P. 1969. "Maximum Likelihood Estimates of a Complete System of Demand Equations." European Economic Review 1, no. 1: 7-73. 3 Central Statistical Office of Poland (GUS). 1993. Rocznik Statystyczny [StatisticalYearbook]. Warsaw: Central Statistical Office. 4 ------. 1994. Rocznik Statystyczny [Statistical Yearbook]. Warsaw: Central Statistical Office. 5 Chaki, C. 2000. "Agricultural Reforms in Central and Eastern Europe and the Former Soviet Union: Status and Perspectives." Agricultural Economics 22, no. 1: 37-54. 6 Charemza, W. 1989. "Disequilibrium Modeling of Consumption in the Centrally Planned Economy." In Models of Disequilibrium and Shortages in Centrally Planned Economies, ed. C. Davis and W. Charemza, 283-315. London: Chapman and Hall. 7 Charemza, W., and R. Quandt. 1989. "Waiting Lists and Disequilibrium Modelling of the Housing Market in Poland, 1955-1986." Financial Research Center Memorandum no. 101, Princeton University. 8 Deaton, A.S., and J. Muellbauer. 1980. "An Almost Ideal Demand System." American Economic Review 70, no. 3: 312-326. 9 Euromonitor. 1994. Consumer Eastern Europe 1994. London: Euromonitor. 10 Florkowski, W.; W. Moon; A. Resurreccion; J. Jordanov; P. Paraskova; L. Beuchat; K. Murgov; and M. Chinnan. 2000. "Allocation of Time for Meal Preparation in a Transition Economy." Agricultural Economics 22, no. 2: 173-183. 11 Gorecki, B., and M. Peczkowski. 1992. "Polish Household Panel." Paper presented at Workshop on Polish Household Panel, Warsaw, Poland. 12 Gutkowska, K. 1999. Zmiany W Funkcljonowaniu Wiejskich Gospodarstw Domowych W Latach Dziewiecdziesiatych [Changes in Work and Consumption of Rural Households During the Decade of the 1990s]. Wydawnictwo SGGW: Warsaw. 13 Hausman, J. 1997. "Valuation of New Goods Under Perfect and Imperfect Competition." In The Economics of New Goods, ed. T. Bresnahan and R. Gordon, 209-237. Chicago: University of Chicago Press. 14 ------. 1999. "Cellular Telephone, New Products and the CPI." Journal of Business and Economics Statistics 17, no. 2: 188-194. 15 ------. 2003. "Sources of Bias and Solutions to Bias in the CPI." Journal of Economic Perspectives 17, no. 1: 23-44. 16 Huffman S.K., and S. Johnson. 2002. "Re-evaluation of Welfare Changes During the Transition in Poland." Post-Communist Economies 14, no. 1: 31-46. 17 ------. 2004a. "Impacts of Economic Reform in Poland; Incident and Welfare Changes Within a Consistent Framework." Review of Economics and Statistics 86, no. 2: 626- 636. 18 ------. 2004b. "Empirical Tests of Impacts of Rationing: The Case of Poland in Transition." Economic Systems 28, no. 1: 79-99. 19 Lerman, Z. 2001. "Agriculture in Transition Economies: From Common Heritage to Divergence." Agricultural Economics 26, no. 2: 95-114. 20 Pollak, R., and T. Wales. 1981. "Demographic Variables in Demand Analysis." Econometrica 49, no. 6: 1533-1551. 21 Sachs, J. 1993. Poland's Jump to the Market Economy. Cambridge, MA: MIT Press. 22 World Economy Research Institute. 1996. "Poland, International Economic Report 1995/ 1996." Warsaw School of Economics. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:3:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Joe C. Avis, Debra Moore Patterson Author-X-Name-First: Joe Author-X-Name-Last: C. Avis, Debra Moore Patterson Title: Economic Transition as a Spur to Research: The Case of Central Europe Abstract: Journal: Eastern European Economics Pages: 6-18 Issue: 1 Volume: 39 Year: 2001 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XRJGE4DV3YWAF41C File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:1:p:6-18 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Thiessen Author-X-Name-First: Ulrich Author-X-Name-Last: Thiessen Author-Name: Paul Gregory Author-X-Name-First: Paul Author-X-Name-Last: Gregory Title: Modeling Structural Change: An Application to the New EU Member States and Accession Candidates Abstract: The rapid changes in the transition economies must be evaluated in a comparative context. This paper provides a comprehensive comparative analysis using a large panel data set of market economies as a reference point. We wish to establish the extent and speed with which the structures of the transition economies converge toward other country groups, ranked according to income levels. The exercise provides an alternate measure of transition success, grounded in quantitative rather than subjective indicators. It also shows future sectoral growth patterns assuming that remaining structural distortions continue to be removed. Journal: Eastern European Economics Pages: 5-35 Issue: 4 Volume: 45 Year: 2007 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L3M5V8133X60762U File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bergson, A. 1964. >i>The Economics of Soviet Planning.>/i> New Haven: Yale University Press. 2 Campos, N., and F. Coricelli. 2002. "Growth in Transition: What We Know, What We Don't, and What We Should." >i>Journal of Economic Literature>/i> 40, no. 3: 793-836. 3 Chenery, H.B. 1960. "Patterns of Industrial Growth." >i>American Economic Review>/i> 50, no. 4: 624-654. 4 Chenery, H.B., and M. Syrquin. 1975. >i>Patterns of Development, 1950-1979.>/i> London: Oxford University Press. 5 Chenery, H.B., and L. Taylor. 1968. "Development Patterns: Among Countries and Over Time." >i>Review of Economics and Statistics>/i> 50, no. 4: 391-416. 6 Desai, P. 1987. >i>The Soviet Economy: Problems and Prospects.>/i> Oxford: Blackwell. 7 Döhrn, R., and U. Heilemann. 1996. "The Chenery Hypothesis and Structural Change in Eastern Europe." >i>Economics of Transition>/i> 4, no. 2: 411-425. 8 European Bank for Reconstruction and Development (EBRD). 2003. >i>Transition Report 2003.>/i> London: EBRD. 9 European Bank for Reconstruction and Development (EBRD). 2004. >i>Transition Report 2004.>/i> London: EBRD. 10 Falcetti, E.; T. Lysenko; and P. Sanfey. 2006. "Reforms and Growth in Transition: Re-Examining the Evidence." >i>Journal of Comparative Economics>/i> 34, no. 3: 421-445. 11 Fidmuc, J. 2003. "Economic Reform, Democracy, and Growth During Post-Communist Transition." >i>European Journal of Political Economy>/i> 19, no. 3: 583-604. 12 Fischer, S., and R. Sahay. 2000. "The Transition Economies After Ten Years." International Monetary Fund Working Paper 00/30, Washington, DC. 13 Fraser Institute. 2003. >i>Annual Report 2003.>/i> Fraser Institute, Vancouver (available at >a target="_blank" href='http://www.freetheworld.com'>www.freetheworld.com>/a> 14 Gregory, P. 1970. >i>Socialist and Non-Socialist Industrialization Patterns.>/i> New York: Praeger. 15 Gregory, P.R., and R.C. Stuart. 1998. >i>Comparative Economic Systems.>/i> Boston: Houghton-Mifflin. 16 Gregory, P.R., and R.C. Stuart. 2001. >i>Russian and Soviet Economic Performance and Structure>/i>, 7th ed. New York: Addison-Wesley. 17 Gros, D., and A. Steinherr. 2004. >i>Economic Transition in Central and Eastern Europe: Planting the Seeds.>/i> Cambridge: Cambridge University Press. 18 Havrylyshyn, O., and R. van Rooden. 2003. "Institutions Matter in Transition But So Do Policies." >i>Comparative Economic Studies>/i> 45, no. 1: 2-24. 19 International Labor Organization (ILO) Bureau of Statistics. 2004. LABORSTA Internet (available at >a target="_blank" href='http://laborsta.ilo.org'>www.laborsta.ilo.org>/a> 20 International Monetary Fund. 2004. International Financial Statistics. Washington, DC. 21 Kaufmann, D.; A. Kraay; and M. Mastruzzi. 2003. "Governance Matters III: Governance Indicators for 1996-2002." World Bank Policy Research Department Working Paper 3106, Washington, DC (available at >a target="_blank" href='http://www.worldbank.org/wbi/governance/pubs/govmatters3'>www.worldb ank.org/wbi/governance/pubs/govmatters3>/a> 22 Kuznets, S. 1963. "A Comparative Appraisal." In >i>Economic Trends in the Soviet Union>/i>, ed. A. Bergson and S. Kuznets, pp. 333-382. Cambridge: Harvard University Press. 23 Ofer, G. 1973. >i>The Service Sector in Soviet Economic Growth.>/i> Cambridge: Harvard University Press. 24 Raiser, M.; M.E. Schaffer; and J. Schuchardt. 2004. "Benchmarking Structural Change in Transition." >i>Structural Change and Economic Dynamics>/i> 15, no. 1: 47-81. 25 Rosefielde, S., ed. 1998. >i>Efficiency and Russia's Economic Recovery Potential.>/i> London: Ashgate. 26 Schroeder, G. 1998. "Dimensions of Russia's Industrial Transformation, 1992-1998: An Overview." >i>Post-Soviet Geography and Economics>/i> 39, no. 5: 243-271. 27 Schroeder, G., and I. Edwards. 1981. >i>Consumption in the USSR: An International Comparison.>/i> Joint Economic Committee, U.S. Government Printing Office. 28 Stuart, R., and C. Panayotopouolos. 1999. "Decline and Recovery in Transition Economies: The Impact of Initial Conditions." >i>Post-Soviet Geography and Economics>/i> 40, no. 4: 267-280. 29 Tabata, S. 1996. "Changes in the Structure and Distribution of Russian GDP in the 1990s." >i>Post-Soviet Geography and Economics>/i> 37, no. 3: 129-144. 30 Transparency International. 2004. Corruption Perception Index (available at >a target="_blank" href='http://www.transparency.org/cpi'>www.transparency.org/cpi>/a> 31 World Bank. 1996. >i>From Plan to Market: World Development Report 1996.>/i> Oxford: Oxford University Press. 32 World Bank. 2004a. >i>From Transition to Development.>/i> Washington, DC. 33 World Bank. 2004b. >i>World Development Indicators.>/i> Washington, DC: World Bank. 34 World Bank and State Statistics Committee of the Government of the Russian Federation. 1995. >i>Russian Federation: Report on the National Accounts.>/i> Washington, DC. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:4:p:5-35 Template-Type: ReDIF-Article 1.0 Author-Name: JUAN C. DUQUE Author-X-Name-First: JUAN C. Author-X-Name-Last: DUQUE Author-Name: RAUL RAMOS Author-X-Name-First: RAUL Author-X-Name-Last: RAMOS Author-Name: JORDI SURIÑACH Author-X-Name-First: JORDI Author-X-Name-Last: SURIÑACH Title: What Have We Learned from the Changeover to the Euro?: Lessons for Accession Countries from Catalonian Firms Abstract: The objective of this paper is to identify the factors with the greatest influence on the changeover process and to quantify how company policy and traits have informed currency adoption. Special attention is given to the role of the public sector in facilitating the currency changeover process. With this aim, we estimate different logit models using micro data from three data surveys, from 1999, 2000, and 2001, taken from a representative sample of eurozone firms located in Catalonia, Spain. The findings of the paper clearly underline the role of the public sector in the success of the changeover process and provide policy advice for countries in the process of acceding to the European Union and, subsequently, to the eurozone. Journal: Eastern European Economics Pages: 34-58 Issue: 1 Volume: 43 Year: 2005 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YGKDP5P8HHXARXG7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Artís, M.; J. Suriñach; J.C. Duque; M. Guillén; J.L. Ollero; and R. Ramos. 2001. "L'adaptació de les empreses catalanes a l'euro" [The Changeover to the Euro of Catalan Firms]. Research Report for the Catalan Government, Spain. 2 Artís, M.; J. Suriñach; J.C. Duque; M. Guillén; F. Llorente; J.L. Ollero; and R. Ramos. 2001a. "Enquesta sobre el grau d'introducció de l'euro a les empreses catalanes 2000" [Survey About the Changeover to the Euro of Catalan Firms in 2000]. Papers de Treball 5 (available at www.gencat.net/economia/progecon/ecocat/3_opc.pdf). 3 ------. 2001b. "Enquesta sobre el grau d'introducció de l'euro a les empreses catalanes 2001" [Survey About the Changeover to the Euro of Catalan Firms in 2001]. Research Report for the Catalan Government, Spain. 4 Artís, M.; J. Suriñach; C. Grau; M. Guillén; F. Llorente; A. Monreal; and R. Ramos. 2000. "Enquesta sobre el grau d'introducció de l'euro a les empreses catalanes 1999" [Survey About the Changeover to the Euro of Catalan Firms in 1999]. Collecció Estudis Econòmics, 6, edited by Departament d'Economia i Finances, Generalitat de Catalunya, Barcelona. 5 Consorci de Promoció Comercial de Catalunya (COPCA). 1999. "Anuari ACICSA: Catalan Entreprises Yearbook" (available at www.anuariacicsa.com/home_en.asp). 6 EC (European Commission). 1999a. "How Large Companies Could Help Their Small Suppliers and Distributors Change Over to the Euro." Commission of the EEC, Euro Papers 31, Directorate General of Economic and Financial Affairs and Association for the Monetary Union of Europe, Brussels (available at europa.eu.int/comm/economy_finance/ publications/euro_papers/europapers31_en.htm). 7 ------. 1999b. Your Business and the Euro: A Strategic Guide. Brussels: Office for Official Publications of the European Communities. 8 ------. 2000a. "The European Observatory for SMEs: Sixth Report." Brussels (available at europa.eu.int/comm/enterprise/enterprise_policy/analysis/observatory.htm). 9 ------. 2000b. "Quarterly Review of the Use of the Euro," several volumes. Directorate General of Economic and Financial Affairs, Brussels (available at europa.eu.int/comm/ economy_finance/publications/euro_related/eurorelated_quat01_en.htm). 10 ------. 2001. "Flash Eurobarometer, SME and the Euro," several volumes. Directorate General of Enterprises, Brussels (available at europa.eu.int/comm/economy_finance/ publications/euro_related/eurorelated_eurobarometer_en.htm). 11 ------. 2002. "Review of the Introduction of the Euro Notes and Coins." Communication from the Commission to the European Council 124, Brussels, June 3 (available at europa.eu.int/eur-lex/en/com/cnc/2002/com2002_0124en01.pdf). 12 Greene, J.G., and L. Travis. 2002. "Preparations for the Euro by UK SMEs with Trading Links with the Euro Currency Area." Small Business Economics 19, no. 4: 307-319. 13 KPMG Consulting. 1999. "Europe's Response to EMU." Fourth Annual Research Report, Switzerland. 14 Maroto, J.A. 2000. "El 'paso' del Ecuador de las PYMEs Hacia el EURO: ¿Algo que Celebrar en el Proceso de Transición?" Cuadernos de Información Económica 157 (July-Au-gust): 19-27. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:1:p:34-58 Template-Type: ReDIF-Article 1.0 Author-Name: Bojan Nastav Author-X-Name-First: Bojan Author-X-Name-Last: Nastav Author-Name: Å tefan Bojnec Author-X-Name-First: Å tefan Author-X-Name-Last: Bojnec Title: The Shadow Economy in Bosnia and Herzegovina, Croatia, and Slovenia: The Labor Approach Abstract: This paper deals with the labor aspect of the shadow economy in three countries, Bosnia and Herzegovina (BiH), Croatia, and Slovenia. Despite their common pasts, the countries differ in their levels of shadow-economy activity due to different development levels and paths, but there might be some converging patterns in the long run. The labor methods applied provide evidence on the shadow economy in the economies studied. The study shows that BiH suffers the most from the phenomenon of the shadow economy (averaging over 30 percent of the official GDP in the period 1999-2001), which is somewhat anticipated due to its lower level of economic development, higher rates of unemployment, and devastating consequences of war. For Croatia and Slovenia (averaging around 27 and 20 percent in the post-2000 period, respectively), on the other hand, shadow-economy activities have been, on average, on a downturn since 1994. This is in line with expectations, as economic growth and socioeconomic development are believed to hinder shadow-economy activities. Journal: Eastern European Economics Pages: 29-58 Issue: 1 Volume: 45 Year: 2007 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W969R360N2596147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agency for Statistics of Bosnia and Herzegovina (BHAS). 2006. "Surveys, Publications, Statistics." Sarajevo (available at >a target="_blank" href='http://www.bhas.ba/index2/index.htm'>www.bhas.ba/index2/index.htm>/a > 2 Árvay, J. 1993. >i>Methods of Measuring the Hidden Economy in the Transition Economies.>/i> Paris: Organization for Economic Cooperation and Development (OECD). 3 Berglez, M. 2000. >i>Siva ekonomija v mednarodnih okvirih in v Sloveniji>/i> [Shadow Economy Internationally and in Slovenia]. Ljubljana: Ekonomska fakulteta. 4 CauÅ¡evic, F. 2002. "International Support Policies to South-Eastern European Countries—Lessons (Not) Learned in BH—Chapter V—Employment and Privatization." >i>European Stability Initiative>/i> available at >a target="_blank" href='http://www.esiweb.org/bridges/bosnia/Causevic_ChV.pdf'>www.esiweb.or g/bridges/bosnia/Causevic_ChV.pdf>/a> 5 Central Bank of Bosnia and Herzegovina (CBBH). 2005. "Main Economic Indicators: Gross Domestic Product." Sarajevo available at >a target="_blank" href='http://cbbh.ba/statistika/glavni_ekonomski_indikatori/bdp_tabela.xls '>http://cbbh.ba/statistika/glavni_ekonomski_indikatori/bdp_tabela.xls>/a> 6 Central Bureau of Statistics (CBS). 2006. "Statistical Yearbooks." Zagreb available at >a target="_blank" href='http://www.dzs.hr'>www.dzs.hr>/a> 7 Croatian Employment Service (CES). 2006. "Statistics." Zagreb available at >a target="_blank" href='http://www.hzz.hr'>www.hzz.hr>/a> 8 Crnković-Pozaić, S. 1999. "Measuring Employment in the Unofficial Economy by Using Labor Market Data." In >i>Underground Economies in Transition: Unrecorded Activity, Tax Evasion, Corruption, and Organized Crime>/i>, ed. E. Feige and K. Ott, pp. 211-214. Aldershot, UK: Ashgate. 9 Dell'Anno, R., and M. Piirisild. 2004. "Estimate of Non-Observed Economy in Bosnia and Herzegovina." >i>Financial Services Volunteer Corps>/i> available at >a target="_blank" href='http://www.usaid.ba/Key%20Estimate%20of%20the%20NOE%20in%20BH.pdf'>w ww.usaid.ba/Key%20Estimate%20of%20the%20NOE%20in%20BH.pdf>/a> 10 Department for International Development (DFID). 2002. "Labour and Social Policy in Bosnia and Herzegovina: The Development and Measures for Social Mitigation—Employment and Labour Market Status and Potential for Policy Development in Bosnia and Herzegovina, Qualitative Study No. 1." London available at >a target="_blank" href='http://www.esiweb.org/bridges/bosnia/DfID_Employment.pdf'>www.esiweb .org/bridges/bosnia/DfID_Employment.pdf>/a> 11 Dobozi, I., and G. Pohl. 1995. "Real Output Decline in Transition Economies—Forget GDP, Try Power Consumption Data." >i>Transition>/i> 6, nos. 1-2: 17-18. 12 Employment Service of Slovenia (ESS). 2006. "Annual Reports." Ljubljana available at >a target="_blank" href='http://www.ess.gov.si'>www.ess.gov.si>/a> 13 European Commission. 2004. >i>Undeclared Work in an Enlarged Union>/i>. Brussels: European Commission. 14 Eurostat. 2000. "Pilot Project on Exhaustiveness." Luxembourg. 15 Eurostat. 2006. "Employment." Luxembourg available at >a target="_blank" href='http://epp.eurostat.cec.eu.int/portal/page?_pageid=1996,45323734&_da d=portal&_schema=PORTAL&screen=welcomeref&open=/&product=STRIND_EMPLOI&dep th=2'>http://epp.eurostat.cec.eu.int/portal/page?_pageid=1996,45323734&_da d=portal&_schema=PORTAL&screen=welcomeref&open=/&product=STRIND_EMPLOI&dep th=2>/a> 16 Feige, E.L., and K. Ott, ed. 1999. >i>Underground Economies in Transition: Unrecorded Activity, Tax Evasion, Corruption, and Organized Crime>/i>. Aldershot, UK: Ashgate. 17 Feige, E.L., and I. Urban. 2005. "Estimating the Size and Growth of Unrecorded Economic Activity in Transition Countries: A Re-evaluation of Electric Consumption Method Estimates and Their Implications." William Davidson Institute, Ann Arbor, MI available at >a target="_blank" href='http://econwpa.wustl.edu:8089/eps/mac/papers/0311/0311010.pdf'>http: //econwpa.wustl.edu:8089/eps/mac/papers/0311/0311010.pdf>/a> 18 Flajs, A., and J. Vajda. 2004. "Merjenje nezajetih dejavnosti: vrste popravkov zajetja bruto doma&ccar;ega proizvoda 2002 po Eurostatovi klasifikaciji in tabelah" [Measuring the Nonobserved Activities: Types of Corrections of the Exhaustiveness of the GDP in 2002 According to the Eurostat Classification in Tables]. Paper presented at the Fourteenth Statistical Days "Statistical Monitoring of Globalization and Services—A Challenge and Necessity," Proceedings of the Statistical Office of the Republic of Slovenia, Radenci, November 8-10. 19 Glas, M. 1991. >i>Siva ekonomija v svetu in v slovenskem gospodarstvu>/i> [Shadow Economy Worldwide and in Slovenia]. Ljubljana: Ekonomska fakulteta. 20 International Labour Organisation (ILO). 2006. "Yearly Data." Geneva available at >a target="_blank" href='http://laborsta.ilo.org'>http://laborsta.ilo.org>/a> 21 Jon Isachsen, A., and S. Strøm. 1985. "The Size and Growth of the Hidden Economy in Norway." >i>Review of Income and Wealth>/i> 31, no. 1: 21-38. 22 Kaufmann, D., and A. Kaliberda. 1996. >i>Integrating the Unofficial Economy into the Dynamics of Post-Socialist Economies: A Framework of Analysis and Evidence>/i>. Washington, DC: World Bank. 23 Kukar, S. 1995. >i>Siva ekonomija v Sloveniji: razlogi za njen razvoj in ocene njenega obsega>/i> [Shadow Economy in Slovenia: Reasons for Its Development and Estimation of Its Size]. Ljubljana: In&scar;titut za ekonomska raziskovanja. 24 Lackó, M. 1999. "Electricity Intensity and the Unrecorded Economy in Post-Socialist Countries." In >i>Underground Economies in Transition: Unrecorded Activity, Tax Evasion, Corruption, and Organized Crime>/i>, ed. E. L. Feige and K. Ott, pp. 141-165. Aldershot, UK: Ashgate. 25 Lovrincevic, Z.; D. Mikulic and A. Galic Nagyszombaty. 2005. "Estimate of the Size of the Underground Economy in Croatia and the Impact on the Macroeconomic Policy." Paper presented at the Sixth International Conference on Enterprise in Transition, Faculty of Economics of the University of Split, Split-Bol, May 26-28. 26 Madzarevic, S., and D. Mikulic. 1999. "Measuring the Underground Economy by the System of National Accounts." In >i>Underground Economies in Transition—Unrecorded Activity, Tax Evasion, Corruption and Organized Crime>/i>, ed. E.L. Feige and K. Ott, pp. 167-189. Aldershot, UK: Ashgate. 27 Mikulić, D., and S. Mad&zcar;arević. 1999. "Assessment of the Underground Economy in Agriculture, Industry and Trade." In >i>Underground Economies in Transition: Unrecorded Activity, Tax Evasion, Corruption, and Organized Crime>/i>, ed. E.L. Feige and K. Ott, pp. 191-209. Aldershot, UK: Ashgate. 28 Nastav, B., and Å . Bojnec. 2005. "Shadow Economy in Slovenia." Paper presented at the Sixth International Conference of the Faculty of Management Koper, "Managing the Process of Globalization in New and Upcoming EU Members," Faculty of Management, Koper, November 24-26, 1-11. 29 Nastav, B., and Å . Bojnec. 2006. "Shadow Economy in Croatia and Slovenia: The Labor Approach." Paper presented at the Third International Conference "An Enterprise Odyssey: Integration or Disintegration," Zagreb, June 15-17. 30 Organization for Economic Cooperation and Development (OECD). 2002. >i>Measuring the Non-Observed Economy: A Handbook>/i>. Paris. 31 Ott, K. 2002. "The Underground Economy in Croatia." Occasional Paper no. 12, Institute of Public Finance, Zagreb. 32 Ott, K. 2004. "The Evolution of the Informal Economy and Tax Evasion in Croatia." >i>eJournal of Tax Research>/i> 2, no. 1: 113-124. 33 Schneider, F. 2003. "The Size and Development of the Shadow Economies and Shadow Economy Labour Force of 22 Transition and 21 OECD Countries: What Do We Really Know?" In >i>The Informal Economy in the EU Accession Countries>/i>, ed. B. Belev, pp. 23-62. Sofia: Center for the Study of Democracy. 34 Schneider, F. 2004. "The Size of the Shadow Economies of 145 Countries All Over the World: First Results over the Period 1999 to 2003." Institute for the Study of Labor Working Paper no. 1431, Bonn, December. 35 Schneider, F., and D.H. Enste. 2002. >i>The Shadow Economy: An International Survey>/i>. Cambridge: Cambridge University Press. 36 Statistical Office of the Republic of Slovenia (SORS). 2006. "Statistical Yearbooks." Ljubljana available at >a target="_blank" href='http://www.stat.si'>www.stat.si>/a> 37 "System of National Accounts" (SNA). 1993. Office for Official Publications of the European Communities, Brussels. 38 United Nations Statistics Division (UNSD). 2004a. "Delhi Group on Informal Sector Statistics." New York available at >a target="_blank" href='http://unstats.un.org/unsd/methods/citygroup/delhi.htm'>http://unsta ts.un.org/unsd/methods/citygroup/delhi.htm>/a> 39 United Nations Statistics Division (UNSD). 2004b. "Treatment of the Informal Sector in the 1993 SNA." Advisory Expert Group on National Accounts, New York. 40 U.S. Census Bureau. 2006. "International Database." Washington, DC available at >a target="_blank" href='http://www.census.gov/cgi-bin/ipc/idbsprd'>www.census.gov/cgi-bin/ip c/idbsprd>/a> 41 Williams, C.C. 2004. >i>Cash-in-Hand Work: The Underground Sector and the Hidden Economy of Favours>/i>. Hampshire, UK: Palgrave Macmillan. 42 World Bank. 2002. >i>Bosnia and Herzegovina: Labor Market in Postwar Bosnia and Herzegovina. How to Encourage Businesses to Create Jobs and Increase Worker Mobility>/i>. Washington, DC. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:1:p:29-58 Template-Type: ReDIF-Article 1.0 Author-Name: RAUL RAMOS Author-X-Name-First: RAUL Author-X-Name-Last: RAMOS Author-Name: JORDI SURIACH Author-X-Name-First: JORDI Author-X-Name-Last: SURIACH Title: Shocking Aspects of European Enlargement Abstract: The objective of this article is to assess whether the recent economic evolution of EU accession countries and their expected developments for the coming years put them in a better or a worse position to join the euro. Using structural vector autoregression models, the results show that shocks are more asymmetric in candidate countries than in current euro-zone members and that the situation has worsened in the most recent years. However, it seems that monetary policies in accession countries are closely influenced by monetary conditions in the euro zone. If this is the case, then the costs of losing monetary independence when joining the euro would be reduced. In any case, and considering that, on average, correlations are still far from the values of the euro-zone countries, the flexibility of real sector and labor markets will be essential for the sustainability of joining the euro. Journal: Eastern European Economics Pages: 36-57 Issue: 5 Volume: 42 Year: 2004 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NFUH4V4FJ0KJFWV2 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Andreff, W. 2001. "The Benefits of EU Enlargement and Euro Membership for Central and Eastern European Countries." Revue d'Economie Financière, Special Issue: 47-62. 2 Artis, M. 2003. Analysis of European and United Kingdom Business Cycles and Shocks. HM Treasury. Available at www.hm-treasury.gov.uk. 3 Artis, M., and M. Marcellino. 2003. Characterising the Business Cycle for Accession Countries. Available at www.efn.uni-bocconi.it. 4 Bayoumi, T., and B. Eichengreen. 1992. "Shocking Aspects of European Monetary Unification." National Bureau of Economic Research Working Paper, no. W3949. 5 ------. 1996. "Operationalizing the Theory of Optimum Currency Areas." Centre for Economic Policy Research Discussion Paper, no. 1484. 6 Begg, D.; B. Eichengreen; L. Halpern; J. von Hagen; and C. Wyplosz. 2003. "Sustainable Regimes of Capital Movements in Accession Countries." Centre for Economic Policy Research Policy Paper, no. 10. 7 Blanchard, O., and D. Quah. 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances." American Economic Review 79: 655-73. 8 Caporale, G. 1993. "Is Europe an Optimum Currency Area? Symmetric Versus Asymmetric Shocks in the EC." National Institute Economic Review 144: 95-103. 9 Chamie, N.; A. DeSerres; and R. Lalonde. 1994. "Optimum Currency Areas and Shock Asymmetry. A Comparison of Europe and United States." Bank of Canada Working Paper, no. 1. 10 Clarida, R., and J. Galí. 1994. "Sources of Real Exchange Rate Fluctuations: How Important Are Nominal Shocks?" National Bureau of Economic Research Working Paper, no. 4658. 11 Cohen, D., and C. Wyplosz. 1989. "The European Monetary Union: An Agnostic Evaluation." In Macroeconomic Policies in an Interdependent World, ed. R. Bryant, D. Currie, J. Frenkel, P. Masson, and R. Portes, 311-42. New York: Brookings Institution, Centre for Economic Policy Research, and International Monetary Fund. 12 de Grauwe, P. 1997. The Economics of Monetary Integration, 3d. ed. Oxford: Oxford University Press. 13 Eichengreen, B. 2003. Capital Flows and Crises. Boston: MIT Press. 14 Eichengreen, B., and F. Ghironi. 2001. "EMU and Enlargement." Available at www2.bc.edu/~ghironi/emuenl.pdf. 15 Eichengreen, B.; E. Berglöf; G. Tabellini; and C. Wyplosz. 2003. Built to Last: A Political Architecture for Europe. London: Centre for Economic Policy Research. 16 Erkel-Rousse, H., and J. Mélitz. 1995. "New Empirical Evidence on the Costs of European Monetary Union." Centre for Economic Policy Research Discussion Paper, no. 1169. 17 Fidrmuc, J. 2001. "The endogeneity of the Optimum Currency Area Criteria, Intraindustry Trade and EMU Enlargement." Katholieke Universiteit Centre for Transition Economics Discussion Paper, no. 106. 18 Fidrmuc, J., and L. Korhonen. 2003. "The Euro Goes East. Implications of the 2000-2002 Economic Slowdown for Synchronisation of Business Cycles Between the Euro and CEECs." Bank of Finland Institute for Economies in Transition Discussion Paper, no. 6. 19 Frankel, J., and A. Rose. 1996. "The Endogeneity of the Optimum Currency Area Criteria." National Bureau of Economic Research Working Paper, no. 5700. 20 Kenen, P. 2003. "The Theory of Optimum Currency: An Eclectic View." In Monetary Problems of the International Economy, ed. R. Mundell and A. Swoboda, 41-60. Chicago: University of Chicago Press. 21 Lättemäe, R. 2003. "EMU Accession Issues in Baltic Countries." Ezoneplus Working Paper, no. 17A. 22 Lucas, R.E., Jr. 1976. "Econometric Policy Evaluation: A Critique." Journal of Monetary Economics, Supplementary Series 1, no. 2: pp. 19-46. 23 McKinnon, R.1963. "Optimum Currency Areas." American Economic Review 53: 717-24. 24 Mundell, R. 1961. "A Theory of Optimum Currency Areas." American Economic Review 51: 657-65. 25 Stockman, A. 1988. "Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries." Journal of Monetary Economics 21: 387-409. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:36-57 Template-Type: ReDIF-Article 1.0 Author-Name: CARLO AZZARRI Author-X-Name-First: CARLO Author-X-Name-Last: AZZARRI Author-Name: GERO CARLETTO Author-X-Name-First: GERO Author-X-Name-Last: CARLETTO Author-Name: BENJAMIN DAVIS Author-X-Name-First: BENJAMIN Author-X-Name-Last: DAVIS Author-Name: ALBERTO ZEZZA Author-X-Name-First: ALBERTO Author-X-Name-Last: ZEZZA Title: Monitoring Poverty Without Consumption Data : An Application Using the Albania Panel Survey Abstract: In developing countries, poverty is generally measured with expenditure data, which are normally available only every three to five years. In between surveys, there is a clear need to provide policy makers with information for the monitoring of poverty trends. This paper reviews several methods with which to perform this monitoring and compares the poverty estimates and trends resulting from their application to a panel data set for Albania. The results are broadly consistent across methods and point to an overall improvement in welfare conditions over time, concentrated in urban areas. Lacking a gold standard measure, the use of a suite of welfare indicators, if duly validated, can be a viable approach to monitor poverty trends. Caution should be exercised in drawing conclusions about the actual magnitudes of the changes. Journal: Eastern European Economics Pages: 59-82 Issue: 1 Volume: 44 Year: 2006 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1U5XF2RNNE1QTHPQ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Carletto, G., and A. Zezza. 2004. "Being Poor, Feeling Poorer: Combining Objective and Subjective Measures of Welfare in Albania." FAO-ESA Working Paper no. 04-12, Agricultural and Development Economics Division, Rome. 2 Carletto, C.; B. Davis; M. Stampini; S. Trento; and A. Zezza. 2004. "Internal Mobility and International Migration in Albania." FAO-ESA Working Paper no. 04-13, Agricultural and Development Economics Division, Rome. 3 Cavatassi, R.; B. Davis; and L. Lipper. 2004. "Estimating Poverty Over Time and Space: Construction of a Time-Variant Poverty Index for Costa Rica." FAO-ESA Working Paper no. 04-22, Agricultural and Development Economics Division, Rome. 4 Delaine, G.; L. Demery; J. Dubois; B. Grdjic; C. Grootaert; C. Hill; T. Marchant; A. McKay; J. Round; and C. Scott, eds. 1992. "The Social Dimensions of Adjustment Integrated Survey." Social Dimensions of Adjustment in Sub-Saharan Africa Working Paper no. 14, World Bank, Washington, DC. 5 Filmer, D., and L. Pritchett. 2001. "Estimating Wealth Effects Without Expenditure Data or Tears: An Application to Educational Enrollments in States of India." Demography 38, no. 1: 115-132. 6 Fofack, H. 2000. "Combining Light Monitoring Surveys with Integrated Surveys to Improve Targeting for Poverty Reduction: The Case of Ghana." World Bank Economic Review 14, no. 1: 195-219. 7 Foster, J.; J. Greer; and E. Thorbecke. 1984. "A Class of Decomposable Poverty Measures." Econometrica 52 (May): 761-766. 8 Grootaert, C., and T. Marchant. 1991. "The Social Dimensions of Adjustment Priority Survey." World Bank Social Dimensions of Adjustment in Sub-Saharan Africa Working Paper no. 12, Washington, DC. 9 Hentschel, J., and P. Lanjouw. 1996. "Constructing an Indicator of Consumption for the Analysis of Poverty. Principles and Illustrations with Reference to Ecuador." World Bank LSMS Working Paper no. 124, Washington, DC. 10 Hentschel, J.; J. Lanjouw; P. Lanjouw; and J. Poggi. 2000. "Combining Census and Survey Data to Trace Spatial Dimensions of Poverty: A Case Study of Ecuador." World Bank Economic Review 14, no. 1: 147-165. 11 International Monetary Fund (IMF). 2002. World Economic Outlook. Washington, DC. 12 ------. 2003. "Albania: Selected Issues and Statistical Appendix." Country Report no. 03/ 96, Washington, DC. 13 Montgomery, M.R.; M. Gragnolati; K. Burke; and E. Paredes. 1999. "Measuring Living Standards with Proxy Variables." Population Council Policy Research Division Working Paper no. 129, New York. 14 Morris, S.; C. Carletto; J. Hoddinott; and L. Christiaensen. 2000. "Validity of Rapid Estimates of Household Wealth and Income for Health Surveys in Rural Africa." Journal of Epidemiology and Community Health 54, no. 5 (May): 381-387. 15 Ravallion, M. 1996. "How Well Can Method Substitute for Data? Five Experiments in Poverty Analysis." World Bank Research Observer 11, no. 2: 199-221. 16 Ravallion, M., and B. Bidani. 1997. "Decomposing Social Indicators Using Distributional Data." Journal of Econometrics 77, no. 1: 125-139. 17 Ravallion, M., and M. Lokshin. 2001. "Identifying Welfare Effects from Subjective Questions." Economica 68, no. 271: 335-357. 18 ------. 2002. "Self-Rated Economic Welfare in Russia." European Economic Review 46, no. 8: 1453-1473. 19 Sahn, D.E., and D. Stifel. 2000. "Poverty Comparison Over Time and Across Countries in Africa." World Development 28, no. 12: 2123-2155. 20 ------. 2003. "Exploring Alternative Measures of Welfare in the Absence of Expenditure Data." Review of Income and Wealth 48, no. 4: 463-489. 21 World Bank. 1999. CWIQ (Core Welfare Indicators Survey). Handbook and CD-Rom. Washington, DC. 22 ------. 2004. World Development Indicators (available at publications.worldbank.org/ WDI/). 23 World Bank and INSTAT. 2003. "Albania: Poverty During Growth. A Poverty Profile of Albania." Background Paper for the World Bank Poverty Assessment, Washington, DC (World Bank) and Tirana (INSTAT). Handle: RePEc:mes:eaeuec:v:44:y:2006:i:1:p:59-82 Template-Type: ReDIF-Article 1.0 Author-Name: Kálmán Dezséri Author-X-Name-First: Kálmán Author-X-Name-Last: Dezséri Title: Abandoned Brotherhood: Declining Economic Relations Between the CEECs and Russia in the 1990s Abstract: Journal: Eastern European Economics Pages: 5-44 Issue: 3 Volume: 39 Year: 2001 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=UQEL8CVFJHA18HDT File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:3:p:5-44 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 42 Year: 2004 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DDC9J47A3BE4MMVM File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:42:y:2004:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Stavárek Author-X-Name-First: Daniel Author-X-Name-Last: Stavárek Title: Banking Efficiency in the Context of European Integration Abstract: This paper compares commercial banks' efficiency in four relatively homogenous groups of countries, though with different levels of economic development and involvement in the process of European integration. The first group consists of Portugal and Greece; the second group of the Czech Republic, Hungary, Poland, and Slovakia; the third of Estonia, Latvia, and Lithuania; and the fourth of Bulgaria and Romania. The paper aims to reveal whether the differences among regions and countries in their stages of European integration and economic development are also visible in banking efficiency. Thus, the hypothesis that a higher degree of European economic integration and economic development goes hand in hand with higher banking efficiency is tested. Employing data envelopment analysis on unconsolidated data, we evaluate the efficiency of financial intermediation from 2001 to 2003. Results suggest that differences in banking efficiency exist among the regions analyzed, and the hierarchy corresponds with the hierarchy of regions in terms of economic development and degree of integration. However, the rapid growth of banking intermediation efficiency recorded in Central and East European countries could trade off the actual efficiency gap compared to traditional EU members. Journal: Eastern European Economics Pages: 5-31 Issue: 4 Volume: 44 Year: 2006 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YU66N278030666L7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Banker, R.D.; A. Charnes; and W.W. Cooper. 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis." >i>Management Science 30>/i>, no. 9: 1078-1092. 2 Berg, A.; F.R. Forsund; L. Hjarmansson; and M. Suominen. 1993. "Banking Efficiency in the Nordic Countries." >i>Journal of Banking and Finance 17>/i>, nos. 2-3: 371-388. 3 Berger, A.N., and D.B. Humphrey. 1997. "Efficiency of Financial Institutions: International Survey and Directions for Future Research." >i>European Journal of Operational Research 98>/i>, no. 2: 175-212. 4 Bonin, J.P., and P. Wachtel. 2002. "Financial Sector Development in Transition Economies: Lessons from the First Decade." Bank of Finland Institute for Economies in Transition (BOFIT) Discussion Paper 9/2002, Helsinki. 5 Bruckbauer, S.; S. Gárdö; and L. Perrin. 2004. "Banking in CEE," Bank Austria Creditanstalt, Vienna. 6 Canhoto, A.M., and J. Dermine. 2000. "A Non-Parametric Evaluation of Banking Efficiency in Portugal, New vs. Old Banks." Univesidade Catölica Portuguesa Working Paper No. 2000/03/FIN, Lisbon, Portugal. 7 Casu, B., and P. Molyneux. 2003. "A Comparative Study of Efficiency in European Banking," >i>Applied Economics 35>/i>, no. 17: 1865-1876. 8 Charnes, A.; W.W. Cooper; and E. Rhodes. 1978. "Measuring the Efficiency of Decision Making Units." >i>European Journal of Operational Research 2>/i>, no. 2: 429-444. 9 ECB (European Central Bank). 2004. "Report on EU Banking Structure," European Central Bank, Frankfurt am Main, Germany. 10 Farrell, M.J. 1957. "The Measurement of Productive Efficiency," >i>Journal of the Royal Statistical Society (Series A)>/i> 120, no. 2: 253-281. 11 Favero, C.A., and L. Papi. 1995. "Technical Efficiency and Scale Efficiency in the Italian Banking Sector: A Non-Parametric Approach." >i>Applied Economics 27>/i>, no. 3: 385-395. 12 Fries, S., and A. Taci. 2005. "Cost Efficiency of Banks in Transition: Evidence from 289 Banks in 15 Post-Communist Countries." >i>Journal of Banking and Finance 29>/i>, no. 1: 55-81. 13 Golajewska, M., and P. Wyczañski. 2002. "Stability and Structure of Financial Systems in CEC5." National Bank of Poland, Warsaw. 14 Grigorian, D.A., and V. Manole. 2002. "Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis." World Bank Policy Research Paper 2850, Washington, DC. 15 Hasan, I., and K. Marton. 2003. "Development and Efficiency of the Banking Sector in a Transitional Economy: Hungarian Experience." >i>Journal of Banking and Finance 27>/i>, no. 12: 2249-2271. 16 Kamberouglou, N.C.; E. Liapis; G.T. Simigiannis; and P. Tzamourani. 2004. "Cost Efficiency in Greek Banking." and D. Stavárek. 2004. "The Financial and Banking Sectors in Transition Countries." In >i>Reforming the Financial Sector in Central European Countries>/i>, ed. S. Polouček, pp. 1-32. Houndmills, UK: Palgrave Macmillan. 17 Leibenstein, H. 1966. "Allocative Efficiency vs. 'X-Efficiency." >i>American Economic Review 56>/i>, no. 3: 392-415. 18 McAllister, P.H., and D. McManus. 1993. "Resolving the Scale Efficiency Puzzle in Banking." >i>Journal of Banking and Finance 17>/i>, no. 2-3: 389-406. 19 Pawlowska, M. 2003. "The Impact of M&A on Technical Efficiency, Scale Efficiency and Productivity Change in the Polish Banking Sector: A Non-Parametric Approach." National Bank of Poland, Materialy i Studia, Paper No. 29, Warsaw. 20 Polouček, S., ed. 2004. >i>Reforming the Financial Sector in Central European Countries.>/i> Houndmills, UK: Palgrave Macmillan. 21 Sealey, C.W., and J.T. Lindley. 1977. "Inputs, Outputs and a Theory of Production and Cost at Depository Financial Institutions." >i>Journal of Finance 32>/i>, no. 8: 1251-1266. 22 Sherman, D.H., and F. Gold. 1985. "Bank Branch Operating Efficiency: Evaluation with Data Envelopment Analysis." Journal of Banking and Finance 9, no. 3: 297-315. 23 Stavárek, D. 2004a. "Banking Efficiency in Visegrad Countries Before Joining the European Union." >i>European Review of Economics and Finance 3>/i>, no. 3: 129-167. 24 —-. >b>2004b>/b>. "Cross-Country Analysis of Banking Intermediation Efficiency: A Parametric Approach." In >i>Future of Banking After the Year 2000 in the World and in the Czech Republic. IX. Role of Banks in Corporate Governance and Financing>/i>, ed. S. Polouček, D. Stavárek, and M. Chowaniec, pp. 213-231. Karviná: Silesian University, School of Business Administration. 25 —-. 2005. "Zprostředkovatelská cinnost bank ve strední Evrope: Cást I—Mezinárodní analýza efektivnosti" [Banking Intermediation in Central Europe: Part 1—Cross-Country Analysis of Efficiency]. >i>Ekonomie a Management 8>/i>, no. 1: 33-53. 26 Stavárek, D., and S. Polouček. 2004. "Efficiency and Profitability in the Banking Sector." In Reforming the Financial Sector in Central European Countries, ed. S. Polouček, pp. 75-135. Houndmills, UK: Palgrave Macmillan. 27 Taci, A., and E. Zampieri. 1998. "Efficiency in the Czech Banking Sector." CERGE-EI Discussion Paper No. 4/98, Charles University, Prague, Czech Republic. 28 Weill, L. 2003. "Is There a Lasting Gap in Bank Efficiency Between Eastern and Western European Countries?" Paper presented at the Twentieth Symposium on Monetary and Financial Economics, Birmingham, UK, June 5-6. 29 Wheelock, D.C., and P.W. Wilson. 1999. "Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993." >i>Journal of Money, Credit, and Banking 31>/i>, no. 2: 212-234. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:5-31 Template-Type: ReDIF-Article 1.0 Author-Name: BERNHARD SELIGER Author-X-Name-First: BERNHARD Author-X-Name-Last: SELIGER Title: The Impact of Globalization Chances and Risks for Russia as a Transformation Country Abstract: The process of economic transformation brought dramatic changes to Russia's society and economy. The disappointing economic results of the first decade of transformation, which brought macroeconomic instability and increasing poverty and inequality, are often understood as results of Russia's opening in the context of globalization. In this article, the impact of globalization on Russia is discussed, and it is shown that responsibility for the economic crisis is not globalization but a combination of the legacy of the centrally planned economy, together with incorrect policy choices after the beginning of transformation. Early attempts to transform Russia using shock therapy and applying a few guidelines dubbed the "Washington consensus" failed due to the complexity of institutional change. But this does not mean a failure of the market economy and is not at all an inevitable consequence of globalization, as popular misconceptions would imply. In this article, an alternative view of globalization is offered, including policy implications for Russia. Journal: Eastern European Economics Pages: 5-24 Issue: 1 Volume: 42 Year: 2004 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A4EQKJX7G869GD0B File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ahrens, J. 1999. "Governance, Conditionality and the Transformation of Post-Socialist Countries." Economics Seminar Discussion Paper, no. 99. Volkswirtschaftliches Seminar der Universität Göttingen, Göttingen. 2 Blasi, J.R.; M. Kroumova; and D. Kruse. 1997. Kremlin Capitalism. The Privatization of the Russian Economy. Ithaca: ILR Press. 3 Boettke, P.J. 1999. "Why Culture Matters: Economics, Politics and the Imprint of History." New York University Working Paper. 4 Bonin, J., and P. Wachtel. 2002. "Financial Sector Development in Transition Economies: Lessons from the First Decade." BOFIT Discussion Paper, no. 9, Bank of Finland Institute for Economies in Transition. 5 Boycko, M.; A. Shleifer; and R. Vishny. 1996. Privatizing Russia. Cambridge, MA: MIT Press. 6 Branstein, J. 2001. "Russia: Economist Discusses Pros and Cons of WTO Membership." In Radio Free Europe/Radio Liberty, April 27. Available at www.brook.edu/views/interviews/gaddy/20010427.htm. 7 Bush, K. 2003. Russian Economic Survey (March). Washington, DC: Center for Strategic and International Studies. Available at www.csis.org/ruseura/ rus_econ0303.pdf. 8 Bykov, A.N. 2000. "Globalization and Liberalization: Institutional Refinement in the Context of Russian and World Interests." Studies on Russian Economic Development 11, no. 5: 513-22. 9 Chau, N.H., and R. Kanbur. 2001. "The Race to the Bottom, from the Bottom." CEPR Discussion Paper, no. 2687. Centre for Economic Policy Research, London. 10 Cherkassov, A. 2001. "So, What Is Globalization All About?" Pravda On-line, August 6. Available at www.pravda.ru.economics/2001/08/06/11905.html. 11 Chowdhury, A. 2003. "Banking Reform in Russia: A Window of Opportunity?" Russian Economy, the Month in Review (April): 4. 12 Drabkin, A. 2001. "Atakuiushchaia globalizatsiia" [Attacking Globalization]. Pravda, September 5. 13 Dunning, J.H. 1995. "The Role of Foreign Direct Investment in a Globalizing Economy." Banca Nazionale del Lavoro Quarterly Review, no. 193: 125-44. 14 Ericson, R.E. 2000. "The Post-Soviet Russian Economic System: An Industrial Feudalism?" BOFIT On-line, no. 8/2000. Helsinki: Bank of Finland Institute for Economies in Transition, Helsinki. 15 European Bank for Reconstruction and Development (EBRD). 2000. Russian Federation, 2000. Country Investment Report. London. 16 ------. 2001. Russian Federation, 2001 Country Investment Report. London. 17 Fukuyama, F. 1992. The End of History and the Last Man. London: Hamilton. 18 Gaidar, E. 1995. "Russian Reform." In Russian Reform/International Money, ed. E. Gaidar and K.-O. Poehl, 1-54. Cambridge, MA: MIT Press. 19 Galbraith, J.K. 1999. "'The Crisis of Globalization." Dissent 46, no. 3. Available at www.igc.org/dissent/current/summer99/galbrait.html. 20 Gregory, P.R. 1999. "Transition Economies: Social Consequences of Transi-tion." FIT Discussion Paper, 7/99. Frankfurt: Institute for Transformation Studies, Frankfurt/Oder. 21 Hayek, F.A. 1969. "Der Wettbewerb als Entdeckungsverfahren" [Competition as a Process of Discovery]. In Freiburger Studien [Freiburger Studies], ed. Hayek, 249-65. Tübingen: Mohr. 22 Hensel, K. Paul 1961. "Strukturgegensätze oder Angleichungstendenzen der Wirtschafts- und Gesellschaftssysteme von Ost und West?" [Structural Opposites or Convergence Tendencies of the Economic and Social Systems of the East and West]. ORDO 12: 305-29. 23 Herrmann-Pillath, C. 1999. "Was ist und wie betreibt man wirtschaftskulturelle Transformationsforschung?" [What Is Transformation Research and How Does It Work?]. In Eine unterschätzte Dimension? Zur Rolle wirtschaftskultureller Faktoren in der osteuropäischen Transformation [An Underestimated Dimension: The Role of Economic Factors in the East European Transformation], ed. H.-H. Hoehmann, 40-60. Bremen: Edition Temmen. 24 Ignatow, A. 1996. "Das russische geschichtsphilosophische Denken: Grundmotive und aktuelle Resonanz" [Russian Thinking on the Philosophy of History: Basic Motifs and Current Resonance]. Berichte des Bundesinstituts für ostwissenschaftliche und internationale Studien, 5/1996, Cologne. 25 Kolodko, G.W. 1999. "Transition to a Market Economy and Sustainable Growth. Implications for the Post-Washington Consensus." Communist and Post-Communist Studies 32: 233-61. 26 ------. 2000. From Shock to Therapy. Oxford: Oxford University Press. 27 ------. 2001. "Globalization and Transformation. Illusions and Reality." TIGER Working Paper Series, no. 1. Transformation, Integration and Globalization Economic Research Centrum, Warsaw. 28 Laurila, J. 2001. "FDI and the Russian Energy Sector: An Ill-managed Partner-ship?" Russian Economy, the Month in Review, no. 4: 4. 29 Lipton, D., and J.D. Sachs 1992. "Prospects for Russia's Economic Reforms." Brookings Papers on Economic Activity, no. 2: 213-84. 30 Lockwood, D. 2000. The Destruction of the Soviet Union: A Study in Globalization. Houndsmill, UK: Macmillan. 31 Milberg, W.S. 1998. "Globalization and Its Limits." In Transnational Corporations and the Global Economy, ed. R. Kozul-Wright, 69-94. Basingstoke, UK: Macmillan. 32 Mises, L.von. 1963. Human Action, 3d ed. San Francisco: Fox and Wilkes. 33 Moegelin, C. 1999. "Ursprünge rechtsstaatlichen Denkens in den mittel- und osteuropäischen Staaten am Beispiel Russlands" [Origins of the theory of the Law of the State in Central and East European States Based on the Example of Russia]. FIT Discussion Paper, 5/ 99. Frankfurt Institute for Transformation Studies, Frankfurt/Oder. 34 Mummert, U. 1995. "Informelle Institutionen und ökonomische Analyse" [Informal Institutions and Economic Analysis]. In Institutionelle und Evolutionäre Ökonomie [Institutional and Evolutionary Economy], ed. B. Priddat and G. Wegner, 79-111. Marburg: Metropolis. 35 ------. 1999. Informal Institutions and Institutional Policy--Shedding Light on the Myth of Institutional Conflict. MPI Jena Discussion Paper, 02/99, Max-Planck-Institut zur Erforschung von Wirtschaftssystemen, Jena. 36 Muravev, A. 2002. "Federal State Shareholdings in Russian Companies: Origin, Forms and Consequences for Enterprise Performance." BOFIT Discussion Paper, no. 12. Bank of Finland Institute for Economies in Transition, Helsinki. 37 Naray, P. 2001. Russia and the World Trade Organization. Basingstoke, UK: Palgrave. 38 Obolenskii, V.P. 2000. "Russia and the Globalization of the World Economy: Strategy and Security Issues." Studies on Russian Economic Development 11, no. 1: 67-78. 39 Philippe, M.-P. 1995. "Le modèle de la societé bureacratique peut-il expliquer les difficultés de la transition?" [The Model of the Bureaucratic Society--Can It Explain the Difficulties of Transition?]. Journal des economistes et des etudes humaines 6, nos. 2/3: 449-73. 40 Prosi, G. 1990. "Comment on Horst Siebert, 'The Harmonization Issue in Europe: Prior Agreement or a Competitive Process.' " In The Completion of the Internal Market, ed. Horst Siebert, 76-84. Tübingen: Mohr. 41 Rautava, J. 2002. "The Role of Oil Prices and the Real Exchange Rate in Russia's Economy." BOFIT Discussion Paper, no. 3. Bank of Finland Institute for Economies in Transition, Helsinki. 42 Rupnik, J. 1999. "The Postcommunist Divide." Journal of Democracy 10, no. 1: 57-79. 43 ------. 2000. "On Two Models of Exit from Communism: Central Europe and the Balkans." In Between Past and Future: The Revolutions of 1989 and Their Aftermath, ed. S. Antohi and V. Tismaneanu, 14-24. Budapest: Central European University Press, 2000. 44 Sachs, J. 1994. "Russia's Struggle with Stabilization: Conceptual Issues and Evidence." In Proceedings of the World Bank Annual Conference on Development Economics, ed. World Bank, 57-80. Washington, DC. 45 Salonen, I. 2002. "The Role of Foreign Direct Investment in the Russian Banking Sector." Russian Economy, the Month in Review, no. 6: 4. 46 Saunders, P.J. 2001. "Why 'Globalization' Didn't Rescue Russia." Policy Review, no. 105 (February/March). Available at www.nixoncenter.org/ publications/articles/Russia %20and %20globalization.htm. 47 Schmid, S. 2000. "Was versteht man eigentlich unter Globalisierung?" [What Does One Actually Understand by Globalization?] Eichstätt Discussion Paper, no. 144. Wirtschaftswissenschaftliche Fakultät, Eichstätt. 48 Scholz, O., and H. Tomann 1996. "The Role of Social Policy during the Transformation in Central Europe." Faculty of Economics Discussion Paper, 13/ 1996. Freie University Berlin Faculty for Economics. 49 Seliger, B. 2000, "Entrepreneurial Activity, Transition and Development: Some Lessons from Central and Eastern Europe." 1999 Yearbook of Hankuk University of Foreign Studies, pp. 261-80 HUFS Press, Seoul. 50 ------. 2002a. "Toward a More General Theory of Transformation." Eastern European Economics 40, no. 1: 36-62. 51 ------. 2002b. "Institutional Competition and External Constraints of Transfor-mation." Journal of International and Area Studies 9, no. 1: 103-22. 52 Shleifer, A. 1997. "Government in Transition." European Economic Review 41: 385-410. 53 Sinn, H.-W. 1993. "How Much Europe? Subsidiarity, Centralization and Fiscal Competition." CES Working Paper, no. 39. Center for Economic Studies, Munich. 54 ------. 1996. "The Subsidiarity Principle and Market Failure in Systems Competi-tion." CES Working Paper, no. 103. Center for Economic Studies, Munich. 55 Spar, D.L., and D.B. Yoffie. 2000. "A Race to the Bottom or Governance from the Top?" In Coping with Globalization, ed. A. Prakash, 32-51. London: Routledge. 56 Sutela, P. 1999. "Russia: The State and Future of the Economy." BOFIT On-line, no. 4/1999. Helsinki: Bank of Finland Institute for Economies in Transition. 57 ------. 2001. "Putin's Second Year--and Beyond." Russian Economy, the Month in Review, no. 5: 4. 58 Thiel, E. 2001. The Investment Environment in the Russian Federation: Laws, Policies and Institutions. Paris: Organization for Economic Cooperation and Development. 59 Tiebout, C.M. 1956. "A Pure Theory of Local Expenditures." Journal of Political Economy 64: 416-24. 60 Tikhomirov, V. 1997. "Capital Flight from Post-Soviet Russia." Europe-Asia Studies 49, no. 4: 591-616. 61 ------. 2000. "Is Russian Economic Crisis Really Over?" BOFIT On-line, no. 12/2000. Helsinki: Bank of Finland Institute for Economies in Transition. 62 Vlachoutsicos, C. 1999. "Internal Barriers in Transition of Enterprises from Central Plan to Market." Davidson Institute Working Paper Series, no. 277. Available at www.wdi.bus.umich.edu. William Davidson Institute, Ann Arbor. 63 Wagener, H.-J. 1999. "Der Wohlfahrtsstaat in einer globalisierten Welt-eine Contradictio in adiectio?" [The Welfare State in a Globalized World: Contradictio in Adiectio?]. In Wissenschaft und Wirtschaft, Wechselbeziehungen und gesellschaftliche Funktion [Science and Economics, Interrelations and Social Function], ed. W. Pfeiffer, 47-55. Torun: Torun University. 64 Weck-Hannemann, H. 2001. "Globalization as a Challenge for Public Choice Theory." Public Choice 106, nos. 1/2: 77-92. 65 Wedel, J.R. 1998. Collision and Collusion: The Strange Case of Western Aid to Eastern Europe 1989-1998. New York: St. Martin's Press. 66 Williamson, J. 1990. "What Washington Means by Policy Reform." In Latin American Adjustment: How Much Has Happened?" ed. Williamson, ch. 2. Washington, DC: Institute for International Economics. 67 ------. 1997. "The Washington Consensus Revisited." In Economic and Social Development into the XXIst Century, ed. L. Emmerij, 48-61. Washington, DC: Inter-American Development Bank. 68 Winiecki, J. 2001. "Rapid Recovery Not Possible Without Dynamic New Private Firms." Russian Economy, the Month in Review, no. 9: 4. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:1:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: TONI MORA Author-X-Name-First: TONI Author-X-Name-Last: MORA Author-Name: ESTHER VAYÁ Author-X-Name-First: ESTHER Author-X-Name-Last: VAYÁ Author-Name: JORDI SURIÑACH Author-X-Name-First: JORDI Author-X-Name-Last: SURIÑACH Title: The Enlargement of the European Union and the Spatial Distribution of Economic Activity Abstract: One of the challenges facing regional policy in the European Union is the accession of new countries to the Single Market and to Economic and Monetary Union. Conditions in many of these East European regions are worse than in the least developed regions of the fifteen existing member states. Moreover, the accession of these countries is likely to have a marked effect on the geographical distribution of economic activity in the rest of the European Union (EU). Taking this into account, this article discusses the lessons that we have learned from the latest adhesions to the EU, in order to be able to predict what will arise from the enlargement scheduled for mid-2004. In this sense, we compute specialization and concentration indexes in order to highlight the effects of enlargement on the spatial distribution of activity in the EU. Additionally, inequality measures are calculated to describe the evolution of regional disparities before and after enlargement. A regional and national database for EU15 and for candidate countries with a high degree of sectoral detail from 1985 to 2001 is compiled. Analysis and some recommendations for regional policy are provided. Journal: Eastern European Economics Pages: 6-35 Issue: 5 Volume: 42 Year: 2004 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5C7G6HF6L4QJJJRX File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R., and X. Sala-i-Martín. 1995. Economic Growth. New York: McGraw-Hill. 2 Cappelen, A.; F. Castellaci; J. Fagerberg; and B. Verspagen. 2001. "The Impact of Regional Support on Growth and Convergence in the European Union." ECIS Working Papers 01.14, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology, Netherlands. 3 Esteban, J.M. 1994. "La desigualdad interregional en Europa y en España: descripción y análisis" [Interregional Inequality in Europe and Spain: Description and Analysis]. In Crecimiento y convergencia regional en España y Europa [Growth and Regional Convergence in Spain and Europe], ed. J.M. Esteban and X. Vives, 13-84. Barcelona: Instituto de Análisis Económico. 4 European Commission. 2001. Second Report on Social and Economic Cohesion. Brussels. 5 Giannetti, M. 2002. "The Effects of Integration on Regional Disparities: Convergence, Divergence or Both?" European Economic Review 46: 539-67. 6 Guersent, O. 2001. "The Regional Policy of the European Union: A Balance and an Outlook." Regional Studies 35, no. 2: 163-80. 7 Illeris, S. 1993. "An Inductive Theory of Regional Development." Papers in Regional Science 72: 113-34. 8 Krugman, P. 1991a. "Increasing Returns and Economic Geography." Journal of Political Economy 99: 484-99. 9 ------. 1991b. Geography and Trade. Cambridge, MA: MIT Press. 10 ------. 1998. "What's New About the New Economic Geography?" Oxford Review of Economic Policy 14, no. 2: 7-17. 11 López-Bazo, E.; E. Vayá; T. Mora; and J. Suriñach. 1999. "Regional Dynamics and Convergence in the European Union." Annals of Regional Science 33, no. 3: 343-70. 12 Magrini, S. 1999. "The Evolution of Income Disparities Among the Regions of the European Union." Regional Science and Urban Economics 29: 257-81. 13 Martin, P. 1999. "Are European Regional Policies Delivering?" European Investment Bank Papers 4, no. 1: 10-23. 14 Martin, R. 1999. "The New 'Geographical Turn' in Economics: Some Critical Reflections." Cambridge Journal of Economics 23: 65-91. 15 Ottaviano, G., and D. Puga. 1997. "Agglomeration in the Global Economy: A Survey of the 'New Economic Geography.'" Centre for Economic Performance Research, London School of Economics, Discussion Paper no. 356. 16 Potratz, W. 2002. "Regional Disparities and Regional Policy in an Enlarged Union: It's All About Money . . ." International Workshop on Enlargement and Globalisation Issues of the European Union, University of Tampere, Finland. 17 Quah, D.T. 1996. "Empirics for Economic Growth and Convergence." European Economic Review 40, no. 6: 1353-75. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:6-35 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 44 Year: 2006 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=68732QL3G122734N File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:44:y:2006:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 1 Volume: 39 Year: 2001 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=VBTVENLX1RRCK4GM File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 6 Volume: 40 Year: 2002 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q6W6KLXATFFYJAMC File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:6:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Ebru Guven Solakoglu Author-X-Name-First: Ebru Guven Author-X-Name-Last: Solakoglu Title: The Effect of Property Rights on the Relationship Between Economic Growth and Pollution for Transition Economies Abstract: The paper measures changes in environmental quality in transition countries from 1987 to 2000 because of economic growth and environmental reforms. Indication of property rights may accelerate the growth process, as well as the composition effect on the environment. Thus, we compare transition countries that are not yet members of the European Union offering poorly defined property rights with EU-member transition countries offering better-defined property rights. We find that although EU-member transition countries exhibit an inverted U-shaped relationship between pollution intensity and economic growth, with a turning point at $5,710, non EU-member transition countries do not support such a relation. Journal: Eastern European Economics Pages: 77-94 Issue: 1 Volume: 45 Year: 2007 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E0W2T78J3818P517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alston, L.J.; G.D. Libecap; and R. Schneider. 1996. "The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier." >i>Journal of Law, Economics and Organization>/i> 12, no. 1: 25-61. 2 Andreoni, J., and A. Levinson. 2001. "The Simple Analytics of the Environmental Kuznets Curve." >i>Journal of Public Economics>/i> 80, no. 2: 269-286. 3 Arora, S., and T.N. Cason. 1999. "Do Community Characteristics Influence Environmental Outcomes? Evidence from the Toxics Release Inventory." >i>Southern Economic Journal>/i> 65, no. 4: 691-716. 4 Barzel, Y. 1989. >i>Economic Analysis of Property Rights>/i>. Cambridge: Cambridge University Press. 5 Chaudhuri, S., and A. Pfaff. 1998. "Household Income, Fuel Choice, and Indoor Air Quality: Microfoundations of an Environmental Kuznets Curve." Working Paper, Economics Department, Columbia University, New York. 6 Deacon, R.T. 1994. "Deforestation and the Rule of Law in a Cross-Section of Countries." >i>Land Economics>/i> 70, no. 4: 414-430. 7 Fidrmuc, J. 2003. "Economic Reform, Democracy and Growth During Post-Communist Transition." >i>European Journal of Political Economy>/i> 19, no. 3: 583-604. 8 Frankel, J.A., and A.K. Rose. 2002. "Is Trade Good or Bad for the Environment? Sorting Out the Causality." National Bureau of Economic Research Working Paper 9201, Cambridge, MA. 9 Grossman, G.M., and A.B. Krueger. 1993. "Environmental Impact of a NAFTA." In >i>The U.S.-Mexico Free Trade Agreement>/i>, ed. P.M. Garber, pp. 13-56. Cambridge MA: MIT Press. 10 Grossman, G.M., and A.B. Krueger. 1995. "Economic Growth and the Environment." >i>Quarterly Journal of Economics>/i> 110, no. 2: 353-377. 11 Harbaugh, W.T.; A. Levinson; and D.M. Wilson. 2002. "Reexamining the Empirical Evidence for an Environmental Kuznets Curve." >i>Review of Economics and Statistics>/i> 84, no. 3: 541-551. 12 Hettige, H.; P. Martin; M. Singh; and D. Wheeler. 1995. "IPPS: The Industrial Pollution Projection Project." Policy Research Working Paper 1431, Washington DC, World Bank. 13 Hilton, F.G.H., and A. Levinson. 1998. "Factoring the Environmental Kuznets Curve: Evidence from Automative Lead Emissions." >i>Journal of Environmental Economics and Management>/i> 35, no. 2: 126-141. 14 Holtz-Eakin, D., and T. Selden. 1995. "Stoking the Fires? CO>sub>2>/sub> Emissions and Economic Growth." >i>Journal of Public Economics>/i> 57, no. 1: 85-101. 15 Kahn, M. 1998. "A Household Level Environmental Kuznets Curve." >i>Economics Letters>/i> 59, no. 2: 269-273. 16 Leblang, D.A. 1996. "Property Rights, Democracy and Economic Growth." >i>Political Research Quarterly>/i> 49, no. 1: 5-26. 17 Lucas, R.E.B.; D. Wheeler; and H. Hettige. 1992. "Economic Development, Environmental Regulation and the International Migration of Toxic Industrial Pollution: 1960-1988." In >i>International Trade and the Environment, World Bank Discussion Papers>/i>, ed. P. Low, pp. 67-86. Washington, DC: World Bank. 18 Millimet, D.L., and T. Stengos. 1999. "A Semiparametric Approach to Modeling the Environmental Kuznets Curve Across U.S. States." Southern Methodist University, Dallas, TX. 19 Pargal, S., and D. Wheeler. 1996. "Informal Regulation of Industrial Pollution in Developing Countries: Evidence from Indonesia." >i>Journal of Political Economy>/i> 104, no. 6: 1314-1327. 20 Roberts, J.T., and P.E. Grimes. 1997. "Carbon Intensity and Economic Development 1962-1991: A Brief Exploration of the Environmental Kuznets Curve." >i>World Development>/i> 25, no. 2: 191-198. 21 Scully, G.W. 1992. >i>Constitutional Environments and Economic Growth>/i>. Princeton: Princeton University Press. 22 Selden, T.M., and D. Song. 1994. "Environmental Quality and Development: Is There a Kuznets Curve for Air Pollution Emissions?" >i>Journal of Environmental Economics and Management>/i> 27, no. 2: 147-162. 23 Shafik, N., and S. Bandyopadhyay. 1992. "Economic Growth and Environmental Quality: Time Series and Cross-Section Evidence." Policy Research Working Paper no. WPS904, Washington, DC, World Bank. 24 Stern, N. 1996. "The Transition in Eastern Europe and the Former Soviet Union: Some Strategic Lessons from the Experience of 25 Countries over Six Years." European Bank for Reconstruction and Development Working Paper no. 18, London. 25 United Nations Industrial Development Organization (UNIDO). 1996. >i>International Yearbook of Industrial Statistics>/i>, 1996. New York. 26 Vukina, T.; J.C. Beghin; and E.G. Solakoglu. 1999. "Transition to Markets and the Environment: Effects of the Change in the Composition of Manufacturing Output." >i>Environment and Development Economics>/i> 4, no. 4: 582-598. 27 Wang, P.; A.K. Bohara; R.P. Berrens; and K. Gawande. 1998. "A Risk Based Environmental Kuznets Curve for U.S. Hazardous Waste Sites." >i>Applied Economics Letters>/i> 5, no. 12: 761-763. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:1:p:77-94 Template-Type: ReDIF-Article 1.0 Author-Name: LUBO KOMREK Author-X-Name-First: LUBO Author-X-Name-Last: KOMREK Author-Name: MARTIN MELECK Author-X-Name-First: MARTIN Author-X-Name-Last: MELECK Title: Money Demand in an Open Transition Economy Abstract: This article offers an internationalized view of the demand for money as applied to the Czech Republic. The traditional money demand function, consisting purely of domestic variables, is extended to include certain foreign determinants that likely affect the demand for money in a small open transition economy. In this respect, both narrow and broad money are considered. Several estimation techniques, DOLS, DGLS, the Johansen method, and ARDL, are applied to increase robustness of the results acquired. The stability of the estimates obtained is tested to study changes in the estimated relations during the transition period. Finally, estimates of the possible effects of money market disequilibria on prices and output are presented. The results suggest that international variables are significant mainly in the context of broad money demand and that liquidity gaps significantly influence prices and output dynamics. Journal: Eastern European Economics Pages: 73-73 Issue: 5 Volume: 42 Year: 2004 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F709BR9H2PT3D988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Vega, J.L. 1998. "Money Demand Stability: Evidence from Spain." Empirical Economics 23: 387-400. 2 Brand, C., and Cassola, N. 2000. "A Money Demand System for Euro Area M3." European Central Bank Working Paper Series 39. 3 Coenen, G., and Vega, J.-L. 1999. "The Demand for M3 in Euro Area." European Central Bank Working Paper, no. 6 4 De Brouwer, G.; Ng, I., and Subbaraman, R. 1993. "The Demand for Money in Australia: New Tests on an Old Topic." Reserve Bank of Australia. Research Discussion Papers no. 9314 5 Doyle, B. M. 2000. "Here, Dollars, Dollars . . .'--Estimating Currency Demand and Worldwide Currency Substitution." Board of Governors of the Federal Reserve System, International Finance Discussion Papers, no. 657. 6 Feige, E.L.; Faulend, M.; Šonje, V., and Šošiæ, V. 2000. "Currency Substitution, Unofficial Dollarization and Estimates of Foreign Currency Held Abroad: The Case of Croatia." In Financial Vulnerability and the Exchange Rate Regime, ed. M. Blejer and M. Skreb. Cambridge, MA: MIT Press. Available at www.ssc.wisc.edu/econ/archive/latpap6.pdf. 7 Giovannini, A., and Turtelboom, B. 1992. "Currency Substitution." National Bureau of Economic Research Working Paper Series no. 4232. 8 Gomis-Porqueras, P.; Serrano, C., and Somuano, A. 2000. "Currency Substitution in Latin America: Lessons from the 1990s." World Bank, Country Economic Department Papers, 2340. Mimeo. 9 Hanousek, J.; Kubin, J., and Tùma, Z. 1995. "Poptávka po penìzích a ra¡zebné v období transformace" [Demand for Money and Seignorage During the Transformation]. Czech Economic Journal 7: 352-69. 10 Hayo, B. 1999. "The Demand for Money in Austria Economic." Working Paper Archive at Washington University at St. Louis, Macroeconomics, wuwpma 9902. 11 Hendry, D.F., and Ericsson, N.R. 1991. "Modelling the Demand for Narrow Money in the United Kingdom and the United States." European Economic Review 35: 833-81. 12 Hendry, D.F.; Ericsson, N. R., and Prestwich, K. M. 1997. "The Demand for Broad Money in the United Kingdom 1878-1993." Board of Governors of the Federal Reserve System Discussion Papers, no. 596 13 Hendry, S. 1995. "Long-Run Demand for M1." Bank of Canada. Working Paper, no. 95-11. 14 Hoffman, D.L., and Rasche, R.H. 1996. Aggregate Money Demand Functions: Empirical Applications in Cointegrated Systems. Boston: Kluwer Academic. 15 Johansen, S., and Juselius, K. 1990. "Maximum Likelihood Estimation and Inference on Cointegration: With Applications to Demand for Money." Oxford Bulletin of Economics and Statistics 52, no. 2: 169-210. 16 Klacek, J., and Šmídková, K. 1995. "The Demand-for-Money Function: The Case of the Czech Economy." Czech National Bank Working Paper, no. 41. 17 Kozel, D. 2000. "Poptávka po obì¡zivu" [Demand for Exchange]. Czech Economic Journal 12: 673-84. 18 McNown, R., and Wallace, M. 1992. "Cointegration Test of Long-run Relation Between Money Demand and the Effective Exchange Rate." Journal of International Money and Finance 11, 107-14. 19 Melecký, M. 2002a. "Analyza diskrepanci v poptávce po penìzich domácnosti a firem: èast I, domácnosti" [Analysis of the Discrepancy in the Demand for Money: Part I, Households]. Czech Economic Journal 7-8: 428-50. 20 ------. 2002b. Analyza diskrepanci v poptávce po penìzich domácnosti a firem: èast II, firmy [Analysis of the Discrepancy in the Demand for Money: Part II, Firms]. Czech Economic Journal 9: 478-502. 21 Mishkin, F.S. 2001. "Financial Policy and the Prevention of Financial Crises in Emerging Market Countries." National Bureau of Economic Research, Working Paper no. 8087 22 Muscatelli, V.A., and Spinelli, F. 2000. "The Long-Run Stability of the Demand for Money: Italy 1861-1996." Journal of Monetary Economics 45: 717-39. 23 Pesaran, M.H., and Pesaran, B. 1997. Working with Microfit 4.0. Oxford: Oxford University Press. 24 Peytrignet, M., and Stahel, C.H. 1998. "Stability of Money Demand in Switzerland: A Comparison of the M2 and M3 Cases." Empirical Economics 23, 437-54. 25 Sprenkle, C.M., and Miller, M.H. 1980. "The Precautionary Demand for Narrow and Broad Money." Economica 47: 407-21. 26 Sriram, S.S. 1999a. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models." International Monetary Fund Working Paper no. 64. 27 Sriram, S.S. 1999b. "Demand for M2 in an Emerging-Market Economy: An Error-Correction Model for Malaysia." International Monetary Fund Working Paper no. 173. 28 Stock, J.H., and Watson, M.W. 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems." Econometrica 61, 1035-56. 29 Van Aarle, B., and Budina, N. 1995. "Currency Substitution in Eastern Europe." Center for Economic Research Tilburg University, Discussion Paper Series, no. 2. 30 Vega, J.L. 1998. "Money Demand Stability: Evidence from Spain." Empirical Economics 23: 387-400. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:73-73 Template-Type: ReDIF-Article 1.0 Author-Name: JASMINKA SOHINGER Author-X-Name-First: JASMINKA Author-X-Name-Last: SOHINGER Title: Growth and Convergence in European Transition Economies : The Impact of Foreign Direct Investment Abstract: Foreign direct investment (FDI), with its growth-enhancing capacity, has played a significant role in setting the transition economies onto the path of convergence with their more affluent neighbors, which is enhanced by their recent membership in one of the richest clubs in the world, the European Union. The differential impact of FDI in terms of its sectoral composition on productivity and efficiency of the host country, as well as its propensity to stimulate institution building, are changing both the economic and political landscapes in the Central and Eastern European and Baltic region. The implicit requirements that FDI poses for the receiving country together with the EU accession-driven reforms fit together in a mutually reinforcing system that is helping the goals of transition and the convergence process. The achievement of both goals is seen as the best guarantor of peace and security in the Central and Eastern European and Baltic region. Journal: Eastern European Economics Pages: 73-94 Issue: 2 Volume: 43 Year: 2005 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HAE3M070NDMRK671 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aitken, B.J., and A.E. Harrison. 1999. "Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela." American Economic Review 89, no. 3: 605-618. 2 Baily, M.N. 2003. "The Sources of Economic Growth in OECD Countries: A Review Article." International Productivity Monitor 7: 66-70. 3 Brada, J.C.; A.M. Kutan; and T.M. Yigit. 2003. "The Effects of Transition and Political Instability on Foreign Direct Investment: Central Europe and the Balkans." Zentrum for Europaische Integrationsforschung (ZEI), Working Paper B-28, Bonn. 4 Djankov, S., and B. Hoekman. 2000. "Foreign Investment and Productivity Growth in Czech Enterprises." World Bank Economic Review 14, no. 1: 49-64. 5 EBRD (European Bank for Reconstruction and Development). 2003. Transition Report 2003: Integration and Regional Cooperation. London: EBRD. 6 ECLAC (Equidad, desarrollo y ciudadanía). 2000. "Equity, Development and Citizenship." Economic Commission for Latin America and the Caribbean (ECLAC), LC/ G.2071(SES.28/3) Santiago, Chile, March. 7 Eichengreen, B. 2004. "Lectures on the World Economy in the 20th Century." University of California, Berkeley, Spring. 8 Hunya, G. 2000. "International Competitiveness Impacts of FDI in CEECs." Paper presented at the Sixth EACES (European Association for Comparative Economic Studies) Conference, Barcelona, September 7-9. 9 IMF (International Monetary Fund). 1993. Balance of Payments Manual. Washington, DC: International Monetary Fund. 10 Konings, J. 2000. "The Effects of Foreign Direct Investment on Domestic Firms: Evidence from Firm-Level Panel Data in Emerging Economies." William Davidson Institute Working Paper no. 344, Ann Arbor, MI. 11 Kraft, E. 2002. "Foreign Banks in Croatia: Another Look." Czech National Bank, CNB Working Paper no. W-10, Prague. 12 OECD (Organization for Economic Cooperation and Development). 1996. Detailed Benchmark Definition of Foreign Direct Investment, 3d ed. Paris: OECD. 13 Pempel, T.J. 1999. "Structural Gaiatsu: International Finance and Political Change in Japan." Comparative Political Studies 32, no. 8: 907-932. 14 Sgard, J. 2001. "Direct Foreign Investments and Productivity Growth in Hungarian Firms, 1992-1999." CEPII (Centre d'Etudes Prospectives et d'Informations Internationales) Working Paper no. 19, Paris. 15 Shim, J.K., and J.G. Siegel. 2001. Dictionary of International Investment Terms. New York: Barron's Educational Series. 16 Sohinger, J.; D. Galinec; and A. Skudar. 2004. "Composition and Determinants of Foreign Direct Investment in Croatia 1993-2002: An Empirical Evaluation." In Theory and Practice of Transition and Accession to the EU: Selected Papers from the IV International Conference "Economic System of European Union and Accession of the Republic of Croatia," pp. 136-155. Ljubljana: Faculty of Economics. 17 UNCTAD (United Nations Conference on Trade and Development). 2001. Economic Development in Africa: Performance, Prospects and Policy Issues. New York and Geneva: United Nations. 18 ------. 2003a. Handbook of Statistics. New York and Geneva: United Nations. 19 ------. 2003b. Trade and Development Report: Capital Accumulation and Structural Change. New York and Geneva: United Nations. 20 ------. 2003c. World Investment Report: FDI Policies for Development: National and International Perspectives. New York and Geneva: United Nations. 21 Wang, M.G. 2003. "Manufacturing FDI and Economic Growth: Evidence from Asian Economies." SSRN (Social Science Research Network) Working Paper no. 54 (available at www.papers.ssrn.com). 22 WIIW (Wiener Institut für Internationale Wirtschaftsvergleiche). 2003. Vienna Institute for International Economics (WIIW) Database, Vienna. 23 World Bank. 2003. World Development Indicators Database. Washington, DC: World Bank. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:2:p:73-94 Template-Type: ReDIF-Article 1.0 Author-Name: Shintaro Yamaguchi Author-X-Name-First: Shintaro Author-X-Name-Last: Yamaguchi Title: Wage Flexibility in Turbulent Times: A Practitioner's Guide, with an Application to Poland Abstract: This paper reviews several methods to measure wage flexibility, and their suitability for evaluating the extent of such flexibility during times of structural change, when wage distributions and wage curves can be particularly volatile. The paper uses nonparametric estimation to capture possible nonlinearities in the wage curve and relaxes the assumption of a stable wage distribution over time by linking the shape of the wage change distribution to macroeconomic variables. The proposed methodology is applied to Polish micro data. The estimates confirm that wages are less elastic in a high-unemployment/lowwage environment. Based on a comparison of actual and counterfactual wage distributions, the effects of nominal wage rigidities on real wages, and thus, on the labor market and the real economy, were limited until 1998, but have been quite significant thereafter. Journal: Eastern European Economics Pages: 88-114 Issue: 2 Volume: 46 Year: 2008 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q46182G4N5161452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altonji, J., and P. Devereux. 2000. "The Extent and Consequences of Downward Nominal Wage Rigidity." In >i>Research in Labor Economics: Worker Well-Being>/i>, vol. 19, ed. Solomon W. Polachek, pp. 383-431. Amsterdam: Elsevier. 2 Blanchflower, D. G. 2001. "Unemployment, Well-Being, and Wage Curves in Eastern and Central Europe." >i>Journal of Japanese and International Economics>/i> 15, no. 4: 364-402. 3 Blanchflower, D. G., and A. J. Oswald. 1994. >i>The Wage Curve.>/i> Cambridge, MA: MIT Press. 4 Card, D. 1995. "The Wage Curve: A Review." >i>Journal of Economic Literature>/i> 33, no. 2: 285-299. 5 Card, D., and D. Hyslop. 1997. "Does Inflation ‘Grease the Wheels of the Labor Market’?" Working Paper no. 5538, National Bureau of Economic Research, Cambridge, MA. 6 Carruth, A. A., and A. J. Oswald. 1989. >i>Pay Determination and Industrial Prosperity.>/i> Oxford: Oxford University Press. 7 Decressin, A., and J. W. Decressin. 2002. "On Sand and the Role of Grease in Labor Markets: How Does Germany Compare?" Working Paper 02/164, International Monetary Fund, Washington, DC. 8 De Menil, G. 1971. >i>Bargaining: Monopoly Power Versus Union Power.>/i> Cambridge, MA: MIT Press. 9 Estevão, M. 2003. "Structural and Cyclical Labor Market Changes in Poland." In >i>Republic of Poland: Selected Issues>/i>, IMF Country Report No. 03/188, pp. 14-43. Washington, DC: International Monetary Fund. 10 Galuscak, K., and D. Munich. 2003. "Microfoundations of the Wage Inflation in the Czech Republic." Working Paper Series no. 1/2003, Czech National Bank, Prague. 11 Galuscak, K., and D. Munich. 2005. "Regional Wage Adjustments and Unemployment: Estimating the Time-Varying Wage Curve." >i>Czech Journal of Economics and Finance>/i> 55, nos. 1-2: 68-82. 12 Huitfeldt, H. 2001. "Unemployment, Labour Market Programmes and Wage Determination: Evidence from the Czech and Slovak Republics." Working Paper Series no. 2001:01, Uppsala University. 13 Kahn, S. 1997. "Evidence of Nominal Wage Stickiness from Microdata." >i>American Economic Review>/i> 87, no. 5: 993-1008. 14 Kertesi, G., and J. Köllő. 1997. "The Birth of the ‘Wage Curve’ in Hungary, 1989-1995." Working Papers Series no. 104, William Davidson Institute, Ann Arbor, MI. 15 Lebow, D.; D. Stockton; and W. Wascher. 1995. "Inflation, Nominal Wage Rigidity, and the Efficiency of Labor Markets." Finance and Economics Discussion Series no. 94-45, Board of Governors of the Federal Reserve System, Washington, DC. 16 Nickell, S., and G. Quintini. 2003. "Nominal Wage Rigidity and the Rate of Inflation." >i>Economic Journal>/i> 113, no. 490 (October): 762-781. 17 Shapiro, C., and J. E. Stiglitz. 1984. "Equilibrium Unemployment as a Worker Discipline Device." >i>American Economic Review>/i> 74, no. 3: 433-444. 18 Winter-Ebmer, R. 1996. "Wage Curve, Unemployment Duration and Compensating Differentials." >i>Labour Economics>/i> 3, no. 4: 425-434. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:2:p:88-114 Template-Type: ReDIF-Article 1.0 Author-Name: Nikola Tasić Author-X-Name-First: Nikola Author-X-Name-Last: Tasić Title: Food Price Convergence and Trade in the Balkans Abstract: In this paper, we test whether relative purchasing power parity holds for ten countries in the Balkans region. We chose to investigate food price indices because food consumed in the region is homogeneous, and food is, in general, a highly tradable good. As our results indicate slow convergence even after we control for various socio-economic factors, we believe that nontariff barriers to trade remain the main cause of slow convergence. Our findings, to some extent, explain relatively low trade volume among the countries of the region, despite their continuous attempt to liberalize trade. Journal: Eastern European Economics Pages: 6-22 Issue: 2 Volume: 45 Year: 2007 Month: 4 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=02U1LK85558Q6301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:6-22 Template-Type: ReDIF-Article 1.0 Author-Name: JESPER JENSEN Author-X-Name-First: JESPER Author-X-Name-Last: JENSEN Author-Name: THOMAS RUTHERFORD Author-X-Name-First: THOMAS Author-X-Name-Last: RUTHERFORD Author-Name: THOMAS RUTHERFORD Author-X-Name-First: THOMAS Author-X-Name-Last: RUTHERFORD Author-Name: THOMAS RUTHERFORD Author-X-Name-First: THOMAS Author-X-Name-Last: RUTHERFORD Title: The Importance of Telecommunications Reform in Russia's Accession to the WTO Abstract: What can Russia gain from committing to reform its telecommunications sector as part of its accession to the World Trade Organization (WTO)? We employ a computable general equilibrium model of the Russian economy that incorporates foreign direct investment (FDI). Liberalization of barriers to FDI in services sectors results in endogenous productivity effects through Dixit-Stiglitz (1977) variety effects. We find that reducing Russian barriers to FDI in telecommunications is crucial to Russia reaping full gains from WTO accession--1.6 percent of the value of Russian consumption in the medium term, and potentially much greater long-term gains. It will also lead to reduced quality-adjusted prices paid by industrial and consumer users of telecommunications and increased productivity for Russian labor and capital. Demand for Russian labor employed in telecommunications should increase, because multinational telecommunications companies employ mostly Russian labor. Russian capital owners in telecommunications will likely be sought as joint-venture partners, and they can restructure their companies and obtain gains as partners with foreign firms. Wholly owned Russian firms that do not become part of multinational joint ventures, however, are likely to experience losses. Journal: Eastern European Economics Pages: 25-58 Issue: 1 Volume: 44 Year: 2006 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7D9TVNNKA28K1R73 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baldwin, R.E., and J.F. François, eds. 1999. Dynamic Issue in Applied Commercial Policy Analysis. New York: Cambridge University Press. 2 Baranov, S.P. 2000. "Compiling the Disaggregated Version of 'Input-Output' Tables of the Russian Federation for 1995 Year for Consequent Use as a Basic Data for Building the General Equilibrium Model for the Russian Federation." World Bank, Washington, DC (available at www.worldbank.org/russia-wto/). 3 Barzel, Y. 1974. "A Theory of Rationing by Waiting." Journal of Law and Economics 17, no. 1 (April): 73-95. 4 Brown, D., and R. Stern. 2001. "Measurement and Modeling of the Economic Effects of Trade and Investment Barriers in Services." Review of International Economics 9, no. 2: 262-286. 5 Brown, D.; A. Deardorf; A. Fox; and R. Stern. 1996. "Liberalization of Services Trade." In The Uruguay Round and the Developing Countries, ed. W. Martin and L.A. Winters, pp. 292-315. New York: Cambridge University Press. 6 Chinitz, B. 1961. "Contrast in Agglomeration: New York and Pittsburgh." American Economic Review, Papers and Proceedings 51, no. 2: 279-289. 7 Daniels, P.W. 1985. Service Industries: A Geographical Appraisal. New York: Methuen. 8 Dee, P.; K. Hanslow; and T. Phamduc. 2003. "Measuring the Costs of Barriers to Trade in Services." In Trade in Services in the Asia-Pacific Region, ed. Takatoshi Ito and Anne Krueger, pp. 11-46. Chicago: University of Chicago Press. 9 Dixit, A., and J. Stiglitz. 1977. "Monopolistic Competition and Optimum Product Diver-sity." American Economic Review 76, no. 1: 297-308. 10 Ethier, W.J. 1982. "National and International Returns to Scale in the Modern Theory of International Trade." American Economic Review 72, no. 2: 389-405. 11 Findlay, C., and T. Warren, eds. 2000. Impediments to Trade in Services: Measurement and Policy Implications. London: Routledge. 12 Fujita, M.; P. Krugman; and A.J. Venables. 1999. The Spatial Economy: Cities, Regions, and International Trade. Cambridge, MA: MIT Press. 13 Goskomstat. 2003a. Telecommunications and Post Services in Russia. Moscow: Statistical Agency of the Government of Russia. 14 ------. 2003b. Russia in Figures. Moscow: Statistical Agency of the Government of Russia 15 Harrison, G.; T. Rutherford; and D. Tarr. 1997. "Quantifying the Uruguay Round." Economic Journal 107, no. 444: 1405-1430. 16 Jacobs, J. 1969. The Economy of Cities. New York: Random House. 17 ------. 1984. Cities and the Wealth of Nations. New York: Random House. 18 Jensen, J.; T. Rutherford; and D. Tarr. 2004a. "Economy-Wide and Sector Effects of Russia's Accession to the WTO." World Bank, Washington, DC (available at www.worldbank.org/ russia-wto). 19 ------. 2004b. "The Impact of Liberalization of Barriers to Foreign Direct Investment in Services: The Case of Russian Accession to the WTO." World Bank, Washington, DC (available at www.worldbank.org/russia-wto). 20 Kang, J.-S. 2000. "Price Impact of Restrictiveness on Maritime Transportation Services." In Impediments to Trade in Services: Measurement and Policy Implications, ed. C. Findlay and T. Warren, pp. 189-200. London: Routledge. 21 Kimura, F.; M. Ando; and T. Fujii. 2004a. "Estimating the Ad Valorem Equivalent of Barriers to Foreign Direct Investment in the Telecommunications Services Sectors in Rus-sia." World Bank, Washington, DC (available at www.worldbank.org/trade/russia-wto). 22 ------. 2004b. "Estimating the Ad Valorem Equivalent of Barriers to Foreign Direct Investment in the Maritime and Air Transportation Service Sectors in Russia." World Bank, Washington, DC (available at www.worldbank.org/trade/russia-wto). 23 ------. 2004c. "Estimating the Ad Valorem Equivalent of Barriers to Foreign Direct Investment in Financial Services Sectors in Russia." World Bank, Washington, DC (available at www.worldbank.org/trade/russia-wto). 24 Kravis, I., and R. Lipsey. 1988. "National Price Levels and the Prices of Tradables and Nontradables." American Economic Review 78, no. 2 (May): 474-478. 25 Krugman, P. 1991. Geography and Trade. Cambridge, MA: MIT Press. 26 Markusen, J.R.; T. Rutherford; and D. Tarr. 2005. "Trade and Direct Investment in Producer Services and the Domestic Market for Expertise." Canadian Journal of Economics 38, no. 3: 758-777. 27 Marshall, J.N. 1988. Services and Uneven Development. London: Oxford University Press. 28 McGuire, G., and M. Schuele. 2000. "Restrictiveness of International Trade in Banking Services." In Impediments to Trade in Services: Measurement and Policy Implications, ed. C. Findlay and T. Warren, pp. 201-214. London: Routledge. 29 McKee, D.L. 1988. Growth, Development, and the Service Economy in the Third World. New York: Praeger. 30 Porter, M. 1992. The Competitive Advantage of Nations. New York: Free Press. 31 Romer, P. 1994. "New Goods, Old Theory and the Welfare Costs of Trade Restrictions." Journal of Development Economics 43, no. 1 (February): 5-38. 32 Rutherford, T.F. 1999. "Applied General Equilibrium Modeling with MPSGE as a GAMS Subsystem: An Overview of the Modeling Framework and Syntax." Computational Economics 14, nos. 1-2 (October): 1-46. 33 Rutherford, T.F., and D. Tarr. 2002. "Trade Liberalization and Endogenous Growth in a Small Open Economy." Journal of International Economics 56, no. 2 (March): 247-272. 34 Sokolov, D. 2000. "Estimation of Tariff Equivalent of Non-Tariff Barriers in Russian Maritime Service Sector." Mimeo, Center for Economic and Financial Research, Moscow. 35 Stanback, T.M. 1979. Understanding the Service Economy: Employment, Productivity and Location. Baltimore: Johns Hopkins University Press. 36 UNCTD (United Nations Conference on Trade and Development). 1996. Division of Transnational Corporation and Investment World Investment Report. New York and Geneva: United Nations. 37 Vernon, R. 1960. Metropolis 1985. Cambridge: Harvard University Press. 38 Warren, T. 2000. "The Impact on Output of Impediments to Trade and Investment in Telecommunications Services." In Impediments to Trade in Services: Measurement and Policy Implications, ed. Christopher Findlay and Tony Warren, pp. 85-100. London: Routledge. 39 Zemnitsky, A. 2001. "Non-Tariff Barriers in Russian Services Sectors." Ph.D. dissertation, Higher School of Economics, Moscow. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:1:p:25-58 Template-Type: ReDIF-Article 1.0 Author-Name: Javier Ferńndez Author-X-Name-First: Javier Author-X-Name-Last: Ferńndez Title: The Common Agricultural Policy and EU Enlargement: Implications for Agricultural Production in the Central and East European Countries Abstract: This article focuses on the potential consequences of an extension of the Common Agricultural Policy with respect to agricultural production in the Central and East European countries (CEECs). It reviews the evidence of recent attempts to quantify the potential impacts of accession on production levels in the CEECs. It also takes into account results from previous studies in order to analyze the importance of structural constraints can have to the capacity of the CEECs' agricultural sectors to respond to supply incentives under accession to the EU, and to examine some research questions that are still unanswered in relation to the supply potential of the CEECs. Finally, some conclusions and policy recommendations are presented. Journal: Eastern European Economics Pages: 28-50 Issue: 3 Volume: 40 Year: 2002 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CTXYRW32VD96J3WP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:28-50 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 43 Year: 2005 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=EV7TD4RYTAGT7KWL File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2005:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Álmos Author-X-Name-First: Álmos Author-X-Name-Last: Telegdy Author-Name: John S. Earle Author-X-Name-First: John S. Author-X-Name-Last: Earle Author-Name: Victor Kaznovsky Author-X-Name-First: Victor Author-X-Name-Last: Kaznovsky Author-Name: Csaba Kucsera Author-X-Name-First: Csaba Author-X-Name-Last: Kucsera Title: Corporate Control: A Study of Firms on the Bucharest Stock Exchange Abstract: This article analyzes the ownership structure of firms listed on the Bucharest Stock Exchange (BSE) over the period 1998-2000. The history of the BSE is briefly described, showing its similarity to other post-socialist countries in terms of small size and low liquidity of the market, and contrasting it with countries that have developed market economies. Measures of ownership concentration reveal that the BSE's concentrated ownership structure fits the pattern of continental Europe, with 70 percent of shares held by 5 percent or greater blockholders atthe end of 2000. However, the major types of owners are very different from those found in industrialized countries. The Romanian government, through the State Ownership Fund, held blocks in 88 of 116 listed firms in 1998, which fell to 33 of 115 at the end of 2000, in both cases with a median share of over 50 percent. The nature of the Romanian privatization process also influenced the prevalence of other types of owners, with insiders holding blocks in 34 firms, with a 41 percent median, by the end of 2000. Foreigners held stakes in 75 firms, with a 17 percent median, while the remaining blocks were mostly in the hands of domestic firms. Journal: Eastern European Economics Pages: 6-27 Issue: 3 Volume: 40 Year: 2002 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WGHT08T49G3NGUFU File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:6-27 Template-Type: ReDIF-Article 1.0 Author-Name: Darius Plikynas Author-X-Name-First: Darius Author-X-Name-Last: Plikynas Author-Name: Yusaf H. Akbar Author-X-Name-First: Yusaf H. Author-X-Name-Last: Akbar Title: Neural Network Approaches to Estimating FDI Flows: Evidence from Central and Eastern Europe Abstract: Central and East European (CEE) countries are in an economic transition process that involves convergence of their economic performance with the European Union. One of the principal engines for the necessary transformation toward EU average economic performance is inward foreign direct investment (FDI). Quantitatively examining the causes of FDI in the CEE region is thus an important research area. Traditional linear regression approaches have had difficulty achieving conceptually and statistically reliable results. In this paper, we offer a novel approach to examining FDI in the CEE region. The key tasks addressed in this research are a neural network (NN)—based FDI forecasting model and a nonlinear evaluation of the determinants of FDI. The methodology is nontraditional for this kind of research (compared with multiple linear regression estimates) and is applied primarily for the FDI dynamics in the CEE region, with some worldwide comparisons. In terms of mean square error (MSE) and >i>R>/i>>sup>>i>2>/i>>/sup> criteria, we find that NN approaches better explain FDI determinants' weights than do traditional regression methodologies. Our findings are preliminary, but offer important and novel implications for future research in this area, including more detailed comparisons across sectors, as well as countries over time. Journal: Eastern European Economics Pages: 29-59 Issue: 3 Volume: 44 Year: 2006 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=076M4717G626P173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Akbar, Y.; H. Elms; and T. Dhakar. 2006. "Investigating the Contribution of Foreign Direct Investment and Stock Exchange Development to Economic Development in East and Central Europe: A Preliminary Analysis." >i>International Finance Review>/i> 6: 467-473. 2 Anderson-Sprecher, R. 1994. "Model Comparisons and R2." >i>America Statistics>/i> 48, no. 2: 113-117. 3 Andrews, R.; J. Diederich; and A.B. Tickle. 1995. "A Survey and Critique of Techniques for Extracting Rules from Trained Neural Networks." >i>Knowledge Based Systems>/i> 8, no. 6: 373-389. 4 Barnett, W.; A.R. Gallant; M.J. Hinich; J.A. Jungeilges; D.T. Kaplan; and M.J. Jensen. 1997. "A Single-Blind Controlled Competition Among Tests for Nonlinearity and Chaos." >i>Journal of Econometrics>/i> 82, no. 1 (January): 157-192. 5 Benacek, V., and J.A. Visek. 1999. "The Determinants of FDI in the Czech Economy: The Robust Analysis Applied on Industrial Data of 1991-1997." Economics Department, Charles University, Prague, April 15. 6 Bevan, A., and S. Estrin. 2000. "The Determinants of Foreign Direct Investment in Transition Economies." Williams Davidson Institute Working Paper no. 342, University of Michigan, Ann Arbor, October. 7 Brenton, P.; F. Di Mauro; and M. Lücke. 1998. "Economic Integration and FDI: An Empirical Analysis of Foreign Investment in the EU and Central and Eastern Europe." Kiel Institute of World Economics, Working Paper no. 980, Kiel, November. 8 Buckley, P.J., and M. Casson. 1976. >i>The Future of the Multinational Enterprise.>/i> London: Macmillan. 9 Caudill, M., and C. Butler. 1992. >i>Understanding Neural Networks: Computer Explorations.>/i> Cambridge: MIT Press. 10 Caves, R.E. 1982. >i>Multinational Enterprise and Economic Analysis.>/i> Cambridge: Cambridge University Press. 11 Chakrabarti, A. 2001. "The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions." >i>Kyklos>/i> 54, no. 1: 89-114. 12 Chang, K., and H. Tong. 2001. >i>Chaos: A Statistical Perspective.>/i> New York: Springer-Verlag. 13 Chorafas, D.N. 1998. >i>Chaos Theory in the Financial Markets.>/i> Chicago: Irwin. 14 Crenshaw, E. 1991. "Foreign Investment as a Dependant Variable: Determinants of Foreign Investment and Capital Penetration in Developing Nations, 1967-1978." >i>Social Forces>/i> 69, no. 4: 1169-1182. 15 Deichmann, J.; D. Haughton; and H. Topi. 2003. "Geography Matters: Kohonen Classification of Determinants of Foreign Direct Investment in Transition Economies." >i>Journal of Business Strategies>/i> 20, no. 1: 33-49. 16 Dunning, J.H. 1974. >i>Economic Analysis and the Multinational Enterprise.>/i> London: Allen and Unwin. 17 Dunning, J.H. 1980. "The Location of Foreign Direct Investment Activity, Country Characteristics and Experience Effects." >i>Journal of International Business Studies>/i> 11, no. 2: 9-22. 18 Dunning, J.H. 1994. "The Prospects for Foreign Direct Investment in Central and Eastern Europe." In >i>The Economics of Change in East and Central Europe>/i>, ed. P.J. Buckley and P.N. Ghauri, pp. 15-47. London: Academic Press. 19 European Bank for Reconstruction and Development (EBRD). 1999. >i>Transition Report 1999.>/i> London. 20 Freedman, R.S.; A. Klein; and J. Lederman. 1995. >i>Artificial Intelligence in the Capital Markets.>/i> Chicago: Probus. 21 Garibaldi, P.; N. Mora; R. Sahay; and J. Zettelmeyer. 1999. "What Moves Capital to Transition Economies?" Paper presented at A Decade of Transition, International Monetary Fund conference, Washington, DC, April 1. 22 Gianerini, S., and R. Rosa. 2001. "New Resampling Method to Assess the Accuracy of the Maximum Lyapunov Exponent Estimation." >i>Physica D>/i> 155, no. 1 (July): 101-111. 23 Gianerini, S., and R. Rosa. 2004. "Assessing Chaos in Time Series: Statistical Aspects and Perspectives." >i>Studies in Nonlinear Dynamics and Econometrics>/i> 8, no. 2: 56-71. 24 Giles, L.C.; S. Lawrence; and A.C. Tsoi. 1997. "Rule Inference for Financial Prediction Using Recurrent Neural Networks." Presented at the IEEE/IAFE Conference on Computational Intelligence for Financial Engineering (CIFEr), IEEE, Piscataway, NJ, May. 25 Grabbe, H., and K. Hughes. 1998. >i>Enlarging the EU Eastwards.>/i> London: Royal Institute of International Affairs. 26 Hecht, N. 1990. >i>Neurocomputing.>/i> Reading, MA: Addison-Wesley. 27 Hiemstra, Y. 1999. "Linear Regression Versus Backpropagation Networks to Predict Quarterly Excess Returns." Paper presented at the Second International Workshop on Neural Networks in the Capital Markets, CalTech, Pasadena, November 17-18. 28 Holland, D., and N. Pain. 1998. "The Diffusion of Innovations in Central and Eastern Europe: A Study of the Determinants and Impact of Foreign Direct Investment." National Institute of Social and Economic Research Discussion Paper no. 137, London, June. 29 Holland, D.; M. Sass; V. Benacek; and M. Gronicki. 2000. "The Determinants and Impact of FDI in Central and Eastern Europe: A Comparison of Survey and Econometric Evidence." >i>Transnational Corporations>/i> 9, no. 3: 163-212. 30 Hong, M., and L.S. Chen. 2001. "Quantitative and Dynamic Analysis of the OLI Variables Determining FDI in China." >i>Review of Urban and Regional Development Studies>/i> 13, no. 2: 163-172. 31 Hsieh, D. 1989. "Testing for Nonlinear Dependence in Daily Foreign Exchange Rates." >i>Journal of Business>/i> 62, no. 3: 339-368. 32 Hymer, S. 1976. >i>The International Operations of National Firms: A Study of Foreign Direct Investment.>/i> Cambridge: MIT Press. 33 Jun, K.W., and H. Singh. 1996. "The Determinants of Foreign Direct Investment: New Empirical Evidence." >i>Transnational Corporations>/i> 5, no. 2: 67-106. 34 Lall, S. 1980. "Monopolistic Advantages and Foreign Involvement by U.S. Manufacturing Industry." >i>Oxford Economic Papers>/i> 32, no. 2: 102-122. 35 Lansbury, M.; N. Pain; and K. Smidkova. 1996. "Foreign Direct Investment in Central Europe Since 1990: An Econometric Study." >i>National Institute Economic Review>/i> 156, no. 4: 104-113. 36 Leamer, E.E., and J. Levinsohn. 1995. "International Trade Theory: The Evidence." In >i>Handbook of International Economics>/i>, vol. 3, ed. G. Grossman and K. Rogoff, pp. 1339-1390. Amsterdam: North-Holland. 37 Li, J., and S. Guisinger. 1992. "The Globalization of Service Multinationals in the Triad Nations: Japan, Europe and North America." >i>Journal of International Business Studies>/i> 23, no. 4: 675-696. 38 Lucas, R. 1993. "On the Determinants of Direct Foreign Investment: Evidence from East and Southeast Asia." >i>World Development>/i> 21, no. 3: 391-406. 39 Martin, C., and F.J. Velazquez. 1997. "Determining Factors of Foreign Direct Investment in Spain and the Rest of the OECD: Lessons for the CEECS." Centre for Economic Policy Research Discussion Paper Series 1637, London, June. 40 Mayhew, A. 1998. >i>Recreating Europe: The European Union's Policy Towards Central and Eastern Europe.>/i> Cambridge: Cambridge University Press. 41 Peters, E. 2000. >i>Chaos and Order in the Capital Markets.>/i> New York: John Wiley & Sons. 42 Plikynas, D.; L. Simanauskas; and S. Buda. 2002. "Research of Neural Network Methods for Compound Stock Exchange Indices Analysis." >i>Informatica>/i> 13, no. 4: 465-484. 43 Pugel, T. 1981. "The Determinants of Foreign Direct Investment: An Analysis of U.S. Manufacturing Industries." >i>Managerial and Decision Economics>/i> 2, no. 4: 220-228. 44 Resmini, L. 2000. "The Determinants of Foreign Direct Investment into the CEECs: New Evidence from Sectoral Patterns." >i>Economics of Transition>/i> 8, no. 3: 665-689. 45 Schneider, F., and B.S. Frey. 1985. "Economic and Political Determinants of Foreign Direct Investment." >i>World Development>/i> 13, no. 3: 161-175. 46 Trippi, R.R., and J.K. Lee. 1996. >i>Artificial Intelligence in Finance and Investing: State-of-the-Art Technologies for Securities Selection and Portfolio Management.>/i> Chicago: Irwin. 47 United Nations Conference on Trade and Development (UNCTAD). 2003. >i>World Investment Directory, Vol. 8, Central and Eastern Europe 2003>/i> (available at >a target="_blank" href='http://www.unctad.org/Templates/Page.asp?intItemID=1465'>http://www. unctad.org/Templates/Page.asp?intItemID=1465>/a> 48 United Nations Conference on Trade and Development (UNCTAD). 2004. >i>World Investment Report: The Shift Towards Services.>/i> New York and Geneva: United Nations (available at >a target="_blank" href='http://www.unctad.org/Templates/WebFlyer.asp?intItemID=3235&lang=1'> http://www.unctad.org/Templates/WebFlyer.asp?intItemID=3235&lang=1>/a> 49 Vernon, R. 1966. "International Investment and International Trade in the Product Cycle." >i>Quarterly Journal of Economics>/i> 80, no. 2: 190-207. 50 Welfens, P.J. 1993. "The Growth of the Private Sector: Privatization and Foreign Direct Investment in Eastern Europe." In >i>Overcoming the Transformation Crisis>/i>, ed. H. Siebert, pp. 119-166. Tubingen: J.C.B. Mohr. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:3:p:29-59 Template-Type: ReDIF-Article 1.0 Author-Name: Zbigniew Matkowski Author-X-Name-First: Zbigniew Author-X-Name-Last: Matkowski Author-Name: Mariusz Próchniak Author-X-Name-First: Mariusz Author-X-Name-Last: Próchniak Title: Economic Convergence Between the CEE-8 and the European Union Abstract: This paper analyzes the real economic convergence between the new EU entrants in Central and Eastern Europe (CEE-8) and the EU core (EU-12 or EU-15). It includes new estimates on the speed of income-level convergence and new findings about the conformity of cyclical changes. The results offer further evidence of continuous progress in real economic convergence between Central and Eastern Europe and the European Union. Journal: Eastern European Economics Pages: 59-76 Issue: 1 Volume: 45 Year: 2007 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=64K7646313726361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Artis, M.; M. Marcellino; and T. Proietti. 2005. "Business Cycles in the New EU Member Countries and Their Conformity with the Euro Area." >i>Journal of Business Cycle Measurement and Analysis>/i> 2, no. 1: 7-41. 2 Babetskii, I.; L. Boone; and M. Maurel. 2004. "Exchange Rate Regimes and Shocks Asymmetry: The Case of the Accession Countries." >i>Journal of Comparative Economics>/i> 32, no. 2 (June): 212-229. 3 Barro, R., and X. Sala-i-Martin. 2003. >i>Economic Growth>/i>. Cambridge, MA: MIT Press. 4 Ben-David, D. 2000. "Trade, Growth and Disparity Among Nations." In >i>Income Disparity and Poverty>/i>, ed. World Trade Organization, Special Study 5, pp. 11-42. Geneva: World Trade Organization. 5 Boone, L., and M. Maurel. 1998. "Economic Convergence of the CEECs with the EU." Centre for Economic Policy Research Discussion Paper 2018, London. 6 Brada, J.C., and A.M. Kutan. 2001. "The Convergence of Monetary Policy Between Candidate Countries and the European Union." >i>Economic Systems>/i> 25, no. 3 (September): 215-231. 7 Breuss, F. 2001. "Macroeconomic Effects of EU Enlargement for Old and New Members." Austrian Institute of Economic Research (WIFO) Working Paper 143, Vienna. 8 Cole, M.A., and E. Neumayer. 2003. "The Pitfalls of Convergence Analysis: Is the Income Gap Really Widening?" >i>Applied Economics Letters>/i> 10, no. 6 (May): 355-357. 9 Darvas, Z., and G. Szapáry. 2004. "Business Cycle Synchronization in the Enlarged EU: Comovements in the (Soon-to-Be) New and Old Members." Magyar Nemzeti Bank Working Paper 2004-1, Budapest. 10 de la Fuente, A. 2003. "Convergence Equations and Income Dynamics: The Sources of OECD Convergence, 1970-1995." >i>Economica>/i> 70, no. 280 (November): 655-671. 11 Dowrick, S., and J. Quiggin. 1997. "True Measures of GDP and Convergence." >i>American Economic Review>/i> 87, no. 1 (March): 41-64. 12 Doyle, P.; L. Kuijs; and G. Jiang. 2001. "Real Convergence to EU Income Levels: Central Europe from 1990 to the Long Term." Working Paper 01/146, International Monetary Fund, Washington, DC. 13 Estrin, S.; G. Urga; and S. Lazarova. 2001. "Testing for Ongoing Convergence in Transition Economies, 1970 to 1998." >i>Journal of Comparative Economics>/i> 29, no. 4 (December): 677-691. 14 European Bank for Reconstruction and Development (EBRD). 2003. >i>Transition Report 2003: Integration and Regional Cooperation>/i>. London. 15 European Bank for Reconstruction and Development (EBRD). 2005. >i>Transition Report 2005: Business in Transition>/i>. London. 16 European Commission. 2001. "The Economic Impact of Enlargement." Enlargement Paper 4, Brussels. 17 European Economic Advisory Group (EEAG). 2004. >i>Report on the European Economy 2004>/i>. Munich: CESifo. 18 Fidrmuc, J., and I. Korhonen. 2001. "Similarity of Supply and Demand Shocks Between the Euro Area and the Accession Countries." >i>Focus on Transition>/i> 2: 26-42. 19 Fidrmuc, J., and I. Korhonen. 2003. "Similarity of Supply and Demand Shocks Between the Euro Area and the CEECs." >i>Economic Systems>/i> 27, no. 3 (September): 313-334. 20 Fidrmuc, J., and I. Korhonen. 2004. "The Euro Goes East: Implications of the 2000-2002 Economic Slowdown for Synchronisation of Business Cycles Between the Euro Area and CEECs." >i>Comparative Economic Studies>/i> 46, no. 1 (March): 45-62. 21 Hagemann, H. 2004. "The Macroeconomics of Accession: Growth, Convergence and Structural Adjustment." >i>Structural Change and Economic Dynamics>/i> 15, no. 1 (March): 1-12. 22 Havrylyshyn, O. 2001. "Recovery and Growth in Transition: A Decade of Evidence." >i>IMF Staff Papers>/i> 48 (Special Issue): 53-87. 23 Horvath, J., and A. Rátfai. 2004. "Supply and Demand Shocks in Accession Countries to the Economic and Monetary Union." >i>Journal of Comparative Economics>/i> 32, no. 2 (June): 202-211. 24 International Monetary Fund (IMF). 2005a. >i>Direction of Trade Statistics>/i>. Washington, DC. 25 International Monetary Fund (IMF). 2005b. >i>World Economic Outlook Database>/i>. Washington, DC: IMF. 26 Kaitila, V. 2004. "Convergence of Real GDP Per Capita in the EU15: How Do the Accession Countries Fit In?" European Network of Economic Policy Research Institutes Working Paper 25, Brussels. 27 Kejak, M.; S. Seiter; and D. Vávra. 2004. "Accession Trajectories and Convergence: Endogenous Growth Perspective." >i>Structural Change and Economic Dynamics>/i> 15, no. 1 (March): 13-46. 28 Ko&ccar;enda, E. 2001. "Macroeconomic Convergence in Transition Countries." >i>Journal of Comparative Economics>/i> 29, no. 1 (March): 1-23. 29 Korhonen, I. 2003. "Some Empirical Tests on the Integration of Economic Activity Between the Euro Area and the Accession Countries: A Note." >i>Economics of Transition>/i> 11, no. 1 (March): 177-196. 30 Krugman, P. 1991. >i>Geography and Trade>/i>. Cambridge, MA: MIT Press. 31 Kutan, A.M., and T.M. Yigit. 2004. "Nominal and Real Stochastic Convergence of Transition Economies." >i>Journal of Comparative Economics>/i> 32, no. 1 (March): 23-36. 32 Kutan, A.M., and T.M. Yigit. 2005. "Real and Nominal Stochastic Convergence: Are the New EU Members Ready to Join the EuroZone?" >i>Journal of Comparative Economics>/i> 33, no. 2 (June): 387-400. 33 Lejour, A.M.; R.A. de Mooij; and R. Nahuis. 2001. "EU Enlargement: Economic Implications for Countries and Industries." Central Planbureau (CBP) Document no. 011, The Hague. 34 Lucas, R.E. 1988. "On the Mechanics of Economic Development." >i>Journal of Monetary Economics>/i> 22, no. 1 (July): 3-42. 35 Mankiw, N.G.; D. Romer; and D.N. Weil. 1992. "A Contribution to the Empirics of Economic Growth." >i>Quarterly Journal of Economics>/i> 107, no. 2 (May): 407-437. 36 Marini, M. 2003. "Convergence of Candidate Countries to European Union: An Analysis on Industrial Production Index Using Dynamic Factor Model." Paper presented at Eurostat Colloquium on Modern Tools for Business Cycle Analysis, Luxembourg. 37 Martín, C.; F.J. Velazquez; and B. Funck. 2001. "European Integration and Income Convergence. Lessons for Central and Eastern European Countries." World Bank Technical Paper 514, Washington, DC. 38 Matkowski, Z. 2004. "Postsocialist Countries: Macroeconomic Performance, Growth Prospects, and Social Welfare." >i>Eastern European Economics>/i> 42, no. 3 (May-June): 44-80. 39 Matkowski, Z. 2005. "Macroeconomic Performance in Transition Countries." In >i>Economic Tendency Surveys and Cyclical Indicators: Polish Contribution to the 27th CIRET Conference>/i>, ed. E. Adamowicz and J. Klimkowska, pp. 285-323. Warsaw: Warsaw School of Economics. 40 Matkowski, Z., and M. Próchniak. 2004a. "Convergence of the Economic Development of Post-Socialist Countries and the European Union." In >i>New Europe: Report on Transformation>/i> (XIV Economic Forum, September 9-11), ed. D. Rosati, pp. 121-131. Warsaw: Institute for Eastern Studies. 41 Matkowski, Z., and M. Próchniak. 2004b. "Economic Convergence in the EU Accession Countries." In >i>Composite Indicators of Business Activity for Macroeconomic Analysis>/i>, ed. Z. Matkowski, pp. 405-425. Warsaw: Warsaw School of Economics. 42 Matkowski, Z., and M. Próchniak. 2004c. "Real Economic Convergence in the EU Accession Countries." >i>International Journal of Applied Econometrics and Quantitative Studies>/i> 1, no. 3 (July-September), 5-38. 43 Matkowski, Z., and M. Próchniak. 2005a. "Convergence of the Economic Growth of Accession Countries in Relation to the European Union." In >i>New Europe: Report on Transformation>/i> XV Economic Forum, September 7-11, ed. D. Rosati, pp. 149-162. Warsaw: Institute for Eastern Studies. 44 Matkowski, Z., and M. Próchniak. 2005b. "Real Economic Convergence in the EU Accession Countries." In >i>Economic Tendency Surveys and Cyclical Indicators. Polish Contribution to the 27th CIRET Conference>/i>, ed. E. Adamowicz and J. Klimkowska, pp. 258-284. Warsaw: Warsaw School of Economics. 45 Organization for Economic Cooperation and Development (OECD). >i>Main Economic Indicators>/i>. Paris. 46 Romer, P.M. 1986. "Increasing Returns and Long-Run Growth." >i>Journal of Political Economy>/i> 94, no. 5 (October): 1002-1037. 47 Romer, P.M. 1990. "Endogenous Technological Change." >i>Journal of Political Economy>/i> 98, no. 5 (October): S71-S102. 48 Sarajevs, V. 2001. "Convergence of European Transition Economies and the EU: What Do the Data Show?" Bank of Finland Institute for Economies in Transition (BOFIT) Discussion Paper 13, Helsinki. 49 Solow, R.M. 1956. "A Contribution to the Theory of Economic Growth." >i>Quarterly Journal of Economics>/i> 70, no. 1 (February): 65-94. 50 Viner, J. 1950. >i>The Custom Union Issue>/i>. New York: Carnergie Endowment for International Peace. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:1:p:59-76 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 43 Year: 2005 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HBH8UM26KRNW8VXP File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:43:y:2005:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: JØRGEN DRUD HANSEN Author-X-Name-First: JØRGEN DRUD Author-X-Name-Last: HANSEN Author-Name: MORTEN SKAK Author-X-Name-First: MORTEN Author-X-Name-Last: SKAK Title: The German Growth Miracle : A Lesson for Poland? Abstract: After the disaster of World War II, the Federal Republic of Germany experienced impressive growth for more than two decades. From a level of per capita income below half of the leading industrial nation, the United States, in 1950, the Federal Republic narrowed the income gap to about 80 percent over the following twenty years. This article discusses the possibilities and needed economic policy for a similar catch-up of Poland's living standards with those of the European Union over the next two decades. The conditions for the German growth miracle in the 1950s and 1960s are analyzed, and structural similarities with and differences from the present Polish economy are identified. It is concluded that no determinism exists. The Polish economy may have the potential for strong growth, but this potential will only be realized if Poland succeeds in creating a growth-promoting environment. Journal: Eastern European Economics Pages: 81-98 Issue: 3 Volume: 42 Year: 2004 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YWBCTQY30HCGG7TA File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Cohen, D. 1991. The Solvency of Eastern Europe, European Economy: The Path of Reform in Central and Eastern Europe, Special edition no. 2. Commission of the European Communities, Brussels. 2 EU Commission. 1993. European Economy, no. 54. Luxembourg. 3 ------. 2002. 2002 Regular Report on Poland's Progress Towards Accession. Economic Directorate, Brussels. 4 Fisher, S.; R. Sahay; and C.A. Végh. 1998. "From Transition to Market. Evidence and Growth Prospects." International Monetary Fund Working Paper 98/52. Washington, DC. 5 Gros, D., and A. Steinherr. 1995. Winds of Change: Economic Transition in Central and Eastern Europe. London: Longman. 6 Havrylyshyn, O. 2001. "Recovery and Growth in Transition: A Decade of Evidence." International Monetary Fund Staff Papers, vol. 48, Special issue. 7 Krengel, R. 1958. "Anlagevermögen, Produktion und Beschäftigung der Industrie im Gebiet der Bundesrepublik von 1924 bis 1956" [Fixed Assets, Production, and Capacity Utilization in the Federal Republic from 1924 to 1956]. Sonderhefte Neue Folge, no. 42, vol. A: Forschung [Research]. Berlin: Deutsches Institut für Wirtschaftsforschung. 8 McCombie, J.S.L., and A.P. Thirlwall. 1994. Economic Growth and the Balance-of-Payments Constraint. London: Macmillan Press. 9 Olson, M., Jr. 1996. "Big Bills Left on the Sidewalk: Why Some Nations Are Rich, and Others Poor: Distinguished Lecture on Economics in Government." Journal of Economic Perspectives, no. 10: 3-24. 10 Orazem P.F., and M. Vodopivec. 1997. "Value of Human Capital in Transition to Market: Evidence from Slovenia," European Economic Review 41: 893-903. 11 Rollo, J.M.C., and J. Stern. 1992. Growth and Trade Prospects for Central and Eastern Europe. London: NERA. 12 Rutkowski, J. 1996. "High Skills Pay Off: The Changing Wage Structure during Economic Transition in Poland." Economics of Transition 4: 89-111. 13 Sheehy, J. 1994. "CEE's Growth Prospects for the GDP and Manufacturing Trade with the EC-A Short Literature Survey in European Economy, the Economic Interpenetration between the European Union and Eastern Europe." Reports and Studies, no. 6. EU Commission, Brussels. 14 Statistiches Bundesamt. 1992. Lange Reihen zur Wirtschaftsentwicklung. Wiesbaden. 15 United Nations: Economic Commission for Europe (UN/ECE). Economic Survey of Europe 2002, no. 1. New York. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:81-98 Template-Type: ReDIF-Article 1.0 Author-Name: OLDØICH DÌDEK Author-X-Name-First: OLDØICH Author-X-Name-Last: DÌDEK Title: Adopting the Euro: Brake on or Engine for True Convergence? Abstract: This article examines the desirability of the Czech Republic's adoption of the euro as its currency shortly after joining the European Union (EU). The author stresses that the theory of optimum currency areas merely provides guidelines for evaluating the costs and benefits of such a decision, but it does not provide quantitative criteria. Moreover, while the benefits are obvious, the costs are in some ways both vague and embedded in an environment that is either archaic or hypothetical. The author thus suggests that the Czech Republic should adopt the euro as its currency as soon after accession to the EU as possible. Journal: Eastern European Economics Pages: 45-62 Issue: 2 Volume: 42 Year: 2004 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=MAENDG7F89320UG6 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Èihák, M., and T. Holub. 2001. "Cenová konvergence k EU-pár nezodpovìzených otázek" [Price Convergence with the EU: A Couple of Unanswered Questions]. Finance a úvìr, no. 6: 331-49. 2 Grauwe, De P. 1994. The Economics of Monetary Integration. Oxford: Oxford University Press. 3 Gross, D., and N. Thygesen. 1992. European Monetary Integration. London: Longman. 4 Hochreiter, E. 1995. "Austrian Exchange Rate Policy and European Monetary Integration Selected Issues." Working Papers 19, Oesterreichische Nationalbank. 5 Janáèková, S. 2002. "Rozšiøování eurozóny: nìkterá rizika pro dohánìjící zemì" [Eurozone Expansion: Certain Risks for Countries Catching Up]. Politická ekononie, no. 6, 759-79. 6 Mundell, R.A. 1961. "A Theory of Optimum Currency Areas." American Economic Review 51: 657-65. 7 ------. 2002. "Interview." Central Banking, no. 4: 19-26. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:2:p:45-62 Template-Type: ReDIF-Article 1.0 Author-Name: Nivelin Noev Author-X-Name-First: Nivelin Author-X-Name-Last: Noev Title: Contracts and Rental Behavior in the Bulgarian Land Market: An Empirical Analysis Abstract: This paper investigates the development of the land rental market in Bulgaria and how different factors affect contracting and land renting decisions of landowners and farmers. Our results reveal that contract conditions and property rights significantly affect land rental activities as well as other important household socioeconomic characteristics, given the imperfect access of rural households to capital and labor markets. Journal: Eastern European Economics Pages: 43-74 Issue: 4 Volume: 46 Year: 2008 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W44413536120612W File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Alchian, A., and H. Demsetz. 1972. "Production, Information Costs, and Economic Organization." >i>American Economic Review>/i> 62 (December): 777-795. 2 Allen, D., and D. Lueck. 2002. >i>The Nature of the Farm: Contracts, Risk, and Organization in Agriculture.>/i> Cambridge, MA: MIT Press. 3 Bell, C., and C. Sussangkarn. 1988. "Rationing and Adjustment in the Market for Tenancies: The Behavior of Landowning Households in Thanjavur District." >i>American Journal of Agricultural Economics>/i> 70, no. 4: 779-789. 4 Binswanger, H., and M. Rosenzweig. 1986. "Behavioral and Material Determinants of Production Relations in Agriculture." >i>Journal of Development Studies>/i> 22, no. 3: 503-539. 5 Binswanger, H.; K. Deininger; and G. Feder. 1995. "Power Distortions, Revolt, and Reform in Agricultural Land Relations." In >i>Handbook of Development Economics>/i>, vol. 3B, ed. J. Behrman and T. N. Srinivasan, ch. 42. New York: Elsevier. 6 Blundell, R., and C. Meghir. 1987. "Bivariate Alternatives to the Tobit Model." >i>Journal of Econometrics>/i> 34, nos. 1-2: 179-200. 7 Cheung, S. 1969. "Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements." >i>Journal of Law and Economics>/i> 12, no. 2: 23-42. 8 Coase, R. 1937. "The Nature of the Firm." >i>Economica>/i> 4, no. 16: 386-405. 9 Cragg, J. G. 1971. "Some Statistical Models for Limited Dependent Variables with Applications to the Demand for Durable Goods." >i>Econometrica>/i> 39: 829-844. 10 Csaki, C.; J. Nash; A. Fock; and K. Holger. 2000. "Food and Agriculture in Bulgaria: The Challenge of Preparing for EU Accession." World Bank Technical Paper no. 481, Europe and Central Asia Environmentally and Socially Sustainable Development Series, World Bank, Washington, DC. 11 Deininger, K. 2002. >i>Land Policy and Administration: Lessons Learned and New Challenges for the Bank's Development Agenda.>/i> Washington, DC: World Bank. 12 Deininger, K., and G. Feder. 1998. "Land Institutions and Land Markets." Policy Research Working Paper no. 2014, World Bank, Washington, DC. 13 Eswaran, M., and A. Kotwal. 1985. "A Theory of Contractual Structure in Agriculture." >i>American Economic Review>/i> 75, no. 3: 352-367. 14 Eswaran, M., and A. Kotwal. 1986. "Access to Capital and Agrarian Production Organization." >i>Economic Journal>/i> 96 (June): 482-498. 15 European Commission. 1998. >i>Agricultural Situation and Prospects in the Central and Eastern European Countries.>/i> Summary Report. Brussels: Commission of the European Communities, Directorate General for Agriculture. 16 Feder, G. 1985. "The Relation Between Farm Size and Farm Productivity: The Role of Family Labor, Supervision, and Credit Constraints." >i>Journal of Development Economics>/i> 18: 297-313. 17 Heckman, J. 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection, and Limited Dependent Variables and a Simple Estimator for Such Models." >i>Annals of Economic and Social Measurement>/i> 5, no. 4: 475-492. 18 Heckman, J. 1979. "Sample Selection Bias as a Specification Error." >i>Econometrica>/i> 47, no. 1: 153-161. 19 Holmstrom, B. 1979. "Moral Hazard and Observability." >i>Bell Journal of Economics>/i> 10, no. 1: 74-91. 20 Huffman, W. E., and R. E. Just. 2004. "Implications of Agency Theory for Optimal Land Tenure Contracts." >i>Economic Development and Cultural Change>/i> 52, no. 3: 617-642. 21 Jackson, M. 1991. "The Dangers of Procrastination in the Transition from Socialism to Capitalism." Report on Eastern Europe, LICOS-Centre for Transition Economics, Katholieke Universiteit Leuven, Leuven, Belgium, April 12. 22 Kung, J. K. 2002. "Choice of Land Tenure in China: The Case of a County with Quasi-Private Property Rights." >i>Economic Development and Cultural Change>/i> 50, no. 4: 793-817. 23 Macours, K. 2002. "Insecurity of Property Rights and Matching in the Tenancy Market." Paper presented at the tenth EAAE congress, "Exploring Diversity in the European Agri-Food System," Zaragoza, Spain, August. 24 Mathijs, E., and J. F. M. Swinnen. 1998. "The Economics of Agricultural Decollectivization in East Central Europe and the Former Soviet Union." >i>Economic Development and Cultural Change>/i> 47: 1-26. 25 Milgrom, P., and J. Roberts. 1992. >i>Economics, Organization, and Management.>/i> Upper Saddle River, NJ: Prentice Hall. 26 Ministry of Agriculture and Forestry. 2002. "Annual Agricultural Report 2002." Sofia, Bulgaria. 27 National Statistical Institute. >i>Statistical Yearbook>/i>, various issues, Sofia. 28 Noev, N. 2006. "The Bulgarian Wine Sector: Policy Issues and Implications After Fifteen Years of Transition." >i>Journal of Wine Research>/i> 17, no. 2: 73-93. 29 Noev, N.; J. Swinnen; and L. Vranken. 2004. "Development of Land Rental Markets in Bulgaria and Macedonia." Food and Agriculture Organization of the United Nations, Rome. 30 Riddell, J. 1999. "Agricultural Land Rents and Development of Effective Land Registration Systems in Central and Eastern Europe." Paper presented at the second EU accession workshop in the rural sector, "Structural Change in the Farming Sectors of Central and Eastern Europe," Warsaw, Poland, June 27-29. 31 Rizov, M.; D. Gavrilescu; H. Gow; E. Mathijs; and J. Swinnen. 2001. "Transition and Enterprise Reorganization: Farm Restructuring in Romania." >i>World Development>/i> 29, no. 7: 1257-1274. 32 Stiglitz, J. 1974. "Incentives and Risk Sharing in Sharecropping." >i>Review of Economic Studies>/i> 41: 219-256. 33 Swinnen, J. 1997. "On Liquidation Councils, Flying Troikas, and Orsov Cooperatives: The Political Economy of Agricultural Reform in Bulgaria." In >i>Political Economy of Agrarian Reform in Central and Eastern Europe>/i>, ed. J. Swinnen, pp. 129-158. Aldershot, UK: Ashgate. 34 Swinnen, J. 2002. "Political Reforms, Rural Crises and Land Tenure." >i>Food Policy>/i> 27, no. 4: 371-394. 35 Vranken, L., and J. F. M. Swinnen. 2006. "Land Rental Markets in Transition: Theory and Evidence from Hungary." >i>World Development>/i> 34, no. 3: 481-500. 36 Williamson, O. 1979. "Transaction Cost Economics: The Governance of Contractual Relations." >i>Journal of Law and Economics>/i> 22, no. 2: 233-261. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:4:p:43-74 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Kiss Author-X-Name-First: Eva Author-X-Name-Last: Kiss Title: Foreign Direct Investment in Hungary: Industry and Its Spatial Effects Abstract: Foreign direct investment (FDI) has played a relevant role in the economic transformation of postsocialist countries, among which Hungary was one of the most attractive targets for foreign investors. This paper examines the major characteristics of FDI and enterprises of foreign interest with particular regard to industry, always an important sector for foreign investors. The spatial effects of FDI on the Hungarian economy, especially on the industrial sector, are also discussed. The future of Hungarian industry and its spatial structure, respectively, depend to a large extent on foreign capital flows and on the decisions and strategies of transnational corporations. It is also obvious that this extreme dependence is a characteristic feature of not only Hungary and the Hungarian economy, but of other postsocialist countries as well. Journal: Eastern European Economics Pages: 6-28 Issue: 1 Volume: 45 Year: 2007 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M1G734K7J14L4356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Artisien-Maksimenko, P., and M. Rojec. 2001. "Multinationals in Eastern Europe: An Overview." In >i>Multinationals in Eastern Europe>/i>, ed. P. Artisien-Maksimenko and M. Rojec, pp. 3-10. London: Macmillan. 2 Bálint, A. 2003. "Hozzák vagy viszik?" [Is It Brought or Taken?] Figyelő (October 23-29): 53-57. 3 Baráth, G.; B. Molnár; and Á. Szépvölgyi. 2001. "A külföldi működő tőke szerepe a Közép-Dunántúl átalakuló gazdaságába" [The Role of Foreign Capital in the Economic Transition of Southern Transdanubia]. >i>Tér és Társadalom>/i> 14, no. 2: 183-200. 4 Central Statistical Office. 1994. "Foreign Direct Investment in Hungary." Budapest. 5 Central Statistical Office. 1994. Various issues. >i>Regional Statistical Yearbook>/i>. Budapest. 6 Central Statistical Office. 1994. Various issues. >i>Statistical Yearbook of Hungary>/i>. Budapest. 7 Dicken, P. 1999. >i>Global Shift: Transforming the World Economy>/i>. London: Chapman. 8 Dicken, P.; J. Quévit; H. Savary; and D.C. Nauwelaers. 1994. "Strategies of Transnational Corporations and European Regional Restructuring: Some Conceptual Bases." In >i>Transnational Corporations and European Regional Restructuring>/i>, ed. P. Dicken and J. Quévit, pp. 9-29. Utrecht: Utrecht University. 9 Giddens, A. 1997. >i>Szociológia>/i> [Sociology]. Budapest: Osiris Kiadó. 10 Hamar, J. 1999. "A külföldi mőködő tőke beáramlásának területi és szektorális jellemzői Magyarországon" [Spatial and Structural Characteristics of FDI Inflow in Hungary]. >i>Műhelytanulmányok>/i> 59, no. 31: 53. 11 Horváth, L. 1996. "A külföldi működő tőke beáramlása Közép-Kelet-Európába" [FDI Inflow in East Central Europe]. >i>Bankszemle>/i> 40, no. 1: 30-39. 12 Kiss, E. 1999. "Recent Organizational Changes in Hungarian Industry and Their Effects." >i>Eastern European Economics>/i> 37, no. 3 (May-June): 34-58. 13 Kiss, E. 2002. "A magyar ipar térszerkezeti változásai" [Spatial Structural Changes of the Hungarian Industry]. >i>Földrajzi Értesítő>/i> 51, nos. 3-4: 347-365. 14 Peck, J., and H. Wai-chung Yeung, eds. 2003. >i>Remaking the Global Economy: Economic-Geographical Perspectives>/i>. London and Delhi: Sage. 15 Seliger, B. 2004. "The Impact of Globalization. Changes and Risks for Russia as a Transformation Country." >i>Eastern European Economics>/i> 42, no. 1 (January-February): 5-24. 16 Shatz, H.J., and A.J. Venables. 2002. "The Geography of International Investment." In >i>Economic Geography>/i>, ed. G.L. Clark, M.P. Feldman, and M. Gertler, pp. 125-146. Oxford: Oxford University Press. 17 Siebert, H. 2002. >i>The World Economy>/i>. London and New York: Routledge. 18 Simai, M. 2002. "Globalizáció és regionális együttműködés a XXI: század elején" [Globalization and Regional Cooperation in the Beginning of the Twenty-First Century]. In >i>Európai integrációs alapismeretek>/i>, ed. A. Szerk, pp. 41-66. Budapest: Aula Kiadó. 19 Szalavetz, A. 2000. "A külföldi tőkebefektetések regionális hatásai" [Regional Impacts of Foreign Direct Investment]. >i>Kihívások>/i> no. 128: 12. 20 United Nations Conference on Trade and Development (UNCTAD). 2004. "World Investment Report: The Shift Towards Services." New York. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:1:p:6-28 Template-Type: ReDIF-Article 1.0 Author-Name: EMIL ERJAVEC Author-X-Name-First: EMIL Author-X-Name-Last: ERJAVEC Author-Name: TREVOR DONNELLAN Author-X-Name-First: TREVOR Author-X-Name-Last: DONNELLAN Author-Name: STANE KAVCIC Author-X-Name-First: STANE Author-X-Name-Last: KAVCIC Title: Outlook for CEEC Agricultural Markets After EU Accession Abstract: This paper describes the development of modeling tools to simulate the effects of agricultural policy changes in new member states (NMSs) of the European Union and presents results of a modeling exercise. Partial equilibrium models simulate policy change scenarios, such as accession to the European Union, as well as other policy developments and external conditions, such as changes in exchange or economic growth rates. Results show the effects of policy change on the main agricultural product markets for a ten-year horizon. In particular, NMSs gain from higher prices and budgetary support. Projections for most sectors show real improvements on recent production levels, but less so when compared with the production of the late 1980s and early 1990s. Accession supports orientation toward crop production, for which Central and East European countries (CEECs) become important net exporters. Livestock production would also benefit from accession, with beef and pork most likely to exhibit appreciable growth, driven by higher, postaccession prices. Production growth in the dairy sector is more limited under the accession scenario than under the baseline, due to milk quota introduction. Scenario results indicate that, in the aggregate, CEEC agriculture has less favorable growth potential if it remains outside the European Union and retains the policy instruments in place before accession. Journal: Eastern European Economics Pages: 83-103 Issue: 1 Volume: 44 Year: 2006 Month: 2 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DQWGDP6JMP0RUWRN File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Banse, M. 2000. "Macroeconomic Implications of EU Accession." In Central and Eastern European Agriculture in an Expanding European Union, ed. S. Tangerman and M. Banse, pp. 133-156. Wallingford, UK: CAB International. 2 European Commission. 2003. "Treaty Concerning the Accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic to the European Union" (available at europa.eu.int/comm/enlargement/negotiations/treaty_of_accession_2003/index .htm). 3 Hanrahan, K.F. 2001. The EU GOLD model 2.1: An Introductory Manual. Dublin: Teagasc, Rural Economy Research Centre. 4 Münch, W. 2000. "Effects of CEEC-EU accession on agricultural markets in the CEEC and on government expenditure." In Central and Eastern European Agriculture in an Expanding European Union, ed. S. Tangerman and M. Banse, pp. 113-132. Wallingford, UK: CAB International. 5 Organization for Economic Cooperation and Development (OECD). 2002. Agricultural Policies in Transition Economies: Trends in Policies and Support. Paris. 6 Swinnen, J. 2000. "Agricultural Structures and Institutions Within Central and Eastern European Countries." In Agricultural Policy and Enlargement of the European Union, ed. A. Burell and A. Oskam, pp. 189-200. Wageningen: Wageningen Press. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:1:p:83-103 Template-Type: ReDIF-Article 1.0 Author-Name: Marco Stampini Author-X-Name-First: Marco Author-X-Name-Last: Stampini Author-Name: Calogero Carletto Author-X-Name-First: Calogero Author-X-Name-Last: Carletto Author-Name: Benjamin Davis Author-X-Name-First: Benjamin Author-X-Name-Last: Davis Title: International Migration from Albania: The Role of Family Networks and Previous Experience Abstract: This paper analyzes the sweeping evolution of Albanian migration since 1990, classifying the phenomenon by destination (toward Greece or other countries) and type (temporary or permanent). Using data from the 2002-3 Living Standards Measurement Study (LSMS) panel data set and the 2001 Housing and Population Census, we show first that the profile of migrants has evolved over time, with the phenomenon spreading to less-educated individuals and to poorer regions of the country. Second, we show that family migration networks and previous personal experience, in conjunction with other individual and household characteristics, are the primary determinants of the decision to migrate. The role of migration networks and personal previous experience varies by type and destination of international migration. Journal: Eastern European Economics Pages: 50-87 Issue: 2 Volume: 46 Year: 2008 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G336P5633653V1H8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Arrehag, L.; Ö. Sjöberg; and M. Sjöblom. 2006. "Post-Communist Cross-Border Migration in South-Eastern Albania: Who Leaves? Who Stays Behind?" >i>Journal of Ethnic and Migration Studies>/i> 32, no. 3: 377-402. 2 Azzarri, C.; G. Carletto; B. Davis; and A. Zezza. 2006. "Choosing to Migrate or Migrating to Choose: The Impact of Migration on Labor Choices in Albania." Food and Agriculture Organization of the United Nations, Rome. 3 Barjaba, K. 2000. "Contemporary Patterns in Albanian Emigration." >i>South-East Europe Review>/i> 3, no. 2: 57-64. 4 Blau, F. D., and L. M. Kahn. 2000. "Gender Differences in Pay." >i>Journal of Economic Perspectives>/i> 14, no. 4: 75-99. 5 Boyd, M. 1989. "Family and Personal Networks in International Migration: Recent Developments and New Agendas." >i>International Migration Review>/i> 23, no. 3: 638-671. 6 Carletto, G.; B. Davis; and M. Stampini. 2005. "Familiar Faces, Familiar Places: The Role of Family Networks and Previous Experience for Albanian Migrants." Agricultural and Development Economics Division Working Paper no. 05-03, Food and Agriculture Organization of the United Nations, Rome. 7 Carletto, C.; B. Davis; M. Stampini; and A. Zezza. 2006. "Internal Mobility and International Migration in Albania." >i>International Migration Review>/i> 40, no. 4: 767-785. 8 Castaldo, A.; J. Litchfield; and B. Reilly. 2005. "Who Is Most Likely to Migrate from Albania? Evidence from the Albania Living Standards Measurement Survey." Development Research Center on Migration, Globalization, and Poverty Working Paper T11, University of Sussex, Brighton. 9 Cavounidis, J. 2004. "Migration to Greece from the Balkans." >i>South-Eastern Europe Journal of Economics>/i> 2, nos. 1-2: 35-59. 10 Collinson, M.; S. Tollman; K. Kahn; and S. Clark. 2003. "Highly Prevalent Circular Migration: Households, Mobility and Economic Status in Rural South Africa." Paper presented at a conference on African migration in comparative perspective, Johannesburg, South Africa, June 4-7. 11 Coppel, J.; J.-C. Dumont; and I. Visco. 2001. "Trends in Immigration and Economic Consequences." OECD Economic Department Working Paper no. 284, Paris. 12 Coulon, A. de, and M. Piracha. 2005. "Self-Selection and the Performance of Return Migrants: The Source-Country Perspective." >i>Journal of Population Economics>/i> 18, no. 4: 779-807. 13 Davis, B., and P. Winters. 2001. "Gender, Networks, and Mexico-US Migration." >i>Journal of Development Studies>/i> 38, no. 2: 1-26. 14 Davis, B.; G. Stecklov; and P. Winters. 2002. "Domestic and International Migration from Rural Mexico: Disaggregating the Effects of Network Structure and Composition." >i>Population Studies>/i> 56, no. 3: 291-309. 15 De Soto, H.; P. Gordon; I. Gedeshi; and Z. Sinoimeri. 2002. "Poverty in Albania: A Qualitative Assessment." World Bank Technical Paper no. 520, Washington, DC. 16 de Zwager, N.; I. Gedeshi; E. Germenji; and C. Nikas. 2005. >i>Competing for Remittances.>/i> Tirana, Albania: International Organization for Migration. 17 Djamba, Y.; A. Goldstein; and S. Goldstein. 1999. "Permanent and Temporary Migration in Viet Nam During a Period of Economic Change." >i>Asia-Pacific Population Journal>/i> 14, no. 3: 25-48. 18 Espinosa, K., and D. S. Massey. 1999. "Undocumented Migration and the Quantity and Quality of Social Capital." In >i>Migration and Transnational Social Spaces>/i>, ed. L. Pries, pp. 106-137. Aldershot, UK: Ashgate. 19 Galanxhi, E.; E. Misja; D. Lameborshi; M. Lerch; P. Wanner; and J. Dahinden. 2003. "Migration in Albania." Instituti Shqiptar I Statistikës (INSTAT; Albanian Institute of Statistics) and Swiss Forum for Migration and Population Studies, Neuchatel, Switzerland. 20 Gammeltoft, P. 2002. "Remittances and Other Financial Flows to Developing Countries." >i>International Migration>/i> 40, no. 5: 181-211. 21 Gedeshi, I. 2002. "Role of Remittances from Albanian Emigrants and Their Influence in the Country's Economy." >i>Eastern European Economics>/i> 40, no. 5: 49-72. 22 Germenji, E.; I. Beka; and A. Sarris. 2001. "Estimating Remittance Functions for Rural-Based Albanian Emigrants." Phare ACE (Action for Cooperation in the Field of Economics) Project P97-8158-R, Microeconomic Analysis of Farm Restructuring in Central and Eastern Europe, Working Paper 2, Katholieke Universiteit Leuven, Belgium. 23 Germenji, E., and J. M. Swinnen. 2005. "Human Capital, Market Imperfections, Poverty, and Migration: Evidence from Albania." Lycos Discussion Paper no. 157, Katholieke Universiteit, Leuven. 24 Harris, J. R., and M. P. Todaro. 1970. "Migration, Unemployment and Development: A Two-Sector Analysis." >i>American Economic Review>/i> 60, no. 1: 126-142. 25 INSTAT. 2004. >i>Migration in Albania.>/i> Tirana. 26 Jarvis, C. 1999. "The Rise and Fall of the Pyramid Schemes in Albania." Working Paper no. 99/98, International Monetary Fund, Washington, DC. 27 Judge, G. G.; R. C. Hill; W. E. Griffiths; H. Lutkepohl; and T.-C. Lee. 1994. >i>The Theory and Practice of Econometrics.>/i> New York: John Wiley & Sons. 28 King, R. 2005. "Albania as a Laboratory for the Study of Migration and Development." >i>Journal of Southern Europe and the Balkans>/i> 7, no. 2: 133-155. 29 King, R.; N. Mai; and M. Dalipaj. 2003. >i>Exploding the Migration Myths.>/i> London: Fabian Society/Oxfam. 30 King, R., and J. Vullnetari. 2003. "Migration and Development in Albania." Development Research Center on Migration, Globalization, and Poverty Working Paper C5, Center for Migration Research, Sussex. 31 Levinson, A. 2005. "The Regularization of Unauthorized Migrants: Literature Survey and Country Case Studies." Report of the Center for Migration, Policy and Society, University of Oxford (available at >a target="_blank" href='http://www.compas.ox.ac.uk/publications/Regularisationprogrammes.sht ml'>www.compas.ox.ac.uk/publications/Regularisationprogrammes.shtml>/a> 32 Long, J. S., and J. Freese. 2005. >i>Regression Models for Categorical Outcomes Using Stata>/i>, 2d ed. College Station, TX: Stata Press. 33 Massey, D. S.; J. Arango; G. Hugo; A. Kouaouci; A. Pellegrino; J. E. Taylor. 1993. "Theories of International Migration: A Review and Appraisal." >i>Population and Development Review>/i> 19, no. 3: 431-466. 34 Massey, D. S., and K. E. Espinosa. 1997. "What's Driving Mexico-U. S. Migration? A Theoretical, Empirical, and Policy Analysis." >i>American Journal of Sociology>/i> 102, no. 4: 939-999. 35 Massey, D. S.; L. Goldring; and J. Durand. 1994. "Continuities in Transnational Migration: An Analysis of Nineteen Mexican Communities." >i>American Journal of Sociology>/i> 99, no. 6: 1492-1533. 36 McKenzie, D., and H. Rapoport. 2004. "Network Effects and the Dynamics of Migration and Inequality: Theory and Evidence from Mexico." Bureau for Research and Economic Analysis of Development Working Paper no. 063, Cambridge, MA. 37 Munshi, K. 2003. "Networks in the Modern Economy: Mexican Migrants in the U. S. Labor Market." >i>Quarterly Journal of Economics>/i> 118, no. 2: 549-599. 38 Papapanagos, H., and P. Sanfey. 2001. "Intention to Emigrate in Transition Countries: The Case of Albania." >i>Journal of Population Economics>/i> 14, no. 3: 491-504. 39 Pastore, F. 1998. "Conflicts and Migrations. A Case Study on Albania." Briefing for the Conflict Prevention Network of the European Commission, CESPI, Rome. 40 Rosenzweig, M. R., and O. Stark. 1989. "Consumption Smoothing, Migration, and Marriage: Evidence from Rural India." >i>Journal of Political Economy>/i> 97, no. 4: 905-926. 41 Ruiz-Arranz, M. 2005. "A Primer on the Poverty Situation in Albania—Albania: Selected Issues and Statistical Appendix." International Monetary Fund Country Report no. 05/90, Washington, DC, March. 42 Saltmarshe, D. 2001. >i>Identity in a Post-Communist Balkan State: An Albanian Village Study.>/i> Aldershot, UK: Ashgate. 43 Sjaastad, L. A. 1962. "The Costs and Returns of Human Migration." >i>Journal of Political Economy>/i> 70, no. 5: 80-93. 44 Stark, O. 1991. >i>The Migration of Labor.>/i> Cambridge: Basil Blackwell. 45 Stark, O., and D. E. Bloom. 1985. "The New Economics of Labor Migration." >i>American Economic Review>/i> 75, no. 2: 173-178. 46 Stark, O., and J. E. Taylor. 1986. "Testing for Relative Deprivation: Mexican Labour Migration." Discussion Paper no. 26, Center for Population Studies, Migration and Development Program, Harvard University, Cambridge. 47 Stark, O., and J. E. Taylor. 1989. "Relative Deprivation and International Migration." >i>Demography>/i> 26, no. 1: 1-14. 48 Stark, O.; J. E. Taylor; and S. Yitzhaki. 1986. "Remittances and Inequality." >i>Economic Journal>/i> 96, no. 383: 722-740. 49 Stark, O.; J. E. Taylor; and S. Yitzhaki. 1988. "Migration, Remittances and Inequality: A Sensitivity Analysis Using the Extended Gini Index." >i>Journal of Development Economics>/i> 28, no. 3: 309-322. 50 Stecklov, G.; P. Winters; M. Stampini; and B. Davis. 2005. "Do Conditional Cash Transfers Influence Migration? A Study Using Experimental Data from the Mexican PROGRESA Program." >i>Demography>/i> 42, no. 4: 769-790. 51 Taylor, J. E. 1986. "Differential Migration, Networks, Information and Risk." In >i>Migration, Human Capital, and Development>/i>, ed. O. Stark, pp. 147-171. Greenwich, CT: JAI Press. 52 Taylor, J. E. 1987. "Undocumented Mexico-U. S. Migration and the Returns to Households in Rural Mexico." >i>American Journal of Agricultural Economics>/i> 69, no. 3: 616-638. 53 Todaro, M. P. 1969. "A Model of Labor Migration and Urban Unemployment in Less-Developed Countries." >i>American Economic Review>/i> 59, no. 1: 138-148. 54 Winters, P.; A. de Janvry; and E. Sadoulet. 2001. "Family and Community Networks in Mexico-U. S. Migration." >i>Journal of Human Resources>/i> 36, no. 1: 159-184. 55 Zezza, A.; C. Carletto; and B. Davis. 2005. "Moving Away from Poverty: A Spatial Analysis of Poverty and Migration in Albania." >i>Journal of Southern Europe and Balkan Studies>/i> 7, no. 2: 175-193. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:2:p:50-87 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 45 Year: 2007 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4844186020688W05 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: MINSOO LEE Author-X-Name-First: MINSOO Author-X-Name-Last: LEE Author-Name: MUDZIVIRI NZIRAMASANGA Author-X-Name-First: MUDZIVIRI Author-X-Name-Last: NZIRAMASANGA Author-Name: SUNG K. AHN Author-X-Name-First: SUNG K. Author-X-Name-Last: AHN Title: Transformation Strategy and Economic Performance Hungary and Poland Abstract: We use monthly time series data for Poland and Hungary to assess the impact of differences in the pace of implementation of economic reforms. The selected policy variables are a measure of reforms in both the domestic and external sectors of the economy, and they also indicate the initial level of distortions. We use impulse response analysis to measure the effect of changes in the interest rate, the exchange rate, and the share of exports to the European Union on each other and on industrial production. Our results indicate that a faster rate of implementation results in a system that quickly adjusts to a new equilibrium. The exception for Poland is the impact of the interest rate on production, indicating that domestic reforms may not yet be complete. Our results show that, when compared with Hungary, faster reform implementation gives Poland more policy options in one sector with less destabilization in another. Journal: Eastern European Economics Pages: 25-42 Issue: 1 Volume: 42 Year: 2004 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BQXQ3KTY2C9E2EW6 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aghion, P., and O. Blanchard. 1994. "On the Speed of Transition in Central Europe." NBER Macroeconomic Annual 9: 283-320. National Bureau of Economic Research. 2 Ahn, S.K., and G.C. Reinsel. 1988. "Nested Reduced-Rank Autoregressive Models for Multiple Time Series." Journal of the American Statistical Association 83, no. 403 (September): 849-56. 3 Campos, Nauro F., and F. Coricelli. 2002. "Growth in Transition: What We Know, What We Don't, and What We Should." Journal of Economic Literature 40, no. 3 (September): 793-836. 4 Coricelli, F. 1998. Macroeconomic Policies and the Development of Markets in Transition Economies. Budapest: Central European University Press. 5 de Melo, M.; C. Denizer; and A. Gelb. 1996. "Patterns of Transition from Plan to Market." World Bank Economic Review 10, no. 3 (September): 397-424. 6 Dickey, D.A., and W.A. Fuller. 1979. "Distribution of Estimates for Autoregresssive Time Series with a Unit Root." Journal of the American Statistical Association 24, no. 366 (Part 1, June): 427-31. 7 ------. 1981. "Likelihood Ratio Test Statistics for Autoregressive Time Series with a Unit Root." Econometrica 49, no. 4 (1981): 1057-72. 8 European Bank for Reconstruction and Development (EBRD). 1997. Transition Report 1997: Enterprise Performance and Growth. London. 9 Hoekman, B., and S. Djankov. 1997. "Determinants of the Export Structure of Countries in Central and Eastern Europe." World Bank Economic Review 11, no. 3 (September): 471-87. 10 Johansen, S., and K. Jesulius. 1990. "Maximum Likelihood Procedure for Inference on Cointegration--with Applications to the Demand for Money." Oxford Bulletin of Economics and Statistics 52, no. 2 (May): 169-210. 11 Kornai, J. 1993. '"Transformation Recession: A General Phenomenon Examined Through the Example of Hungary's Development." Economie Appliqué 46, no. 2: 181-227. 12 Lazear, E. 1995. Economic Transition in Eastern Europe and Russia: Realities and Reform. Stanford: Hoover Institution Press. 13 Lee, M., and M. Tcha. 2002. "The Color of Money: The Effects of Foreign Direct Investment on Economic Growth in Transition Economies." Discussion Paper, no. 02-16. Department of Economics, University of Western Australia, Perth. 14 Lütkepohl, H., and H.E. Reimers. 1992. "Impulse Response Analysis of Cointegrated Systems." Journal of Economic Dynamics and Control 16, no. 1 (January): 53-78. 15 Mellander, E.; A. Vredin; and A. Warne. 1992. "Stochastic Trends and Economic Fluctuations in a Small Open Economy." Journal of Applied Econometrics 7, no. 4 (October-December): 369-94. 16 Przeworski, A. 1991. Democracy and the Market: Political and Economic Reforms in Eastern Europe and Latin America. Cambridge: Cambridge University Press. 17 Sachs, J. 1993. Poland's Jump to the Market Economy. Cambridge: Massachusetts Institute of Technology Press. 18 World Bank. 1996. World Development Report 1996: From Plan to Market. New York: Oxford University Press. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:1:p:25-42 Template-Type: ReDIF-Article 1.0 Author-Name: Alexej Lissitsa Author-X-Name-First: Alexej Author-X-Name-Last: Lissitsa Author-Name: Supawat Rungsuriyawiboon Author-X-Name-First: Supawat Author-X-Name-Last: Rungsuriyawiboon Author-Name: Sergiy Parkhomenko Author-X-Name-First: Sergiy Author-X-Name-Last: Parkhomenko Title: How Far Are the Transition Countries from the Economic Standards of the European Union?: Measuring Efficiency and Growth in Agriculture Abstract: Economic reforms in the Central and East European countries in the 1980s helped to transform the structure and volume of agricultural production, consumption, and trade, resulting in significant improvements in agricultural productivity. However, the transition countries differ greatly in the magnitude and direction of these changes. This study measures and compares the levels and trends in agricultural productivity in transition countries with those of EU countries, making use of the most recent data available from the Food and Agriculture Organization (FAO). This study employs a nonparametric distance-function approach to measure a Malmquist productivity index as well as the magnitude and direction of technological change. The Malmquist productivity index is decomposed into changes in technology and technical efficiency. The measures provide insightful information for researchers in designing policies to achieve a high growth rate in transition countries. Journal: Eastern European Economics Pages: 51-75 Issue: 3 Volume: 45 Year: 2007 Month: 6 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W5346W4255031W34 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Caves, D.W.; L.R. Christensen; and W.E. Diewert. 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output and Productivity." >i>Econometrica>/i> 50, no. 6 (November): 1393-1414. 2 Childress, M. 2002. "Policy Questions for a Second Decade of Rural Change in Central/Eastern Europe and the Former Soviet Union." >i>Journal of International Development>/i> 14: 979-985. 3 Coelli, T.J. 1996. "A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program." Centre for Efficiency and Productivity Analysis Working Paper 96/08, Department of Econometrics, University of New England, Armidale. 4 Coelli, T.J.; D.S.P. Rao; C.J. O'Donnell; and G.E. Battese. 2005. >i>An Introduction to Efficiency and Productivity Analysis>/i>, 2d ed. Berlin: Springer. 5 Csaki, C., and A. Zuschlag. 2003. "The Agrarian Economies of Central-Eastern Europe and the Commonwealth of Independent States: An Update on Status and Progress in 2003." Environmentally and Socially Sustainable Development Working Paper no. 38, World Bank, Washington DC. 6 Food and Agriculture Organization of United Nations (FAO). 2005. Statistical databases. (available at >a target="_blank" href='http://faostat.fao.org'>http://faostat.fao.org>/a> 7 Färe, R.; S. Grosskopf; and C.A.K. Lovell. 1985. >i>The Measurement of Efficiency of Production.>/i> Boston: Kluwer Academic. 8 Färe, R.; S. Grosskopf; M. Norris; and Z. Zhang. 1994. "Productivity Growth, Technical Progress and Efficiency Changes in Industrialized Countries." >i>American Economic Review>/i> 84, no. 1: 66-83. 9 Farrell, M.J. 1957. "The Measurement of Productive Efficiency." >i>Journal of the Royal Statistical Society>/i> 120, no. 3: 253-290. 10 Fulginiti, L.E., and R.K. Perrin. 1997. "LDC Agriculture: Nonparametric Malmquist Productivity Indexes." >i>Journal of Development Economics>/i> 53, no. 2: 373-390. 11 Hayami, Y., and V. Ruttan. 1970. "Agricultural Productivity Differences Among Countries." >i>American Economic Review>/i> 40: 895-911. 12 Lerman, Z. 2001. "Comparative Institutional Evolution: Rural Land Reform in the ECA Region." World Development Reports background paper, World Bank, Washington, D.C. 13 Rao, D.S.P. 1993. >i>Intercountry Comparisons of Agricultural Output and Productivity.>/i> Rome: FAO. 14 Trzeciak-Duval, A. 1999. "A Decade of Transition in Central and Eastern European Agriculture." >i>European Review of Agricultural Economics>/i> 26, no. 3: 283-304. 15 United Nations Economic Commission for Europe. 2005. "Economic and Environmental Analysis for Several Countries." Geneva (available at >a target="_blank" href='http://www.unece.org/pub_cat/topics/ead.htm'>www.unece.org/pub_cat/t opics/ead.htm>/a> 16 U.S. Department of Agriculture. 2001. Agricultural Outlook/August 2001. Economic Research Service, Washington, DC (available at >a target="_blank" href='http://www.usda.gov'>www.usda.gov>/a> Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:51-75 Template-Type: ReDIF-Article 1.0 Author-Name: Dušan Lesjak Author-X-Name-First: Dušan Author-X-Name-Last: Lesjak Author-Name: Eli Cohen Author-X-Name-First: Eli Author-X-Name-Last: Cohen Title: Transitioning the Slovene Economy: An Information Technology Perspective Abstract: Journal: Eastern European Economics Pages: 49-71 Issue: 2 Volume: 39 Year: 2001 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=94PUTT3LGCKLN07X File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:2:p:49-71 Template-Type: ReDIF-Article 1.0 Author-Name: MIROSLAV REDNAK Author-X-Name-First: MIROSLAV Author-X-Name-Last: REDNAK Author-Name: STANE KAVCIC Author-X-Name-First: STANE Author-X-Name-Last: KAVCIC Author-Name: TINA VOLK Author-X-Name-First: TINA Author-X-Name-Last: VOLK Author-Name: EMIL ERJAVEC Author-X-Name-First: EMIL Author-X-Name-Last: ERJAVEC Title: Complementary CAP Direct Payments from the National Budget and the Farm Income Issue in Slovenia Abstract: The estimation of gross value added (GVA), applying the extended economic account for agriculture (EAA) model and the partial equilibrium APAS-PAM model, is carried out to emphasize the importance of complementing the Common Agricultural Policy (CAP) direct payments from the national budget for farm incomes in Slovenia after its accession to the European Union (EU). Adopting the EU position of complementing direct payments up to the 40 percent level, a significant decline of farm incomes at the aggregate level could be expected as a result of depressed price levels. Complementary direct payments up to the 100 percent level would not result in significant improvement of agricultural income, but would drastically change the support hierarchy of agricultural commodities in Slovenia. Journal: Eastern European Economics Pages: 26-42 Issue: 6 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AHV4J32WFFUF80CG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:6:p:26-42 Template-Type: ReDIF-Article 1.0 Author-Name: Ksenja PuÅ¡nik Author-X-Name-First: Ksenja Author-X-Name-Last: PuÅ¡nik Author-Name: Maks Tajnikar Author-X-Name-First: Maks Author-X-Name-Last: Tajnikar Title: Technical and Cost Efficiencies as Determinants of Business Failures of Small Firms: The Case of Slovenia Abstract: This paper investigates the determinants of business failure in particular historical circumstances of Slovenia, attempting to answer two questions: if the occurrence of bankruptcy can be explained by technical and cost efficiency, measured by data envelopment analysis (DEA), and what the time lag is in which technical and cost efficiency effect bankruptcy. The findings of logistic regression allow the conclusion that efficiency, measured by the DEA indicators, adds additional explanatory power to predicting the business failure of small firms in Slovenia from 2001 to 2004, as well as business performance by sale market, market power, and location of a firm. Journal: Eastern European Economics Pages: 43-62 Issue: 1 Volume: 46 Year: 2008 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=38218Q2001336488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altman, E.I. 1993. >i>Corporate Financial Distress and Bankruptcy>/i>, 2d ed. New York: Wiley. 2 Altman, E.I. 1968. "Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bankruptcy". >i>Journal of Finance>/i> 23, no. 4: 589-609. 3 Bandopadhyaya, A., and S. Jaggia 2001. "An Analysis of Second Time Around Bankruptcies Using a Split-Population Duration Model". >i>Journal of Empirical Finance>/i> 8, no. 2: 201-218. 4 Beaver, W.H. 1966. "Financial Ratios as Predictors of Failure". >i>Empirical Research in Accounting: Selected Studies (Supplement to Journal of Accounting Research)>/i> 4 (Special Issue): 71-111. 5 Becchetti, L., and J. Sierra 2003. "Bankruptcy Risk and Productive Efficiency in Manufacturing Firms". >i>Journal of Banking and Finance>/i> 27, no. 11: 2099-2120. 6 Brüderl, J., and R. Schüssler 1990. "Organizational Mortality: The Liabilities of Newness and Adolescence". >i>Administrative Science Quarterly>/i> 35, no. 3: 530-547. 7 Charnes, A.; W.W. Cooper; and E. Rhodes 1978. "Measuring the Efficiency of Decision-Making Units". >i>European Journal of Operational Research>/i> 2, no. 6: 429-444. 8 Coelli, T.; D.S. Prasada Rao; and G.E. Battese 1998. >i>An Introduction to Efficiency and Productivity Analysis.>/i> Norwell, MA: Kluwer Academic. 9 Denis, D.J., and D.K. Denis 1995. "Causes of Financial Distress Following Leveraged Capitalizations". >i>Journal of Financial Economics>/i> 37, no. 2 (February): 129-157. 10 Donoher, W.J. 2004. "To File or Not to File? Systemic Incentives, Corporate Control, and the Bankruptcy Decision". >i>Journal of Management>/i> 30, no. 2: 239-262. 11 Farrell, M.J. 1957. "The Measurement of Productive Efficiency". >i>Journal of the Royal Statistical Society A>/i> 120, no. 3: 253-281. 12 Foreman, R.D. 2003. "A Logistic Analysis of Bankruptcy Within the U.S. Local Telecommunications Industry". >i>Journal of Economics and Business>/i> 55, no. 2 (March): 135-166. 13 Frydman, H.; E.I. Altman; and D.L. Kao 1985. "Introducing Recursive Partitioning for Financial Classification: The Case of Financial Distress". >i>Journal of Finance>/i> 40, no. 1 (March): 269-291. 14 Gentry, J.A.; P. Newbold; and D.T. Whitfort 1987. "Flow of Funds Components, Financial Ratios, and Bankruptcy". >i>Journal of Business Finance and Accounting>/i> 14, December: 595-606. 15 Giot, P., and A. Schwienbacher 2003. "IPOs, Trade Sales, and Liquidation: Modeling Venture Capital Exits Using Survival Analysis". Finance no. 0312006, Economics Working Paper Archive (EconWPA) (available at >a target="_blank" href='http://econwpa.wustl.edu/eps/fin/papers/0312/0312006.pdf'>http://eco nwpa.wustl.edu/eps/fin/papers/0312/0312006.pdf>/a> 16 Greene, W.H. 2003. >i>Econometric Analysis>/i>, 5th ed. New York: Pearson Education. 17 Hosmer, D.W., and S. Lemeshow 2000. >i>Applied Logistic Regression>/i>, 2d ed. New York: Wiley. 18 Jacobs, R. 2001. "Alternative Methods to Examine Hospital Efficiency: Data Envelopment Analysis and Stochastic Frontier Analysis". >i>Health Care Management Science>/i> 4, no. 2: 103-115. 19 Köke, J. 2002. "Determinants of Acquisition and Failure: Evidence from Corporate Germany". >i>Structural Change and Economic Dynamics>/i> 13, no. 4: 457-484. 20 Konstandina, N. 2006. "Probability of Bank Failure: The Russian Case". Economic Education and Research Consortium Working Paper no. 06/01. 21 Opler, T., and S. Titman 1994. "Financial Distress and Corporate Performance". >i>Journal of Finance>/i> 49, no. 3 (July): 1015-1040. 22 Pompe, P.P.M., and J. Bilderbeek 2005. "The Prediction of Bankruptcy of Small- and Medium-Sized Industrial Firms". >i>Journal of Business Venturing>/i> 20, no. 6: 847-868. 23 Shleifer, A., and R.W. Vishny 1992. "Liquidation Value and Debt Capacity: A Market Equilibrium Approach". >i>Journal of Finance>/i> 47, no. 4 (September): 1343-1366. 24 Styrin, K. 2005. "What Explains Differences in Efficiency Across Russian Banks? Final Report". Economic Education and Research Consortium Russia Project no. 01-258. 25 Tajnikar, M. 1994. "The Role of Small Business in Restructuring and Revitalizing the Economy The Case of Slovenia". In >i>Small Business Management in the New Europe: Proceedings>/i>, ed. A.A. Gibb and M. Rebernik, pp. 471-481. Maribor: Ekonomski Institut. 26 Tajnikar, M. 2001. "Transitional Adjustment of Large Firms in Slovenia and Economic Policy". >i>Post-Communist Economies>/i> 3, no. 1: 331-344. 27 Wheelock, D.C., and P.W. Wilson 1995. "Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency". >i>Review of Economics and Statistics>/i> 77, no. 4 (November): 689-700. 28 Wickham, P.A. 1998. >i>Strategic Entrepreneurship.>/i> London: Pitman. 29 Zmijewsky, M.E. 1984. "Methodological Issues Related to the Estimation of Financial Distress Prediction Models". >i>Journal of Accounting Research>/i> 22, no. 1 (Spring): 59-82. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:1:p:43-62 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 46 Year: 2008 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=82101J7482521086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: ARISTIDIS BITZENIS Author-X-Name-First: ARISTIDIS Author-X-Name-Last: BITZENIS Title: Explanatory Variables for Low Western Investment Interest in Bulgaria Abstract: The understanding of a country's past is important in the process of analyzing a country's present. Through the study of Bulgarian history, the researcher developed a relatively good understanding of the country's image at the beginning of the period in question (1989-2002). The evidence supports the unexpected finding that historical links do not affect a company's decision to invest in another country. Furthermore, there is support for the conclusion that political unwillingness to make significant reforms together with the inefficiency of the post-communist Bulgarian government rather than Bulgarian political instability led to delays in structural reform and delayed progress in privatization, limited foreign direct investment (FDI) inflows, and thus to a delay in the overall Bulgarian transition process. Moreover, the cultural closeness and/or distance of multinational enterprises' (MNEs') countries of origin vis-à-vis the host country remain questionable, and they have been used either as incentives or as obstacles to MNEs' investment decisions depending on the specific industries and on the specific products. On the other hand, the geographical distance of Bulgaria from advanced Western countries is an important barrier that partially explains low Western investment interest in Bulgaria. Journal: Eastern European Economics Pages: 5-38 Issue: 6 Volume: 42 Year: 2004 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NKF9T5TXA9H78NJ8 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Altzinger, W. 1999. "Austria's Foreign Direct Investment in Central and Eastern Europe: 'Supply Based' or 'Market Driven.'" In Forty-seventh International Atlantic Economic Conference, Vienna, pp. 1-26. 2 Andersen, A. 1994. "Assessing Investment Opportunities in Economies in Transition." Working paper. Organization for Economic Cooperation and Development, Paris. 3 Bell, J.D. 1997. "'Postcommunist' Bulgaria." In Politics, Power and the Struggle for Democracy in South-East Europe, ed. Karen Dawisha and Bruce Parrott, chapter 9. Cambridge: Cambridge University Press. 4 Benacek V.; M. Gronicki; D. Holland; and M. Sass. 2000. "The Determinants and Impact of Foreign Direct Investment in Central and Eastern Europe: A Comparison of Survey and Econometric Evidence." Transnational Corporations, Journal of United Nations 9, no. 3: 163-212. 5 Berov, L. 1993. "Demonopolization and International Competition in Bulgaria 1990-1992." Russian and East European Finance and Trade 29, no. 1 (Spring): 87-100. 6 BFIA (Bulgarian Foreign Investment Agency). 2003. Business Guide-Bulgaria. Available at www.bfia.org (accessed July 12, 2003). 7 BFIA. 2004. Business Guide-Bulgaria. Available at investbt.government.bg (accessed August 23, 2004). 8 Bitzenis, A. 2002a. "The Determinants of FDI in Transition Countries; Incentives and Barriers Based on a Questionnaire Research: The Case of Bulgaria, 1989-2000." In International and Monetary Aspects of Transition in Southeastern Europe, vol. 2, ed. D. Chionis and G. Petrakos, 89-144. Volos, Greece: University of Volos. 9 ------. 2002b. "Foreign Participation in the Bulgarian Banking During Its Transition Period (1989-2001)." Agora Without Frontiers 7, no. 4 (special edition): 297-326. 10 ------. 2003a. "What Was Behind the Delay in the Bulgarian Privatization Process? Determining Incentives and Barriers of Privatization as a Way of Foreign Entry." Emerging Markets Finance and Trade 39, no. 5 (September- October): 58-82. 11 ------. 2003b. "Universal Model of Theories Determining FDI; Is There Any Dominant Theory? Are the FDI Inflows in CEE Countries and Especially in Bulgaria a Myth?" European Business Review 15, no. 2: 94-104. 12 ------. 2004. "Is Globalisation Consistent with the Accumulation of FDI Inflows in the Balkan Countries? Regionalisation for the Case of FDI Inflows in Bulgaria." European Business Review 16, no. 4: 406-25. 13 Bitzenis. A. 2004a. "Why Foreign Banks Are Entering Transition Economies: The Case of Bulgaria." Global Business & Economics Review Journal 6, no. 1 (June): 107-133. 14 Bulgarian Economic Monitor. 1998. PlanEcon Report, vol. 13. January 23. 15 Crampton, R.J. 1997. A Concise History of Bulgaria. Cambridge: Cambridge University Press. 16 Dimitrova, A.K. 1998. "From Proletariat to People: Public Relations Metamorphosis of the Bulgarian Communist Party and Its Political Tribune Before the First Free Multi-Party Elections in 1990." East European Quarterly 32, no. 2: 167-96. 17 Dunning, J.H. 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions." Journal of International Business Studies 30, no. 4: 831-44. 18 ------. 1993. Multinational Enterprises and the Global Economy. Reading, MA: Addison-Wesley, ch. 4. 19 Jackson, M. 1991. "The Rise and Decay of the Socialist Economy in Bulgaria." Journal of Economic Perspectives (February): 203-9. 20 Iammarino, S., and C. Pitelis. 2000. "Foreign Direct Investment and 'Less-favored Regions': Greek FDI in Bulgaria and Romania." Global Business Review 1, no. 2 (July-December): 155-71. 21 Lankes, H.P., and A.J. Venables. 1997. "Foreign Direct Investment in Eastern Europe and the Former Soviet Union: Results from a Survey of Investors." In Lessons from the Economic Transition: Central and Eastern Europe in the 1990s, ed. S. Zecchini, 555-65. Dordrecht: Organization for Economic Cooperation and Development and Kluwer Academic. 22 Meyer, K. 1996. "Business Operation of British and German Companies with the Economies in Transition." Commonwealth of Independent States Middle Europe Center, London Business School Department Series, no. 19. 23 Morosini, P.; S. Scott; and S. Harbir. 1998. "National Cultural Distance and Cross-Border Acquisition Performance." Journal of International Business Studies 29, no. 1: 137-56. 24 Neuburger, M. 1997. "Bulgaro-Turkish Encounters and the Re-Imaging of the Bulgarian Nation (1878-1995)." East European Quarterly 31, no. 1 (March). 25 Organization for Economic Cooperation and Development (OECD). 1999. Economic Surveys. Bulgaria. 26 Pye, R.B.K. 1998. "Foreign Direct Investment in Central Europe: The Experiences of Major Western Investors." European Management Journal (special issue, Russia and Central and Eastern Europe): 379-89. 27 SECI (Southeast European Cooperative Initiative). 1999. "The Survey: Research into the Disincentives that Greek Companies Face in Their Business Activities in Southeast European Cooperative Initiative (SECI) Countries, Yugoslavia, and Russia, December 1998." Economic and Social Council, UN, Trade/ 1999/14, 6 April 1999. 28 Snavely, K., and L. Chakarova. 1997. "Confronting Ethnic Issues: The Role of Nonprofit Organisations in Bulgaria." East European Quarterly 31, no. 3: 311-28. 29 Waters, T. 1998. "Bulgaria--Now on Track for a Secure Future?" Central and Eastern Europe: Problems and Prospects (December): 219-36. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:6:p:5-38 Template-Type: ReDIF-Article 1.0 Author-Name: GELU CALACEAN Author-X-Name-First: GELU Author-X-Name-Last: CALACEAN Author-Name: PAUL ALIGICA Author-X-Name-First: PAUL Author-X-Name-Last: ALIGICA Title: Soft Budget Constraints, Enterprise Restructuring, and Economic Reform Policy: The Cases of Bulgaria and Romania Abstract: This article uses the soft budget constraint (SBC) approach in order to explore an important facet of Romanian and Bulgarian economic reform experiences in the post-communist period. Comparative analysis framed on SBC lines reveals several major areas of convergence and divergence between the policies adopted by the two states, and explains the success and failure of solving the crucial problem of enterprise restructuring in these two countries. With these ends in view, the article outlines the notion of SBC and discusses its relevance for transition economies. It provides a brief overview of the ways in which various methods address and present the SBC problem. Finally SBC and enterprise restructuring in the context of general reform packages in Bulgaria and Romania are addressed in the light of the conceptual and analytic clarifications presented in the article. Journal: Eastern European Economics Pages: 75-95 Issue: 1 Volume: 42 Year: 2004 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2TH4J06F7V8UDF1T File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aoki, Masahiko. 1995. "Controlling Insider Control: Issues of Corporate Governance in Transition Economies." In Corporate Governance in Transitional Economies: Insider Control and the Role of Banks, ed. Masahiko Aoki and Hyung-Ki Kim, 3-21. Washington, DC: World Bank. 2 ------. 2000. Information, Corporate Governance, and Institutional Diversity: Competitiveness in Japan, the USA, and the Transitional Economies. Oxford: Oxford University Press. 3 Berglof, Erik. 1995. "Corporate Governance in Transition Economies: The Theory and Its Policy Implications." In Corporate Governance in Transitional Economies: Insider Control and the Role of Banks, ed. Masahiko Aoki and Hyung-Ki Kim, 59-95. Washington, DC: World Bank. 4 Berglof, Erik, and Gerard Roland. 1998. "Soft Budget Constraints and Banking in Transition Economies." Journal of Comparative Economics 26, no. 1: 18- 40. 5 Djankov, Simeon. 1999. "The Enterprise Isolation Program in Romania." Journal of Comparative Economics 27, no. 2: 281-93. 6 Djankov, Simeon, and Peter Murell. 2002. "Enterprise Restructuring in Transition: A Quantitative Survey." Centre for Economic and Policy Research Discussion Paper no. 3319. 7 IMF. 2000. Bulgaria: Selected Issues and Statistical Appendix Count Report No. 00/54. 8 Kornai, Janos. 1980. Economics of Shortage. New York: Elsevier North-Holland. 9 Maskin, Eric, and Chenggang Xu. 2001. "Soft Budget Constraint Theories: From Centralisation to the Market." Economics of Transition 9, no. 1: 1-27. 10 Negrescu, Dragos. 2000. "A Decade of Privatisation in Romania." In Economic Transition in Romania: Past, Present and Future, ed. Christof Ruhl and Daniel Daianu, 68-96. Bucharest: IRLI Press. 11 Organization for Economic Cooperation and Development (OECD). 1999. OECD Economic Surveys: Bulgaria. 12 ------. 2002. "Romania: Economic Assessment." OECD Economic Surveys, October 17. 13 Peev, Evgeni. 2002. "The Political Economy of Corporate Governance Change in Bulgaria: Washington Consensus, Primitive Accumulation of Capital, and Catching-Up in 1990." Center for Economic Institutions Working Paper 2002-1, Hitotsubashi University. 14 Raiser, Martin. 1996. Soft Budget Constraints and the Fate of Economic Reforms in Transition Countries and Developing Economies. Tübingen: J.C.B. Mohr. 15 Roland, Gerard. 2000. Transition and Economics: Politics, Markets and Firms. Cambridge, MA: MIT Press. 16 Tchipev, Plamen, and Rilka Dragneva. 1999. "Mass Privatisation Funds: The New Institutional Investors in the East? A Comparative Study of CEE Mass Privatisation Schemes." In Economies in Transition and the Variety of Capitalisms: Features, Changes, Convergence, ed. Mitko Dimitrov, Wladimir Andreff, and Laszlo Csaba, 56-86. Sofia: Gorex Press. 17 United Nations Economic Commission for Europe (UNECE). 2002. Economic Survey of Europe, no. 1. 18 Wunner, Norbert. 2001. "Bad Loans, Soft Budget Constraints and the Political Economy of Financial Market Reform in Transition Economies." Policy Reform 4: 51-74. 19 Yonkova, Assenka; Alexandrova Svetlana; and Latchezar Bogdanov. 1997. "Development of the Banking Sector in Bulgaria." Working paper. Institute for Market Economics Bulgaria. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:1:p:75-95 Template-Type: ReDIF-Article 1.0 Author-Name: JASMINKA SOHINGER Author-X-Name-First: JASMINKA Author-X-Name-Last: SOHINGER Author-Name: GLENN W. HARRISON Author-X-Name-First: GLENN W. Author-X-Name-Last: HARRISON Title: The Implications of Foreign Direct Investment for Development in Transition Countries: Challenges for the Croatian Economy Abstract: This article reviews the pattern of foreign direct investment (FDI) into Croatia. We place the Croatian experience within the context of FDI into transition economies and review the motivation of foreign investors. The costs and benefits of FDI, both financial and real, are reviewed, and we then examine the sectoral structure of FDI into Croatia in the light of these costs and benefits. We close by drawing some policy implications of our findings. Journal: Eastern European Economics Pages: 56-74 Issue: 1 Volume: 42 Year: 2004 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V4Q8XYXHA9P525GN File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brada, J.C., and V. Tomšik. 2003. "Reinvested Earnings Bias, the 'Five Percent Rule' and the Interpretation of the Balance of Payments--with an Application to Transition Economies." William Davidson Institute Working Paper. 2 Croatian National Bank statistics. Available at www.hnb.hr. 3 Davies, S.; T. Ozawa; and S.M. Scheierling. 2003. "The Role of FDI in Structural Upgrading: Openness and Growth." Paper presented at the International Trade and Finance Association (Allied Social Sciences Foundation) meeting. Washington, DC. 4 Dunning, J. 1993. The Globalisation of Business. London: Routledge. 5 Economic Commission for Europe (ECE). 2001. Economic Survey of Europe. New York and Geneva: United Nations. 6 Eichengreen, B. 2001. Financial Crises and What to Do About Them. Oxford: Oxford University Press. 7 Moran, T.H. 2001. Parental Supervision: The New Paradigm for Foreign Direct Investment and Development. Washington, DC: Institute for International Economics. 8 Ozawa,T. 2001. Japan in the WTO. In The World Trade Organization in the New Global Economy, ed. A. Rugman and G. Boyd, 191-215. Cheltenham, UK: Elgar. 9 Romer, P. 1994. "New Goods, Old Theory, and the Welfare Costs of Trade Restrictions." Journal of Development Economics 43, no. 3: 5-38. 10 Roy, A.G., and Ven den Berg, H. 2003. "Foreign Direct Investment and Economic Growth: Empirical and Policy Analyses." Paper presented at the FO (ASSA) meeting, Washington, DC. 11 United Nations Conference on Trade and Development (UNCTAD). 1999. World Investment Report: Foreign Direct Investment and the Challenge for Development. New York and Geneva: United Nations. 12 ------. 2002. World Investment Report: Transnational Corporations and Export Competitiveness. New York and Geneva: United Nations. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:1:p:56-74 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 2 Volume: 45 Year: 2007 Month: 4 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y11408343W6H6077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Author-Name: Tine Stanovnik Author-X-Name-First: Tine Author-X-Name-Last: Stanovnik Title: Analysis of Subjective Economic Well-Being in Slovenia Abstract: Subjective economic well-being in Slovenia is analyzed using household budget surveys from 1988, 1993, and 1997-99. These surveys also included a question requiring self-rating of the "sufficiency" of the actual household disposable income. We find that subjective economic well-being is highly influenced by actual household income, household size, household composition, and household assets. The robustness of our findings is noteworthy considering that large social and economic changes occurred in this period of time. Journal: Eastern European Economics Pages: 60-70 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A6760014776310PG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Danziger, S.; J. van der Gaag; and M.K. Taussig. 1984. "The Direct Measurement of Welfare Levels: How Much Does It Cost to Make Ends Meet?" >i>Review of Economics and Statistics>/i>>b>66>/b>, no. 3: 500-505. 2 Garner, T.I., and K. de Vos. 1995. "Income Sufficiency vs. Poverty. Results from the United States and the Netherlands." >i>Journal of Population Economics>/i>>b>8>/b>, no. 2: 117-134. 3 Goedhart, T.; V. Haelberstadt; A. Kapteyn; and B.M.S. van Praag. 1977. "The Poverty Line: Concept and Measurement." >i>Journal of Human Resources>/i>>b>23>/b>, no. 4: 243-266. 4 Hagenaars, A.J.M. 1986. >i>The Perception of Poverty.>/i> Amsterdam: North-Holland. 5 Hartog, J. 1988. "Poverty and the Measurement of Individual Welfare: A Review of A.J.M. Hagenaars' 'The Perception of Poverty.'" >i>Journal of Human Resources>/i>>b>23>/b>, no. 2: 243-266. 6 Hayo, B., and W. Seifert. 2002. "Subjective Economic Well-Being in Eastern Europe." University of Essen Discussion Paper 120, Essen, Germany. 7 Kapteyn, A.; P. Kooreman; and R. Willemse. 1988. "Some Methodological Issues in the Implementation of Subjective Poverty Definitions." >i>Journal of Human Resources>/i>>b>23>/b>, no. 2: 222-242. 8 Katona, G.; B. Strümpel; and E. Zahn. 1971. >i>Aspirations and Affluence.>/i> New York: McGraw-Hill. 9 Kilpatrick, R.W. 1973. "The Income Elasticity of the Poverty Line." >i>Review of Economics and Statistics>/i>>b>55>/b>, no. 3: 327-332. 10 McBride, M. 2001. "Relative-Income Effects on Subjective Well-Being in the Cross-Section." >i>Journal of Economic Behavior and Organization>/i>>b>45>/b>, no. 3: 251-278. 11 Ravallion, M., and M. Lokshin. 2002. "Self-Rated Economic Welfare in Russia." >i>European Economic Review>/i>>b>46>/b>, no. 8: 1453-1473. 12 Seidl, C. 1994. "How Sensible Is the Leyden Individual Welfare Function of Income?" >i>European Economic Review>/i>>b>38>/b>, no. 8: 1633-1659. 13 Stanovnik, T. 1992. "Perception of Poverty and Income Satisfaction." >i>Journal of Economic Psychology>/i>>b>13>/b>, no. 1: 57-69. 14 Statistical Office of the Republic of Slovenia. 2003. >i>Statistical Yearbook of the Republic of Slovenia 2003.>/i> Ljubljana. 15 Van Herwaarden, F.G.; A. Kapteyn; and B.M.S. van Praag. 1977. "Twelve Thousand Individual Welfare Functions: A Comparison of Six Samples in Belgium and the Netherlands." >i>European Economic Review>/i>>b>9>/b>, no. 3: 283-300. 16 Van Praag, B.M.S. 1968. >i>Individual Welfare Functions and Consumer Behavior.>/i> Amsterdam: North-Holland. 17 Van Praag, B.M.S.; T. Goedhart; and A. Kapteyn. 1980. "The Poverty Line: A Pilot Survey in Europe." >i>Review of Economics and Statistics>/i>>b>62>/b>, no. 3: 461-465. 18 Van Praag, B.M.S.; A.J.M. Hagenaars; and H. van Weeren. 1982. "Poverty in Europe." >i>Review of Income and Wealth>/i>>b>28>/b>, no. 3: 345-359. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:60-70 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Tomšík Author-X-Name-First: Vladimír Author-X-Name-Last: Tomšík Author-Name: Dana Viktorová Author-X-Name-First: Dana Author-X-Name-Last: Viktorová Title: The Relationship Between Money and Output in the Czech Republic Evidence from Var Analysis Abstract: This paper presents empirical evidence on money and output in the Czech Republic. The analysis of the effects of monetary phenomena on the real economy focuses heavily on evidence from vector autoregressions (VARs). The paper also examines the Granger causality between the real money supply and real output, finding that real output Granger causes real money supply. This causality is reflected several times in the impulse response functions in the VAR analysis. Finally, the authors impose output, money supply, interest rate, and depreciation shocks to test the responses of all endogenous variables in the VAR model. They find that the most significant and long-standing response is that of real output to the real interest rate shock. The results indicate that the real interest rate has played a primary role in the development of real output in the Czech Republic. Journal: Eastern European Economics Pages: 23-39 Issue: 2 Volume: 44 Year: 2006 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R08U85612L885678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bulir, A. 1996. "Exogenita nabídky peněz: Některé pochybnosti o předchozím výzkumu" [Exogenity of Money Supply: Some Doubts About an Earlier Research]. >i>Finance a uver>/i> 46, no. >b>1>/b>: 37-43. 2 Bulir, A. 1997. "A přece se netočí!" [And It Still Does Not Rotate!]. >i>Finance a uver>/i>>b>47>/b>, no. 4: 239-240. 3 Eichenbaum, M., and K.J. Singleton. 1986. "Do Equilibrium Real Business Cycle Theories Explain Postwar U.S. Business Cycles?" In >i>NBER Macroeconomics Annual>/i>, ed. S. Fischer, pp. 91-134. Cambridge: MIT Press. 4 Enders, W. 1995. >i>Applied Econometric Time Series.>/i> New York: John Wiley. 5 Friedman, M., and D. Meiselman. 1963. "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897-1958." In >i>Stabilization Policies>/i>, ed. E.C. Brown, R.M. Solow, A. Ando, and J. Kareken, pp. 165-268. Englewood Cliffs, NJ: Prentice Hall. 6 Geweke, J. 1986. "The Superneutrality of Money in the United States: An Interpretation of the Evidence." >i>Econometrica>/i>>b>54>/b>, no. 1: 1-22. 7 Greene, W.H. 2003. >i>Econometric Analysis>/i>, 5th ed. Englewood Cliffs, NJ: Prentice Hall. 8 Hall, R.E., and J.B. Taylor. 1997. >i>Macroeconomics>/i>, 5th ed. New York: W.W. Norton. 9 Husek, R. 1999. >i>Ekonometrická analýza>/i> [Econometric Analysis]. Prague: Ekopress. 10 Izak, V. 1995. "Nabídka peněz—Endogenní, nebo exogenní?" [Money Supply— Endogenous or Exogenous?]. >i>Finance a uver>/i>>b>45>/b>, no. 6: 291-303. 11 Izak, V. 1997. "Inflace, peníze a mzdy" [Inflation, Money, and Prices]. >i>Finance a uver>/i>>b>47>/b>, no. 4: 228-238. 12 Leeper, E.M.; C.A. Sims; and T. Zha. 1996. "What Does Monetary Policy Do?" >i>Brookings Papers on Economic Activity>/i> no. >b>2>/b>, Washington, DC: Brookings Institution. 13 Lucas, R.E. 1980. "Two Illustrations of the Quantity Theory of Money." >i>American Economic Review>/i>>b>70>/b>, no. 5: 1005-1014. 14 McCandless, G.T., and W.E. Weber. 1995. "Some Monetary Facts." >i>Federal Reserve Bank of Minneapolis Quarterly Review>/i>>b>19>/b>, no. 3: 2-16. 15 Mojon, B., and G. Peersman. 2001. "A VAR Description of the Effects of Monetary Policy in the Individual Countries of the Euro Area." European Central Bank Working Paper no. 92, Frankfurt. 16 Rolnick, A.J., and W.E. Weber. 1994. "Inflation, Money, and Output Under Alternative Monetary Standards." Federal Reserve Bank of Minneapolis Research Report no. 175, Minneapolis. 17 Rudebusch, G.D. 1998. "Do Measures of Monetary Policy Shocks in a VAR Make Sense?" >i>International Economic Review>/i>>b>39>/b>, no. 4: 907-941. 18 Sims, C.A. 1972. "Money, Income and Causality." >i>American Economic Review>/i>>b>62>/b>, no. 4: 540-542. 19 Sims, C.A. 1980. "Comparison of Interwar and Postwar Business Cycles." >i>American Economic Review>/i>>b>70>/b>, no. 2: 250-257. 20 Sims, C.A. 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects on Monetary Policy." >i>European Economic Review>/i>>b>36>/b>, no. 5: 975-1000. 21 Walsh, C.E. 2001. >i>Monetary Theory and Policy.>/i> Cambridge: MIT Press. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:2:p:23-39 Template-Type: ReDIF-Article 1.0 Author-Name: Hakan Berument Author-X-Name-First: Hakan Author-X-Name-Last: Berument Title: Public Sector Pricing Behavior and Inflation Risk Premium in Turkey Abstract: Turkey has had a high level of inflation since the mid-1970s. Governments use various fiscal and monetary policy tools to control inflation. In addition to these tools, governments also attempt to control inflation by regulating the prices of publicly produced goods and services. Governments either use the publicly produced goods' prices as a nominal anchor to decrease inflation, for example, the July 1997 and early 2000 anti-inflation programs, as a part of their general anti-inflation programs, or they try to postpone price increases of publicly produced goods and services until after elections, as was the case prior to the 1991, 1995, and 1999 elections. However, governments ultimately had to correct the lower prices in the public sector, mainly to avoid losses in the state-owned enterprises. In accordance with this, Turkish data suggest that, on average, price increases in the private and public sectors are approximately the same; however, these price increases are less frequent in the public sector than in the private sector. The purpose of this article is to show that this infrequency of price changes in the public sector increases the volatility of the general price level, causing uncertainty in forecasting general price level, and this, in turn, increases interest rates. Journal: Eastern European Economics Pages: 68-78 Issue: 1 Volume: 41 Year: 2003 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YNUV37F7TWDDTEE4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:1:p:68-78 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 6 Volume: 39 Year: 2001 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P5R7WD0DW99GAN25 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:6:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: KONSTANTINOS DRAKOS Author-X-Name-First: KONSTANTINOS Author-X-Name-Last: DRAKOS Author-Name: ALI M. KUTAN Author-X-Name-First: ALI M. Author-X-Name-Last: KUTAN Title: Why Do Financial Markets Move Together?: An Investigation of Greek and Turkish Markets Abstract: This paper investigates which theory--crisis- or noncrisis-contingent theory-- may better explain the comovements observed between Turkish and Greek financial market returns. Using cointegration and vector error-correction models, we first establish interdependence and a long-run causal relationship between stock and foreign exchange markets. Then, using the crisis- and noncrisis-contingent theories to explain the observed linkage, we show that the comovement of the stock markets across the two countries can be primarily attributed to the sharing of similar trading and foreign direct investment partners, providing evidence for the noncrisis-contingent theory in this case. On the other hand, evidence indicates that the recent Asian and Russian crises have produced significant contagion effects between the Greek drachma and Turkish lira markets, but not between Greek and Turkish stock markets, suggesting that the crisis-contingent models may better explain the linkage between the exchange markets. The policy implications of our findings for Turkey's European Union-membership efforts, as well as for market practitioners and international investors, are discussed. Journal: Eastern European Economics Pages: 5-26 Issue: 4 Volume: 43 Year: 2005 Month: 8 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DXFLRM3BR244GW9Q File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Boyer, B.; M. Gibson; and M. Loretan. 1999. "Pitfalls in Tests for Changes in Correla-tions." International Finance Discussion Paper no. 597, Board of Governors of the Federal Reserve System, Washington, DC. 2 Dickey, D., and W. Fuller. 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root." Econometrica 49, no. 4: 1057-1072. 3 Eichengreen, B.; A. Rose; and C. Wyplosz. 1996. "Contagion Currency Crises." Working Paper 5681, National Bureau of Economic Research, Cambridge, MA. 4 Engle, R.; D. Hendry; and J. Richard. 1983. "Exogeneity." Econometrica 51, no. 2: 277-304. 5 Ericsson, N. 1992. "Cointegration, Exogeneity, and Policy Analysis: An Overview." Journal for Policy Modelling 14, no. 3: 251-280. 6 Fleming, J.; C. Kirby; and B. Ostdiek. 1998. "Information and Volatility Linkages in the Stock, Bond, and Money Markets." Journal of Financial Economics 49, no. 1: 111-137. 7 Forbes, K., and R. Rigobon. 2000. "On the Measurement of the International Propagation Shocks." Working paper, Massachusetts Institute of Technology, Cambridge. 8 Gerlach, S., and F. Smets. 1995. "Contagious Speculative Attacks." European Journal of Political Economy 11, no. 27: 45-63. 9 Granger, C. 1988. "Some Recent Developments in a Concept of Causality." Journal of Econometrics 39, no. 1: 199-211. 10 Hamilton, J.D. 1994. Time Series Analysis. Princeton: Princeton University Press. 11 International Monetary Fund (IMF). Various issues. Direction of Trade Statistics. Washington, DC. 12 Johansen, S. 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models." Econometrica 59, no. 91: 1551-1580. 13 Karolyi, G.A., and R.M. Stulz. 1996. "Why Do Markets Move Together? An Investigation of the U.S.-Japan Stock Return Comovements." Journal of Finance 51, no. 3: 951-986. 14 Kollmann, R. 2001. "Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities." Journal of Economic Dynamics and Control 25, no. 10: 1547-1583. 15 Loretan, M., and W. English. 2000. "Evaluating 'Correlation Breakdowns' During Periods of Market Volatility." International Finance Discussion Paper no. 658, Board of Governors of the Federal Reserve System, Washington, DC. 16 Lutkepohl, H., and H.E. Reimers. 1992. "Granger-Causality in Cointegrated VAR Processes: The Case of the Term Structure." Economics Letters 40, no. 3: 263-268. 17 Masson, P. 1997. "Monsoonal Effects, Spillovers, and Contagion." International Monetary Fund, Washington, DC. 18 Osterwald-Lenum, M. 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics." Oxford Bulletin of Economics and Statistics 54: 461-472. 19 Phillips, P.C.B., and P. Perron. 1988. "Testing for a Unit Root in Time Series Regression." Biometrika 75, no. 2: 335-346. 20 Rigobon, R. 1999a. "Identification Through Heteroskedasticity: Measuring 'Contagion' Between Argentinean and Mexican Sovereign Bonds." Working paper, Massachusetts Institute of Technology, Cambridge. 21 ------. 1999b. "On the Measurement of the International Propagation of Shocks." Working paper, Massachusetts Institute of Technology, Cambridge (available at web.mit.edu/ rigobon/www/). 22 Rigobon, R., and K. Forbes. 1999. "On the Measurement of the International Propagation of Shocks." Working paper, Massachusetts Institute of Technology, Cambridge. 23 White, H. 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity." Econometrica 48, no. 4: 817-838. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: JANI BEKÕ Author-X-Name-First: JANI Author-X-Name-Last: BEKÕ Title: Some Evidence on Elasticities of Demand for Services of Public Railway Passenger Transportation in Slovenia Abstract: The article presents evidence on elasticities of demand for services of railway passenger transportation in Slovenia. According to the aggregate values of demand elasticities, the railway passenger demand is price and income inelastic. Coefficients of income elasticity of demand below unity show that, for the average consumer, the services of railway passenger transportation in Slovenia can be classified among essential consumer expenditures. Recorded price inelasticity of demand implies that revenues of the Slovenian Railway Company increase when the average real fare increases. Journal: Eastern European Economics Pages: 63-85 Issue: 2 Volume: 42 Year: 2004 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4H13D9UA87E6GJQB File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Berglez, V. 2000. "Naèini pospeševanja prodaje v tirnem potniškem prevozništvu Slovenije" [Efforts to Increase Sales in Slovenia's Transportation Market]. Our Economy 46: 405-13. 2 de Rus, G. 1990. "Public Transport Demand Elasticities in Spain." Journal of Transport Economics and Policy 24: 189-201. 3 Dodgson, J.; G. de Rus; F. Lopez; R. Palsaitis; E.M. Villemi; and R. Waldren. 1998. "Urban Public Transport in the Baltic States." Transport Reviews 18: 153-63. 4 FitzRoy, R.F., and I. Smith. 1998. "Passenger Rail Demand in 14 Western European Countries: A Comparative Time Series Study." International Journal of Transport Economics 25: 299-312. 5 Goodwin, P.B. 1992. "A Review of New Demand Elasticities with Special Reference to Short and Long Run Effects of Price Changes." International Journal of Transport Economics 26: 155-69. 6 Jakomin, L., and I. Trupac. 2000. "Transport Integration of Slovenia with the European Union." Transport Reviews 20: 233-55. 7 Luk, J., and S. Hepburn. 1993. "New Review of Australian Travel Demand Elasticities." Australian Road Research Board Ltd Research Report ARR 249. 8 Nicholson, W. 1995. Microeconomic Theory. Basic Principles and Extensions. Philadelphia: Dryden Press. 9 Oum, T.H. 1989. Alternative Demand Models and Their Elasticity Estimates. Journal of Transport Economics and Policy 23: 163-87. 10 Oum, T.H., and W.G. Watters, II. 2000. "Transport Demand Elasticities." In Handbook of Transport Modelling, ed. D.A. Hensher and K.J. Button. Amsterdam: Pergamon. 11 Oum, T.H.; W.G. Watters, II; and Y. Jong-Say. 1992. "Concepts of Price Elasticities of Transport Demand and Recent Empirical Estimates. An Interpretative Survey." Journal of Transport Economics and Policy 26: 139-54. 12 Owen, A.D., and G.D.A. Phillips. 1987. "The Characteristics of Railway Passenger Demand. An Econometric Investigation." Journal of Transport Economics and Policy 21: 231-53. 13 Wardman, M.; J.P. Toner; and A.W. Gerard. 1997. "Interactions between Rail and Car in the Inter-Urban Leisure Travel Market in Great Britain." Journal of Transport Economics and Policy 31: 163-81. 14 ¡ 15 Zi¡zmond, E.; D. Kraèun; J. Bekõ; and T. Jagriè. 1999a. "Slovenija in Avstrija--Ravni cen in plaè" [Slovenia and Austria--Level of Prices and Wages]. Bilten EDP 22 (March). 16 ------. 1999b. "Slovenija in Italija--Ravni cen in plaè" [Slovenia and Italy-- Level of Prices and Wages]. Bilten EDP 22 (October). Handle: RePEc:mes:eaeuec:v:42:y:2004:i:2:p:63-85 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEF C. BRADA Author-X-Name-First: JOSEF C. Author-X-Name-Last: BRADA Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 42 Year: 2004 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9Y0PXHEXVTCKBFKV File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: BAHRI YILMAZ Author-X-Name-First: BAHRI Author-X-Name-Last: YILMAZ Title: The Foreign Trade Pattern and Foreign Trade Specialization in the European Union: A Comparison of Six New Member/Candidate Countries and the EU/15 Abstract: The enlargement of the European Union will bring many political, economical, and structural changes on the continent, which requires careful and deep analysis to be made. This paper approaches the enlargement of the European Union from the aspect of trade pattern and trade specialization of six major EU candidates--namely, Turkey, Bulgaria, Hungary, Romania, Poland, and the Czech Republic--focusing on the years from 1996 to 2002. In other words, the main purpose of this paper is to examine the international competitiveness of six candidate countries and to compare the structure of specialization in foreign trade with each other and the EU/15. Journal: Eastern European Economics Pages: 74-100 Issue: 5 Volume: 43 Year: 2005 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C7MGFK06TW5HKQUG File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Agarwal, J.P. 2000. "EU-Direktinvestionen im Integrationsprozess: Perspektiven für die Osterweiterung" [EU-Foreign Direct Investments in the Integration Process: Perspectives for Eastern Enlargement]. Die Weltwirtschaft 3: 330-354. 2 Balassa, B. 1965. "Trade Liberalization and Revealed Comparative Advantage." Manchester School of Economic and Social Studies 33, no. 2: 99-123. 3 Donges, B.J., and K.W. Schatz. 1980. "Muster der industriellen Arbeitsteilung im Rahmen einer erweiterten Europaeischen Gemeinschaft" [Pattern of Division of Labor in the Framework of an Enlarged European Community]. Die Weltwirtschaft 1/1980: 160-186. 4 Donges, B.J.; R.J. Langhammer; C.S. Thoroe; and K.W. Schatz. 1982. The Second Enlargement of the Community: Adjustment Requirements and Challenges for Policy Reform. Tübingen, Germany: J.C.B. Mohr (Paul Siebeck). 5 El-Agraa, A.M. 2001. The European Union (Economics and Politics), 7th ed. Harlow/Essex, UK: Financial Times-Prentice Hall Pearson Education. 6 European Commission. 2002. "Toward the Enlarged Union: Strategy Paper." Report of the European Commission, Brussels, October 2002. 7 Fels, G., and E.J. Horn. 1972. "Der Wandel der Industriestruktur im Zuge der weltwirts-chaftlichen Integration der Entwicklungslaender" [Changes of Industrial Structure Through the Integration of Developing Economies in the World Economy]. Die Weltwirtschaft 1/1972: 107-128. 8 Finger, J.M., and D.A. de Rosa. 1979. "Trade Overlap, Comparative Advantage and Protec-tion." In On the Economics of Intra-Industry Trade, Symposium 1978, ed. H. Giersch, pp. 213-240. Tübingen, Germany: J.C.B. Mohr (Paul Siebeck). 9 Finger, J.M., and M.E. Kreinin. 1979. "A Measure of Export Similarity and Its Possible Use." Economic Journal 89: 905-912. 10 Hufbauer, G.C., and J.C. Chilas. 1974. "Specialization by Industrial Countries: Extent and Consequence." In The International Division of Labour, Problems and Perspectives, International Symposium, ed. H. Hirsch, pp. 3-38. Tübingen, Germany: J.C.B. Mohr (Paul Siebeck). 11 Klodt, H. 1990. "Teknologietransfer und Internationale Wettbewerbsfahigkeit" [Transfer of Technology and International Competition]. Aussenwirtschaft 45, no. 1: 57-79. 12 Krugman, P., and M. Obstfeld. 2000. International Economics, 5th ed. New York/Harlow, UK: Addison-Wesley. 13 Laaser, C.-F., and K. Schrader. 2002. "European Integration and Changing Trade Patterns: The Case of the Baltic States." Kiel Working Paper no. 1088, Kiel Institute of World Economics, January. 14 Lafay, G. 1992. "The Measurement of Revealed Comparative Advantages." In International Trade Modelling, ed. M.G. Dagenais and P.A. Muet, pp. 209-234. London: Chapman & Hall. 15 Lee, H. 1995. "A Perspective on the Effects of NAFTA on Korea." Paper presented at the Sixth Annual East Asian Seminar on Economics, Korea Development Institute, Seoul. 16 Marwah, K. 1995. "Shifts in the Multilateral Trade Structure of Canada and India: Market Shares, Trade Entropy and Growth." Carleton Economics Papers, CEP 95-05, Carleton University, Department of Economics, Ottawa, Canada. 17 Mayer, J.; A. Butkevicius; and A. Kadri. 2002. "Dynamic Products in World Exports." United Nations Conference on Trade and Development (UNCTAD) Discussion Papers no. 159, New York, May. 18 Theil, H. 1971. Principles of Econometrics. Amsterdam: North-Holland. 19 United Nations. Various years. Yearbook of International Trade Statistics. New York: United Nations. 20 Yilmaz, B. 1986. "Turkish Export to the EC." Occasional Paper Series no. 29, University of Durham, UK. 21 ------. 1996. "International Competitiveness of Turkey with the EU: A Comparison with Greece, Portugal, Spain and the EU/12/15." In The Political Economy of Turkey in the Post-Soviet Era, ed. L. Rittenberg, pp. 79-95. Westport, CT: Praeger. 22 ------. 2002. "Turkey's Competitiveness in the European Union." Russian & East European Finance and Trade 38, no. 3 (May-June): 54-72. 23 ------. 2003. "Turkey's Competitiveness in the European Union: A Comparison with Five Candidate Countries--Bulgaria, The Czech Republic, Hungary, Poland, Romania--and the EU 15." Ezoneplus Working Paper no. 12, Freie Universitat Berlin, February. 24 Yilmaz, B., and S. Ergun. 2003. "Foreign Trade Patterns and Foreign Trade Specialization of Candidate Countries of the EU." Ezoneplus Working Paper no. 19, Freie Universitat Berlin, February. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:5:p:74-100 Template-Type: ReDIF-Article 1.0 Author-Name: Wolfgang Steffen Author-X-Name-First: Wolfgang Author-X-Name-Last: Steffen Author-Name: Johannes Stephan Author-X-Name-First: Johannes Author-X-Name-Last: Stephan Title: The Role of Human Capital and Managerial Skills in Explaining Productivity Gaps Between East and West Abstract: This paper assesses the determinants of productivity gaps between firms in the European transition countries and regions and firms in West Germany. The analysis is conducted at the firm level using a unique database constructed by fieldwork. The determinants tested in a simple econometric regression model focus on the issue of human capital and modern market-oriented management. The results are novel inasmuch as a solution was established for the puzzling results in related research with respect to a comparison of formal qualification between East and West. Furthermore, the analysis establishes that the kind of human capital and expertise mostly needed in postsocialist firms are related to the particular requirements of a competitive market-based economic environment. Finally, the analysis also finds empirical support for the role of capital deepening in productivity catchup, as well as the case that the gaps in labor productivity are most importantly rooted in a more labor-intensive production, which does not give rise to a competitive disadvantage. Journal: Eastern European Economics Pages: 5-24 Issue: 6 Volume: 46 Year: 2008 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C232T487J3516162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barrell, R., and D. te Velde. 2000. "Catching-Up East German Labor Productivity in the 1990s." >i>German Economic Review>/i>>b>1>/b>, no. 3: 271-297. 2 Barro, R. J., and X. Sala-i-Martin. 1992. "Convergence." >i>Journal of Political Economy>/i>>b>100>/b>, no. 2: 223-251. 3 Bellmann, L., and M. Brussig. 1998. "Ausmaß und Ursachen der Produktivitätslücke ostdeutscher Betriebe des verarbeitenden Gewerbes" [Size and Origins of the Productivity Gap of East Germany Businesses]. >i>Mitteilungen aus der Arbeitsmarkt- und Berufsforschung>/i>>b>31>/b>, no. 4: 648-660. 4 Bernhardt, M.; H.-G. Vieweg; and R. Heisig. 1997. >i>Maschinenbau im Freistaat Sachsen>/i> [Mechanical Engineering in the Free State of Saxony] vol. 16. Dresden: Ifo-Dresden Studien. 5 Czarnitzki, D. 2005. "Extent and Evolution of the Productivity Deficiency in Eastern Germany." >i>Journal of Productivity Analysis>/i>>b>24>/b>, no. 2: 209-229. 6 Daly, A.; D. Hitchens; and K. Wagner. 1985. "Productivity, Machinery, and Skills in a Sample of British and German Manufacturing Plants." >i>National Institute Economic Review>/i>>b>111>/b>, no. 1: 48-62. 7 Eickelpasch, A.; V. Lessat; I. Pfeiffer; C. Grothe; J. Moeller; and D. Wirth. 1996. "Untersuchung der Bezüge und Lieferungen der Brandenburger Wirtschaft von und zu Unternehmen innerhalb des Landes, mit Berlin und dem übrigen Bundesgebiet sowie zum Ausland" [Analysis of Input and Output of the Economy of the State of Brandenburg with Companies in the Same State, in Berlin, in the Rest of the German Federal Republic, and with Companies Abroad]. Gutachten (Ministeriums für Wirtschaft Mittelstand und Technologie), Brandenburg. 8 Fritsch, M., and J. Mallok. 1998a. "Surviving the Transition: The Process of Adaptation of Small and Medium-Sized Firms in East Germany." In >i>The Microeconomics of Transformation and Growth>/i>, ed. H. Brezinski, E. Frank, and M. Fritsch, pp. 163-184. Cheltenham, UK: Edward Elgar. 9 Fritsch, M., and J. Mallok. 1998b. "Wie es vorangeht—Die Entwicklung mittelständischer Industriebetriebe in Ost und Westdeutschland, 1992-1995" [How It Is Improving—The Development of Small and Medium-Sized Companies in East and East Germany, 1992-1995]. In >i>Neue Unternehmen in Ostdeutschland-Neuaufbau und Umstrukturierung der Unternehmenslandschaft>/i> [New Companies in East Germany—the Reconstruction and Restructuring of the Landscape of Companies], ed. J. Schmude, pp. 154-179. Heidelberg: Physica-Verlag. 10 Günther, J., and O. Gebhardt. 2005. "Eastern Germany in the Process of Catching Up: The Role of Foreign and Western German Investors in Technological Renewal." >i>Eastern European Economics>/i>>b>43>/b>, no. 3 (May—June): 78-102. 11 Hitchens, D.; K. Wagner; and J. E. Birnie. 1993. "The Comparative Productivity of East German Manufacturing: A Matched Plant Comparison." Wissenschaftszentrum Discussion Paper FS I 93-310. Wissenschaftszentrum, Berlin. 12 Hitchens, D.; K. Wagner; J. E. Birnie; J. Hamar; and A. Zemplinerová. 1995. "The Comparative Productivity of Manufacturing Plants in the Czech Republic and Hungary." >i>Economic Systems>/i>>b>19>/b>, no. 3: 187-218. 13 Kronthaler, F. 2005. "Economic Capability of East German Regions: Results of a Cluster Analysis." >i>Regional Studies>/i>>b>39>/b>, no. 6: 741-752. 14 Lay, G. 1996. "Sachsens Investitionsgüterindustrie im Regionalvergleich-Trotz Modernisierungsschub unterdurchschnittliche Produktivität" [The Investment Goods Industry of Saxony in Regional Perspective—Below Average Productivity Despite Modernisation]. Mitteilungen aus der Produktionsinnovationserhebung, vol. 3 [Communication for the Field Work on Innovations in Production]. Fraunhofer Institut für Systemtechnik und Innovationsforschung, Karlsruhe. 15 Lay, G. 1998. "Modernisierung und Produktivität in der Investitionsgüterindustrie Ostdeutschlands" [Modernisation and Productivity in the Investment Goods Industry of East Germany]. In >i>Innovationen in Ostdeutschland>/i> [Innovations in East Germany], ed. M. Fritsch and F. Pleschak, pp. 43-59. Heidelberg: Physica-Verlag. 16 Lee, K.; M. H. Pesaran; and R. Smith. 1997. "Growth and Convergence in a Multicountry Empirical Stochastic Solow Model." >i>Journal of Applied Econometrics>/i>>b>12>/b>, no. 4: 357-392. 17 Mallok, J. 1996. >i>Engpässe in ostdeutschen Fabriken. Technikausstattung, Technikeinsatz und Produktivität im Ost-West-Vergleich>/i> [Bottlenecks in East German Factories: Endowment with Technology, the Use of Technology and Productivity in an East-West Comparison]. Berlin: Edition Sigma. 18 Mallok, J. 2005. "Produktivitätsfortschritte im ostdeutschen Maschinenbau" [Improvements in Productivity in East German Mechanical Engineering]. >i>Zeitschrift für wirtschaftlichen (ZWF)>/i>>b>100>/b>, no. 4: 205. 19 Mallok, J., and M. Fritsch. 1997. "Die Intelligenz der Technikausnutzung: Zur Bedeutung des Maschinenparks und seiner Einsatzweise für die betriebliche Leistungsfähigkeit" [The Wise Use of Technology: On the Significance of Machinery Parks and Their Kind of Use for Operational Performance]. >i>Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung>/i>>b>49>/b>, no. 2: 141-159. 20 Ragnitz, J. 1999. "Warum ist die Produktivität ostdeutscher Unternehmen so gering?" [Why Is Productivity Among East Germany Companies So Low?]. >i>Zeitschrift für Konjunkturpolitik>/i>>b>45>/b>, no. 3: 165-187. 21 Ragnitz, J. 2001. "Produktivitätsrückstand der osterdeutschen Wirtschaft: Eine zusammenfassende Bewertung" [Productivity Gap of the East German Economy: A Concluding Appraisal]. >i>Wirtschaft im Wandel>/i>>b>7>/b>, no. 7: 181-189. 22 Ragnitz, J.; G. Müller; and A. Wölfl. 2000. >i>Produktivitätsunterschiede von Wirtschaftsräumen—Das Beispiel der neuen Länder.>/i> Halle: Halle Institute for Economic Research (IWH) Endbericht. 23 Stephan, J. 2003. "Evolving Structural Patterns in the Enlarging European Division of Labor: Sectoral and Branch Specialization and the Potentials for Closing the Productivity Gap." Special Issue no. 5/2003, Halle Institute for Economic Research (IWH), Halle. 24 Stephan, J. 2007. "The Role of the Human Capital and Managerial Skills in Explaining the Productivity Gaps Between East and West." Discussion Paper 11/07, Halle Institute for Economic Research (IWH), Halle. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:6:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: BORISS SILIVERSTOVS Author-X-Name-First: BORISS Author-X-Name-Last: SILIVERSTOVS Author-Name: OLENA BILAN Author-X-Name-First: OLENA Author-X-Name-Last: BILAN Title: Modeling Inflation Dynamics in Transition Economies: The Case of Ukraine Abstract: This paper explores the dynamics of inflation in Ukraine in a period of relative macroeconomic stability. The analysis of the interrelationship among inflation, money growth, wage growth, and devaluation expectations is based on impulse responses and variance decomposition of a vector autoregression model. We find that changes in devaluation expectations appear to be the most important factor driving price development, while money supply growth has negligible impact on inflation. In addition, our results show evidence of a high degree of inflation inertia, which may reflect the specific institutional settings of the Ukrainian economy. Journal: Eastern European Economics Pages: 66-81 Issue: 6 Volume: 43 Year: 2006 Month: 12 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CL607CBPY51RC3YF File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Brüggemann, R., and H. Lütkepohl. 2001. "Lag Selection in Subset VAR Models with an Application to a U.S. Monetary System." In Econometric Studies: A Festschrift in Honour of Joachim Frohn, ed. R. Friedman, L. Knuppel, and H. Lütkepohl, 107-128. Münster: LIT Verlag. 2 Fischer, S.; R. Sahay; and C.A. Vegh. 1996. "Stabilization and Growth in Transition Economies: The Early Experience." Journal of Economic Perspectives 10, no. 2: 45-66. 3 Ghosh, A.R. 1997. "Inflation in Transition Economies: How Much? And Why?" Working Paper WP/97/80, International Monetary Fund, Washington, DC. 4 Haderi, S.; H. Papapanagos; P. Sanfey; and M. Talka. 1999. "Inflation and Stabilization in Albania." Post-Communist Economies 11, no. 1: 127-141. 5 Himarios, D. 1987. "Devaluation, Devaluation Expectations and Price Dynamics." Economica 54, no. 215: 299-313. 6 Johansen, S. 1995. Likelihood-Based Inference in Cointegrated Vector Autoregressive Models. Advanced Texts in Econometrics. Oxford: Oxford University Press. 7 Kutan, A.M., and J.C. Brada. 1999. "The End of Moderate Inflation in Three Transition Economies?" Working Paper no. 1999-003A, Federal Reserve Bank of St. Louis. 8 Lissovolik, B. 2003. "Determinants of Inflation in a Transition Economy: The Case of Ukraine." Working Paper WP/03/126, International Monetary Fund, Washington, DC. 9 Payne, J.E. 2002. "Inflationary Dynamics of a Transition Economy: The Croatian Experi-ence." Journal of Policy Modeling 24, no. 3: 219-230. 10 Piontkivsky, R.; A. Bakun; M. Kryshko; and T. Sytnyk. 2001. "The Impact of the Budget Deficit on Inflation in Ukraine." International Association for the Promotion of Cooperation with Scientists from the New Independent States of the Former Soviet Union (INTAS) Research Report 95-0273, Brussels. 11 Pozo, S., and M. Wheeler. 1999. "Expectations and the Black Market Premium." Review of International Economics 7, no. 2: 245-253. 12 Ross, K.L. 2000. "Post Stabilization Inflation Dynamics in Slovenia." Applied Economics 32, no. 2: 135-150. Handle: RePEc:mes:eaeuec:v:43:y:2006:i:6:p:66-81 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 5 Volume: 40 Year: 2002 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NKJGHUWMGDH33R26 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:5:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: George Petrakos Author-X-Name-First: George Author-X-Name-Last: Petrakos Title: Restructuring, Stability, and Development in Southeastern Europe Abstract: Journal: Eastern European Economics Pages: 3-5 Issue: 4 Volume: 40 Year: 2002 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V8UM367FHLKHT413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: IOAN VOICU Author-X-Name-First: IOAN Author-X-Name-Last: VOICU Title: Are Foreign Subsidiaries Technologically Superior to Local Firms? : Evidence from Romania Abstract: This article examines whether foreign firms in Romania are technologically superior to domestic firms by separately estimating the technology-related productivity differentials between domestic firms and international joint ventures, and between domestic firms and foreign wholly owned enterprises. When comparing domestic firms and international joint ventures, the estimation corrects for selection biases induced by the unobserved heterogeneity in domestic firms' knowledge of local markets. The estimation method is based on a simple theoretical model of a multinational enterprise's choice of entry mode in a developing country. Both types of foreign firms are found to exhibit a technological advantage in virtually all manufacturing sectors. Journal: Eastern European Economics Pages: 5-32 Issue: 4 Volume: 42 Year: 2004 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NV0B59LDWC4N53H1 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Al-Saadon, Y., and S. P. Das. 1996. "Host-Country Policy, Transfer Pricing and Ownership Distribution in International Joint Ventures: A Theoretical Analysis." International Journal of Industrial Organization 14, no. 3: 345-64. 2 Anderson, E., and H. Gatignon. 1986. "Modes of Foreign Entry: A Transaction Cost Analysis and Propositions." Journal of International Business Studies, 17, no. 3: 1-26. 3 Contractor, F.J. 1985. "A Generalized Theorem for Joint Venture and Licensing Negotiations." Journal of International Business Studies 16, no. 2: 23-50. 4 Davidson, W.H., and D.G. McFetridge. 1985. "Key Characteristics in the Choice of International Technology Transfer." Journal of International Business Studies 16, no. 2: 5-21. 5 Gangopadhyay, S., and I.N. Gang. 1994. "Foreign Investment and Control of Transnational Enterprises." Journal of International Trade and Economic Development 3, no. 3: 213-27. 6 Gatignon, H., and E. Anderson. 1988. "The Multinational Corporation's Degree of Control over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation." Journal of Law and Economic Organization 4, no. 2: 305-36. 7 Grosse, R.E. 1985. "An Imperfect Competition Theory of the MNE." Journal of International Business Studies 16, no. 1: 37-56. 8 Haddad, M., and A. E. Harrison. 1993. "Are There Positive Spillovers from Direct Foreign Investment? Evidence from Panel Data for Morocco." Journal of Development Economics 42, no. 1: 51-74. 9 Heckman, J.J. 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection, and Limited Dependent Variables and a Simple Estimation for Such Models." Annals of Economic and Social Measurement 5, no. 4: 475-92. 10 Hirsch, S. 1976. "An International Trade and Investment Theory of the Firm." Oxford Economic Papers 28, no. 2: 258-69. 11 Horstman, I.J., and J.R. Markusen. 1996. "Exploring New Markets: Direct Investment, Contractual Relations and the Multinational Enterprise." International Economic Review 37, no. 1: 1-19. 12 Jenkins, R. 1990. "Comparing Foreign Subsidiaries and Local Firms in LDCs: Theoretical Issues and Empirical Evidence." Journal of Development Studies 26, no. 2: 205-28. 13 Kogut, B., and H. Singh. 1988. "The Effect of National Culture on the Choice of Entry Mode." Journal of International Business Studies 19, no. 3: 411-32. 14 Leung, W.-F. 1995. "The Choice Between an International Joint Venture and a Wholly Owned Subsidiary in a Developing Country Under Technology Spillover Effects." Open Economies Review 6, no. 4: 341-68. 15 ------. 1998. "A Model of Coexistence of International Joint Ventures and Foreign Wholly Owned Subsidiaries." Japan and the World Economy 10, no. 2: 233-52. 16 Purkayastha, D. 1993. "Firm-Specific Advantages, Multinational Joint Ventures and Host Country Tariff Policy." Southern Economic Journal 60, no. 1: 89-95. 17 Rugman, A.M. 1982. New Theories of the Multinational Enterprise. London: Croom Helm. 18 Schmidt, P., and R. Sickles. 1984. "Production Frontiers and Panel Data." Journal of Business and Economic Statistics 2, no. 4: 367-74. 19 Svejnar, J., and S.C. Smith. 1984. "The Economics of Joint Ventures in Less Developed Countries." Quarterly Journal of Economics 99, no. 1: 149-67. 20 Teece, D.J. 1977. "Technology Transfer by Multinational Firms: The Resource Cost of Transferring Technological Know-how." Economic Journal 87: 242-61. 21 ------. 1986. "Transaction Cost Economics and the Multinational Enterprise: An Assessment." Journal of Economic Behavior and Organization 7, no. 1: 25-45. 22 Veugelers, R., and K. Kesteloot. 1996. "Bargained Shares in Joint Ventures Among Asymmetric Partners: Is the Matthew Effect Catalyzing?" Journal of Economics 64, no. 1: 23-51. 23 Voicu, I. 2000. "Determinants and Effects of Foreign Direct Investment in Romania." Ph.D. dissertation, Rutgers University. 24 Yu, C.-M.J., and M.-J. Tang. 1992. "International Joint Ventures: Theoretical Considerations." Managerial and Decision Economics 13, no. 4: 331-42. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:4:p:5-32 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festi˘ Author-X-Name-First: Mejra Author-X-Name-Last: Festi˘ Title: Monetary Policy Instruments in Slovenia Abstract: The monetary policy process has two stages: (1) setting the value of intermediate or final monetary targets on the basis of available information, and (2) setting the instruments of monetary policy in order to neutralize stochastic disturbances and to render the actual value of the intermediate target as close as possible to the targeted value. After becoming independent, Slovenia had to establish an independent central bank and create effective instruments of monetary policy. Slovenia did away with the nonmarket instruments of monetary policy that were used in the former Yugoslavia. Old, selective instruments of monetary policy were replaced by new instruments: an open market policy, Lombard loans, minimum reserve requirements, bills with warrants, twin bills, and foreign currency bills. Slovenia must use open-market policy instruments as the core instrument; the fiscal component should be eliminated; minimum reserve requirements should not change frequently due to fluctuations deriving from reserve ratio movements; refinancing policy should have a safety valve function to satisfy unexpected demand for the central bank's money. Journal: Eastern European Economics Pages: 64-86 Issue: 5 Volume: 39 Year: 2001 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TJB16LMD0NP0MPQ7 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:5:p:64-86 Template-Type: ReDIF-Article 1.0 Author-Name: CHANG WOON NAM Author-X-Name-First: CHANG WOON Author-X-Name-Last: NAM Author-Name: DOINA MARIA RADULESCU Author-X-Name-First: DOINA MARIA Author-X-Name-Last: RADULESCU Title: The Role of Tax Depreciation for Investment Decisions: A Comparison of European Transition Countries Abstract: This study compares incentive effects of various tax depreciation methods currently adopted in European transition economies. In these countries, straight-line, geometric-degressive, and accelerated depreciation measures are quite popular, in combination with different corporate tax rates. Their generosity is determined on the basis of Samuelson's true economic depreciation. For this purpose, the present value model is applied under the particular consideration of different financial structures. In this context, the traditional Modigliani-Miller theorem for capital structure is revisited. Furthermore, the aspect of inflation is integrated into the model. The central issue is that the historical cost accounting method generally applied for the calculation of the corporate tax base causes fictitious profits in inflationary phases that are also taxed. Therefore, in an inflationary period, generous tax depreciation provisions do not promote private investment as designed, but partly compensate such additional tax burdens caused by inflation. Journal: Eastern European Economics Pages: 5-24 Issue: 5 Volume: 43 Year: 2005 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1D267EP7HEW2DALE File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Aaron, H.J. 1976. "Inflation and the Income Tax: An Introduction." In Inflation and the Income Tax, ed. H.J. Aaron, pp. 1-31. Washington, DC: Brookings Institution Press. 2 Alvarez, L.; V. Kanniainen; and J. Södersten. 1999. "Why Is the Corporation Tax Not Neu-tral?" Paper presented at the Norwegian-German Seminar on Public Economics on Capital Income Taxation, Munich, June 3-5. 3 Atkinson, A.B., and J.E. Stiglitz. 1980. Lectures on Public Economics. London: McGraw-Hill. 4 Bordignon, M.; S. Giannini; and P. Panteghini. 1999. "Corporate Taxation in Italy: An Analysis of the 1998 Reform." Paper presented at the Norwegian-German Seminar on Public Economics on Capital Income Taxation, Munich, June 3-5. 5 Chennells, L., and R. Griffith. 1997. Taxing Profits in a Changing World. London: KKS Printing. 6 Devereux, M.P.; R. Griffith; and A. Klemm. 2002. "Can International Tax Competition Explain Corporate Income Tax Reforms." University of Warwick, UK. 7 Ernst & Young. 2002. Worldwide Corporate Tax Guide. London (available at www.ey.com/ global/gcr.nsf/EYPassport/Welcome-Worldwide_Corporate_ Tax_Guide-EYPassport/). 8 European Bank for Reconstruction and Development (EBRD). 2002. Transition Report 2002. London. 9 Evans, M.K. 1983. The Truth About Supply-Side Economics. New York: Basic Books. 10 Feldstein, M.S. 1979. "Adjusting Depreciation in an Inflationary Economy: Indexing Versus Acceleration." NBER Working Paper no. 395, Cambridge, MA. 11 Gonedes, N.J. 1984. "Evidence on the Tax Effect of Inflation Under Historical Cost Accounting Methods." Journal of Business 54, no. 2: 227-270. 12 International Bureau of Fiscal Documentation (IBFD). 1999. Central & East European Tax Directory, Amsterdam. 13 Jacobs, O.H., and C.H. Spengel, ed. 1996. Aspekte der Unternehmensbesteuerung in Europa [Aspects of Company Taxation in Europe]. Baden-Baden: Nomos Verlag. 14 Kay, J.A. 1977. "Inflation Accounting: A Review Article." Economic Journal 87, no. 346: 300-311. 15 King, M.A. 1977. Public Policy and the Corporation. London: Chapman and Hall. 16 King, M.A., and D. Fullerton. 1984. The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden and West Germany. Chicago: University of Chicago Press. 17 Kopcke, R.W. 1981. "Inflation, Corporate Income Taxation and the Demand for Capital Asset." Journal of Political Economy 89, no. 1: 122-131. 18 Leibfritz, W., and C. Meurer. 1985. Steuerliche Investitionsförderung im internationalen Vergleich [Tax Investment Promotion Measures in International Comparison]. Schriftenreihe des ifo Instituts 117. Berlin and Munich: Duncker & Humblot. 19 Miller, M.H., and F. Modigliani. 1958. "The Cost of Capital, Corporation Finance and the Theory of Investment." American Economic Review 48, no. 3: 261-297. 20 Nam, C.W. 1995. Incentive Effects of Tax Depreciation Provisions Revealed in a Simple Investment Decision Model: An International Comparison. Ifo Studien zur Finanzpolitik 57. Munich: Ifo Institute for Economic Research. 21 Samuelson, P.A. 1964. "Tax Deductibility of Economic Depreciation to Ensure Invariant Valuation." Journal of Political Economy 72, no. 6: 604-606. 22 Sandmo, A. 1974. "Investment Incentives and the Corporate Income Tax." Journal of Political Economy 82, no. 2: 287-302. 23 Sinn, H.-W. 1987. Capital Income Taxation and Resource Allocation. Amsterdam: North-Holland. 24 Sinn, H.-W.; W. Leibfritz; and A. Weichenrieder. 1999. "Ifo Vorschlag zur Steuerreform" [Ifo Recommendation for Tax Reform]. ifo Schnelldienst 52, no. 18: 3-18. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:5:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: Tiiu Paas Author-X-Name-First: Tiiu Author-X-Name-Last: Paas Author-Name: Egle Tafenau Author-X-Name-First: Egle Author-X-Name-Last: Tafenau Author-Name: Nancy J. Scannell Author-X-Name-First: Nancy J. Author-X-Name-Last: Scannell Title: Gravity Equation Analysis in the Context of International Trade: Model Specification Implications in the Case of the European Union Abstract: We examine model specification implications pursuant to gravity equation analysis in assessing the validity of new trade theory (NTT) models. The testing is conducted on twenty-three EU members, consisting of eight postsocialist transitional countries and fifteen developed countries, for the period 1994-2004. Our model specification borrows from Baltagi et al. (2003), employing fixed effects in the panel estimation. In accordance with them, we find that the appropriate model is specified as generally as possible. Divergent from them, we find that estimation results do not strongly depend on model specification. Yet, in analyzing trade flows for disaggregated samples, considerable sensitivity to specification is observed and an enigma encountered per findings with respect to trade behavior that support neither NTT nor the theory of comparative advantage. Estimation results are found not to depend on whether gross domestic product data are measured in nominal or purchasing power parity terms. Journal: Eastern European Economics Pages: 92-113 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=366V4011815XP027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Baltagi, B. H.; P. Egger; and M. Pfaffermayr. 2003. "A Generalized Design for Bilateral Trade Flow Models." >i>Economics Letters>/i> 80, no. 3: 391-397. 2 Bergstrand, J. H. 1989. "The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade." >i>Review of Economics and Statistics>/i> 71, no. 1: 143-153. 3 Cheng, I-H., and H. J. Wall. 2005. "Controlling for Heterogeneity in Gravity Models of Trade and Integration." >i>Review: Federal Reserve Bank of St. Louis>/i> 87, no. 1 (January-February): 49-63. 4 Deardorff, A. V. 1998. "Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World?" In >i>The Regionalization of the World Economy>/i>, ed. J. A. Frankel, pp. 7-31. Chicago: University of Chicago Press. 5 De Benedictis, L.; R. De Santis; and C. Vicarelli. 2005. "Hub and Spoke or Else? Free Trade Agreements in the Enlarged European Union." >i>European Journal of Comparative Economics>/i> 2, no. 2: 245-260. 6 De Groot, H. L. F.; G.-J. Linders; P. Rietveld; and U. Subramanian. 2004. "The Institutional Determinants of Bilateral Trade Patterns." >i>Kyklos>/i> 57, no. 1: 103-123. 7 Egger, P. 2000. "A Note on the Proper Econometric Specification of the Gravity Equation." >i>Economics Letters>/i> 66, no. 1: 25-31. 8 Egger, P. 2002. "An Econometric View on the Estimation of Gravity Models and the Calculation of Trade Potentials." >i>World Economy>/i> 25, no. 2: 297-312. 9 Egger, P., and M. Pfaffermayr. 2003. "The Proper Panel Econometric Specification of the Gravity Equation: A Three-Way Model with Bilateral Interaction Effects." >i>Empirical Economics>/i> 28, no. 3: 571-580. 10 Eichengreen, B., and D. A. Irwin. 1998. "The Role of History in Bilateral Trade Flows." In >i>The Regionalization of the World Economy>/i>, ed. Jeffrey A. Frankel, pp. 33-62. Chicago: University of Chicago Press. 11 Ghosh, S. K. 1976. "Estimating from a More General Time-Series cum Cross-Section Data Structure." >i>American Economist>/i> 20, no. 1: 15-21. 12 Glick, R., and A. K. Rose. 2001. "Does a Currency Union Affect Trade? The Time Series Evidence." Working Paper 8396, National Bureau for Economic Research, Cambridge, MA. 13 Helpman, E. 1987. "Imperfect Competition and International Trade: Evidence from Fourteen Industrial Countries." >i>Journal of the Japanese and International Economies>/i> 1, no. 1: 62-81. 14 Helpman, E., and P. R. Krugman. 1985. >i>Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy.>/i> Cambridge, MA: MIT Press. 15 Linder, S. B. 1961. >i>An Essay on Trade and Transformation.>/i> Hoboken, NJ: John Wiley. 16 Linnemann, H. 1966. >i>An Econometric Study of International Trade Flows.>/i> Amsterdam: North-Holland. 17 Martinez-Zarzoso, I., and F. Nowak-Lehmann. 2003. "Augmented Gravity Model: An Empirical Application to Mercosur-European Union Trade Flows." >i>Journal of Applied Economics>/i> 6, no. 2: 291-316. 18 Mátyás, L. 1997. "Proper Econometric Specification of the Gravity Model." >i>World Economy>/i> 20, no. 3: 363-368. 19 Mátyás, L. 1998. "The Gravity Model: Some Econometric Considerations." >i>World Economy>/i> 21, no. 3: 397-401. 20 Pöyhönen, P. 1963. "Tentative Model for the Volume of Trade Between Countries." >i>Weltwirtschaftliches Archiv>/i> 90, no. 1: 93-100. 21 Sanso, M.; R. Cuairan; and F. Sanz. 1993. "Bilateral Trade Flows, the Gravity Equation, and Functional Form." >i>Review of Economics and Statistics>/i> 75, no. 2: 266-275. 22 Soloaga, I., and L. A. Winters. 2001. "Regionalism in the Nineties: What Effect on Trade?" >i>North American Journal of Economics and Finance>/i> 12, no. 1: 1-29. 23 Tinbergen, J. 1962. >i>Shaping the World Economy.>/i> New York: Twentieth Century Fund. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:92-113 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor’s Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 40 Year: 2002 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=53BNWR3L5GCLY87M File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 46 Year: 2008 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G73X02342U025674 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festic Author-X-Name-First: Mejra Author-X-Name-Last: Festic Title: The Conditions for Monetary Targeting in Slovenia Abstract: If money multipliers are stable, there is a relationship between the controllable variable - base money (B) - and intermediate targets such as M1, M2, and M3. These intermediate targets have a long-term and stable relationship with the final target, the price level. If potential output, money demand, and velocity are predictable, a strategy of monetary targeting can be successful in the period before Slovenia joins the European Monetary Union. This article examines the stability of money multipliers and transmission mechanisms from money to prices for Slovenia. It concludes that these are sufficiently stable to make monetary targeting a feasible monetary policy for Slovenia. ments between tolar and foreign currency deposits that are included in it. The target annual growth rate of aggregate M3 in 1997 was 14–22 percent, and 18–26 percent in 1998. In 1998, aggregate M3 increased by 22.2 percent, only 2.2 percentage points above the lower limit. The target for 1999 was an annual increase of M3 by 16–24 percent and for 2000, 12–18 percent (Bilten BS). We will test stability of the relationship between monetary and real aggregates in Slovenia. Such stability is the prerequisite for effective monetary policy, including a policy of inflation targeting. The Transmission of Monetary Impulses Tobe successful, monetary policy must include an accurate assessment Journal: Eastern European Economics Pages: 69-89 Issue: 3 Volume: 40 Year: 2002 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3E60AWYYME1Y6FJJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:69-89 Template-Type: ReDIF-Article 1.0 Author-Name: Tefan Bojnec Author-X-Name-First: Tefan Author-X-Name-Last: Bojnec Title: Labor Market Flows, Labor Productivity, and Wages in Slovenia Abstract: Labor market flows, labor productivity, and wages in Slovenia are analyzed using macroeconomic and firm-level survey evidence. A decline in employee numbers is confirmed, but a shortage of qualified applicants is the major obstacle to creating jobs or filling vacancies, suggesting a mismatch in the labor market. The employee's personal qualification in terms of quality of human capital is recorded as the most important single factor in wage determination. The gap in labor productivity between Slovenia along with other analyzed Central and East European economies and Germany is clearly confirmed. The increase in labor productivity only partly explains real wage increases in Slovenia, suggesting an important role of other, unexplained factors in wage formation during transition and adjustment toward European Union membership. Journal: Eastern European Economics Pages: 23-43 Issue: 3 Volume: 42 Year: 2004 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C2Q1WPJRQX7CYBVJ File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 ------. 2000. World Development Indicators. Washington, DC. 2 Bell, L.A., and R.B. Freeman. 1988. "The Causes of Rising U.S. Industrial Wage Dispersion." Federal Reserve Bank of New York Research Paper, no. 8825. New York. 3 Bilsen, V., and J. Konings. 1998. "Job Creation, Job Destruction and Growth of Newly Established, Privatized and State-owned Enterprises in Transition Economies: Survey Evidence from Bulgaria, Hungary and Romania." Journal of Comparative Economics 26, no. 3: 429-45. 4 Blanchard, O. 1997. The Economics of Post-Communist Transition, Clarendon Lectures in Economics. New York and Oxford: Oxford University Press, Clarendon Press. 5 Bojnec, Š. 2001. "Business and Managerial Start-ups, R&D, and Product Innovation in Slovenia." Eastern European Economics 39, no. 4: 53-89. 6 ------. 2002. "Payments, Insolvency and Finance during Economic Transformation: Slovenia on the Way to European Union Accession." Europe-Asia Studies 54, no. 2: 277-97. 7 Bojnec, Š., and J. Konings. 1999. "Job Creation, Job Destruction and Labour Demand in Slovenia." Comparative Economic Studies 41, nos. 2-3: 135-49. 8 Brada, J.C., and A.M. Kutan. 2002. "Balkan and Mediterranean Candidates for European Union Membership: The Convergence of Their Monetary Policy with That of the European Central Bank." Eastern European Economics 40, no. 4: 31-44. 9 Business Central Europe. 2000. Online-Key Data 1990-99. 10 Christev, A., and F. FitzRoy. 2002. "Employment and Wage Adjustment: Insider-Outsider Control in a Polish Privatization Panel Study." Journal of Comparative Economics 30, no. 2: 251-75. 11 Earle, J. 1998. Industrial Decline and Labour Reallocation in Romania. SITE Working Paper no. 125. Stockholm: Stockholm Institute of Transition Economics. 12 European Bank for Reconstruction and Development (EBRD). 2000. Transition Report 2000. London. 13 Gittleman, M., and E.N. Wolff. 1993. "International Comparisons of Inter-Industry Wage Differentials." Review of Income and Wealth 39, no. 3: 295- 312. 14 Kertesi, G., and J. Kollo. 1999. Economic Transformation and the Return to Human Capital: The Case of Hungary, 1986-1996. Budapest: Budapest Working Papers on the Labor Market. 15 Organization for Economic Cooperation and Development (OECD). 2000. OECD Statistics. Paris. 16 Orazem, P.F., and M. Vodopivec. 1995. "Winners and Losers in Transition: Returns to Education, Experience, and Gender in Slovenia." World Bank Economic Review 9, no. 2: 201-30. 17 Pinto, B.; M. Belka; and S. Krajewski. 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms." Brookings Papers on Economic Activity, no. 1: 213-61. 18 World Bank. 1998. Slovenia-Labor Market Issues, Sector Report. Washington, DC. 19 ------. 2000. World Development Indicators. Washington, DC. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:23-43 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 5 Volume: 46 Year: 2008 Month: 9 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0RQ0420148652235 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:5:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Nivelin Noev Author-X-Name-First: Nivelin Author-X-Name-Last: Noev Title: Land, Wine, and Trade: The Transition of the Romanian Wine Sector Abstract: This paper analyzes the development of the Romanian wine sector over the past fifteen years, paying special attention to farm restructuring, development of grape and wine output, and changes in wine trade flows. We show how reforms negatively affected the performance of wine processors and grape growers and how they have caused changes in the vine and industry ownership structure, wine consumption, wine output, wine policies, product differentiation, and wine trade flows. Journal: Eastern European Economics Pages: 76-114 Issue: 3 Volume: 45 Year: 2007 Month: 6 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V0G22610774W5214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Bucharest Business Week. 2001. "Taxation Hits Beer Market." >i>Bucharest Business Week Newsletter>/i> 24/2001 (available at >a target="_blank" href='http://www.bbw.ro'>www.bbw.ro>/a> 2 Davis, J.R., and A. Gaburici. 1999. "Rural Finance and Private Farming in Romania." >i>Europe-Asia Studies>/i> 51, no. 5: 843-869. 3 Euromonitor. 2006. "Alcoholic Drinks in Romania." Alcoholic Drinks Market Analysis, Euromonitor Plc, London (available at >a target="_blank" href='http://www.euromonitor.com/Alcoholic_Drinks_in_Romania'>www.euromoni tor.com/Alcoholic_Drinks_in_Romania>/a> 4 European Bank for Reconstruction and Development. 1999. "Romania Country Profile." Paper presented at the Business Forum, EBRD Annual Meeting, London, April 17-20. 5 European Commission. 1998. "Agricultural Situation and Prospects in the Central European Countries—Romania." Working document, DG Agriculture (DG VI), European Commission, Brussels, Belgium. 6 European Commission. 2002. "Country Report on Romania." DG Agriculture and Rural Development. European Commission, Brussels. 7 European Commission. 2004. "Regular Report on Romania's Progress Towards Accession." DG Agriculture and Rural Development. European Commission, Brussels. 8 FAOSTAT. 2004. "Production Statistical Database" (available at >a target="_blank" href='http://faostat.fao.org'>http://faostat.fao.org>/a> 9 Gorton, M.; J. White; and M. Dumitrashko. 2004. "Applying the Clinical Inquiry Approach to Understand and Facilitate Enterprise Restructuring in Transitional Economies: A Case Study from the Moldovian Wine Industry." Working Paper no. 7, INTAS (International Association for the Promotion of Cooperation with Scientists from the New Independent States of the Former Soviet Union) Research Project on Agri-Food Industry Restructuring in Ukraine and Moldova (AFIRUM), INTAS99-00753, School of Agriculture, University of Newcastle, Newcastle Upon Tyne, UK. 10 Mathijs, E., and N. Noev. 2004. "Subsistence Farming in Central and Eastern Europe: Empirical Evidence from Albania, Bulgaria, Hungary, and Romania." >i>Eastern European Economics>/i> 42, no. 6: 72-89. 11 Ministry of Agriculture, Food, and Forestry. 2004. "National Agriculture and Rural Development Plan 2000-2006." Bucharest. 12 Ministry of European Integration. 2004. Midterm Evaluation of SAPARD Programme in Romania 2000-2003. Final report. EUROPEAID/114573/D/SV/RO, Bucharest. 13 Noev, N. 2005a. "Wine Quality and Regional Reputation: Hedonic Analysis of the Bulgarian Wine Market." >i>Eastern European Economics>/i> 43, no. 6: 5-30. 14 Noev, N. 2005b. "Wine Industry Privatization in Central and Eastern Europe: The Case of Bulgaria." >i>Agricultural Economics and Rural Development>/i> 8: 33-60. 15 Noev, N. 2006. "The Bulgarian Wine Sector: Policy Issues and Implications After Fifteen Years of Transition." >i>Journal of Wine Research>/i> 17, no. 2: 73-93. 16 Noev, N., and J.F.M. Swinnen. 2004. "Eastern Europe and FSU." In >i>Globalization and the World's Wine Markets>/i>, ed. K. Anderson, pp. 161-186. London: Edward Elgar. 17 Petrovici, D., and M. Gorton. 2005. "An Evaluation of the Importance of Subsistence Food Production for Assessment of Poverty and Policy Targeting: Evidence from Romania." >i>Food Policy>/i> 30, no. 2: 205-223. 18 Schrieder, G.; J. Munz; and R. Jehle. 2000. "Rural Regional Development in Transition Economies: The Case of Romania." >i>Europe-Asia Studies>/i> 52, no. 7: 1213-1235. 19 World Bank. 2004. "Romania: Restructuring for EU Integration—The Policy Agenda, Country Economic Memorandum." Report no. 29123-RO, Poverty Reduction and Economic Management Unit, Europe and Central Asia Region, Washington DC. 20 Zaharieva, E.; M. Gorton; and J. Lingard. 2003. "Procurement Mechanisms and the Emergence of New Governance Structures in the CEECs: Evidence from the Bulgarian Wine Industry." >i>Journal of Purchasing and Supply Management>/i> 9, nos. 5-6 (September): 235-245. 21 Zaharieva, E.; M. Gorton; and J. Lingard. 2004. "An Evaluation of Marketing Practices and Market Orientation in the Bulgarian Wine Industry." >i>Post-Communist Economies>/i> 16, no. 2: 229-243. Handle: RePEc:mes:eaeuec:v:45:y:2007:i:3:p:76-114 Template-Type: ReDIF-Article 1.0 Author-Name: Stoyan Totev Author-X-Name-First: Stoyan Author-X-Name-Last: Totev Title: Economic Performance and Structure of Southeastern European Countries--Albania, Bulgaria, FYR of Macedonia, and Greece Abstract: This article analyzes the ability of the economies of Albania, Bulgaria, and Former Yugoslavian Republic of Macedonia (FYR of Macedonia) to respond positively and to adapt their structures to the new economic environment to face the level of international competition. Various economic indicators are used to present a picture of economic evolution and structural adjustment over time. The conformity to changing conditions of the structural composition is analyzed at several levels of aggregation, including the structure of GDP and employment; main economics sectors; industrial value added and employment, as well as export and import composition. Also analyzed are differences between the structure of manufacturing of the South East European countries (Albania, Bulgaria, FYR of Macedonia, and Greece) and the other Central European countries, as well as certain European Union countries. The differences and commonalities among the South East European countries (SEECs) are outlined. The article discusses the potential benefits of a policy of regional cooperation within SEE, focusing on the benefits from the development of the industrial sector, which has played a crucial role in the recent performance of SEE. Possible future scenarios and prospects are also analyzed in the light of current problems. Finally, an attempt is made to draw some conclusions and note some policy implications regarding future prospects of SEE and the region. Journal: Eastern European Economics Pages: 51-83 Issue: 6 Volume: 40 Year: 2002 Month: 11 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5GGXUCFJPT4RKPUC File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:6:p:51-83 Template-Type: ReDIF-Article 1.0 Author-Name: MATIJA ROJEC Author-X-Name-First: MATIJA Author-X-Name-Last: ROJEC Author-Name: JOŽE P. DAMIJAN Author-X-Name-First: JOŽE P. Author-X-Name-Last: DAMIJAN Author-Name: BORIS MAJCEN Author-X-Name-First: BORIS Author-X-Name-Last: MAJCEN Title: Export Propensity of Estonian and Slovenian Manufacturing Firms : Does Foreign Ownership Matter? Abstract: This article discusses the determinants of export propensity of foreign firms in Estonian and Slovenian manufacturing sectors relative to domestic firms. We show that differences in export propensity between foreign and domestic firms in Slovenia and Estonia are significant and that they are due to structural differences between foreign and domestic firms which are reflected in: (1) different efficiency of factors utilization and productivity level, and (2) differences in other operational characteristics, which determine productivity and export propensity. Superior export propensity of foreign firms is partly due to the factor of "foreign ownership" itself, which also embraces the effect of multinationality. Journal: Eastern European Economics Pages: 33-54 Issue: 4 Volume: 42 Year: 2004 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=WMU3V5QMTWM4H1Y9 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Amemiya, T. 1984. "Tobit Models: A Survey." Journal of Econometrics 24: 3-61. 2 Andersson, T., and T. Fredriksson. 1996. "International Organization of Production and Variation in Exports from Affiliates." Journal of International Business Studies 27, no. 2: 249-63. 3 Basu, S., and J. Fernald. 1995. "Aggregate Productivity and the Productivity of Aggregates." National Bureau of Economic Research. Working Paper no. 5382. Cambridge, MA. 4 Bhagwati, J. 1978. Foreign Trade Regimes and Economic Development: Anatomy and Consequences of Exchange Control Regimes. Cambridge, MA: Ballinger. 5 Brouthers, L. E.; S. Werner; and T. J. Wilkinson. 1996. "The Aggregate Impact of Firms' FDI Strategies on the Trade Balances of Host Countries." Journal of International Business Studies 27, no. 2: 359-73. 6 Damijan, J.P., and B. Majcen. 2001. "Transfer of Technology Through FDI and Trade, Spillover Effects and Recovery of Slovenian Manufacturing Firms." Mimeo. Institute of Economic Research, Ljubljana. 7 Davies, S.W., and B.R. Lyons. 1991. "Characterising Relative Performance: The Productivity Advantage of Foreign Owned Firms in the UK." Oxford Economic Papers 43: 584-95. 8 Dunning, J.H. 1993. Multinational Enterprises and the Global Economy. Wokingham, UK: Addison-Wesley. 9 European Bank for Reconstruction and Development (EBRD). 1994. Transition Report. London. 10 Egger, P. 2000. "A Note on the Proper Econometric Specification of the Gravity Equation." Economic Letters 66, no. 1: 25-31. 11 Eltetö, A. 1998. "The Impact of FDI on the Foreign Trade of Four Smaller CEE Countries." Institute for World Economics, Hungarian Academy of Sciences, Budapest. Working Paper no. 96. 12 Eltetö, A., and M. Sass. 1998. "Motivations and Behaviour by Hungary's Foreign Investors in Relation to Exports." Institute for World Economics, Hungarian Academy of Sciences, Budapest, Working Paper no. 88. 13 European Commission. 1994. "Trade and investment." Discussion Paper (December). Directorate General for External Economic Relations, Brussels. 14 Gatling, R. 1993. Foreign investment in Eastern Europe. London: Economist Intelligence Unit. 15 Hausman, A.J. 1978. "Specification Tests in Econometrics." Econometrica 46: 727-38. 16 Heckman, J.J. 1979. "Sample Selection Bias as a Specification Error." Econometrica 47, no. 1: 153-61. 17 Helpman, E., and P.R. Krugman. 1985. Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy. Cambridge, MA: MIT Press. 18 Hood, N., and S. Young. 1979. The Economics of the Multinational Enterprise. London: Longman. 19 Hsiao, C. 1986. Analysis of Panel Data. Cambridge: Cambridge University Press. 20 International Monetary Fund (IMF). 1985. "Foreign Private Investment in Developing Countries." Occasional Paper no. 33. Washington, DC. 21 Islam, A. 1995. "Collaboration with Transnational Corporations and Manufactured Exports from Developing Countries: Potentials and Policy Implications." Research and Information System Digest 11, nos. 3-4: 1-21. 22 Kojima, K. 1978. Direct Foreign Investment. London: Croom Helm. 23 Kravis, I.B., and R.E. Lipsey. 1982. "The Location of Overseas Production and Production for Export by U.S. Multinational Firms." Journal of International Economics 12: 201-23. 24 Kumar, N. 1990. Multinational Enterprises in India. London: Routledge. 25 Lall, S., and P. Streeten. 1977. Foreign Investment, Transnationals and Developing Countries. London: Macmillan. 26 Lankes, H.P., and A.J. Venables. 1996. "Foreign Direct Investment in Economic Transition: The Changing Pattern of Investments." Economics of Transition 4, no. 2: 331-47. 27 Makhija, M.V.; K. Kwangsoo; and S.D. Williamson. 1997. "Measuring Globalization of Industries Using a National Industry Approach: Empirical Evidence Across Five Countries and Over Time." Journal of International Business Studies 28, no. 4: 679-711. 28 Michalet, C.A. 1997. "Strategies of Multinationals and Competition for Foreign Direct Investment." Foreign Investment Advisory Service Occasional Paper no. 10. World Bank, Washington, DC. 29 Ozawa, T. 1972. "Multinationalism--Japanese style." Columbia Journal of World Business 7, no. 6: 33-42. 30 Papanastassiou, M., and R. Pearce. 1992. "Motivation and Market Strategies of U.S. Foreign Direct Investments: An Analysis of Host Country Determinants." In Proceedings of the 18th Annual Conference of European International Business Association (EIBA),1-22. University of Reading, UK. December 13-15. 31 Pfaffermayr, M., and C. Bellak. 2000. "Why Foreign-Owned Firms Are Different: A Conceptual Framework and Empirical Evidence for Austria." HWWA Discussion Paper no. 115. Hamburgisches Welt-Wirtschafts-Archiv, Hamburg Institute of International Economics, Hamburg. 32 Reich, S. 1998. "Globalisation and Changing Patterns of Foreign Direct Investment: The Lessons for Central and Eastern Europe." Journal of International Relations and Development 1, nos. 1-2: 106-19. 33 Reuber, G. L.; H. Crookell; M. Emerson; and G. Gellens-Hammons. 1973. Private Foreign Investment in Development. Oxford: Clarendon Press. 34 Riedel, J. 1975. "The Nature and Determinants of Export-Oriented Direct Foreign Investment in a Developing Country: A Case Study of Taiwan." Weltwirtschaftlisches Archiv 111, no. 3: 505-28. 35 Rojec, M. 1998. "Foreign Direct Investment's Effects on Restructuring and Efficiency Upgrading in Slovenia's Manufacturing Sector." Journal of International Relations and Development 1, nos. 1-2: 46-64. 36 United Nations Conference on Trade and Development (UNCTAD). 1996. "World Investment Report 1996." United Nations, New York and Geneva. 37 ------. 1983. "The Role of Transnational Enterprises in Latin American Integration Efforts: Who Integrates for Whom and for What Benefits." TO/B/ C/7/38. United Nations, Geneva. 38 Varblane, U. 2000. "Foreign Direct Investments in Estonia: Major Characteristics, Trends and Developments in 1993-1999." Mimeo. University of Tartu, School of Economics and Business Administration, Tartu. 39 World Trade Organization (WTO). 1996. "Annual Report 1996." Geneva. Handle: RePEc:mes:eaeuec:v:42:y:2004:i:4:p:33-54 Template-Type: ReDIF-Article 1.0 Author-Name: PETR DUCZYNSKI Author-X-Name-First: PETR Author-X-Name-Last: DUCZYNSKI Title: Long-Run Current Account Deficits in Transition Economies : A Neoclassical Explanation Abstract: Journal: Eastern European Economics Pages: 21-54 Issue: 3 Volume: 43 Year: 2005 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E7EKJ82MGELJ1X36 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Barro, R.J., and J.W. Lee. 1993. "International Comparisons of Educational Attainment." Journal of Monetary Economics 32, no. 3 (December): 363-394. 2 ------. 1996. "International Measures of Schooling Years and Schooling Quality." American Economic Review: Papers and Proceedings 86, no. 2 (May): 218-223. 3 Barro, R.J.; N.G. Mankiw; and X. Sala-i-Martin. 1995. "Capital Mobility in Neoclassical Models of Growth." American Economic Review 85, no. 1 (March): 103-115. 4 Begg, D. 1996. "Monetary Policy in Central and Eastern Europe: Lessons After a Decade of Transition." IMF Working Paper no. 96/108, Washington, DC. 5 Blanchard, O. 1996. "Theoretical Aspects of Transition." American Economic Review: Papers and Proceedings 86, no. 2 (May): 117-122. 6 Cohen, D. 1992. "Growth, Productivity, and Access to the World Financial Markets." Journal of the Japanese and International Economies 6, no. 4 (December): 365-382. 7 ------. 1994. "Foreign Finance and Economic Growth: An Empirical Analysis." In Capital Mobility: The Impact on Consumption, Investment and Growth, ed. L. Leiderman and A. Razin, 217-234. New York: Cambridge University Press. 8 De Long, J.B., and B. Eichengreen. 1993. "The Marshall Plan: History's Most Successful Structural Adjustment Program." In Postwar Economic Reconstruction and Lessons for the East Today, ed. R. Dornbusch, W. Nölling, and R. Layard, 189-230. Cambridge, MA: MIT Press. 9 Dornbusch, R.; W. Nölling; and R. Layard, ed. 1993. Postwar Economic Reconstruction and Lessons for the East Today. Cambridge, MA: MIT Press. 10 Duczynski, P. 1997. "Convergence in Neoclassical Models with Capital Mobility and Two Kinds of Capital." Bulletin of the Czech Econometric Society 4, no. 6 (Fall): 47-68. 11 ------. 2003. "Convergence in a Model with Technological Diffusion and Capital Mobility." Economic Modelling 20, no. 4 (July): 729-740. 12 Fischer, S.; R. Sahay; and C.A. Végh. 1996. "Economies in Transition: the Beginnings of Growth." American Economic Review: Papers and Proceedings 86, no. 2 (May): 229-233. 13 International Monetary Fund (IMF). Various issues. Balance of Payments Yearbook. Washington, DC. 14 ------. Various issues. International Financial Statistics. Washington, DC. 15 ------. 1997. World Economic Outlook. October. Washington, DC. 16 Krug, W. 1967. "Quantitative Beziehungen zwischen Materiellem und Immateriellem Kapital" [Quantitative Relations Between Physical and Non-Physical Capital]. Jahrbücher für Nationalökonomie und Statistik 180: 36-71. 17 Lane, P.R. 1997. "Empirical Perspectives on Long-Term External Debt." Columbia University, New York. Mimeo. 18 Lee, J.W., and R.J. Barro. 2001. "Schooling Quality in a Cross Section of Countries." Economica 68, no. 272 (November): 465-488. 19 Lucas, R.E., Jr. 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?" American Economic Review: Papers and Proceedings 80, no. 2 (May): 92-96. 20 ------. 1993. "Making a Miracle." Econometrica 61, no. 2 (March): 251-272. 21 Mankiw, N.G.; D. Romer; and D.N. Weil. 1992. "A Contribution to the Empirics of Economic Growth." Quarterly Journal of Economics 107, no. 2 (May): 407-437. 22 Manzocchi, S. 1997. "External Finance and Foreign Debt in Central and Eastern European Countries." IMF Working Paper no. 97/134, Washington, DC. 23 ------. 1999. Foreign Capital in Developing Countries: Perspectives from the Theory of Economic Growth. London: Macmillan. 24 Milesi-Ferretti, G.M., and A. Razin. 1996. "Current-Account Sustainability." Princeton Studies in International Finance 81 (October): 1-78. 25 Nehru, V., and A. Dhareshwar. 1993. "A New Database on Physical Capital Stock: Sources, Methodology and Results." Rivista de Analisis Economico 8, no. 1: 37-59. 26 Roubini, N., and P. Wachtel. 1998. "Current Account Sustainability in Transition Economies." National Bureau of Economic Research Working Paper 6468, Cambridge, MA. 27 Sachs, J.D. 1996. "The Transition at Mid-Decade." American Economic Review: Papers and Proceedings 86, no. 2 (May): 128-133. 28 Sachs, J.D., and A.M. Warner. 1996. "Achieving Rapid Growth in the Transition Economies of Central Europe." Development Discussion Paper no. 544, Harvard Institute for International Development, Harvard University. 29 Solomon, R. 1977. The International Monetary System, 1945-1976: An Insider's View. New York: Harper & Row. 30 Statistical Yearbook of the Republic of China. Various issues. Directorate-General of Budget, Accounting and Statistics, Executive Yuan of the Republic of China, Taipei. 31 Summers, R., and A. Heston. 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988." Quarterly Journal of Economics 106, no. 2 (May): 327-368. 32 UNESCO. 1997. Statistical Yearbook 1997. Paris: UNESCO. 33 United Nations Development Programme. 1997. Human Development Report 1997. New York: Oxford University Press. 34 World Bank. 1994. "World Data 1994." Washington, DC. 35 ------. 1996. Social Indicators of Development. Baltimore: Johns Hopkins University Press. Handle: RePEc:mes:eaeuec:v:43:y:2005:i:3:p:21-54 Template-Type: ReDIF-Article 1.0 Author-Name: Anthony John Evans Author-X-Name-First: Anthony John Author-X-Name-Last: Evans Author-Name: Paul Dragos Aligica Author-X-Name-First: Paul Dragos Author-X-Name-Last: Aligica Title: The Spread of the Flat Tax in Eastern Europe: A Comparative Study Abstract: This paper is an exploratory comparative analysis of the spread of the flat tax in postcommunist Eastern Europe. The paper reviews the flat tax as a public policy prescription, discusses the various arguments that underpin its potential reception, introduces and applies a synthetic comparative method to study its spread in eleven East European countries, draws several conclusions regarding the conditions associated with implementing flat taxes, and suggests further research directions. Journal: Eastern European Economics Pages: 49-67 Issue: 3 Volume: 46 Year: 2008 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2U488112J54H6841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 Ackerman, B. 1992. >i>The Future of Liberal Revolution.>/i> New Haven: Yale University Press. 2 Aligica, P. D., and A. J. Evans. 2009. "Thought Experiments, Counterfactuals, and Comparative Analysis." >i>Review of Austrian Economics>/i>, forthcoming. 3 Aligica, P. D., and H. Terpe. 2005. "The Flat Tax Experiment: The Romanian Case." Mercatus Center Working Paper, Arlington, VA. 4 Armey, R. 1996. >i>Flat Tax.>/i> New York: Ballantine Books. 5 Bartlett, B. 2005. "The Beauty of the Flat Tax." >i>National Review>/i> (March 2), 15-16. 6 Becker, G. S. 1983. "A Theory of Competition Among Pressure Groups for Political Influence." >i>Quarterly Journal of Economics>/i> 98, no. 3 (August): 371-400. 7 Braun, D., and A. Busch, ed. 1999. >i>Public Policy and Political Ideas.>/i> Cheltenham, UK: Edward Elgar. 8 Burnham, W. D. 1999. "Constitutional Moments and Punctuated Equilibria: A Political Scientist Confronts Bruce Ackerman's >i>We The People." Yale Law Journal>/i> 108, no. 8: 2237-2277. 9 Campbell, J. L. 2001. "Institutional Analysis and the Role of Ideas in Political Economy." In >i>The Rise of Neoliberalism and Institutional Analysis>/i>, ed. J. L. Campbell and O. K. Pedersen, pp. 1-25. Princeton: Princeton University Press. 10 "The Case for Flat Taxes-Simplifying Tax Systems." 2005. >i>Economist>/i> (April 16). 11 Epstein, R. 2005. "The Case for Flat Taxes." >i>New Zealand Herald>/i> (January 31), 3-5 (available at >a target="_blank" href='http://www.nzbr.org.nz/documents/articles/articles-2005/050131epstei nflattaxarticle.htm'>www.nzbr.org.nz/documents/articles/articles-2005/0501 31epsteinflattaxarticle.htm>/a> 12 Evans, A. J. 2005. "Flat Tax: Ideas and Interest." >i>Open Republic>/i> 1, no. 1 (available at >a target="_blank" href='http://www.openrepublic.org/open_republic/20050701_voll_no1/articles /20050619_ft.htm'>www.openrepublic.org/open_republic/20050701_voll_no1/art icles/20050619_ft.htm>/a> 13 Evans, A. J. 2006. "The Spread of Economic Theology: The Flat Tax in Romania." >i>Romania Economics and Business Review>/i> 1, no. 1: 41-53. 14 Evans-Pritchard, A. 2005. "Poland's Single Tax Rate ‘Is Wake-Up Call for the Chancellor.’" >i>Daily Telegraph>/i> (March 16) (available at >a target="_blank" href='http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/03/16/cn poll6.xml'>www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/03/16/cnpo ll6.xml>/a> 15 "Flat Is Beautiful." 2005. >i>Economist>/i> (March 5). 16 Forbes, S. 2006. >i>Flat Tax Revolution.>/i> Washington, DC: Regnery. 17 Forman, N. 1996. "Single Rate Tax: The Path to Real Simplicity." Demos, London, January. 18 Friedman, M. 1962. >i>Capitalism and Freedom.>/i> Chicago: University of Chicago Press. 19 Fund, J. 2005. "High Taxes Wither Away." >i>New York Sun>/i> (March 1). 20 Garton-Ash, T. 1999. >i>History of the Present.>/i> New York: Random House. 21 Goldstein, J. 1993. >i>Ideas, Interests, and American Trade Policy.>/i> Ithaca: Cornell University Press. 22 Goldstein, J., and R. O. Keohane, eds. 1993. >i>Ideas and Foreign Policy: Beliefs, Institutions, and Political Change.>/i> Ithaca: Cornell University Press. 23 Grecu, A. 2005. "Flat Tax-The British Case." Adam Smith Institute, London. 24 Gurdgiev, C. 2005. "Should Ireland Join the Flat Tax Club?" >i>Business and Finance Magazine>/i> (April 7). 25 Hall, P., ed. 1989. >i>The Political Power of Economic Ideas: Keynesianism Across Nations.>/i> Princeton: Princeton University Press. 26 Hall, P., and A. Rabushka. 1995. >i>The Flat Tax>/i>, 2d ed. Stanford, CA: Hoover Institution Press. 27 Harberger, A. 1993. "Secrets of Success: A Handful of Heroes." >i>American Economic Review Papers and Proceedings>/i> 83, no. 2 (May): 343-350. 28 Hayek, F. A. 1956. "Progressive Taxation Reconsidered." In >i>On Freedom and Free Enterprise>/i>, ed. H. Sennholz, pp. 265-284. Princeton, NJ: Van Nostrand. 29 Hayek, F. A. 1960. >i>The Constitution of Liberty.>/i> Chicago: University of Chicago Press. 30 Heath, A. 2006. >i>The Flat Tax: Towards a British Model.>/i> London: TaxPayers' Alliance. 31 Hettich, W., and S. L. Winer. 1999. >i>Democratic Choice and Taxation: A Theoretical and Empirical Analysis.>/i> Cambridge: University of Cambridge Press. 32 Ionita, S. 2006. "The Truth About the Flat Tax." Romanian Academic Society, Policy Brief no. 18, Bucharest, May. 33 Kay, J. 2005. "Why Tax Cannot Be Expressed on a Postcard." >i>Financial Times>/i> (February 8) (available at >a target="_blank" href='http://search.ft.com/nonFtArticle?id=050208001190'>http://search.ft. com/nonFtArticle?id=050208001190>/a> 34 Kay, J. A., and M. A. King. 1986. >i>The British Tax System.>/i> Oxford: Oxford University Press. 35 Keen, M.; Y. Kim; and R. Varsano. 2006. "The 'Flat Tax(es)': Principles and Evidence." Working Paper no. 06/218, International Monetary Fund, Washington, DC. 36 Legro, J. W. 2000. "The Transformation of Policy Ideas." >i>American Journal of Political Science>/i> 44, no. 3: 419-432. 37 Lynn, M. 2004. "Flat Approach Seems to Generate an Upward Curve." >i>Liquid Africa>/i> (November 30) (available at >a target="_blank" href='http://betonmarkets.info/news/flat_approach_seems_to_generate_an_upw ard_curve'>http://betonmarkets.info/news/flat_approach_seems_to_generate_a n_upward_curve>/a> 38 Milbank, D., and W. Pincus. 2003. "U. S. Administrator Imposes Flat Tax System on Iraq." >i>Washington Post>/i> (November 2), A09. 39 Olson, M. 1965. >i>The Logic of Collective Action.>/i> Cambridge: Harvard University Press. 40 Pirie, M. 2005. "Why the Case for a Flat-Tax System Is Irresistible." >i>Financial Times>/i> (February 17). 41 Rabushka, A. 2005. "A Competitive Flat Tax May Spread to Lithuania." >i>Russian Economy>/i> (March 24) (available at >a target="_blank" href='http://www.hoover.org/research/russianecon/essays/5085376.html'>www. hoover.org/research/russianecon/essays/5085376.html>/a> 42 Ragin, C. C. 1987. >i>The Comparative Method: Moving Beyond Qualitative and Quantitative Strategies.>/i> Berkeley: University of California Press. 43 Reynolds, A. 1999. >i>The Hong Kong Tax System.>/i> Washington, DC: Hudson Institute. 44 Reynolds, M. 2005. "Look East, Say Flat-Tax Advocates." >i>Prague Post>/i> (December 9) (available at >a target="_blank" href='http://www.praguepost.com/P03/2004/Art/1209/news2.php'>www.praguepos t.com/P03/2004/Art/1209/news2.php>/a> 45 Schneider, F. 2003. "The Development of the Shadow Economies and Shadow Labor Force of 22 Transition and 21 OECD Countries." Department of Economics, University of Linz, Austria, May. 46 Smith, A. 1991. >i>An Enquiry into the Nature and Causes of the Wealth of Nations.>/i> Amherst, NY: Prometheus Books. 47 Stokey, N. L., and S. Rebelo. 1995. "Growth Effects of Flat-Rate Taxes." >i>Journal of Political Economy>/i> 103, no. 3: 519-550. 48 Storobin, D. 2006. "The Flat Tax Revolution in Europe." >i>Global Politician>/i> (May 8) (available at >a target="_blank" href='http://www.globalpolitician.com/22020-europe'>www.globalpolitician.c om/22020-europe>/a> 49 Teather, R. 2005. "A Flat Tax for the UK-A Practical Reality." Policy Report, Adam Smith Institute, London. 50 Tzortzis, A. 2005. "Flat-Tax Movement Stirs Europe." >i>Christian Science Monitor>/i> (March 8) (available at >a target="_blank" href='http://www.csmonitor.com/2005/0308/p01s03-woeu.html'>www.csmonitor.c om/2005/0308/p01s03-woeu.html>/a> 51 United Nations Conference on Trade and Development (UNCTAD). 2002. >i>World Investment Report.>/i> Geneva. 52 Ventura, G. 1999. "Flat Tax Reform: A Quantitative Exploration." >i>Journal of Economic Dynamics and Control>/i> 23, no. 9 (September): 1425-1458. Handle: RePEc:mes:eaeuec:v:46:y:2008:i:3:p:49-67 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Zápal Author-X-Name-First: Jan Author-X-Name-Last: Zápal Author-Name: Ondřej Schneider Author-X-Name-First: Ondřej Author-X-Name-Last: Schneider Title: What Are Their Words Worth?: The Political Plans and Economic Pains of Fiscal Consolidations in the New EU Member States Abstract: This paper tracks the behavior of the fiscal authorities of the ten new EU member states in the period that immediately preceded their EU accession in 2004. We analyze the reasons that led to fiscal consolidations in the new members and present evidence from the preaccession economic and convergence programs of the ten inductees concerning the planed steps of the fiscal authorities and contrast them the subsequent experience. Throughout the paper, we identify two groups of countries that significantly differ in fiscal behavior. Our key finding concerning the behavior of the group of fiscally irresponsible countries—four central European countries and two Mediterranean states—is that their current problems with high budget deficits originate in their lax approach and unwillingness to implement politically costly expenditure cuts, which is apparent in their repeated budget revisions and deferral of deficit reduction. Journal: Eastern European Economics Pages: 6-37 Issue: 5 Volume: 44 Year: 2006 Month: 10 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=22510R7625VJ4X68 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: 1 European Commission. 2002a. "Evaluation of the 2001 Pre-Accession Economic Programmes of Candidate Countries." Enlargement Papers, No. 7, Brussels. 2 European Commission. 2002b. "Evaluation of the 2002 Pre-Accession Economic Programmes of Candidate Countries." Enlargement Papers, No. 14, Brussels. 3 European Commission. 2003a. "Evaluation of the 2002 Pre-Accession Economic Programmes of Candidate Countries." Enlargement Papers, No. 20, Brussels. 4 European Commission. 2003b. "Social Protection in the 13 Candidate Countries: A Comparative Analysis." Brussels. 5 European Commission. 2004a. "Public Finances in EMU 2004." European Economy Reports and Studies, No. 3. Brussels. 6 European Commission. 2004b. "General Government Data, Part II: Table by Series," Autumn 2004. Brussels. 7 Gregor, M. 2004. "Governing Fiscal Commons in the Enlarged EU." Proceedings of the conference "Development of Czech Society in EU," Charles University, Prague, September 21-23, 2004. 8 Orban, G., and G. Szapary. 2004. "The Stability and Growth Pact from the Perspective of the New Member States." Working Paper No. 709, William Davidson Institute, Steven M. Ross Business School, University of Michigan, Ann Arbor. 9 Roubini, N., and J. Sachs. 1989. "Political and Economic Determinants of Budget Deficits in the Industrial Democracies." >i>European Economic Review>/i> 33, no. 5: 903-938. 10 Schneider, O., and J. Zápal. 2006. "Fiscal Policy in New EU Member States: Go East, Prudent Man!" >i>Post-Communist Economies>/i> 18, no. 2: 139-166. 11 Strauch, R.; M. Hallerberg; and J. von Hagen. 2004. "Budgetary Forecasts in Europe—The Track Record of Stability and Convergence Programmes." Working Paper No. 307, European Central Bank, Frankfurt am Main, Germany. 12 von Hagen, J.; A.H. Hallett; and R. Strauch. 2001. "Budgetary Consolidations in EMU." Economic Papers No. 148, European Commission, Brussels. 13 Ylaoutinen, S. 2004. "Fiscal Frameworks in the Central and Eastern European Countries." Discussion Paper No. 72, Finnish Ministry of Finance, Helsinki. Handle: RePEc:mes:eaeuec:v:44:y:2006:i:5:p:6-37 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 4 Volume: 41 Year: 2003 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=65A0N5TL3XPK5EMF File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 3 Volume: 41 Year: 2003 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=MHJ65CEVDQV4EAKA File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: George Petrakos Author-X-Name-First: George Author-X-Name-Last: Petrakos Title: The Balkans in the New European Economic Space: Problems of Adjustment and Policies of Development Abstract: Europe is undergoing simultaneous processes of integration and systemic transformation. Within this process, the Balkan region can be seen as being on the periphery of both processes. On the one hand, the process of economic transformation is both slower and less deep in the Balkan region, and also, consequently, less successful than it is in transition economies located nearer to the center of Europe. On the other hand, the Balkan region is also on the periphery ofEurope inphysicalterms,andthese two forms of marginalization are functionally related. This article examines the nature of this interrelationship and proposes a number of policy measures that can be implemented by the Balkan countries and by the European Union that could address both the physical and the economic marginalization of the Balkan region. Journal: Eastern European Economics Pages: 6-30 Issue: 4 Volume: 40 Year: 2002 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4G9L1K56XXG77TF4 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:40:y:2002:i:4:p:6-30 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Patterns of Intra-Industry Trade in Agricultural and Food Products During Transition Abstract: Journal: Eastern European Economics Pages: 61-89 Issue: 1 Volume: 39 Year: 2001 Month: 1 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LTDF3TR0RNPK6YBM File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:1:p:61-89 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Business and Managerial Start-ups, R&D, and Product Innovation in Slovenia Abstract: This article analyzes business and managerial start-ups, research and development (R&D) and innovation activities in Slovenia during economic transformation and preparation for European Union (EU) accession. The growing competitive pressures as a result of institutional and economic deregulation, preparation for EU accession, and greater reliance on profitability are likely to encourage greater incentive for firms to adopt the best technology and to innovate, developing and diffusing new products to enhance or maintain competitive positions and market share. The article addresses the crucial importance of firm entry, entrepreneurship, and managerial start-ups, R&D and product innovation activities for economic efficiency, and flexibility and competitiveness as potentially crucial factors for economic growth. Journal: Eastern European Economics Pages: 53-89 Issue: 4 Volume: 39 Year: 2001 Month: 7 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FEKQ1T3MTQLUH69B File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:39:y:2001:i:4:p:53-89 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editor's Introduction Abstract: Journal: Eastern European Economics Pages: 3-4 Issue: 2 Volume: 41 Year: 2003 Month: 3 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A5TCR0MMN0AKX321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Carmen De La Cámara Author-X-Name-First: Carmen De La Author-X-Name-Last: Cámara Title: Assessment of Employment Policies in Poland Abstract: In the process of integration of the Central and East European countries into the European Union, employment and unemployment in those countries are major concerns. Hence, the proposal of policies for employment is a controversial issue. The existence of opposing conceptual frameworks is the main cause of this divergence. Insofar as the debate is still open and no definite conclusions have been reached, this article presents a reasoned assessmentofprescriptions for labor-market policies in those countries. Restricting the study to a single country allows a clearer outline of economic policies, and, thus, this article focuses on Poland. The main purpose of the article is to examine different measures that have been proposed for Poland and allocate them to their corresponding theoretical framework. In addition the suitability of the proposed measures to attain the stated objectives will be evaluated. Journal: Eastern European Economics Pages: 29-59 Issue: 3 Volume: 41 Year: 2003 Month: 5 Keywords: File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YFBBY7HYHDYADA1E File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. X-Bibl: Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:29-59 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Publisher’s Note Journal: Eastern European Economics Pages: iv-iv Issue: 2 Volume: 28 Year: 1989 Month: 12 X-DOI: 10.1080/00128775.1989.11648429 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648429 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:2:p:iv-iv Template-Type: ReDIF-Article 1.0 Author-Name: Robert S. Whitesell Author-X-Name-First: Robert S. Author-X-Name-Last: Whitesell Title: A Comparison of Hungary and West Germany Journal: Eastern European Economics Pages: 95-125 Issue: 2 Volume: 28 Year: 1989 Month: 12 X-DOI: 10.1080/00128775.1989.11648430 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:2:p:95-125 Template-Type: ReDIF-Article 1.0 Author-Name: János Gács Author-X-Name-First: János Author-X-Name-Last: Gács Title: Changes in the Structure of Industrial Production and Foreign Trade in the Period of Restrictions, 1978-1986 Journal: Eastern European Economics Pages: 126-152 Issue: 2 Volume: 28 Year: 1989 Month: 12 X-DOI: 10.1080/00128775.1989.11648431 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648431 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:2:p:126-152 Template-Type: ReDIF-Article 1.0 Author-Name: Péter Ákos Bod Author-X-Name-First: Péter Ákos Author-X-Name-Last: Bod Title: Sources of Inadequate Response to Environmental Challenges Journal: Eastern European Economics Pages: 153-171 Issue: 2 Volume: 28 Year: 1989 Month: 12 X-DOI: 10.1080/00128775.1989.11648432 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648432 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:2:p:153-171 Template-Type: ReDIF-Article 1.0 Author-Name: János Timár Author-X-Name-First: János Author-X-Name-Last: Timár Title: Worktime and the Economic Reform Journal: Eastern European Economics Pages: 172-187 Issue: 2 Volume: 28 Year: 1989 Month: 12 X-DOI: 10.1080/00128775.1989.11648433 File-URL: http://hdl.handle.net/10.1080/00128775.1989.11648433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:28:y:1989:i:2:p:172-187 Template-Type: ReDIF-Article 1.0 Author-Name: Marvin R. Jackson Author-X-Name-First: Marvin R. Author-X-Name-Last: Jackson Title: Introduction Journal: Eastern European Economics Pages: 3-4 Issue: 1 Volume: 29 Year: 1990 Month: 9 X-DOI: 10.1080/00128775.1990.11648447 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Irwin L. Collier Author-X-Name-First: Irwin L. Author-X-Name-Last: Collier Title: GDR Economic Policy during the Honecker Era Journal: Eastern European Economics Pages: 5-29 Issue: 1 Volume: 29 Year: 1990 Month: 9 X-DOI: 10.1080/00128775.1990.11648448 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:1:p:5-29 Template-Type: ReDIF-Article 1.0 Author-Name: Jürgen Jüunger Author-X-Name-First: Jürgen Author-X-Name-Last: Jüunger Author-Name: Werner Maiwald Author-X-Name-First: Werner Author-X-Name-Last: Maiwald Author-Name: Siegfried Stötzer Author-X-Name-First: Siegfried Author-X-Name-Last: Stötzer Title: Economic Reform in the GDR Journal: Eastern European Economics Pages: 30-40 Issue: 1 Volume: 29 Year: 1990 Month: 9 X-DOI: 10.1080/00128775.1990.11648449 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:1:p:30-40 Template-Type: ReDIF-Article 1.0 Author-Name: Christa Luft Author-X-Name-First: Christa Author-X-Name-Last: Luft Title: Economic Reform in the GDR—Concerns and Focal Points Journal: Eastern European Economics Pages: 41-54 Issue: 1 Volume: 29 Year: 1990 Month: 9 X-DOI: 10.1080/00128775.1990.11648450 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:1:p:41-54 Template-Type: ReDIF-Article 1.0 Author-Name: Fred S. Oldenburg Author-X-Name-First: Fred S. Author-X-Name-Last: Oldenburg Title: The October Revolution in the GDR—System, History, and Causes Journal: Eastern European Economics Pages: 55-77 Issue: 1 Volume: 29 Year: 1990 Month: 9 X-DOI: 10.1080/00128775.1990.11648451 File-URL: http://hdl.handle.net/10.1080/00128775.1990.11648451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:29:y:1990:i:1:p:55-77 Template-Type: ReDIF-Article 1.0 Author-Name: Alin Marius Andrieş Author-X-Name-First: Alin Marius Author-X-Name-Last: Andrieş Author-Name: Simona Nistor Author-X-Name-First: Simona Author-X-Name-Last: Nistor Title: Systemic Risk and Foreign Currency Positions of Banks: Evidence from Emerging Europe Abstract: This article investigates the impact of foreign currency (FX) denominated assets and liabilities on systemic risk by using a unique hand-collected dataset of bank-level FX positions for the period 2005–2012. The sample consists of banks from Central and Eastern Europe with large share of FX exposures on the balance sheet. Empirical findings indicate that systemic risk is dependent on the currency choice of financial institutions. While FX positions denominating in EUR and USD do not pose systemic risk concerns, FX positions denominating in exotic currencies like CHF significantly enhance the banks’ systemic importance. The negative influence of CHF positions might be reduced through prudent corporate governance mechanisms, tight restrictions on banking activity, and more restrictive limits on foreign currency lending in the home countries of the bank holding companies. Journal: Eastern European Economics Pages: 382-421 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1440179 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1440179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:382-421 Template-Type: ReDIF-Article 1.0 Author-Name: Irina-Marilena Ban Author-X-Name-First: Irina-Marilena Author-X-Name-Last: Ban Title: House Prices and Current Account Evolution in the European Union: An Intertemporal Approach Abstract: Based on the dynamic equation of the intertemporal current account model, we estimated a current account balance between 2000 and 2014 for the EU countries due to the role played by different determinants. More precisely, we presented the effect of fiscal balance and house prices along with other variables for the purpose of explaining the external disequilbria among the member states. Our results indicate that the last real estate bubble has worsened the external imbalances of the members within the European Union. We also identified an asymmetric effect of real estate prices upon the current account of various countries within the European Union. Journal: Eastern European Economics Pages: 358-381 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1482769 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1482769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:358-381 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Šimáková Author-X-Name-First: Jana Author-X-Name-Last: Šimáková Title: Asymmetric Effects of Exchange Rate Changes on the Foreign Trade of Czechia Abstract: Previous studies of the effects of exchange rate changes on Czechia’s trade balance have assumed symmetric effects on the trade balance or assumed its linear adjustment. The aim of this article is to evaluate the asymmetric effects of the CZK/EUR exchange rate on the most important segment of Czechia’s foreign trade. The period from 1999 to 2014 was analyzed, and the data was disaggregated according to trading partner and product category. The results of the study show that exchange rate comovement with partial trade balances is mostly confirmed by employing both applied approaches. However, the asymmetry cointegration approach, which introduces nonlinearity into the model, reveals a more significant impact of the exchange rate on commodity trade between Czechia and its most important trading partners than a more standard model that imposes symmetry. Furthermore, distinguishing between depreciation and appreciation showed that the effects at the industry level are, in fact, asymmetrical in most industries when assessing Czechia’s bilateral trade with its most important trading partners. Journal: Eastern European Economics Pages: 422-437 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1487767 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1487767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:422-437 Template-Type: ReDIF-Article 1.0 Author-Name: Bettina Bökemeier Author-X-Name-First: Bettina Author-X-Name-Last: Bökemeier Author-Name: Andreea Stoian Author-X-Name-First: Andreea Author-X-Name-Last: Stoian Title: Debt Sustainability Issues in Central and East European Countries Abstract: The goal of this study is to investigate debt sustainability in ten Central and East European countries over the period 1998–2015. We calculate the stabilized debt ratios, turning points, and debt limits using estimates of a fiscal reaction function in its cubic form. We use a balanced panel with fixed effects. We find that in 2017, the public debt exceeded the stabilized debt ratio in all the countries examined. However, the public debt is stable and is below the turning point. Moreover, governments are still far from the debt thresholds of “fiscal fatigue.” Journal: Eastern European Economics Pages: 438-470 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1496456 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1496456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:438-470 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina-Ioana Mera Author-X-Name-First: Valentina-Ioana Author-X-Name-Last: Mera Author-Name: Monica Ioana Pop Silaghi Author-X-Name-First: Monica Ioana Author-X-Name-Last: Pop Silaghi Title: Determinants of the Demand for Money in CEE Countries: Updated Evidence Abstract: This article empirically models the relationship between the demand for money and a set of determinants, using the autoregressive distributed lag (ARDL) bounds-testing approach proposed by Pesaran, Shin, and Smith. We test this relationship in a country-specific framework of six Central and East European countries (Bulgaria, Croatia, Czech Republic, Hungary, Poland, and Romania) over the past twenty years. The results confirm the existence of a long-term cointegration relationship between the demand for money and its determinants, except in Bulgaria and Croatia. We identified a significant currency substitution effect in Bulgaria, Croatia, and Hungary, whereas in the Czech Republic, the wealth effect is stronger. Journal: Eastern European Economics Pages: 334-357 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1496458 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1496458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:334-357 Template-Type: ReDIF-Article 1.0 Author-Name: Pedro Cerqueira Author-X-Name-First: Pedro Author-X-Name-Last: Cerqueira Author-Name: Monica Ioana Pop Silaghi Author-X-Name-First: Monica Ioana Author-X-Name-Last: Pop Silaghi Author-Name: Andreea Stoian Author-X-Name-First: Andreea Author-X-Name-Last: Stoian Author-Name: Camelia Turcu Author-X-Name-First: Camelia Author-X-Name-Last: Turcu Title: Perspectives on Financial, Monetary, and Economic Developments in Eastern Europe Journal: Eastern European Economics Pages: 329-333 Issue: 5 Volume: 56 Year: 2018 Month: 9 X-DOI: 10.1080/00128775.2018.1506990 File-URL: http://hdl.handle.net/10.1080/00128775.2018.1506990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:56:y:2018:i:5:p:329-333 Template-Type: ReDIF-Article 1.0 Author-Name: Jasna Atanasijević Author-X-Name-First: Jasna Author-X-Name-Last: Atanasijević Author-Name: Miloš Božović Author-X-Name-First: Miloš Author-X-Name-Last: Božović Title: Exchange Rate as a Determinant of Corporate Loan Defaults in a Euroized Economy: Evidence from Micro-Level Data Abstract: This article examines the factors that induce nonperformance of loans in an economy with a high degree of currency substitution. Using a well-diversified portfolio of corporate loans from a Serbian bank between 2008 and 2012, we find three key determinants of loan default: exchange rate, lagged GDP growth rate, and loan size. Exchange rate depreciation is associated with an increase in the default rate whether the loan is denominated in foreign or local currency. By controlling for positive effects on revenue, we show that this finding can be attributed to an increase in the firms’ net input costs due to the depreciation. Journal: Eastern European Economics Pages: 228-250 Issue: 3 Volume: 54 Year: 2016 Month: 5 X-DOI: 10.1080/00128775.2015.1137198 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1137198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:3:p:228-250 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Janský Author-X-Name-First: Petr Author-X-Name-Last: Janský Author-Name: Klára Kalíšková Author-X-Name-First: Klára Author-X-Name-Last: Kalíšková Author-Name: Daniel Münich Author-X-Name-First: Daniel Author-X-Name-Last: Münich Title: Does the Czech Tax and Benefit System Contribute to One of Europe’s Lowest Levels of Relative Income Poverty and Inequality? Abstract: The Czech Republic is home to one of the more equal societies in terms of household disposable income, and has the lowest level of relative poverty in Europe. This study shows that Czech market income is quite egalitarian, especially when pensions are included. It finds that the narrowly defined tax-benefit system (i.e., direct taxes and social benefits) does not actually change the poverty rate, and that indirect taxes increase it. It further provides the first estimates of the redistributive effectiveness and targeting of a number of social and tax policies. Journal: Eastern European Economics Pages: 191-207 Issue: 3 Volume: 54 Year: 2016 Month: 5 X-DOI: 10.1080/00128775.2016.1149035 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1149035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:3:p:191-207 Template-Type: ReDIF-Article 1.0 Author-Name: Valeriu Nalban Author-X-Name-First: Valeriu Author-X-Name-Last: Nalban Title: Sentiment-Driven Asymmetries in Romanian Monetary Policy Transmission Abstract: A threshold Bayesian VAR model is applied to study nonlinearities in Romania’s monetary policy transmission mechanism, with the transition variable represented by the Economic Sentiment Indicator. The model identifies four major episodes with respect to the confidence stance during the 1997–2014 period: the two low-confidence episodes are related, respectively, to the Asian crisis (late 1990s) and the Great Recession (2009–2013 observations), while the two high-confidence episodes consist of the economic boom of 2000–2008 and the current restored sentiment stage. Output and prices react differently to monetary policy and to exchange-rate shocks during the two regimes. A counterfactual experiment proves that the heterogeneities are driven by changes to the overall macroeconomic transmission framework, as well as to the central bank’s reaction function. An alternative specification with industry confidence rather than aggregate economy confidence suggests that, following the recent crisis, firms’ sentiment recovered much faster than that of consumers and the services sector. Journal: Eastern European Economics Pages: 251-270 Issue: 3 Volume: 54 Year: 2016 Month: 5 X-DOI: 10.1080/00128775.2016.1149036 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1149036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:3:p:251-270 Template-Type: ReDIF-Article 1.0 Author-Name: Dervis Kirikkaleli Author-X-Name-First: Dervis Author-X-Name-Last: Kirikkaleli Title: Interlinkage Between Economic, Financial, and Political Risks in the Balkan Countries: Evidence from a Panel Cointegration Abstract: This article explores the long-run and causal linkages among economic, financial, and political country risk indicators for seven Balkan countries. Panel cointegration, FMOLS, DOLS, and the Granger and Dumitrescu-Hurlin causality tests are implemented. The empirical findings reveal that (1) there is a positive linkage between financial stability and economic stability in the seven countries in the long run, while financial stability has significant and positive impacts on political stability; and (2) vulnerability in economic and financial stability significantly leads to changes in political stability. Journal: Eastern European Economics Pages: 208-227 Issue: 3 Volume: 54 Year: 2016 Month: 5 X-DOI: 10.1080/00128775.2016.1168704 File-URL: http://hdl.handle.net/10.1080/00128775.2016.1168704 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:54:y:2016:i:3:p:208-227 Template-Type: ReDIF-Article 1.0 Author-Name: Salvador Barrios Author-X-Name-First: Salvador Author-X-Name-Last: Barrios Author-Name: Viginta Ivaškaitė-Tamošiūnė Author-X-Name-First: Viginta Author-X-Name-Last: Ivaškaitė-Tamošiūnė Author-Name: Anamaria Maftei Author-X-Name-First: Anamaria Author-X-Name-Last: Maftei Author-Name: Edlira Narazani Author-X-Name-First: Edlira Author-X-Name-Last: Narazani Author-Name: Janos Varga Author-X-Name-First: Janos Author-X-Name-Last: Varga Title: Progressive Tax Reforms in Flat Tax Countries Abstract: The adoption of flat tax systems in Central and Eastern European countries have often been supported by arguments of simplicity, higher compliance and lower distortionary effects. However, since income inequality is high in these countries, the question of introducing some progressivity has come to the fore in both policy and academic circles. In this paper, we combine microsimulation and macro models to analyze the effects of moving from a flat to a progressive tax system and we find that a reduction in income inequality can be achieved with positive, albeit negligible, employment and growth impact. Journal: Eastern European Economics Pages: 83-107 Issue: 2 Volume: 58 Year: 2020 Month: 3 X-DOI: 10.1080/00128775.2019.1671201 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1671201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:2:p:83-107 Template-Type: ReDIF-Article 1.0 Author-Name: Lara Lebedinski Author-X-Name-First: Lara Author-X-Name-Last: Lebedinski Title: The Effect of Residential Segregation on Formal and Informal Employment of Roma in Serbia Abstract: This paper aims to examine whether the degree of residential segregation affects formal and informal employment of the Roma ethnic minority in Serbia. I exploit the within district variation in the percentage of Roma to identify the effect of residential segregation on labor market outcomes. The results show that Roma in more segregated census tracts are more likely to hold an informal job than Roma in less segregated census tracts. There is suggestive evidence that the positive effect of segregation is driven by the information spillovers between Roma. I do not find an effect of residential segregation on employment in the formal sector. Journal: Eastern European Economics Pages: 108-136 Issue: 2 Volume: 58 Year: 2020 Month: 3 X-DOI: 10.1080/00128775.2019.1689143 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1689143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:2:p:108-136 Template-Type: ReDIF-Article 1.0 Author-Name: Jacek Liwiński Author-X-Name-First: Jacek Author-X-Name-Last: Liwiński Title: The Impact of Compulsory Education on Employment and Wages in a Transition Economy Abstract: In 1966, the minimum school-leaving age in Poland was increased from 14 to 15 years. This was a result of extending primary school education from seven to eight years. As the education system at post-primary levels was not changed, all education tracks were thus extended by one year. Using the regression discontinuity design method and data from the Polish Labor Force Survey (2001–2005), I find that the reform, on average, had no impact on men’s and women’s hourly wage or employment rate. However, the reform had a negative impact on the hourly wage of individuals with primary education only. Journal: Eastern European Economics Pages: 137-173 Issue: 2 Volume: 58 Year: 2020 Month: 3 X-DOI: 10.1080/00128775.2019.1689144 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1689144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:2:p:137-173 Template-Type: ReDIF-Article 1.0 Author-Name: Marko Crnogorac Author-X-Name-First: Marko Author-X-Name-Last: Crnogorac Author-Name: Santiago Lago-Peñas Author-X-Name-First: Santiago Author-X-Name-Last: Lago-Peñas Title: Determinants of Tax Morale in Former Yugoslavian Countries Abstract: In this paper, we perform an empirical analysis on the determinants of tax morale in former Yugoslavian countries, including both individuals’ attributes and contextual variables. We use survey data from the 2008 European Values Study as well as fiscal and economic macro-data. Our results reveal that the outcomes for individual-level variables are in line with the previous scientific literature. Moreover, the results on contextual variables and the interactions associated with tax burden and economic freedom provide new insights concerning tax morale in these countries. Journal: Eastern European Economics Pages: 174-196 Issue: 2 Volume: 58 Year: 2020 Month: 3 X-DOI: 10.1080/00128775.2019.1671868 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1671868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:2:p:174-196 Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Author-X-Name-First: Evžen Author-X-Name-Last: Kočenda Author-Name: Karen Poghosyan Author-X-Name-First: Karen Author-X-Name-Last: Poghosyan Title: Nowcasting Real GDP Growth: Comparison between Old and New EU Countries Abstract: We analyze the performance of a broad range of nowcasting and short-term forecasting models for a representative set of twelve old and six new member countries of the European Union (EU) that are characterized by substantial differences in aggregate output variability. In our analysis, we generate ex-post out-of-sample nowcasts and forecasts based on hard and soft indicators that come from a comparable set of identical data. We show that nowcasting works well for the new EU countries because, although that variability in their GDP growth data is larger than that of the old EU economies, the economic significance of nowcasting is on average somewhat larger. Journal: Eastern European Economics Pages: 197-220 Issue: 3 Volume: 58 Year: 2020 Month: 5 X-DOI: 10.1080/00128775.2020.1726185 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1726185 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:3:p:197-220 Template-Type: ReDIF-Article 1.0 Author-Name: Emilio Congregado Author-X-Name-First: Emilio Author-X-Name-Last: Congregado Author-Name: Ewa Gałecka-Burdziak Author-X-Name-First: Ewa Author-X-Name-Last: Gałecka-Burdziak Author-Name: Antonio Golpe Author-X-Name-First: Antonio Author-X-Name-Last: Golpe Author-Name: Robert Pater Author-X-Name-First: Robert Author-X-Name-Last: Pater Title: Asymmetry and Non-linearity in Discouraged and Added Worker Effects Abstract: We examine whether discouraged and added worker effects are state-dependent, business cycle phase-dependent, or change stochastically. We use quarterly LFS data for the 1995–2016 period for Poland. Labor force participation rate behaves non-linearly. The change is rapid and connected to the stable value of the cyclical unemployment rate. An unemployment rate higher than 13% implies a discouraged worker effect. Policy actions should aim to prolong the labor market activity (added worker effect) of females and older workers. Workers may be encouraged to reenter the labor market if their probability of finding a job is improved through active economic policy measures. Journal: Eastern European Economics Pages: 221-241 Issue: 3 Volume: 58 Year: 2020 Month: 5 X-DOI: 10.1080/00128775.2019.1710215 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1710215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:3:p:221-241 Template-Type: ReDIF-Article 1.0 Author-Name: Marta Wajda-Lichy Author-X-Name-First: Marta Author-X-Name-Last: Wajda-Lichy Author-Name: Paweł Kawa Author-X-Name-First: Paweł Author-X-Name-Last: Kawa Author-Name: Kamil Fijorek Author-X-Name-First: Kamil Author-X-Name-Last: Fijorek Author-Name: Sabina Denkowska Author-X-Name-First: Sabina Author-X-Name-Last: Denkowska Title: Trade Openness and Financial Development in the New EU Member States: Evidence from a Granger Panel Bootstrap Causality Test Abstract: The goal of this paper is to investigate the causality between trade openness and financial development in 11 new member states in the European Union. We employ a Granger bootstrap panel approach based on seemingly unrelated regressions, which accounts for cross-sectional dependence and slope heterogeneity among the countries in the panel. The main findings are as follows. First, the test results of the finance-trade nexus are country specific. Second, statistically significant causality is found from trade to finance in eight countries (Bulgaria, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovenia). As the regression coefficients are predominantly negative, the demand-following hypothesis on the finance-trade nexus is not supported in the majority of the countries. Third, finance is found to be a statistically significant Granger cause of trade in six countries (Croatia, Estonia, Latvia, Lithuania, Poland, and the Slovakia), and in four of them (the smaller ones: Croatia, Estonia, Latvia, Lithuania), the regression coefficients take positive signs, which support the supply-leading hypothesis. Journal: Eastern European Economics Pages: 242-263 Issue: 3 Volume: 58 Year: 2020 Month: 5 X-DOI: 10.1080/00128775.2019.1701498 File-URL: http://hdl.handle.net/10.1080/00128775.2019.1701498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:3:p:242-263 Template-Type: ReDIF-Article 1.0 Author-Name: Savo Stanojevic Author-X-Name-First: Savo Author-X-Name-Last: Stanojevic Author-Name: Qiu Bin Author-X-Name-First: Qiu Author-X-Name-Last: Bin Author-Name: Chen Jian Author-X-Name-First: Chen Author-X-Name-Last: Jian Title: Sino-EU15 Export Competition in Central and Eastern Europe: Is China Crowding Out Exports from the EU15? Abstract: This paper aims, through the use of a gravity model and the disaggregated trade data over the period 2006–2017, to investigate whether China’s growing exports to Central and Eastern European countries, crowd out exports from the EU15. The analysis shows the intensification of the Sino-EU15 export competition, especially in sectors of electronics, machinery, and textiles and furniture. The econometric analysis shows a positive correlation between China’s exports and exports from the EU15 when observing total trade, as well as in sectors of machinery and electronics. By contrast, crowding out is detected in the sector of textile and furniture. Journal: Eastern European Economics Pages: 264-282 Issue: 3 Volume: 58 Year: 2020 Month: 5 X-DOI: 10.1080/00128775.2020.1712554 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1712554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:3:p:264-282 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Geršl Author-X-Name-First: Adam Author-X-Name-Last: Geršl Author-Name: Jakub Seidler Author-X-Name-First: Jakub Author-X-Name-Last: Seidler Title: Countercyclical Capital Buffers and Credit-to-GDP Gaps: Simulation for Central, Eastern, and Southeastern Europe Abstract: Under Basel III, banks are required to build up countercyclical capital buffers during periods of excessive credit growth to cover future credit losses. Based on a review of the credit boom episodes in sixteen Central, Eastern, and Southeastern European countries during 2000s, two measures of excessive credit are calculated: one based on the Hodrick-Prescott filter, as suggested by the Basel Committee for the activation of the countercyclical buffer, and the other based on an estimate of equilibrium credit. While the filtering-based measure signals future credit losses quite well, using the measure based on equilibrium credit improves the forecast of future deleveraging and its impact on GDP. Journal: Eastern European Economics Pages: 439-465 Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1102602 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1102602 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:439-465 Template-Type: ReDIF-Article 1.0 Author-Name: Nikica Mojsoska Blazevski Author-X-Name-First: Nikica Author-X-Name-Last: Mojsoska Blazevski Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Author-Name: Despina Petreska Author-X-Name-First: Despina Author-X-Name-Last: Petreska Title: Increasing the Labor Market Activity of the Poor, Females, and Informal Workers: Let’s Make Work Pay in Macedonia Abstract: This article simulates the effects of two alternative social policies—individual and family in-work benefits—on labor market choices in Macedonia, with special reference to the poor, females, and informal workers. The ex-ante analysis relies on a combined tax and benefit micro-simulation model for Macedonia (MAKMOD) and a structural model for labor supply, both utilizing the 2011 Survey of Income and Labor Conditions. Results suggest that the proposed reforms will have a considerable effect on the working choices of Macedonians. The family in-work benefit is found to be more effective for singles, and marginally effective for couples with only one working member. In addition, the effects are found to be larger for the poor, females, and informal workers, the categories most prone to be unemployed in Macedonia. Journal: Eastern European Economics Pages: 466-490 Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1103656 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1103656 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:466-490 Template-Type: ReDIF-Article 1.0 Author-Name: Astrid Krenz Author-X-Name-First: Astrid Author-X-Name-Last: Krenz Author-Name: Agnieszka Gehringer Author-X-Name-First: Agnieszka Author-X-Name-Last: Gehringer Title: European Market Integration, R&D Agglomeration Economies, and the Location Choice of Firms in Poland Abstract: The establishment of a European common market, with the aim of eliminating internal barriers of different kinds, implies an environment in which standard location determinants for firm activities might operate differently than usual or in which new location forces assume importance. Poland has had an exemplary experience as a former planned economy that managed the transition to a market economy within a relatively short period of time. The country is characterized by comparatively low R&D expenditures per capita as well as few patent applications, as compared to other European Union countries in the past decade. Aside from the previous literature’s focus on industrial and service agglomeration economies, we investigate the impact of agglomeration economies stemming from the R&D sector and innovative activities for the location choices of firms in Poland. We also assess what role accession to the European Union played in this process. We use a panel data set comprising Polish NUTS II regions over the period 2003 to 2010. The analysis differentiates the effects for domestic, foreign, and entrepreneurial firms in the economy and enriches the former literature, which focused on the location decisions of FDI. We find a strong impact of R&D agglomeration economies for the location choices of all firms, a positive impact of EU membership on the location decisions of entrepreneurial firms, a positive impact of innovative activity for the location decisions of foreign firms, and a contingent effect of EU membership on the decisions of foreign firms to locate closer to the German-Polish border. Journal: Eastern European Economics Pages: 491-513 Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1102589 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1102589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:491-513 Template-Type: ReDIF-Article 1.0 Author-Name: Mihye Lee Author-X-Name-First: Mihye Author-X-Name-Last: Lee Title: How Did Financial Development Affect the Performance of European Firms Before and After the 2008 Credit Crisis? Abstract: The recent credit crisis led to a serious downturn in the United States and the rest of the world. This article analyzes the relationship between the crisis and financial development based upon European firm-level data. It studies how the level of financial development interacts with a firm’s dependence on external financing, as well as its size and age, in determining a firm’s earnings. It also tries to identify which factors explain the spread of shocks and their impacts on different firms during the crisis period. The results show that financial development is positively related to a firm’s earnings. Surprisingly, however, it can also exacerbate the impact of a crisis. Journal: Eastern European Economics Pages: 514-528 Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1078217 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1078217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:514-528 Template-Type: ReDIF-Article 1.0 Author-Name: Evren Arık Author-X-Name-First: Evren Author-X-Name-Last: Arık Author-Name: Ali M. Kutan Author-X-Name-First: Ali M. Author-X-Name-Last: Kutan Title: Do Mergers and Acquisitions Create Wealth Effects? Evidence from Twenty Emerging Markets Abstract: This article investigates the response of target firms’ stock returns in mergers and acquisitions (M&As) in twenty emerging markets. Employing standard event-study methodology for a sample of 1,648 M&As from 1997 to 2013, we find that announcements of mergers and acquisitions generate a 5.17 percent average abnormal return for target firms’ stocks within a three-day symmetric event window. Furthermore, cross-sectional regressions explaining the variation in abnormal returns indicate that the relative size and the percentage share of the target firm sought, as well as cash-paid M&As, are also positively related to abnormal returns, while M&As in heavily regulated industries, and in which the acquirers are private equity funds, have lower abnormal returns. Finally, abnormal returns have increased in the post-2008 crisis period. We compare our evidence with related studies on developed markets and explain the differences. Implications of findings along with suggestions for further research are discussed. Journal: Eastern European Economics Pages: 529-550 Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1099445 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1099445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:529-550 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Eastern European Economics Pages: ebi-ebi Issue: 6 Volume: 53 Year: 2015 Month: 11 X-DOI: 10.1080/00128775.2015.1128233 File-URL: http://hdl.handle.net/10.1080/00128775.2015.1128233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:53:y:2015:i:6:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Arjola Arapi-Gjini Author-X-Name-First: Arjola Author-X-Name-Last: Arapi-Gjini Author-Name: Judith Möllers Author-X-Name-First: Judith Author-X-Name-Last: Möllers Author-Name: Thomas Herzfeld Author-X-Name-First: Thomas Author-X-Name-Last: Herzfeld Title: Measuring Dynamic Effects of Remittances on Poverty and Inequality with Evidence from Kosovo Abstract: This paper investigates dynamic effects of remittances on households’ poverty and income distribution. Using state-of-the-art matching techniques, we measure impacts based on counterfactual scenarios, and make a step forward by applying for the first time a dose-response function approach to assess poverty effects due to variations in the time-length of receiving remittances. Our results suggest that remittances alleviate both absolute and relative poverty levels and lead to a marginal increase in inequality in the case of Kosovo. We further demonstrate that – although poverty reduction effects are stronger in the short-run – remittances have a positive poverty reduction effect over time. These findings have important welfare policy implications for low- and middle income economies with a high dependency on remittances. Journal: Eastern European Economics Pages: 283-308 Issue: 4 Volume: 58 Year: 2020 Month: 7 X-DOI: 10.1080/00128775.2020.1720517 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1720517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:4:p:283-308 Template-Type: ReDIF-Article 1.0 Author-Name: Biljana Tashevska Author-X-Name-First: Biljana Author-X-Name-Last: Tashevska Author-Name: Borce Trenovski Author-X-Name-First: Borce Author-X-Name-Last: Trenovski Author-Name: Marija Trpkova - Nestorovska Author-X-Name-First: Marija Author-X-Name-Last: Trpkova - Nestorovska Title: The Government Revenue–Expenditure Nexus in Southeast Europe: A Bootstrap Panel Granger-Causality Approach Abstract: This article presents one of the first attempts to explore the relationship between government revenues and government expenditures in six Southeast European countries for the period 1999–2015, employing a bootstrap panel Granger-causality approach, which provides insight into the nature and direction of their relationship in each country. The empirical results indicate a unidirectional relationship from government revenues to government expenditures in five countries (Albania, Bulgaria, Croatia, Serbia, and Slovenia), confirming the revenue-expenditure or tax-spend hypothesis. The findings offer support for the fiscal synchronization hypothesis only in Macedonia, where bidirectional causality between government revenues and government expenditures was found. Journal: Eastern European Economics Pages: 309-326 Issue: 4 Volume: 58 Year: 2020 Month: 7 X-DOI: 10.1080/00128775.2020.1724156 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1724156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:4:p:309-326 Template-Type: ReDIF-Article 1.0 Author-Name: Petrit Gashi Author-X-Name-First: Petrit Author-X-Name-Last: Gashi Author-Name: Iraj Hashi Author-X-Name-First: Iraj Author-X-Name-Last: Hashi Author-Name: Geoff Pugh Author-X-Name-First: Geoff Author-X-Name-Last: Pugh Title: Privatization by Auction: Determinants of Asset Prices in Kosovo Abstract: The contribution of this paper is twofold. First, we use the administrative dataset of the Privatization Agency of Kosovo between 2003 and 2018 to analyze the factors affecting privatization prices. We identify the effects of five sets of variables: features of the auction process; Privatization Agency-related variables; buyer characteristics; asset characteristics; and election-related variables. Second, beyond this econometric investigation, we explore the complexities of the privatization process in Kosovo, in particular the Kosovo-specific factors that may have influenced the prices of privatized enterprises and assets. Policy implications suggest measures to enhance the credibility of the privatization process and related institutions. Journal: Eastern European Economics Pages: 327-359 Issue: 4 Volume: 58 Year: 2020 Month: 7 X-DOI: 10.1080/00128775.2020.1754858 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1754858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:4:p:327-359 Template-Type: ReDIF-Article 1.0 Author-Name: Mihaela Mocanu Author-X-Name-First: Mihaela Author-X-Name-Last: Mocanu Author-Name: Gabriela Boldureanu Author-X-Name-First: Gabriela Author-X-Name-Last: Boldureanu Author-Name: Silviu Mihail Tiță Author-X-Name-First: Silviu Mihail Author-X-Name-Last: Tiță Author-Name: Daniel Boldureanu Author-X-Name-First: Daniel Author-X-Name-Last: Boldureanu Title: The Impact of Migration on Quality of Life: The Case of Romanian Immigrants in Belgium Abstract: The study analyzes the changes occurring in the quality of life of the immigrants after they change residence. Our research approach is aimed at the situation of Romanian immigrants in Belgium, constituting the first research of this kind in Romania. Data analysis has shown that migration generates an overall increase in the immigrants’quality of life, reflected in financial status and job satisfaction; access to quality medical and education services; multiple leisure opportunities. The immigrants’ perception of the quality of life depends on the system of values specific to their home country, which continues to influence their personal and professional aspirations. Journal: Eastern European Economics Pages: 360-382 Issue: 4 Volume: 58 Year: 2020 Month: 7 X-DOI: 10.1080/00128775.2020.1756336 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1756336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:4:p:360-382 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Bednář Author-X-Name-First: Milan Author-X-Name-Last: Bednář Author-Name: Jakub Bechný Author-X-Name-First: Jakub Author-X-Name-Last: Bechný Title: Cyclical Synchronization of the Czech Republic and the Euro Area: A Case of Structural Discrepancies in a Time-Frequency Domain Abstract: The paper investigates the cyclical synchronization of the Czech Republic with the euro area and compares it to the synchronization of Germany and Austria (the benchmark). We employed a wavelet coherence analysis with four macroeconomic variables and monthly data from 1995 to 2019. Our results suggest that the Czech Republic suffers from significant structural disparities in synchronization at high frequencies. The country is related to most of the euro area countries only indirectly. Additionally, both benchmark countries are well synchronized with the euro area at almost all frequencies, except Austria in the manufacturing sector. Journal: Eastern European Economics Pages: 383-414 Issue: 5 Volume: 58 Year: 2020 Month: 09 X-DOI: 10.1080/00128775.2020.1753080 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1753080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:5:p:383-414 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Kębłowski Author-X-Name-First: Piotr Author-X-Name-Last: Kębłowski Author-Name: Katarzyna Leszkiewicz-Kędzior Author-X-Name-First: Katarzyna Author-X-Name-Last: Leszkiewicz-Kędzior Author-Name: Aleksander Welfe Author-X-Name-First: Aleksander Author-X-Name-Last: Welfe Title: Real Exchange Rates, Oil Price Spillover Effects, and Tripolarity Abstract: The real exchange rates of the currencies of non-Eurozone countries are determined to a large extent by the behavior of the euro, because intra-EU trade accounts for a large proportion of the countries’ balances of payments. Given that their currencies and the euro are also influenced by the EUR/USD exchange rate and oil price changes, the tripolar model appears to provide an appropriate analytical framework. The empirical results of this study support the hypothesis that in the long run the euro-dollar and Polish zloty-euro exchange rates are driven by crude oil prices, and that the parities of the real risk-free interest rates determine the euro-dollar exchange rate in the short-run and the zloty-euro exchange rate in the long-run. They also show that in recent years the euro-dollar exchange rate was long influenced by the ECB’s asset purchase program. The impulse response analysis clearly indicates that in addition to shocks from credit default risk premiums and interest rates innovations oil price shocks too are a significant and pervasive source of the nonstationary dynamics of the exchange rates. Journal: Eastern European Economics Pages: 415-435 Issue: 5 Volume: 58 Year: 2020 Month: 09 X-DOI: 10.1080/00128775.2020.1753212 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1753212 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:5:p:415-435 Template-Type: ReDIF-Article 1.0 Author-Name: Saygin Cevik Author-X-Name-First: Saygin Author-X-Name-Last: Cevik Author-Name: Yasemin Erduman Author-X-Name-First: Yasemin Author-X-Name-Last: Erduman Title: Measuring Monetary Policy Uncertainty and Its Effects on the Economy: The Case of Turkey Abstract: In this study, we present new empirical insights for monetary policy uncertainty perception in Turkey by introducing a set of new measures. We construct a news-based measure based on the frequency counts of articles in newspapers that contain specific terms related to monetary policy uncertainty and two survey-based measures based on the interest rate expectations. Using these measures, we investigate the impact of monetary policy uncertainty on economic activity using vector autoregression models. Our findings indicate that monetary policy uncertainty remained relatively high and volatile during the implementation of unconventional monetary policy. The impulse response analysis suggests that monetary policy uncertainty shocks have negative effects on economic activity in Turkey. Journal: Eastern European Economics Pages: 436-454 Issue: 5 Volume: 58 Year: 2020 Month: 09 X-DOI: 10.1080/00128775.2020.1798161 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1798161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:5:p:436-454 Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-X-Name-First: Josef C. Author-X-Name-Last: Brada Title: Editorial Journal: Eastern European Economics Pages: 455-456 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1826187 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1826187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:455-456 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Beck Author-X-Name-First: Krzysztof Author-X-Name-Last: Beck Title: Economic Developments in the European Union New Member States and Ukraine Journal: Eastern European Economics Pages: 457-457 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1765809 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1765809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:457-457 Template-Type: ReDIF-Article 1.0 Author-Name: Paweł Kawa Author-X-Name-First: Paweł Author-X-Name-Last: Kawa Author-Name: Marta Wajda-Lichy Author-X-Name-First: Marta Author-X-Name-Last: Wajda-Lichy Author-Name: Kamil Fijorek Author-X-Name-First: Kamil Author-X-Name-Last: Fijorek Author-Name: Sabina Denkowska Author-X-Name-First: Sabina Author-X-Name-Last: Denkowska Title: Do Finance and Trade Foster Economic Growth in the New EU Member States: Granger Panel Bootstrap Causality Approach Abstract: The aim of this paper is to investigate whether financial development and trade openness enhance economic growth in 11 new EU member states. While the overwhelming studies employ a simple measure of finance (credit to GDP ratio or stock market capitalization), we run growth regressions using a new IMF broad-based measure, which covers three dimensions of financial development: depth, access, and efficiency. We use a bootstrap panel-data approach based on seemingly unrelated regression (SUR) systems, which takes into account cross-sectional dependency and slope heterogeneity among countries. Such an approach gives separate regression coefficients for each country. The main findings are as follows: (1) the statistically significant unidirectional Granger causality from finance to economic growth is evidenced in five countries under examination (Bulgaria, Lithuania, Poland, Romania, and Slovenia); (2) trade openness is statistically significant Granger-cause of growth in six new EU member states (Croatia, Latvia, Lithuania, Romania, Slovakia, and Slovenia); (3) the reverse causalities, i.e. running from growth to finance were found in two countries (Hungary and Slovenia), and from growth to trade openness in Croatia. The policy-oriented recommendation is that new EU member states from Central and Eastern Europe may gain pro-growth benefits from further finance and trade development, however, the policy-makers should be aware of possible nonlinearities and conditionality of these relationships. Journal: Eastern European Economics Pages: 458-477 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1762497 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1762497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:458-477 Template-Type: ReDIF-Article 1.0 Author-Name: Olha Zadorozhna Author-X-Name-First: Olha Author-X-Name-Last: Zadorozhna Title: Clientelism and Land Market Outcomes in Ukraine Abstract: This paper investigates the relationship between political corruption and land market outcomes. Three rounds of parliamentary elections in Ukraine are analyzed from 2002 to 2010. Evidence of rental rates for land being higher in districts that exhibit greater electoral support for parties that form the parliamentary opposition after the elections is found. On the other hand, average rental rates are lower in pro-majority districts that give evidence of clientelistic relations being formed in certain regions of Ukraine as well as state capture in the land market. Journal: Eastern European Economics Pages: 478-496 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1762498 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1762498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:478-496 Template-Type: ReDIF-Article 1.0 Author-Name: Kosta Josifidis Author-X-Name-First: Kosta Author-X-Name-Last: Josifidis Author-Name: Novica Supic Author-X-Name-First: Novica Author-X-Name-Last: Supic Author-Name: Nikolina Doroskov Author-X-Name-First: Nikolina Author-X-Name-Last: Doroskov Title: Foreign Direct Investment and Income Distribution: Evidence from Post-Communist New EU Member States Abstract: This article gives insight into the influence of FDI on income distribution in post-communist new EU member states. Using the method of seemingly unrelated regressions on panel data from 1990–2014, we find robust evidence of a nonlinear relationship between FDI and income distribution. The observed FDI effect varies by income shares. In the case of the bottom 50% income share, the impact of FDI on income concentration is homogeneous and negative; for the middle 40%, FDI first increases and then reduces its income share, whereas for the top 10% this effect is first negative and then positive. Journal: Eastern European Economics Pages: 497-516 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1762496 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1762496 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:497-516 Template-Type: ReDIF-Article 1.0 Author-Name: Agnieszka Malkowska Author-X-Name-First: Agnieszka Author-X-Name-Last: Malkowska Author-Name: Michał Głuszak Author-X-Name-First: Michał Author-X-Name-Last: Głuszak Author-Name: Bartłomiej Marona Author-X-Name-First: Bartłomiej Author-X-Name-Last: Marona Author-Name: Agnieszka Telega Author-X-Name-First: Agnieszka Author-X-Name-Last: Telega Title: The Impact of the Electoral Cycle on Area-Based Property Tax in Poland Abstract: The purpose of this paper is to identify whether tax rate choices in the area-based tax system are perceived as an instrument prone to manipulation in accordance with election cycles. We use the unique cross-sectional panel data from 300 municipalities in 10 metropolitan areas in Poland over the period 2006–2015. We find clear evidence of the property tax policy cycle in all types of communes. Our results are in line with mainstream literature findings; however, because of a different institutional framework, this study brings new insights into area-based property tax systems prevailing in many developing and developed countries. Journal: Eastern European Economics Pages: 517-535 Issue: 6 Volume: 58 Year: 2020 Month: 11 X-DOI: 10.1080/00128775.2020.1798160 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1798160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:58:y:2020:i:6:p:517-535 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher A. Hartwell Author-X-Name-First: Christopher A. Author-X-Name-Last: Hartwell Title: Populism to the Left of Me, Pandemics to the Right, Stuck in the Middle with You Journal: Eastern European Economics Pages: 1-2 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1855078 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1855078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Richard Grieveson Author-X-Name-First: Richard Author-X-Name-Last: Grieveson Author-Name: Mario Holzner Author-X-Name-First: Mario Author-X-Name-Last: Holzner Author-Name: Goran Vukšić Author-X-Name-First: Goran Author-X-Name-Last: Vukšić Title: Regional Economic Cooperation in the Western Balkans: The Role of Stabilization and Association Agreements, Bilateral Investment Treaties and Free Trade Agreements in Regional Investment and Trade Flows Abstract: This study explores the role of stabilization and association agreements (SAAs), bilateral investment treaties (BITs) and free trade agreements (FTAs) in the Western Balkans and their impact on the region’s inward foreign direct investment (FDI) and exports, with primary interest in the effects on intra-regional FDI and trade. Results show that BITs were not related to intra-regional FDI, nor to the FDI from other countries. The Central European Free Trade Agreement (CEFTA) contributed to increased intra-regional trade. Finally, the SAAs turn out to be highly significant for FDI from the EU to signee countries, and their exports to the EU. Journal: Eastern European Economics Pages: 3-24 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1846130 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1846130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:3-24 Template-Type: ReDIF-Article 1.0 Author-Name: Blagica Petreski Author-X-Name-First: Blagica Author-X-Name-Last: Petreski Author-Name: Jorge Dávalos Author-X-Name-First: Jorge Author-X-Name-Last: Dávalos Author-Name: Despina Tumanoska Author-X-Name-First: Despina Author-X-Name-Last: Tumanoska Title: Youth Underemployment in the Western Balkans: A Multidimensional Approach Abstract: When a worker works at most 35 hours a week and wants to work more, he is said to be underemployed. In addition, when his skills are underutilized, there is uncertainty about the job, he is underpaid and there is lack of formal working conditions, he is said to be multidimensionally underemployed. This paper analyzes youth underemployment multidimensionality and its effect on wages in three Western Balkan countries: North Macedonia, Serbia, and Montenegro. Our empirical approach controls for sample-selection bias and endogeneity through internally-generated instruments. The findings suggest that intensifying underemployment along the multidimensional scale reduces wage on average by 7.6%. The effect is the strongest in North Macedonia, followed by Montenegro and Serbia. Journal: Eastern European Economics Pages: 25-50 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1835491 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1835491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:25-50 Template-Type: ReDIF-Article 1.0 Author-Name: M. Koray Kalafatcılar Author-X-Name-First: M. Koray Author-X-Name-Last: Kalafatcılar Author-Name: M. Utku Özmen Author-X-Name-First: M. Utku Author-X-Name-Last: Özmen Title: Demographic Transition and Inflation in Emerging Economies Abstract: Demographic transition has been shaping the age structure of emerging countries, leading to huge swings between the working-age and the dependent population. In this paper, we focus on the impact of demography on inflation in emerging market economies by analyzing the inflationary impact of different age cohorts. Our empirical findings suggest that while the dependent population (net dis-savers) is associated with inflationary pressures, the working-age population (savers) is associated with deflationary pressures. The findings also suggest that demographic transition has contributed to disinflation in these countries over the last two decades. Journal: Eastern European Economics Pages: 51-69 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1816475 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1816475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:51-69 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmara Nikulin Author-X-Name-First: Dagmara Author-X-Name-Last: Nikulin Title: The Determinants of False Self-Employment: A Survey of Polish Enterprises Abstract: The main goal of this article is to advance the emergent research on tax evasion in Poland in the form of false self-employment (FSE), in particular to identify its causes. The dependent character of some self-employed workers is a big problem in the Polish economy, which has been completely unexplored because of the lack of available data. In this article, we use data from a survey of Polish companies. Our empirical results show the highest prevalence of FSE in construction and to lesser extent in the services and retail, at micro and small firms, and at firms whose owners or managers are characterized by lower tax morality. Journal: Eastern European Economics Pages: 70-81 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1782754 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1782754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:70-81 Template-Type: ReDIF-Article 1.0 Author-Name: Kamila Fialová Author-X-Name-First: Kamila Author-X-Name-Last: Fialová Author-Name: Martina Mysíková Author-X-Name-First: Martina Author-X-Name-Last: Mysíková Title: Minimum Wage and Youth Employment in Regions of the Visegrád Countries Abstract: This paper estimates the youth employment effects of minimum wages in the Visegrád countries: Czechia, Hungary, Poland, and Slovakia. The analyses are based on a regional panel dataset for the period 2003–16. Our results indicate that changes in minimum wages measured as a ratio of regional average wages have not negatively affected youth employment rates in the Visegrád countries at the national level. Detailed analyses indicate that changes in the ratio of minimum to average wages may have dampened regional youth employment in Hungary in 2008–11, in Czechia in 2003–7, and in several regions in Poland and Slovakia throughout the full sample period. Journal: Eastern European Economics Pages: 82-102 Issue: 1 Volume: 59 Year: 2021 Month: 01 X-DOI: 10.1080/00128775.2020.1816474 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1816474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:1:p:82-102 Template-Type: ReDIF-Article 1.0 Author-Name: Roger Antoun Author-X-Name-First: Roger Author-X-Name-Last: Antoun Author-Name: Ali Coskun Author-X-Name-First: Ali Author-X-Name-Last: Coskun Author-Name: Darin Youssef Author-X-Name-First: Darin Author-X-Name-Last: Youssef Title: Bank-Specific, Macroeconomic, and Institutional Factors Explaining the Capital Buffer and Risk Adjustments in Banks: A Simultaneous Approach Abstract: This study aims to shed light on the capital buffer and risk adjustments in the banking sector of South-Eastern European countries following the financial crisis of 2008 that triggered a series of bank reforms and new regulations. Using Bankscope data for the period 2009–2014, we investigate the effect of economic growth and institutional quality on banks’ voluntary capital buffers and risk. Our main findings suggest first that changes in risk positively affect capital buffers. Second, we find that risk adjustments are negatively affected by economic growth, but no significant effect of economic growth on the capital buffer was noted. Finally, our results show that a rise in institutional quality reduces the need for banks to extend their capital buffers. Journal: Eastern European Economics Pages: 103-124 Issue: 2 Volume: 59 Year: 2021 Month: 03 X-DOI: 10.1080/00128775.2020.1870406 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1870406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:103-124 Template-Type: ReDIF-Article 1.0 Author-Name: Katarzyna Byrka-Kita Author-X-Name-First: Katarzyna Author-X-Name-Last: Byrka-Kita Author-Name: Mateusz Czerwiński Author-X-Name-First: Mateusz Author-X-Name-Last: Czerwiński Author-Name: Agnieszka Preś-Perepeczo Author-X-Name-First: Agnieszka Author-X-Name-Last: Preś-Perepeczo Author-Name: Tomasz Wiśniewski Author-X-Name-First: Tomasz Author-X-Name-Last: Wiśniewski Title: Does CEO Replacement at State-Owned Enterprises Matter? Evidence from the Polish Capital Market Abstract: This study examines market reaction to CEO appointments at state-owned enterprises (SOEs) listed on the Warsaw Stock Exchange between 2000 and 2015. We find evidence that the market reaction to CEO turnover at SOEs is nonmonotonic. A negative market reaction dominates in a short window, whereas a positive market response prevails in a long window. In addition, we observe a significant inverted U-shaped relationship between the level of state ownership and shareholder reaction. Shareholders prefer CEO replacements at SOEs whose financial results are poor. We report a negative impact on abnormal returns if the CEO is in the pre-transition generation. Journal: Eastern European Economics Pages: 125-147 Issue: 2 Volume: 59 Year: 2021 Month: 03 X-DOI: 10.1080/00128775.2020.1856684 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1856684 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:125-147 Template-Type: ReDIF-Article 1.0 Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Zhixin Liu Author-X-Name-First: Zhixin Author-X-Name-Last: Liu Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Jaime Ortiz Author-X-Name-First: Jaime Author-X-Name-Last: Ortiz Title: Causality between Actual and Expected Inflation in Central and Eastern Europe: Evidence Using a Heterogeneous Panel Analysis Abstract: This study applies a panel Granger non-causality test to explore the causal relationships between actual and expected inflation in Czechia, Hungary, Latvia, Lithuania, Poland, and Romania. The empirical results for these Central and Eastern European (CEE) countries show significantly positive causalities running from actual to expected inflation. However, the effect of actual inflation on inflation expectation weakens in Hungary and Romania following a financial crisis, and causality is no longer significant for Czechia, Latvia, Lithuania, and Poland. Domestic policies remain important for the management of actual and expected inflation, regardless of the monetary policy regime adopted. Journal: Eastern European Economics Pages: 148-170 Issue: 2 Volume: 59 Year: 2021 Month: 03 X-DOI: 10.1080/00128775.2020.1863821 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1863821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:148-170 Template-Type: ReDIF-Article 1.0 Author-Name: Bolesław Kołodziejczyk Author-X-Name-First: Bolesław Author-X-Name-Last: Kołodziejczyk Author-Name: Dmytro Osiichuk Author-X-Name-First: Dmytro Author-X-Name-Last: Osiichuk Author-Name: Paweł Mielcarz Author-X-Name-First: Paweł Author-X-Name-Last: Mielcarz Title: The More, the Emptier: The Consequences of Growing Concentration in Urban Office Space in Poland Abstract: The paper identifies and measures the economic consequences of the rapid saturation of commercial real estate markets in Poland. We document a negative link between the growing concentration of office buildings in the Polish real estate submarkets and building-level vacancy rates. Slower absorption in the areas that are more densely built up is accompanied by lower asking rents. The impact of saturation in real estate markets on building-level fundamentals is heterogenous across different classes of real estate assets, and high-quality buildings are less vulnerable than the low-quality buildings. Our findings demonstrate that higher density in office space harms investors. Journal: Eastern European Economics Pages: 171-197 Issue: 2 Volume: 59 Year: 2021 Month: 03 X-DOI: 10.1080/00128775.2020.1870408 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1870408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:171-197 Template-Type: ReDIF-Article 1.0 Author-Name: Maciej Stefański Author-X-Name-First: Maciej Author-X-Name-Last: Stefański Title: To What Extent Does Convergence Explain the Slowdown in Potential Growth of the CEE Countries following the Global Financial Crisis? Abstract: The paper estimates a simple growth model with time-varying cross-country fixed effects on a panel of high-income countries and decomposes changes in potential growth into convergence, movements in the steady-state determinants, global TFP growth and labor force growth in order to investigate the sources of potential growth slowdown in CEE following the global financial crisis. Convergence is found to explain about 40% of the slowdown, the other main drivers being falling investment to GDP ratio and the TFP component. Journal: Eastern European Economics Pages: 199-224 Issue: 3 Volume: 59 Year: 2021 Month: 05 X-DOI: 10.1080/00128775.2021.1883443 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1883443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:3:p:199-224 Template-Type: ReDIF-Article 1.0 Author-Name: Claudio Di Berardino Author-X-Name-First: Claudio Author-X-Name-Last: Di Berardino Author-Name: Ilaria Doganieri Author-X-Name-First: Ilaria Author-X-Name-Last: Doganieri Author-Name: Gianni Onesti Author-X-Name-First: Gianni Author-X-Name-Last: Onesti Title: Deindustrialization in the EU between Transformation and Decline Abstract: In the Kaldorian tradition, manufacturing is the main engine of growth. Deindustrialization is a concern for economists and policymakers. This study analyses deindustrialization occurring in the 28 EU countries, in the years 1991–2017. We use a methodology, that decomposes manufacturing employment, to examine if deindustrialization is caused by the growth of productivity, or by the shrinking of the manufacturing sector. Moreover, we analyze the disparities between European countries and principal EU areas. Results indicate that productivity growth is the major explanation for deindustrialization and that the German-centered core countries are reindustrializing while Southern periphery countries are in decline. Journal: Eastern European Economics Pages: 225-249 Issue: 3 Volume: 59 Year: 2021 Month: 05 X-DOI: 10.1080/00128775.2020.1870407 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1870407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:3:p:225-249 Template-Type: ReDIF-Article 1.0 Author-Name: Paweł Gajewski Author-X-Name-First: Paweł Author-X-Name-Last: Gajewski Author-Name: Ali M. Kutan Author-X-Name-First: Ali M. Author-X-Name-Last: Kutan Title: The Productivity–Real Wage Nexus in Emerging European Economies: Evidence from Poland Abstract: We investigate the nature of the wage–productivity nexus in Poland, considering the validity of the alternative theories of this relationship in the context of a recent hypothesis pointing to the role of multinational corporations (MNCs) in decoupling productivity from wages. Using spatial and nonspatial dynamic panel models, we find indirect support for this hypothesis. Sectors with the highest presence of MNCs tend to have higher labor productivity but lower wages. Unlike productivity, wages are also subject to stronger spatial spillovers, suggesting that they are sometimes set based on their geographic proximity, rather than on workers’ productivity. The policy implications of the findings are discussed. Journal: Eastern European Economics Pages: 250-270 Issue: 3 Volume: 59 Year: 2021 Month: 05 X-DOI: 10.1080/00128775.2021.1880271 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1880271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:3:p:250-270 Template-Type: ReDIF-Article 1.0 Author-Name: Miloš Božović Author-X-Name-First: Miloš Author-X-Name-Last: Božović Title: Uncovered Interest-rate Parity and Risk Premium: Evidence from EUR/RSD Exchange Rate Abstract: This paper examines the uncovered interest-rate parity in a developing economy that implements inflation targeting. We study the exchange rate between the Euro and Serbian Dinar over different time horizons. We apply APARCH-in-mean to measure the impact and nature of a time-varying risk premium and capture the influence of higher-order moments on expected currency returns. We find a significant positive association between the returns and the interest-rate differential over shorter horizons when the risk premium is included. Asymmetries and fat tails are essential in explaining average returns over time horizons of up to one month. Journal: Eastern European Economics Pages: 271-294 Issue: 3 Volume: 59 Year: 2021 Month: 05 X-DOI: 10.1080/00128775.2020.1840275 File-URL: http://hdl.handle.net/10.1080/00128775.2020.1840275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:3:p:271-294 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Kosiorowski Author-X-Name-First: Daniel Author-X-Name-Last: Kosiorowski Author-Name: Jerzy P. Rydlewski Author-X-Name-First: Jerzy P. Author-X-Name-Last: Rydlewski Author-Name: Tadeusz Klecha Author-X-Name-First: Tadeusz Author-X-Name-Last: Klecha Author-Name: Dominik Mielczarek Author-X-Name-First: Dominik Author-X-Name-Last: Mielczarek Title: A New Approach for Analyzing Stock Market Stress Based on the Warsaw Stock Exchange in 2005–2019 Abstract: In this paper, we propose the use of a novel approach for measuring stresses in capital. Our proposal relies on a framework offered by the statistical theory of shape. We describe a stress function based on the concept of a mean shape determined by representative particles of a capital carrier as well as changes in the amount and structure of stresses in capital, employing, among others, Bookstein’s pair of thin plain spline deformation, and a measurement of shape variability. We propose a robust approach for estimating the stress functional based on the concept of data depth. Journal: Eastern European Economics Pages: 317-333 Issue: 4 Volume: 59 Year: 2021 Month: 07 X-DOI: 10.1080/00128775.2021.1927756 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1927756 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:4:p:317-333 Template-Type: ReDIF-Article 1.0 Author-Name: Savo Stanojevic Author-X-Name-First: Savo Author-X-Name-Last: Stanojevic Author-Name: Bin Qiu Author-X-Name-First: Bin Author-X-Name-Last: Qiu Author-Name: Jian Chen Author-X-Name-First: Jian Author-X-Name-Last: Chen Title: A Study on Trade between China and Central and Eastern European Countries: Does the 16+1 Cooperation Lead to Significant Trade Creation? Abstract: This study aims to examine whether the establishment of the 16 + 1 Cooperation between China and Central and Eastern European countries in 2012 resulted in significant trade creation. For that purpose, we used a theoretically consistent gravity model and a panel dataset consisting of 167 countries and covering the period 2001–2019. The results show a slowdown in Sino-CEEC trade after 2012, indicating that the cooperation has so far not led to significant trade growth. The estimates also indicate that the cooperation could have greater positive effects on China’s trade with non-EU CEEC, however, we do not find sufficient evidence for this. Journal: Eastern European Economics Pages: 295-316 Issue: 4 Volume: 59 Year: 2021 Month: 07 X-DOI: 10.1080/00128775.2021.1928518 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1928518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:4:p:295-316 Template-Type: ReDIF-Article 1.0 Author-Name: Lubica Stiblarova Author-X-Name-First: Lubica Author-X-Name-Last: Stiblarova Author-Name: Benoit Dicharry Author-X-Name-First: Benoit Author-X-Name-Last: Dicharry Title: On the Extensive and Intensive FDI Margins: Does European Cohesion Policy Matter? Abstract: This paper contributes to the literature discussing the effects of the European Cohesion Policy (ECP) on recipients’ foreign direct investment (FDI). Unlike previous studies, we closely examine the ECP effects not only on total FDI but also on both the extensive and intensive FDI margins. The analysis on the EU 28 countries, conducted using system GMM estimation, suggests ECP plays a role in promoting FDI on the extensive margin only. Moreover, the ECP’s positive marginal effect on total FDI is neutralized in the Central and Eastern European (CEE) countries, implying an increase in their attractiveness through other ways than implementing market-oriented structural reforms. Journal: Eastern European Economics Pages: 334-359 Issue: 4 Volume: 59 Year: 2021 Month: 07 X-DOI: 10.1080/00128775.2021.1927757 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1927757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:4:p:334-359 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Želinský Author-X-Name-First: Tomáš Author-X-Name-Last: Želinský Title: Intertemporal Choices of Children and Adults from Poor Roma Communities: A Case Study from Slovakia Abstract: Poverty may have negative consequences on people’s economic behavior and literature has documented close links between time discounting and poverty. This paper investigates intertemporal choices made by children and adults from segregated Roma communities in Slovakia. The study finds that fewer children than adults prefer smaller-sooner to larger-later amounts (referred to as “quasi-impatience”). The study further examines the decisions of individuals assigned into random teams by cohorts (children, parents, grandparents), and finds no statistically significant differences in the proportions of quasi-impatient teams across the cohorts. The results also suggest that children’s decisions are correlated with those of their parents. Journal: Eastern European Economics Pages: 378-405 Issue: 4 Volume: 59 Year: 2021 Month: 07 X-DOI: 10.1080/00128775.2021.1909424 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1909424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:4:p:378-405 Template-Type: ReDIF-Article 1.0 Author-Name: Biswajit Banerjee Author-X-Name-First: Biswajit Author-X-Name-Last: Banerjee Author-Name: Richard Ball Author-X-Name-First: Richard Author-X-Name-Last: Ball Author-Name: Abdul Ghaffar Mughal Author-X-Name-First: Abdul Ghaffar Author-X-Name-Last: Mughal Title: Ethnicity and Subjective Well-being in the Republic of North Macedonia Abstract: This paper examines the nature of inter-ethnic relations in North Macedonia drawing on the 2008 European Quality of Life Survey. Ceteris paribus, the self-declared level of subjective well-being is smaller among ethnic Albanians than among Macedonians. In the presence of relative income variables, subjective well-being among both ethnic groups is not significantly associated with their absolute income. The subjective well-being of ethnic Albanians is significantly associated with their income relative to Macedonians. However, the subjective well-being of Macedonians is not affected by income relative to ethnic Albanians. The results suggest that measures are needed to reduce income inequality between ethnic groups. Journal: Eastern European Economics Pages: 360-377 Issue: 4 Volume: 59 Year: 2021 Month: 07 X-DOI: 10.1080/00128775.2021.1908833 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1908833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:4:p:360-377 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Galuščák Author-X-Name-First: Kamil Author-X-Name-Last: Galuščák Author-Name: Jan Šolc Author-X-Name-First: Jan Author-X-Name-Last: Šolc Author-Name: Paweł Strzelecki Author-X-Name-First: Paweł Author-X-Name-Last: Strzelecki Title: Labor Market Flows and Stocks over the Business Cycle: The Role of the Participation Margin Abstract: We investigate the cyclical properties of labor market flows in the Czech Republic and Poland using impulse responses from a VAR model with three net flows and an output gap. We apply the stock-flow framework to derive impulse responses of employment, unemployment and participation rates, and their decomposition into the contributions of net flows. We find that the role of flows from and into inactivity in explaining the cyclical properties of unemployment and employment rates is small, but is not negligible. The participation rate is driven by the countercyclical net flow from inactivity to unemployment. Journal: Eastern European Economics Pages: 449-471 Issue: 5 Volume: 59 Year: 2021 Month: 09 X-DOI: 10.1080/00128775.2021.1958688 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1958688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:5:p:449-471 Template-Type: ReDIF-Article 1.0 Author-Name: Seymur Ağazade Author-X-Name-First: Seymur Author-X-Name-Last: Ağazade Title: Energy Productivity Convergence in Eastern European Countries: A Panel Data Approach Abstract: This paper empirically investigates energy productivity convergence across Eastern European Countries. The analysis is performed by using two different models of β-convergence and panel data methods. Analysis reveals that a 1% decrease in energy productivity of the initial year and the previous year associates with a 1.4059% increase in the average annual growth rate of energy productivity calculated relative to the initial year and a 1.4830% increase in the growth rate of energy productivity calculated relative to the previous year. These findings support energy productivity convergence among sample countries; however, β-coefficients indicate to the weakness of this convergence. Journal: Eastern European Economics Pages: 407-422 Issue: 5 Volume: 59 Year: 2021 Month: 09 X-DOI: 10.1080/00128775.2021.1932523 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1932523 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:5:p:407-422 Template-Type: ReDIF-Article 1.0 Author-Name: Gorana Krstić Author-X-Name-First: Gorana Author-X-Name-Last: Krstić Title: Factors Contributing to Income and Wage Inequality: Comparative Evidence from Croatia, Serbia and Slovenia Abstract: We examine sources of income and wage inequality in three transition countries. Our results reveal that much lower inequality of disposable income in Slovenia than in Croatia and Serbia can mainly be explained by more equally distributed net wages across households. This is partly attributed to the lower fraction of households with very low work intensity in Slovenia than in the other two countries, combined with a higher redistributive capacity of taxes and social transfers. We find that educational qualifications and both quantity and quality of work, play an important role in explaining differences in wage inequality in all three countries. Journal: Eastern European Economics Pages: 423-448 Issue: 5 Volume: 59 Year: 2021 Month: 09 X-DOI: 10.1080/00128775.2021.1949352 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1949352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:5:p:423-448 Template-Type: ReDIF-Article 1.0 Author-Name: Slobodan Adžić Author-X-Name-First: Slobodan Author-X-Name-Last: Adžić Author-Name: Jarrah Al-Mansour Author-X-Name-First: Jarrah Author-X-Name-Last: Al-Mansour Title: The Negative Impact of Covid-19 on Firms: Insights from Serbia Abstract: The aim of this paper is to analyze the negative impact of the Covid-19 pandemic on Serbian enterprises. In this exploratory study, we conducted 40 online surveys that consisted of twenty Likert-scale questions with top and middle managers working in public and private Serbian enterprises. The output of various statistical tests ended in the development of the negative Impact of Covid-19 on a Firm scale. The study determined which internal strengths and weaknesses, as well as external opportunities and threats, have had the strongest negative impacts on the competitiveness of Serbian companies during the pandemic. Journal: Eastern European Economics Pages: 472-486 Issue: 5 Volume: 59 Year: 2021 Month: 09 X-DOI: 10.1080/00128775.2021.1953387 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1953387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:5:p:472-486 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Nemec Author-X-Name-First: Peter Author-X-Name-Last: Nemec Author-Name: Matus Kubak Author-X-Name-First: Matus Author-X-Name-Last: Kubak Author-Name: Peter Dzupka Author-X-Name-First: Peter Author-X-Name-Last: Dzupka Title: The Transition of the Visegrad Countries Toward Sustainable Public Procurement Abstract: This paper aims to examine the impact of the inclusion of sustainability aspects in the evaluation criteria in public tenders on the performance of small and medium-sized enterprises in the public procurement market of the Visegrad Countries. Using data on more than 30,000 contract award notices from Tenders Electronic Daily, we found a positive effect of sustainability aspects in the evaluation criteria on SMEs bidding. However, even though SMEs won more than three-quarters of all contracts in the dataset, they obtained just over half of the total financial value of all contracts. Journal: Eastern European Economics Pages: 487-512 Issue: 5 Volume: 59 Year: 2021 Month: 09 X-DOI: 10.1080/00128775.2021.1956973 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1956973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:5:p:487-512 Template-Type: ReDIF-Article 1.0 Author-Name: Biswajit Banerjee Author-X-Name-First: Biswajit Author-X-Name-Last: Banerjee Author-Name: Jelena Ćirjaković Author-X-Name-First: Jelena Author-X-Name-Last: Ćirjaković Title: Firm Indebtedness, Deleveraging, and Exit: The Experience of Slovenia during the Financial Crisis, 2008–2014* Abstract: This paper examines the impact of the global financial crisis on firm exit and corporate deleveraging in Slovenia during 2008‒2014 using firm-level data. Firms are classified according to whether they increased their leverage, decreased their leverage or ceased operation during the specified time interval, and the likelihood of being in these three states are estimated. Deleveraging likelihood is analyzed separately for total debt, business-to-business debt, bank debt, and non-bank financial debt. The empirical exercise shows that the influence of covariates on firm exit was different from that on deleveraging, and the impact on deleveraging differed between different types of debt. Journal: Eastern European Economics Pages: 537-570 Issue: 6 Volume: 59 Year: 2021 Month: 11 X-DOI: 10.1080/00128775.2021.1966310 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1966310 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:6:p:537-570 Template-Type: ReDIF-Article 1.0 Author-Name: Nadia Vanteeva Author-X-Name-First: Nadia Author-X-Name-Last: Vanteeva Author-Name: Charles Hickson Author-X-Name-First: Charles Author-X-Name-Last: Hickson Title: Evidence of Sustained Russian Corporate Growth despite International Liquidity and Trade Shocks Abstract: This paper employs an institutional perspective as part of our approach to measure long-run performance of Russia’s largest firms. Our dataset is based on financial information on Russia’s fifty largest and most prominent firms, from 1998 to 2016. Our results indicate that such firms benefited from long-term government lending, particularly in the aftermath of financial and terms-of-trade crises. While recognizing the important role played by Russia’s Stabilization Fund, we argue that Russia efficaciously adapted its institutional framework to ensure that Stabilization funds maintained industrial and economic stability. Journal: Eastern European Economics Pages: 513-536 Issue: 6 Volume: 59 Year: 2021 Month: 11 X-DOI: 10.1080/00128775.2021.1986073 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1986073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:6:p:513-536 Template-Type: ReDIF-Article 1.0 Author-Name: Santiago Bonilla Author-X-Name-First: Santiago Author-X-Name-Last: Bonilla Author-Name: Sašo Polanec Author-X-Name-First: Sašo Author-X-Name-Last: Polanec Title: Organizational Hierarchies in the Slovenian Manufacturing Sector Abstract: We study organizational hierarchies in a transition country using employer-employee matched data for Slovenian manufacturing firms. we perform our analysis and find that Slovenian firms have on average fewer organizational layers, and change them less frequently than their French counterparts. We argue that the lower organizational depth in Slovenia may be due to the lack of a reporting cutoff (which applies in France), to transition-specific factors (i.e. a smaller share of highly productive firms), and a higher wage premium to tertiary-educated workers. Journal: Eastern European Economics Pages: 571-596 Issue: 6 Volume: 59 Year: 2021 Month: 11 X-DOI: 10.1080/00128775.2021.1973901 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1973901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:6:p:571-596 Template-Type: ReDIF-Article 1.0 Author-Name: Wieczorek Łukasz Author-X-Name-First: Wieczorek Author-X-Name-Last: Łukasz Author-Name: Czupryna Marcin Author-X-Name-First: Czupryna Author-X-Name-Last: Marcin Title: What Drives the Development of Craft Beer Production in Poland - Insights from a Hedonic Regression Analysis of the Polish Beer Market Abstract: The Polish beer market is characterized by a substantial increase in the number of breweries and the emergence of numerous craft breweries. These craft beers differ significantly among themselves. This provides a unique opportunity for a multidimensional analysis, particularly one employing hedonic regression. For this purpose, we use a sample data set covering Polish craft, regional and macro breweries. Our results showed that the price of a beer is not only related to its main ingredient (malt) but to the fermentation type and hedonic/quality aspects as well – beer rating, beer reviews, and quantity of beer awards. Journal: Eastern European Economics Pages: 597-610 Issue: 6 Volume: 59 Year: 2021 Month: 11 X-DOI: 10.1080/00128775.2021.1976062 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1976062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:59:y:2021:i:6:p:597-610 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Košťálová Author-X-Name-First: Zuzana Author-X-Name-Last: Košťálová Author-Name: Eva Horvátová Author-X-Name-First: Eva Author-X-Name-Last: Horvátová Author-Name: Štefan Lyócsa Author-X-Name-First: Štefan Author-X-Name-Last: Lyócsa Author-Name: Peter Gernát Author-X-Name-First: Peter Author-X-Name-Last: Gernát Title: New Credit Drivers: Results from a Small Open Economy Abstract: In developed economies, macroeconomic indicators such as unemployment and price indices tend to predict new credit expansion. We explore whether business and consumer surveys complement traditional macroeconomic variables in predicting new household and corporate loans in the following 3, 6, 9 and 12 months. Using monthly data for Slovakia, starting in 2009 and ending in 2019, we use Bayesian model averaging to examine 102 potential credit drivers. Our results show that, with the exception of interest rates and unemployment, traditional macroeconomic variables do not seem to drive credit market development. Instead, survey-based perceptions, calendar effects and policy uncertainty show relevant predictive power. Journal: Eastern European Economics Pages: 79-112 Issue: 1 Volume: 60 Year: 2022 Month: 01 X-DOI: 10.1080/00128775.2021.1990084 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1990084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:1:p:79-112 Template-Type: ReDIF-Article 1.0 Author-Name: Tomas Kabrt Author-X-Name-First: Tomas Author-X-Name-Last: Kabrt Title: Life Insurance Demand Analysis: Evidence from Visegrad Group Countries Abstract: This paper aims to find the relationship between key determinants such as income, education, life expectancy, employment and life insurance demand in the countries of the Visegrad Group (V4). This article makes use of OECD data and applies linear and panel data regressions. We find that with increasing income and higher educational attainment, people demonstrate more demand for investment in pension funds but less for life insurance. Furthermore, unemployment appears to have a strongly negative effect in all presented models, and with higher life expectancy, people demand more life insurance products and less pension fund assets. Journal: Eastern European Economics Pages: 50-78 Issue: 1 Volume: 60 Year: 2022 Month: 01 X-DOI: 10.1080/00128775.2021.1996248 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1996248 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:1:p:50-78 Template-Type: ReDIF-Article 1.0 Author-Name: Shigeki Ono Author-X-Name-First: Shigeki Author-X-Name-Last: Ono Author-Name: Ichiro Iwasaki Author-X-Name-First: Ichiro Author-X-Name-Last: Iwasaki Title: The Finance-Growth Nexus in Europe: A Comparative Meta-Analysis of Emerging Markets and Advanced Economies Abstract: This paper performs a meta-analysis of the effect on economic growth of financial development and liberalization in European emerging markets and compares with that in European advanced economies. A meta-synthesis of 893 estimates extracted from 45 studies suggests that finance in emerging markets has a positive effect on growth. Furthermore, our findings indicate that the synthesized effect size in emerging markets was smaller than that in advanced economies. Results from meta-regression analysis and test for publication selection bias, however, show that some synthesis results cannot be reproduced when literature heterogeneity and publication selection bias are taken into consideration. Journal: Eastern European Economics Pages: 1-49 Issue: 1 Volume: 60 Year: 2022 Month: 01 X-DOI: 10.1080/00128775.2021.2006067 File-URL: http://hdl.handle.net/10.1080/00128775.2021.2006067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:1:p:1-49 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Gerbery Author-X-Name-First: Daniel Author-X-Name-Last: Gerbery Author-Name: Tomáš Miklošovič Author-X-Name-First: Tomáš Author-X-Name-Last: Miklošovič Title: Wage Mobility in Central Europe: Patterns and Micro-level Drivers of Movements along the Wage Ladder Abstract: This paper provides analyses of the movements between wage levels in the four Central European (CE) countries in the periods 2008–2011 and 2011–2014. Based on longitudinal micro-data from the European Union Survey on Income and Living Conditions, it examines wage mobility in terms of transition matrices and three types of summary mobility indices. The results show that while the CE countries were quite homogeneous in this respect in the first period, the differences among them significantly increased in the second one. Multinomial logit models were employed to identify the determinants of wage mobility. The study reveals the effects of education, gender, occupation, type of contract, or work intensity in both periods. Journal: Eastern European Economics Pages: 171-188 Issue: 2 Volume: 60 Year: 2022 Month: 03 X-DOI: 10.1080/00128775.2021.1997145 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1997145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:2:p:171-188 Template-Type: ReDIF-Article 1.0 Author-Name: Liis Roosaar Author-X-Name-First: Liis Author-X-Name-Last: Roosaar Author-Name: Urmas Varblane Author-X-Name-First: Urmas Author-X-Name-Last: Varblane Author-Name: Jaan Masso Author-X-Name-First: Jaan Author-X-Name-Last: Masso Title: Churning and Labor Productivity in Economic Crisis, Differences between Foreign and Domestic Firms Abstract: Our analysis of matched employee-employer data from Estonian firms (years 2006–2013) shows that an increase in labor churning is related to a positive change in labor productivity during an economic crisis. During boom years, churning is related to a negative change in labor productivity. Only in services during the crisis did foreign firms have a stronger positive relationship between labor churning and labor productivity changes than domestic firms. However, our analysis at the individual level does not confirm that, during a crisis, foreign firms in services hire more employees with characteristics that have been found to be related to productivity increases. Journal: Eastern European Economics Pages: 113-148 Issue: 2 Volume: 60 Year: 2022 Month: 03 X-DOI: 10.1080/00128775.2021.1971540 File-URL: http://hdl.handle.net/10.1080/00128775.2021.1971540 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:2:p:113-148 Template-Type: ReDIF-Article 1.0 Author-Name: Adrita Iman Author-X-Name-First: Adrita Author-X-Name-Last: Iman Author-Name: Zafar Nazarov Author-X-Name-First: Zafar Author-X-Name-Last: Nazarov Author-Name: Anastassia Obydenkova Author-X-Name-First: Anastassia Author-X-Name-Last: Obydenkova Title: Female Leadership, Democratization, and Firm Innovation: Social Inequalities and Gender Issues in Post-Communist Economies Abstract: Do women exhibit a different pattern of entrepreneurial behavior as compared to men in post-Communist societies? This paper addresses this question using survey data from 25 Eastern Europe and Central Asian states. The sample consists of 11,617 private firms. As a result of 11,000 observations and multiple robustness checks, we find that female owners are more likely to introduce new marketing strategies than males. We demonstrate that firm innovation increases among top female managers with the increase in democratization. Democratization eliminates the gender disadvantages in firm innovation for most types of firm innovation. For most definitions, female leaders perform equally to males in firm innovation.Female owners have a slightly higher tendency to introduce new marketing strategies than males.Female top managers are less likely to invest in Research and Development as compared to male managers.Firm innovation increases among top female managers with the increase in democratization.Democratization eliminates the gender disadvantages in firm innovation for most types of innovation. Journal: Eastern European Economics Pages: 149-170 Issue: 2 Volume: 60 Year: 2022 Month: 03 X-DOI: 10.1080/00128775.2021.2024440 File-URL: http://hdl.handle.net/10.1080/00128775.2021.2024440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:2:p:149-170 Template-Type: ReDIF-Article 1.0 Author-Name: Darko Marjanović Author-X-Name-First: Darko Author-X-Name-Last: Marjanović Author-Name: Ivana Domazet Author-X-Name-First: Ivana Author-X-Name-Last: Domazet Author-Name: Valentina Vukmirović Author-X-Name-First: Valentina Author-X-Name-Last: Vukmirović Title: Social Environment as a Factor of Capital Investment in Serbia Abstract: The main purpose of this paper is to investigate the impact of the social environment on foreign investment inflows in Serbia. It surveyed the largest 300 foreign investors over the period 2001–2019 and achieved a response rate of 29.3%. The obtained results show that the crime rate, skilled labor, and attitude toward foreigners are the most important for foreign investors in Serbia. The main contribution of this paper is that it represents a rare attempt to provide an empirical research on the attitudes of foreign investors, in the context of the transition economy in the region of Southeast Europe. Journal: Eastern European Economics Pages: 247-264 Issue: 3 Volume: 60 Year: 2022 Month: 05 X-DOI: 10.1080/00128775.2022.2048181 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2048181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:3:p:247-264 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Bacovic Author-X-Name-First: Maja Author-X-Name-Last: Bacovic Author-Name: Zivko Andrijasevic Author-X-Name-First: Zivko Author-X-Name-Last: Andrijasevic Author-Name: Bojan Pejovic Author-X-Name-First: Bojan Author-X-Name-Last: Pejovic Title: Divergence between the Economies of the (Former) Yugoslav Republics: Is It Possible to Change Direction? Abstract: This papers investigates the structural components that determine conditional convergence and the reciprocal relationship between these components and income in the (former) Yugoslav countries. Applying an ARDL model, we found that, in the long run, capital stock growth and R&D expenditures are positively dependent on GDP per capita growth, but R&D negatively depends on employment growth. R&D has an impact on GDP per capita growth in the long run, but not in the short run. Applying the OLS model, we estimated the significance of R&D and tertiary education outcomes on output growth and found it to be significant and positive. We found that convergence is a bidirectional process. Journal: Eastern European Economics Pages: 265-284 Issue: 3 Volume: 60 Year: 2022 Month: 05 X-DOI: 10.1080/00128775.2022.2038034 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2038034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:3:p:265-284 Template-Type: ReDIF-Article 1.0 Author-Name: Stephanos Papadamou Author-X-Name-First: Stephanos Author-X-Name-Last: Papadamou Author-Name: Symeon Papadopoulos Author-X-Name-First: Symeon Author-X-Name-Last: Papadopoulos Author-Name: Konstantinos Pitsilkas Author-X-Name-First: Konstantinos Author-X-Name-Last: Pitsilkas Title: The Distorting Effects of Corruption on Financial Stability and Economic Growth: Evidence from Russian Banks Using a PVAR Approach Abstract: In this study, we use a panel vector autoregression approach to investigate how financial stability, measured by nonperforming loans (NPLs), interacts with profitability, leverage, loan growth, and economic growth in an improving or worsening corruption framework. The results underline the effects of changes in corruption on banks’ management quality and on the time-persistence of NPLs. A shock to NPLs reduces profitability, loan growth, and GDP. In a worsening corruption environment, these effects are stronger and more time-persistent, confirming the distorting effects of corruption on financial stability and growth. In contrast, NPLs decline due to a shock to profitability, leverage, and GDP. Journal: Eastern European Economics Pages: 192-216 Issue: 3 Volume: 60 Year: 2022 Month: 05 X-DOI: 10.1080/00128775.2022.2040366 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2040366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:3:p:192-216 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher A. Hartwell Author-X-Name-First: Christopher A. Author-X-Name-Last: Hartwell Title: The World Has Changed: Moving to an Officially Post-Post-Transition Region Journal: Eastern European Economics Pages: 189-191 Issue: 3 Volume: 60 Year: 2022 Month: 05 X-DOI: 10.1080/00128775.2022.2066939 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2066939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:3:p:189-191 Template-Type: ReDIF-Article 1.0 Author-Name: Claudiu Tiberiu Albulescu Author-X-Name-First: Claudiu Tiberiu Author-X-Name-Last: Albulescu Title: Bank Financial Stability and International Oil Prices: Evidence from Listed Russian Public Banks Abstract: Using data on 17 listed public banks from Russia over the period 2008 to 2016, we analyze whether international oil prices affect the bank stability in an oil-dependent country. We resort to a Pool Mean Group (PMG) estimator, and we show that an increase in oil prices has a long-run positive effect on Russian public banks stability. While positive oil-price shocks contribute to bank stability in the long run, an opposite effect is recorded for negative shocks. However, no significant impact is documented in the short run. Our findings are robust to different bank stability specifications and different samples. Journal: Eastern European Economics Pages: 217-246 Issue: 3 Volume: 60 Year: 2022 Month: 05 X-DOI: 10.1080/00128775.2022.2064876 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2064876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:3:p:217-246 Template-Type: ReDIF-Article 1.0 Author-Name: Anica Iancu Author-X-Name-First: Anica Author-X-Name-Last: Iancu Author-Name: Luminita Popescu Author-X-Name-First: Luminita Author-X-Name-Last: Popescu Author-Name: Anca Antoaneta Varzaru Author-X-Name-First: Anca Antoaneta Author-X-Name-Last: Varzaru Author-Name: Costin Daniel Avram Author-X-Name-First: Costin Daniel Author-X-Name-Last: Avram Title: Impact of Covid-19 Crisis and Resilience of Small and Medium Enterprises. Evidence from Romania Abstract: This study aims to analyze how SMEs handle the disruptions caused by the Covid-19 crisis. We used a questionnaire-based survey and analysed the results based on descriptive and inferential quantitative methods. Following the processing and interpretation of the data collected, we note, the importance of the government measures in order to support SMEs to ensure the economy’s functioning as close as possible to the normal state. Limited access to liquidity, lack of strong state support, poorly prepared and motivated human resources, low digitalization are the weaknesses of SMEs are the main obstacles to resilience in this crisis. Journal: Eastern European Economics Pages: 352-374 Issue: 4 Volume: 60 Year: 2022 Month: 07 X-DOI: 10.1080/00128775.2022.2032177 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2032177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:4:p:352-374 Template-Type: ReDIF-Article 1.0 Author-Name: Slavko Bezeredi Author-X-Name-First: Slavko Author-X-Name-Last: Bezeredi Author-Name: Vjekoslav Bratić Author-X-Name-First: Vjekoslav Author-X-Name-Last: Bratić Author-Name: Ivica Urban Author-X-Name-First: Ivica Author-X-Name-Last: Urban Title: Tax Burden on Labor Income in Croatia: Calculation and Analysis Based on Administrative Data Abstract: The tax wedge for employment income in Croatia is calculated using administrative microdata. The analysis covering the period 2014–2018 demonstrates that the average tax wedge dropped from 33.2% in 2014 to 31.2% in 2018, which is the result of changes to both the social insurance contributions and personal income taxation systems. In addition, the analysis shows that tax wedge levels in Croatia are substantially lower than what had been shown in previous research, where results were primarily derived by analyzing hypothetical individuals. Journal: Eastern European Economics Pages: 305-329 Issue: 4 Volume: 60 Year: 2022 Month: 07 X-DOI: 10.1080/00128775.2022.2065305 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2065305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:4:p:305-329 Template-Type: ReDIF-Article 1.0 Author-Name: Cătălin-Valeriu Curmei Author-X-Name-First: Cătălin-Valeriu Author-X-Name-Last: Curmei Author-Name: Andreea Curmei-Semenescu Author-X-Name-First: Andreea Author-X-Name-Last: Curmei-Semenescu Title: Corporate Social Responsibility in Banks in Turbulent Times and Particularities in Central and Eastern European Countries Abstract: This study empirically analyzes how corporate social responsibility contributes to creating value in banks in turbulent times, offering a comparative analysis of Central and Eastern European countries. It examines the role of corporate social responsibility in the relationship between banks and shareholders, depositors, and customers. The results emphasize the effectiveness and limits of using corporate social responsibility to create value in relationships with stakeholders during the 2008 financial crisis. The effects of the different types of corporate socially responsible actions – social, environmental, or community-focused – are analyzed separately for banks with high social performance. Journal: Eastern European Economics Pages: 285-304 Issue: 4 Volume: 60 Year: 2022 Month: 07 X-DOI: 10.1080/00128775.2022.2068606 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2068606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:4:p:285-304 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Kajurová Author-X-Name-First: Veronika Author-X-Name-Last: Kajurová Author-Name: Dagmar Vágnerová Linnertová Author-X-Name-First: Dagmar Author-X-Name-Last: Vágnerová Linnertová Title: The Nexus between Monetary Policy and Commercial Lending Rates: Comprehensive Evidence from Czechia during Different Policy Stances Abstract: This paper investigates the interest rate pass-through in Czechia during different monetary policy stances from April 2005 to February 2020. The results suggest functioning pass-through in the initial stage of transmission, but responsiveness of the money market rate to the official rate differed during different monetary policy settings. The signaling role of the policy rate is important for loan pricing when policy is loosened, and the role of the money market is suppressed. Results also indicate a lowered responsiveness of PRIBOR to shocks in EURIBOR. When focusing on the exchange-rate interventions effect, we cannot confirm any significant impact on loan pricing. Journal: Eastern European Economics Pages: 330-351 Issue: 4 Volume: 60 Year: 2022 Month: 07 X-DOI: 10.1080/00128775.2021.2019057 File-URL: http://hdl.handle.net/10.1080/00128775.2021.2019057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:4:p:330-351 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2099422_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188 Author-Name: Eduard Baumöhl Author-X-Name-First: Eduard Author-X-Name-Last: Baumöhl Author-Name: Evžen Kočenda Author-X-Name-First: Evžen Author-X-Name-Last: Kočenda Title: How Firms Survive in European Emerging Markets: A Survey Abstract: We survey the empirical evidence on corporate survival and its determinants in European emerging markets. We demonstrate that (i) institutional quality is a significant preventive factor for firm survival in all sectors of the economy, which holds for small, medium and large firms alike. On the other hand, (ii) the impact of financial performance indicators is lower than one would expect. However, (iii) other firm-level variables play more important roles in firm survival, and the most important preventive factors are the legal form of a limited liability company, the number of large shareholders, and the presence of a foreign owner. Journal: Eastern European Economics Pages: 393-417 Issue: 5 Volume: 60 Year: 2022 Month: 09 X-DOI: 10.1080/00128775.2022.2099422 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2099422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:393-417 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2097094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188 Author-Name: Burcu Ünüvar Author-X-Name-First: Burcu Author-X-Name-Last: Ünüvar Title: Wordle for Central Bankers: Separating Impact of Words and Actions Under High Inflation– The Case of Turkey Abstract: This paper investigates the effectiveness of monetary policy in Turkey, i.e. a developing country with high inflation, through its impact on the local currency denominated sovereign yield curve. Employing a two-factor, market-based methodology and introducing a new dataset, the study calculates the surprise factor for both actions (monetary policy surprise) and words (communication surprise). Checking their impacts separately, the study finds evidence that the communication provided by the Central Bank of Turkey through Monetary Policy Committee Statements help to extend the impact of the monetary policy to the long end of the yield curve, even during periods of high inflation. Journal: Eastern European Economics Pages: 375-392 Issue: 5 Volume: 60 Year: 2022 Month: 09 X-DOI: 10.1080/00128775.2022.2097094 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2097094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:375-392 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2093751_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188 Author-Name: Ihor Oleksiv Author-X-Name-First: Ihor Author-X-Name-Last: Oleksiv Author-Name: Diana Mirzoieva Author-X-Name-First: Diana Author-X-Name-Last: Mirzoieva Title: Impact of Remittances on the Exchange Rate and Consumption: Evidence from Ukraine Abstract: This study analyzes the influence of remittances on the exchange rate and consumption, applying the Granger test and ARDL/ECM models to investigate different aspects of such impact. Using the Granger test, we tested causalities between remittance inflows, exchange rate, consumption, export, and import. The Granger test showed causal relations between remittances and all other listed variables. We also found that remittances contributed to the exchange rate appreciation in the short and long-term perspectives by applying ARDL/ECM models. Additionally, the ARDL/ECM models showed that the exchange rate was significantly defined by its lagged values. Journal: Eastern European Economics Pages: 418-432 Issue: 5 Volume: 60 Year: 2022 Month: 09 X-DOI: 10.1080/00128775.2022.2093751 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2093751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:418-432 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2098146_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188 Author-Name: Sonja Šlander Wostner Author-X-Name-First: Sonja Šlander Author-X-Name-Last: Wostner Author-Name: France Križanič Author-X-Name-First: France Author-X-Name-Last: Križanič Author-Name: Boštjan Brezovnik Author-X-Name-First: Boštjan Author-X-Name-Last: Brezovnik Author-Name: Borut Vojinović Author-X-Name-First: Borut Author-X-Name-Last: Vojinović Title: The Role of Personal Consumption in the Economic System – Case of Slovenia Abstract: Personal consumption, according to Keynesian theory, affects economic growth directly and indirectly. This concept can be used in Leontief’s input-output analysis by adding an impact assessment through the production chain to an impact assessment through the changed personal, investment and government spending that follows. Accounting for an increase in personal consumption, we have estimated the multiplier for Slovenia in 2015 to equal 2.5. Pursuant to Engel’s law, the economic structure changes with the growth of personal consumption. The growth of personal consumption leads to a transition of the economy from primary to secondary and tertiary stages. Journal: Eastern European Economics Pages: 433-451 Issue: 5 Volume: 60 Year: 2022 Month: 09 X-DOI: 10.1080/00128775.2022.2098146 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2098146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:433-451 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2099421_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188 Author-Name: Erika Majzlíková Author-X-Name-First: Erika Author-X-Name-Last: Majzlíková Author-Name: Matej Vitáloš Author-X-Name-First: Matej Author-X-Name-Last: Vitáloš Title: Potential Risk of Automation for Jobs in Slovakia: A District- and Industry-Level Analysis Abstract: The aim of this paper is to examine the impacts of automation on the Slovak labor market by applying automatability estimates to detailed employment data at the levels of districts and occupations. The district- and industry-level analysis shows that automation has the potential to significantly disrupt the Slovak labor market. Employees with lower incomes face greater risk of losing their jobs. The risk of automation is lower in districts with higher unemployment levels and vice versa, which indicates that technological progress does not have the potential to increase existing regional disparities in terms of employment opportunities. Policymakers should therefore consider differences among districts and industries when directing their job creation efforts. Journal: Eastern European Economics Pages: 452-478 Issue: 5 Volume: 60 Year: 2022 Month: 09 X-DOI: 10.1080/00128775.2022.2099421 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2099421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:452-478 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2075393_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Rodica Ianole-Călin Author-X-Name-First: Rodica Author-X-Name-Last: Ianole-Călin Author-Name: Ioana Alexandra Horodnic Author-X-Name-First: Ioana Alexandra Author-X-Name-Last: Horodnic Author-Name: Aurelian-Petruș Plopeanu Author-X-Name-First: Aurelian-Petruș Author-X-Name-Last: Plopeanu Title: Intrinsic versus Extrinsic Drivers: An Investigation into Young People’s Motives to Engage in Under-Declared Employment and Undeclared Work Abstract: The paper aims to deepen understanding of the reasons for participation in undeclared work and under-declared employment. Alongside the main theories used so far in the field, self-determination theory is introduced by investigating the role of internalized and extrinsic motivation. Logistic regression analysis and classification and regression trees are used on a sample of 1,059 Romanian youths. The results emphasize the central role of tax morale, in generating intolerance toward informal practices and internalized motivations for compliance. In addition, peer influence shapes the decision to adopt informal practices whereas deterrent measures have no significant impact. Journal: Eastern European Economics Pages: 559-577 Issue: 6 Volume: 60 Year: 2022 Month: 11 X-DOI: 10.1080/00128775.2022.2075393 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2075393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:559-577 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2114913_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Elena Denisova-Schmidt Author-X-Name-First: Elena Author-X-Name-Last: Denisova-Schmidt Author-Name: Martin Huber Author-X-Name-First: Martin Author-X-Name-Last: Huber Author-Name: Yaroslav Prytula Author-X-Name-First: Yaroslav Author-X-Name-Last: Prytula Title: Perceived Anonymity and Cheating in an Online Experiment Abstract: This paper presents the outcomes of an online coin-tossing experiment evaluating cheating behavior among Ukrainian students. Over 1,500 participants were asked to make ten coin tosses and were randomly assigned to one of the three treatment groups tossing coins (1) online, (2) manually, or (3) having the choice between tossing manually or online. The study outcomes suggest that students are more inclined to cheat when they perceive the coin toss to be more “private.” Moreover, the students’ attitudes toward corruption appear to matter for the extent of their cheating, while socio-demographic characteristics were less important. Journal: Eastern European Economics Pages: 540-558 Issue: 6 Volume: 60 Year: 2022 Month: 11 X-DOI: 10.1080/00128775.2022.2114913 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2114913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:540-558 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2103434_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ender Demir Author-X-Name-First: Ender Author-X-Name-Last: Demir Author-Name: Mehmet Huseyin Bilgin Author-X-Name-First: Mehmet Huseyin Author-X-Name-Last: Bilgin Author-Name: Gokhan Karabulut Author-X-Name-First: Gokhan Author-X-Name-Last: Karabulut Author-Name: Asli Cansin Doker Author-X-Name-First: Asli Cansin Author-X-Name-Last: Doker Title: Economic Policy Uncertainty and Tourism in Croatia: A Wavelet Analysis Abstract: By using wavelet analysis, we find that domestic Economic Policy Uncertainty (EPU) has short and long-term adverse effects on domestic tourism in Croatia. Domestic and global EPU (GEPU) have a negative relationship with foreign arrivals; however, the impact of domestic EPU on foreign arrivals is significantly bigger. The co-movements between nights of stay per domestic tourists and domestic EPU are positive in the short and the long run, while the relationship with GEPU is negative. Our findings for the foreign arrivals per tourist is the opposite of those for the domestic. There is a positive relationship between foreign arrivals per tourist and GEPU. Journal: Eastern European Economics Pages: 498-510 Issue: 6 Volume: 60 Year: 2022 Month: 11 X-DOI: 10.1080/00128775.2022.2103434 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2103434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:498-510 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2114914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Han-Sol Lee Author-X-Name-First: Han-Sol Author-X-Name-Last: Lee Author-Name: Woosik Yu Author-X-Name-First: Woosik Author-X-Name-Last: Yu Title: The Effects of FDI and Exports on Economic Growth of Russia and its Far Eastern District Abstract: This paper empirically tests the effects of FDI and exports on the sustainable economic growth of Russia in general, and that of its Far Eastern District in particular, using a state-level dataset. The results show that FDI inflows positively facilitate the income growth of Russia in general. However, it is export rather than the FDI that plays a key role in inducing economic growth for the Far Eastern district. Based on our empirical analyses, we suggest the Far Eastern states pursue export-led growth strategy and improve the current FDI structure that is distorted toward the energy sector. Journal: Eastern European Economics Pages: 479-497 Issue: 6 Volume: 60 Year: 2022 Month: 11 X-DOI: 10.1080/00128775.2022.2114914 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2114914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:479-497 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2111312_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Márton Gosztonyi Author-X-Name-First: Márton Author-X-Name-Last: Gosztonyi Author-Name: Judit Csákné Filep Author-X-Name-First: Judit Author-X-Name-Last: Csákné Filep Author-Name: Száva Zsigmond-Heinczinger Author-X-Name-First: Száva Author-X-Name-Last: Zsigmond-Heinczinger Title: Comparison of Applicability of Startup Life Cycle Theories Based on Natural Language Processing Abstract: In the economies of Eastern and Central Europe, startups are expected to become the engine of economic development. Based on interviews with the founders, we examine the extent to which startup life cycle theories (SLCT) can be synthesized and what different or identical narrative conceptual spaces can be drawn. Based on our natural language processing results, it can be concluded that SLCTs cannot be clearly synthesized in the case of semi-peripheral countries, as they draw different narrative spaces. SLCTs can adequately capture enterprises in the initial stages, but in the later stages, the practical applicability of the theories is reduced. Journal: Eastern European Economics Pages: 511-539 Issue: 6 Volume: 60 Year: 2022 Month: 11 X-DOI: 10.1080/00128775.2022.2111312 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2111312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:511-539 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2102038_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Boris Fisera Author-X-Name-First: Boris Author-X-Name-Last: Fisera Author-Name: Menbere Workie Tiruneh Author-X-Name-First: Menbere Author-X-Name-Last: Workie Tiruneh Title: Beyond the Balassa-Samuelson Effect: Do Remittances Trigger the Dutch Disease? Abstract: We investigate the impact of remittance inflows on the real exchange rate using a sample of 134 developing and emerging economies. Using heterogeneous panel cointegration approach, we find that remittances contribute to long-term real appreciation of the domestic currency, which is beyond the level implied by the Balassa-Samuelson effect. Consequently, we find evidence that remittances might contribute to triggering the phenomenon of the Dutch disease. We also find evidence for heterogeneity in the effects of remittances on the real exchange rate: having floating exchange rate, higher economic freedom and higher financial development reduces the long-run appreciation due to remittance inflows. Journal: Eastern European Economics Pages: 23-65 Issue: 1 Volume: 61 Year: 2023 Month: 01 X-DOI: 10.1080/00128775.2022.2102038 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2102038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:23-65 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2117196_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Slobodan Adžić Author-X-Name-First: Slobodan Author-X-Name-Last: Adžić Author-Name: Olgica Nestorović Author-X-Name-First: Olgica Author-X-Name-Last: Nestorović Author-Name: Nebojša Zakić Author-X-Name-First: Nebojša Author-X-Name-Last: Zakić Author-Name: Dušan Aničić Author-X-Name-First: Dušan Author-X-Name-Last: Aničić Author-Name: Aleksandra Penjišević Author-X-Name-First: Aleksandra Author-X-Name-Last: Penjišević Title: The Impact of Tax Policy, System, and Administration on Small and Medium-Sized Enterprises in the Republic of Serbia: A Statistical Analysis of the Situation Abstract: The aim of this paper is to research the impact of the tax system on SMEs inSerbia. A quantitative survey research was conducted, containing research questions referring to tax environment impact, its factors and incentives on growth. The sampling was purposive, and it consisted of responsible people in SMEs ($$n = 117$$n=117). The main attitude of our respondents and the conclusion of the research is that the level of tax bureaucracy, as well as unprofessional tax administration created an unstimulating tax environment for SMEs. Not only did this environment make no impact on gray economy and corruption reduction but also supported them. Journal: Eastern European Economics Pages: 86-109 Issue: 1 Volume: 61 Year: 2023 Month: 01 X-DOI: 10.1080/00128775.2022.2117196 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2117196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:86-109 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2107937_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Oguzhan Ozcelebi Author-X-Name-First: Oguzhan Author-X-Name-Last: Ozcelebi Author-Name: Mehmet Tevfik Izgi Author-X-Name-First: Mehmet Tevfik Author-X-Name-Last: Izgi Title: Assessing the Impacts of Economic Policy Uncertainty of the US on the Exchange Rates and Stock Returns of Korea, Mexico, Poland and Russia Abstract: This study examines the effects of the economic policy uncertainty (EPU) index of the US on the exchange rates and stock returns of Korea, Mexico, Poland, and Russia. A time-varying causality test showed that the impacts of EPU of the US on the exchange and stock market of emerging countries could be affected by regime changes. A quantile regression model suggested that the effect of the increase/decrease in the EPU of the US may affect financial variables, while it was indicated that effects of the EPU of the US on the exchange rates and stock returns are asymmetrical. Journal: Eastern European Economics Pages: 1-22 Issue: 1 Volume: 61 Year: 2023 Month: 01 X-DOI: 10.1080/00128775.2022.2107937 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2107937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2109489_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ionel Bostan Author-X-Name-First: Ionel Author-X-Name-Last: Bostan Author-Name: Constantin Toma Author-X-Name-First: Constantin Author-X-Name-Last: Toma Author-Name: George Aevoae Author-X-Name-First: George Author-X-Name-Last: Aevoae Author-Name: Ioan-Bogdan Robu Author-X-Name-First: Ioan-Bogdan Author-X-Name-Last: Robu Author-Name: Daniela Neonila Mardiros Author-X-Name-First: Daniela Neonila Author-X-Name-Last: Mardiros Author-Name: Ștefan Cătălin Topliceanu Author-X-Name-First: Ștefan Cătălin Author-X-Name-Last: Topliceanu Title: Effects of Internal and External Factors on Economic Growth in Emerging Economies: Evidence from CEE Countries Abstract: This study aims to identify the factors that influence economic growth for 16 countries located in Central and Eastern Europe, from 1995–2019. To obtain the research results, panel data analysis was used, based on econometric models that test the influence of human capital, foreign capital, and domestic capital on economic growth. The analytical data were collected from international databases (i.e.,the World Bank, IMF, and OECD) for the countries included in the study, considering the analyzed period. The main results show that economic growth is not influenced by the inflows of foreign capital, but by domestic investment and trade openness. Journal: Eastern European Economics Pages: 66-85 Issue: 1 Volume: 61 Year: 2023 Month: 01 X-DOI: 10.1080/00128775.2022.2109489 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2109489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:66-85 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2163905_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Korhan K. Gokmenoglu Author-X-Name-First: Korhan K. Author-X-Name-Last: Gokmenoglu Author-Name: Aysel Amir Author-X-Name-First: Aysel Author-X-Name-Last: Amir Title: Investigating the Determinants of the Shadow Economy: The Baltic Region Abstract: This study investigates the drivers of the shadow economy within the Baltic region, emphasizing the role of financial development, a missing feature from the extant literature. To this end, we analyzed an annual dataset covering the 2009–2019 period for Estonia, Latvia, and Lithuania using panel ARDL and obtained Pooled Mean Group (PMG) estimates. Empirical findings indicate that a rise in the tax burden, further financial development, and institutional development results in the expansion of the shadow economy. However, the establishment of the rule of law and political stability contribute to the contraction of the shadow economy. Journal: Eastern European Economics Pages: 181-198 Issue: 2 Volume: 61 Year: 2023 Month: 03 X-DOI: 10.1080/00128775.2022.2163905 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2163905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:181-198 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2152051_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aurel Burciu Author-X-Name-First: Aurel Author-X-Name-Last: Burciu Author-Name: Rozalia Kicsi Author-X-Name-First: Rozalia Author-X-Name-Last: Kicsi Author-Name: Alexandra-Maria Danileț Author-X-Name-First: Alexandra-Maria Author-X-Name-Last: Danileț Author-Name: Ionel Bostan Author-X-Name-First: Ionel Author-X-Name-Last: Bostan Author-Name: Iulian Condratov Author-X-Name-First: Iulian Author-X-Name-Last: Condratov Title: The Nexus between Innovation and Internationalization. Evidence from a micro-level Survey of the Romanian ICT Business Sector Abstract: The aim of this paper is to explore the nexus between innovation and internationalization (the “self-selection hypothesis”) in the behavior of business organizations operating in the ICT sector. The data was gathered from a survey of national and multinational companies in the Romanian ICT sector. The results show a significant positive influence between innovation and internationalization, although this relationship is more robust for multinational companies, due to the history and strategies of parent companies. The findings have major implications for literature, macroeconomic management, and business practice. Journal: Eastern European Economics Pages: 131-151 Issue: 2 Volume: 61 Year: 2023 Month: 03 X-DOI: 10.1080/00128775.2022.2152051 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2152051 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:131-151 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2149556_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vasyl Kvartiuk Author-X-Name-First: Vasyl Author-X-Name-Last: Kvartiuk Author-Name: Thomas Herzfeld Author-X-Name-First: Thomas Author-X-Name-Last: Herzfeld Title: Why Do Farmers Seek Office? Regulatory Capture in Russian Agricultural Subsidization Abstract: This study examines whether Russian farmers who enter regional politics can skew local policies in their favor. We hypothesize that Russian regions with more local members of parliament (MPs) owning agricultural businesses and farmer-ministers are more likely to allocate higher agricultural subsidies. To test these hypotheses, we use a unique 2008–2015 panel dataset on agricultural subsidies in combination with qualitative data. We find that the pervasiveness of agricultural interest in local parliaments affects the size of agricultural subsidies. Regional agriculture ministers who own farms may play the role of “gatekeepers” to the subsidies. Journal: Eastern European Economics Pages: 111-130 Issue: 2 Volume: 61 Year: 2023 Month: 03 X-DOI: 10.1080/00128775.2022.2149556 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2149556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:111-130 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2102508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iustina Alina Boitan Author-X-Name-First: Iustina Alina Author-X-Name-Last: Boitan Author-Name: Sorina Emanuela Ștefoni Author-X-Name-First: Sorina Emanuela Author-X-Name-Last: Ștefoni Title: Digitalization and the Shadow Economy: Impact Assessment and Policy Implications for EU Countries Abstract: This paper examines whether the digital transformation, proxied, by large-scale adoption and use of digital technologies, as well as ongoing improvements in the quality of ICT technologies, is leads into lowering the size of the informal economy. Our contribution to the literature is both empirical and practical, by considering a broad and novel range of indicators that are related to three components of the Digital Compass. Using a panel regression framework, findings indicate that the impact of digital technologies on the size of shadow economy is transmitted through both the usage and quality channels. Journal: Eastern European Economics Pages: 152-180 Issue: 2 Volume: 61 Year: 2023 Month: 03 X-DOI: 10.1080/00128775.2022.2102508 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2102508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:152-180 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2169167_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vardges Hovhannisyan Author-X-Name-First: Vardges Author-X-Name-Last: Hovhannisyan Author-Name: Vardan Urutyan Author-X-Name-First: Vardan Author-X-Name-Last: Urutyan Title: Consumer Welfare Consequences of Armenia’s EAEU Accession Abstract: This study provides an empirical assessment of the impacts of Armenia’s accession to the Eurasian Economic Union on consumer welfare. Specifically, it combines primary individual-level expenditure survey data with the recent advances in consumer theory to examine the welfare consequences of rising prices of a broad range of widely consumed dairy products. The choice of the dairy category reflects its importance in the structure of the modern Armenian diet, with its respective nutritional and financial implications. Our findings shed light on the disproportionate effects of the EAEU-induced dairy price surge in Armenia and may prove useful in designing information-based alleviation policies. Journal: Eastern European Economics Pages: 270-289 Issue: 3 Volume: 61 Year: 2023 Month: 05 X-DOI: 10.1080/00128775.2023.2169167 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2169167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:270-289 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2195833_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alexander Libman Author-X-Name-First: Alexander Author-X-Name-Last: Libman Author-Name: Olga Popova Author-X-Name-First: Olga Author-X-Name-Last: Popova Title: Children of Communism: Former Party Membership and the Demand for Redistribution Abstract: The paper looks at the persistence of egalitarian norms in post-Communist societies by focusing on the former members of the Communist parties in Central and Eastern Europe (CEE) and Russia and their children. Using individual-level survey data, we distinguish between Russia and the CEE countries in this respect. While in the CEE there is some evidence that both former members of the Communist parties and their children have stronger preferences for redistribution than the rest of the population (the results for the children are more significant), in Russia, only children of Communists (but not Communists themselves) support redistribution. Journal: Eastern European Economics Pages: 199-237 Issue: 3 Volume: 61 Year: 2023 Month: 05 X-DOI: 10.1080/00128775.2023.2195833 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2195833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:199-237 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2153698_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nina Bočková Author-X-Name-First: Nina Author-X-Name-Last: Bočková Title: Empirical Evidence of the Effect of Fare Subsidies in Transition Economies Abstract: This paper examines the impact of two government measures in the Czech Republic and the Slovak Republic: the number of passengers transported by rail and the kilometers traveled. Eurostat data were used to develop an autoregressive integrated moving average (ARIMA) statistical model for capturing the time-series trend. The results confirm statistically significant differences in the Slovak Republic after introducing fare-free public transport (FFPT). Passenger-transport volumes increased by 449,000 quarterly; passenger-kilometer volumes increased by 23.2 million. A similar government intervention – in the Czech Republic – was statistically insignificant. Passenger-transport volumes increased by 1.17 million and passenger-kilometers increased by 42.9 million quarterly; but compensation to railway operators increased by 763%. Journal: Eastern European Economics Pages: 290-310 Issue: 3 Volume: 61 Year: 2023 Month: 05 X-DOI: 10.1080/00128775.2022.2153698 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2153698 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:290-310 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2198513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Illiashenko Pavlo Author-X-Name-First: Illiashenko Author-X-Name-Last: Pavlo Author-Name: Mykhailyshyna Dariia Author-X-Name-First: Mykhailyshyna Author-X-Name-Last: Dariia Title: Left-wing Economic Populism and Savings: How Do Attitudes Influence Forward-Looking Financial Behavior? Abstract: This paper uses the case of Ukraine to explore the association between attitudes and saving behavior. We hypothesize that individuals’ preferences and beliefs, which we proxy with support for left-wing populist economic policies, have an adverse effect on strategic, forward-looking behavior. Using the data from a nationally representative survey conducted in 2019, we find that support for populist economic policies has a negative association with a likelihood to have bank savings. The results hold in the presence of socio-economic and behavioral factors and when we remove the variation attributed to the cultural and socio-economic factors from our measure of economic populism. Journal: Eastern European Economics Pages: 238-269 Issue: 3 Volume: 61 Year: 2023 Month: 05 X-DOI: 10.1080/00128775.2023.2198513 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2198513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:238-269 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2075392_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Viktor Stojkoski Author-X-Name-First: Viktor Author-X-Name-Last: Stojkoski Author-Name: Katerina Toshevska-Trpchevska Author-X-Name-First: Katerina Author-X-Name-Last: Toshevska-Trpchevska Author-Name: Elena Makrevska Disoska Author-X-Name-First: Elena Makrevska Author-X-Name-Last: Disoska Author-Name: Dragan Tevdovski Author-X-Name-First: Dragan Author-X-Name-Last: Tevdovski Title: Differences in the Impact of Innovation Relationships on Firms’ Productivity: Evidence from CIS 2014 Abstract: The existence of complementarity relationships between different types of innovations is important for developing synergistic effects and economies of scale. This, in turn, should yield increased firm productivity. Here, we explore the potential impact of complementarity and/or substitutability relationships between different innovation activities on the firms’ performance by utilizing cross-sectional data taken from the Community Innovation Survey (CIS2014) for two groups of countries: Central and Eastern Europe and Western European countries. The results indicate that all types of innovation have a statistically significant and positive impact on the productivity of the companies operating in both markets. Journal: Eastern European Economics Pages: 378-402 Issue: 4 Volume: 61 Year: 2023 Month: 07 X-DOI: 10.1080/00128775.2022.2075392 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2075392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:378-402 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2077763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elena Valentina Ţilică Author-X-Name-First: Elena Valentina Author-X-Name-Last: Ţilică Title: Crisis transmission channel for 17 East-European countries during the Global Financial Crisis Abstract: This paper investigates if the transmission channel of the Global Financial Crisis to 17 Eastern European markets can be directly connected with the US market or one of the three largest European markets. By employing a dummy regression model with a GJR-GARCH and EGARCH frameworks, the results show that Euronext is the main transmission channel for most analyzed markets. Latvia, Russia and Serbia were affected by the London Stock Exchange, while Slovakia showed no contagion. These results show that the crisis’s effects and transmission were not identical worldwide. This suggests that measures created to mitigate such crises should be tailored to each market. Journal: Eastern European Economics Pages: 318-352 Issue: 4 Volume: 61 Year: 2023 Month: 07 X-DOI: 10.1080/00128775.2022.2077763 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2077763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:318-352 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2173610_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cristina Badarau Author-X-Name-First: Cristina Author-X-Name-Last: Badarau Author-Name: Aneta Chodakowska Author-X-Name-First: Aneta Author-X-Name-Last: Chodakowska Author-Name: Kamilla Marchewka-Bartkowiak Author-X-Name-First: Kamilla Author-X-Name-Last: Marchewka-Bartkowiak Author-Name: Dimitrios Paparas Author-X-Name-First: Dimitrios Author-X-Name-Last: Paparas Title: New strategies for sustainable growth in European Economies Abstract: This editorial presents several recent contributions to the debate on strategies for sustainable growth, in relation to the experience of different European countries. It introduces this special issue, composed of a selection of articles presented during three workshops organized or supported by the International Network for Economic Research (INFER). The articles included in the special issue discuss the impact of technological innovation on firms’ productivity and employment, as well as the role agriculture plays in bioeconomy growth. They also highlight the importance of financial markets in the promotion of sustainable activities. Journal: Eastern European Economics Pages: 311-317 Issue: 4 Volume: 61 Year: 2023 Month: 07 X-DOI: 10.1080/00128775.2023.2173610 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2173610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:311-317 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2064307_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pedro Bação Author-X-Name-First: Pedro Author-X-Name-Last: Bação Author-Name: Vanessa Gaudêncio Lopes Author-X-Name-First: Vanessa Author-X-Name-Last: Gaudêncio Lopes Author-Name: Marta Simões Author-X-Name-First: Marta Author-X-Name-Last: Simões Title: AI, Demand and the Impact of Productivity-enhancing Technology on Jobs: Evidence from Portugal Abstract: This study examines whether AI, as revealed in productivity improvements, may have the ability to threaten sectoral employment in Portugal. We first present a theoretical framework based on a supply and demand model for sectoral output. This model predicts that the impact of AI will depend on the response of labor demand to two opposing forces: as productivity improves less labor is required to produce the same output, while more output is demanded because of lower production costs brought about by higher productivity, which creates more jobs. Our estimates of the industry-level elasticities of employment with respect to productivity for a sample of 32 industries over 1995–2017 using a Bayesian multilevel approach are all negative and surprisingly similar across sectors. Journal: Eastern European Economics Pages: 353-377 Issue: 4 Volume: 61 Year: 2023 Month: 07 X-DOI: 10.1080/00128775.2022.2064307 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2064307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:353-377 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2058552_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Laura Mariana Cismaș Author-X-Name-First: Laura Mariana Author-X-Name-Last: Cismaș Author-Name: Emilia Mary Bălan Author-X-Name-First: Emilia Mary Author-X-Name-Last: Bălan Title: Agriculture’s Contribution to the Growth of Romanian Bioeconomy: A Regional Approach Abstract: Research has highlighted agriculture’s contribution to the Romanian bioeconomy growth at the level of each territorial administrative region (NUTS 2). This paper analyzes the relevant socio-economic indicators of the bioeconomy in Romania’s regions. We use Eurostat and the National Institute of Statistics from Romania (NIS) database for selected indicators. Cluster analysis using the SPSS software was chosen as a research method. Results revealed disparities between development regions. The article concludes that regional policies and investments from government and private firms have an essential role in developing agriculture and the bioeconomy. Journal: Eastern European Economics Pages: 403-419 Issue: 4 Volume: 61 Year: 2023 Month: 07 X-DOI: 10.1080/00128775.2022.2058552 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2058552 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:403-419 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2197878_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Melinda Timea Fülöp Author-X-Name-First: Melinda Timea Author-X-Name-Last: Fülöp Author-Name: Dan Ioan Topor Author-X-Name-First: Dan Ioan Author-X-Name-Last: Topor Author-Name: Sorinel Căpușneanu Author-X-Name-First: Sorinel Author-X-Name-Last: Căpușneanu Author-Name: Constantin Aurelian Ionescu Author-X-Name-First: Constantin Aurelian Author-X-Name-Last: Ionescu Author-Name: Umair Akram Author-X-Name-First: Umair Author-X-Name-Last: Akram Title: Utilitarian and Hedonic Motivation in E-Commerce Online Purchasing Intentions Abstract: This study uses the theory of social learning to investigate the relationship between hedonic and utilitarian motivation and e-commerce online shopping intentions. Based on a literature review, four hypotheses and eight sub-hypotheses are proposed. The study’s novelty derives from the study region and the implications of the COVID-19 pandemic. The results indicate a correlation between utilitarian and hedonic motivation and online shopping intentions, while information searching is a significant predictor of online purchase intentions. This paper contributes to both the academic and practical fields, and e-vendors can use it as a framework to manage website activity. Journal: Eastern European Economics Pages: 591-613 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2197878 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2197878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:591-613 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2150218_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Šime Smolić Author-X-Name-First: Šime Author-X-Name-Last: Smolić Author-Name: Margareta Fabijančić Author-X-Name-First: Margareta Author-X-Name-Last: Fabijančić Author-Name: Nikola Blaževski Author-X-Name-First: Nikola Author-X-Name-Last: Blaževski Title: How did fear of COVID-19 affect access to healthcare in Central and Eastern Europe? Findings from populations aged 50 or older after the outbreak Abstract: This paper explores the characteristics of people aged 50 or older from eight CEE countries who reported forgoing healthcare due to fear of COVID-19. The sample of 13,033 individuals was based on data from the SHARE Corona Survey combined with data from previous waves. We performed a multivariate logistic regression model for healthcare avoidance. The results suggested that women, younger older adults, better educated individuals, those in poorer health, and those with more chronic health conditions were more likely to avoid healthcare after the outbreak. Our findings may help policymakers better understand populations with unmet healthcare needs. Journal: Eastern European Economics Pages: 571-590 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2022.2150218 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2150218 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:571-590 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2210099_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kurkam Suvanova Author-X-Name-First: Kurkam Author-X-Name-Last: Suvanova Author-Name: Hyoung-Goo Kang Author-X-Name-First: Hyoung-Goo Author-X-Name-Last: Kang Author-Name: Chang-Mo Kang Author-X-Name-First: Chang-Mo Author-X-Name-Last: Kang Title: Race for Immunity: the Russian Stock Market during the COVID-19 Pandemic Abstract: This paper evaluates the stock market performance in Russia during the COVID-19 pandemic from January 3, 2020, to April 30, 2021. The study shows daily abnormal returns of stocks declined on the day when the first coronavirus case was detected. The government’s actions in implementing lockdown restrictions and providing stimulus packages positively influenced the stock market. However, the early lifting of lockdowns sent a negative signal to investors. Despite the skepticism among the population toward the first coronavirus vaccine Sputnik V, the news of its registration, mass vaccination, and Russia’s “vaccine diplomacy” contributed to the stock market’s growth. Journal: Eastern European Economics Pages: 554-570 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2210099 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2210099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:554-570 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2221229_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ekin Ayşe Özşuca Author-X-Name-First: Ekin Ayşe Author-X-Name-Last: Özşuca Title: Firm Survival in Times of Crisis: Do Innovation and Financing Constraints Matter? Insights from the COVID-19 Pandemic Abstract: Utilizing survey data collected over three rounds, this paper investigates the impact of pre-COVID innovation performance, innovation type, sources of knowledge, and the moderating role of financial constraints on survival following the outbreak of COVID-19. The findings pinpoint a strong and positive link between firm survival and innovation, especially process innovation, confirming the ability of innovators to adapt to new conditions as a determinant of survival. Moreover, relying on internal knowledge is found to increase the chance of survival and adaptability to times of crisis. The results further indicate that access to finance strengthens the positive impact of innovation on firm survival/adaptation. Journal: Eastern European Economics Pages: 421-456 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2221229 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2221229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:421-456 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2226657_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paweł Gajewski Author-X-Name-First: Paweł Author-X-Name-Last: Gajewski Author-Name: Ali M. Kutan Author-X-Name-First: Ali M. Author-X-Name-Last: Kutan Title: COVID-19 Pandemic and Enterprise Financial Performance: Aggregate, Regional, and Sectoral Evidence from Poland Abstract: This paper investigates how the COVID-19 pandemic and resulting government support affected the financial performance of Polish firms at the aggregate, regional, and sectoral levels. The results of our dynamic econometric model showed that firm performance at the aggregate level declined in 2020Q1 but recovered in 2021Q1. The pandemic negatively affected western firms but not eastern ones. Manufacturing and transport & logistics firms suffered temporarily in early 2020 but recovered in 2021Q1. Construction and trade & repair firms remained resilient. Overall, the pandemic and government support affected the sectors and regions differently, with varied policy implications. Journal: Eastern European Economics Pages: 491-516 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2226657 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2226657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:491-516 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2173235_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Safi Ullah Khan Author-X-Name-First: Safi Ullah Author-X-Name-Last: Khan Title: The firm-level employment impact of COVID-19: International evidence from World Bank Group’s Enterprise Surveys Abstract: Using new data from the World Bank Group’s COVID-19 Impact Follow-up Enterprise Surveys completed in 39 countries, we find that a firm’s pre-pandemic financial condition is an important predictor of employment but only at the onset of the pandemic. Second, firms with teleworking arrangements, furloughed workers, and temporarily closed or reporting a decreased demand for products/services are more likely to reduce their workforce at extensive and intensive margins. We also found a clear effect of gender on employment. Firms with a majority of female workers are more likely to reduce their workforce than firms with a majority of male workers. Journal: Eastern European Economics Pages: 457-490 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2173235 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2173235 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:457-490 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2215229_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lorena Skufi Author-X-Name-First: Lorena Author-X-Name-Last: Skufi Author-Name: Adam Geršl Author-X-Name-First: Adam Author-X-Name-Last: Geršl Title: Using Macrofinancial Models to Simulate Macroeconomic Developments During the COVID-19 Pandemic: The Case of Albania Abstract: The COVID-19 pandemic, and its impact on the economy tested the capacity of current macroeconomic models to forecast economic developments in turbulent times. In this article, we develop a linear macrofinancial model for Albania and examine whether it can predict the developments of key macroeconomic and financial variables during 2020–2021. To address increased uncertainty in the forecasts, we construct uncertainty bands with quantile regressions. The results indicate that, in general, a linear model is flexible enough to analyze non-linear events and may thus be used in abnormal times. Journal: Eastern European Economics Pages: 517-553 Issue: 5 Volume: 61 Year: 2023 Month: 09 X-DOI: 10.1080/00128775.2023.2215229 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2215229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:517-553 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2209074_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cecilia Ciocîrlan Author-X-Name-First: Cecilia Author-X-Name-Last: Ciocîrlan Author-Name: Mihai Nițoi Author-X-Name-First: Mihai Author-X-Name-Last: Nițoi Title: Geopolitical Risk and Contagion: Evidence from European Stock Markets During the Ukrainian Crisis Abstract: This paper examines the European Union’s (EU) stock market connectedness before and after the Russian invasion of Ukraine. We used the frequency-domain spillover methodology of Baruník and Křehlík 2018 and an event-study approach. We find increased spillover effects, particularly for Central and Eastern European markets. In the long term, the structure of spillover transmission does not substantially change, but the invasion caused a transitory increase in stock market connectedness. We also find confirmation effects accompanied by a transitory decline in EU stock market returns. Although the invasion led to short-term market turbulence, the results indicate little signs of potentially harmful contagion. Journal: Eastern European Economics Pages: 615-647 Issue: 6 Volume: 61 Year: 2023 Month: 11 X-DOI: 10.1080/00128775.2023.2209074 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2209074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:615-647 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2221231_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Agúndez García Author-X-Name-First: Ana Agúndez Author-X-Name-Last: García Author-Name: Michael Christl Author-X-Name-First: Michael Author-X-Name-Last: Christl Title: Hypothetical Tax-Benefit Reforms in Hungary: Shifting from Tax Relief to Cash Transfers for Family Support Abstract: This paper evaluates two hypothetical budget-neutral reforms that shift resources from family tax expenditures to family cash transfers. We evaluate these reforms using a structural labor supply model based on the microsimulation EUROMOD model and EU-SILC data. We find that both reforms have an inequality-decreasing impact. However, when looking at labor supply responses for different household types, we show that the reforms have a non-negligible impact, especially for females in couple households. Additionally, we show that females in the middle of the income distribution in particular reduce labor supply in response to the reforms. Journal: Eastern European Economics Pages: 723-746 Issue: 6 Volume: 61 Year: 2023 Month: 11 X-DOI: 10.1080/00128775.2023.2221231 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2221231 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:723-746 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2218849_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksandra Anić Author-X-Name-First: Aleksandra Author-X-Name-Last: Anić Author-Name: Jelena Žarković Author-X-Name-First: Jelena Author-X-Name-Last: Žarković Title: Child Poverty in Croatia, Serbia, and Slovenia: The Role of Poverty Persistence and Social Transfers Abstract: We use a dynamic correlated random effects probit model with endogenous initial conditions for three poverty measures to assess child poverty persistence after controlling for structural household characteristics and economic variables. The empirical analysis is based on the 2015–2018 longitudinal sample of the Survey of Income and Living Conditions for Slovenia, Croatia, and Serbia. Results show strong poverty persistence regardless of poverty measure, with much stronger effects observed for Croatia and Serbia than for Slovenia. Social transfers have more than twice the capacity to lift children out of poverty in Slovenia compared to the other two countries. Journal: Eastern European Economics Pages: 680-699 Issue: 6 Volume: 61 Year: 2023 Month: 11 X-DOI: 10.1080/00128775.2023.2218849 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2218849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:680-699 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2169166_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ioana Sorina Andreica Mihuț Author-X-Name-First: Ioana Sorina Andreica Author-X-Name-Last: Mihuț Author-Name: Larisa Nicoleta Kanto Pop Author-X-Name-First: Larisa Nicoleta Kanto Author-X-Name-Last: Pop Author-Name: Dana Lucia Tulai Author-X-Name-First: Dana Lucia Author-X-Name-Last: Tulai Author-Name: Daniel Mican Author-X-Name-First: Daniel Author-X-Name-Last: Mican Title: Has the COVID-19 pandemic impacted the intentions of individuals for a business venture? An integrated structural model approach Abstract: This article provides distinctive insights into the main antecedents of entrepreneurial intention (EI) during the COVID-19 pandemic, merging Ajzen’s version of the Theory of Planned Behavior with an adjusted version of Shapero & Sokol’s Entrepreneurial Event Model, as well as an extended EI model developed by Krueger. Using a sample of 402 university students and applying structural equation modeling, the results identified attitudes toward entrepreneurship, perceived desirability and feasibility, and perceived self and collective efficacy as key drivers of EI, while capturing the turbulent investigation period through its impact on exogenous determinants, mainly the university environment. Journal: Eastern European Economics Pages: 648-679 Issue: 6 Volume: 61 Year: 2023 Month: 11 X-DOI: 10.1080/00128775.2023.2169166 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2169166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:648-679 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2223581_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Narcis Eduard Mitu Author-X-Name-First: Narcis Eduard Author-X-Name-Last: Mitu Author-Name: Cristian Valeriu Stanciu Author-X-Name-First: Cristian Valeriu Author-X-Name-Last: Stanciu Title: Public Sector Performance and Public Sector Efficiency: An Analysis for CEE Countries Abstract: This paper investigates Public Sector Performance (PSP), Public Sector Efficiency (PSE), and Data Envelopment Analysis (DEA) scores for 11 CEE countries, using the methodology proposed by Afonso et al. (various years). Our calculations are based on seven components of the public sector, described by 12 opportunity indicators and six Musgravian indicators. Moreover, we adapt and extend the Afonso, Schuknecht, and Tanzi methodology in order to be able to compute annual scores for PSP and PSE. The results show that expenditure performance is higher in the group of medium-sized governments. Additionally, medium-sized government groups obtained the highest efficiency scores. Journal: Eastern European Economics Pages: 700-722 Issue: 6 Volume: 61 Year: 2023 Month: 11 X-DOI: 10.1080/00128775.2023.2223581 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2223581 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:700-722 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2167722_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Apostolos Vetsikas Author-X-Name-First: Apostolos Author-X-Name-Last: Vetsikas Title: Assessing the Performance of National Innovation Systems with a Helix-Based Composite Indicator: Evidence from 24 European Countries Abstract: We employ the conceptual framework of “N-tuple helices” and devise a composite indicator, namely SFIGA (Society-Finance-Industry-Government-Academia), that aims at measuring the innovation performance of 24 OECD European countries from 2008 to 2017. We also investigate the effects of actors-helices on GDP per capita. The preliminary results from panel data regressions (OLS, quantile, and GMM) indicate their decisive economic importance as key actors of national innovation systems. However, the negative impact of academia on economic growth may explain a highly required resource allocation for basic research in the “knowledge economy” era. Its potential positive economic effects probably require time and patience. Journal: Eastern European Economics Pages: 18-49 Issue: 1 Volume: 62 Year: 2024 Month: 01 X-DOI: 10.1080/00128775.2023.2167722 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2167722 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:18-49 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2164510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrzej Cieślik Author-X-Name-First: Andrzej Author-X-Name-Last: Cieślik Author-Name: Jan Jakub Michałek Author-X-Name-First: Jan Jakub Author-X-Name-Last: Michałek Author-Name: Krzysztof Szczygielski Author-X-Name-First: Krzysztof Author-X-Name-Last: Szczygielski Title: Direct Versus Indirect Exports in Post-Communist Europe and Central Asia: The Role of Innovation Activities and Internationalization Abstract: The distinction between direct and indirect exporting has been increasingly stressed in recent advances in the theory and empirics of international trade. In particular, the prior literature suggests a hierarchy of exporting decisions determined by firm productivity. We use firm-level data from a wide group of post-communist countries to investigate which characteristics of firms can explain their choice of export modes. We find that firm internationalization, firm size, and per worker revenue are linked to exporting decisions in a way consistent with Lu’s et al. model, while the relationship with innovation performance is more complex. Journal: Eastern European Economics Pages: 1-17 Issue: 1 Volume: 62 Year: 2024 Month: 01 X-DOI: 10.1080/00128775.2022.2164510 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2164510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2281453_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Domazet Author-X-Name-First: Ivana Author-X-Name-Last: Domazet Author-Name: Darko Marjanović Author-X-Name-First: Darko Author-X-Name-Last: Marjanović Author-Name: Deniz Ahmetagić Author-X-Name-First: Deniz Author-X-Name-Last: Ahmetagić Author-Name: Milica Bugarčić Author-X-Name-First: Milica Author-X-Name-Last: Bugarčić Author-Name: Vladimir Simović Author-X-Name-First: Vladimir Author-X-Name-Last: Simović Title: Business Sector Investment in R&D as a Factor for Improving Innovation - Evidence from Hungary, Romania, Bulgaria, and Serbia Abstract: The purpose of this paper is to investigate whether a country’s innovative capacity increases when the business sector invests more in research and development. The empirical investigation covers Serbia and its three neighboring countries in the European Union – Hungary, Romania, and Bulgaria – for the period from 2011 to 2021. The results indicate that an increase in investment by the business sector at the current level of GDP influences the increase in innovation in the case of Serbia, Hungary, and Bulgaria. Journal: Eastern European Economics Pages: 50-68 Issue: 1 Volume: 62 Year: 2024 Month: 01 X-DOI: 10.1080/00128775.2023.2281453 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2281453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:50-68 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2173234_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emre Bulut Author-X-Name-First: Emre Author-X-Name-Last: Bulut Author-Name: Cumali Marangoz Author-X-Name-First: Cumali Author-X-Name-Last: Marangoz Author-Name: Muhammet Daştan Author-X-Name-First: Muhammet Author-X-Name-Last: Daştan Title: Market Reactions to COVID-19: Does Systemic Risk Vary Across Industries? A Markov-Switching CAPM Approach Abstract: Despite a broad consensus on the response of US stock market volatility to the coronavirus outbreak, our micro-level understanding of its variation across industries still needs to be improved. This study contributes to the existing literature by providing an industry-level analysis of the COVID-19 pandemic with two different states. Evidence from the MS-CAPM model indicates the role of portfolio diversification. Specifically, the results reveal that some industries, such as materials, real estate, communication, and utilities, have much higher expected returns. On the other hand, other sectors, including consumer discretionary, industrials, and information technology, become less volatile than the market during the lockdown period. Journal: Eastern European Economics Pages: 69-88 Issue: 1 Volume: 62 Year: 2024 Month: 01 X-DOI: 10.1080/00128775.2023.2173234 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2173234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:69-88 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2167721_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pavlo Martyshev Author-X-Name-First: Pavlo Author-X-Name-Last: Martyshev Author-Name: Sören Prehn Author-X-Name-First: Sören Author-X-Name-Last: Prehn Author-Name: Oleksandr Perekhozhuk Author-X-Name-First: Oleksandr Author-X-Name-Last: Perekhozhuk Author-Name: Volodymyr Vakhitov Author-X-Name-First: Volodymyr Author-X-Name-Last: Vakhitov Title: The Effects of Domestic Currency Depreciation on Import Substitution: New Empirical Evidence from the Ukrainian Pork Industry Abstract: Economic theory states that currency devaluation reduces imports. However, tradability of inputs makes the effect ambiguous. This paper aims to test the hypothesis that, when the exchange rate pass-through is higher for input than for output prices in a given sector, the depreciation of the local currency can reduce profitability and output, leading to increased imports. We found partial confirmation of this hypothesis using a structural vector autoregression model for data from the Ukrainian pork sector for 2014 to 2020. Policymakers should consider that pork production is vulnerable to a weakening currency due to high dependence on exportable feed grains. Journal: Eastern European Economics Pages: 89-107 Issue: 1 Volume: 62 Year: 2024 Month: 01 X-DOI: 10.1080/00128775.2023.2167721 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2167721 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:89-107 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2281455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Andreea Iordache Author-X-Name-First: Andreea Author-X-Name-Last: Iordache Title: Market Efficiency During the COVID-19 Pandemic. Some Insights Using Non-Parametric Tests Abstract: This paper examines the weak form of the Efficient Market Hypothesis (EMH) across fourteen European Stock Markets from October 2018 to April 2021, a period divided into subsamples based on the outbreak of the COVID-19 pandemic. Using non-parametric tests, including Runs, Bartel’s rank, and Wright’s rank and sign test, the findings indicate that EMH holds for developed capital markets. However, capital markets in Central and Eastern Europe exhibited a heterogeneous response to the pandemic. Some markets violated the efficiency hypothesis (Latvia and Lithuania), others consistently adhered to it (Hungary and Slovenia), while others became less efficient post-pandemic (Estonia and Romania). Journal: Eastern European Economics Pages: 136-164 Issue: 2 Volume: 62 Year: 2024 Month: 03 X-DOI: 10.1080/00128775.2023.2281455 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2281455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:136-164 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2278806_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Michael Lokshin Author-X-Name-First: Michael Author-X-Name-Last: Lokshin Author-Name: Martin Ravallion Author-X-Name-First: Martin Author-X-Name-Last: Ravallion Author-Name: Vladimir Kolchin Author-X-Name-First: Vladimir Author-X-Name-Last: Kolchin Title: Did World War II Deaths Help Prevent Deaths from COVID-19? Abstract: The paper documents and tries to explain a striking negative correlation between COVID-19 mortality across countries and deaths during World War II. The correlation persists with various controls for observables and allowing for latent omitted variables, using the pre-war distribution of the Jewish population for identification. The correlation also survives influence and falsification tests, measurement-error adjustments, and tests for spatial autocorrelation, which can generate spurious historical dependence. We suggest a theoretical explanation whereby large shocks promote institutions and cooperative behavioral norms – interpretable as civic capital – that initially help attenuate losses from future large shocks, though with fading impact over time. Journal: Eastern European Economics Pages: 109-135 Issue: 2 Volume: 62 Year: 2024 Month: 03 X-DOI: 10.1080/00128775.2023.2278806 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2278806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:109-135 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2164511_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dejan Kovačević Author-X-Name-First: Dejan Author-X-Name-Last: Kovačević Title: How Automatic Adjustment Mechanism Works in Practice – A VECM Analysis of Monetary Transmission Mechanism in Bosnia and Herzegovina Abstract: This paper takes stock of the literature on the monetary transmission mechanism in currency boards and analyzes the process of monetary transmission in Bosnia and Herzegovina. The transmission of monetary signals through the economy is based on the automatic adjustment mechanism of the currency board. Three channels of monetary transmission are discussed in this paper: the interest rate channel, the narrow credit channel, and the exchange rate channel. The empirical analysis shows how exogenous monetary shocks are transmitted through different channels and how long it takes for the automatic adjustment mechanism to restore equilibrium in the economy. Journal: Eastern European Economics Pages: 219-275 Issue: 2 Volume: 62 Year: 2024 Month: 03 X-DOI: 10.1080/00128775.2022.2164511 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2164511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:219-275 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2102507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Petr Makovský Author-X-Name-First: Petr Author-X-Name-Last: Makovský Title: Are Term Premiums Predictable in Central European Countries? The Forward Rates Agreements (FRA) Application Abstract: The aim of this paper is to decide whether or not term premiums appear and thus are predictable in Central European countries in the data sample of forward rate agreement interest rates and corresponding spot interest rates. Term premiums theoretically are explained thanks to the applications of the efficient market hypothesis theory, the expectations theory, and the liquidity preferences theory. Empirically, we used cointegration techniques for nonstationary time series, mainly using the cointegration method (simple and even for panel data) and the vector error correction model. We used data samples of Central European countries (the Czech Republic, Hungary, Poland) and also of the United Kingdom. We found that the best future estimate of term premiums is its current value. It does not refer in the same way to the market efficiency hypothesis (EMH) or theexpectations hypothesis (EH). Journal: Eastern European Economics Pages: 187-218 Issue: 2 Volume: 62 Year: 2024 Month: 03 X-DOI: 10.1080/00128775.2022.2102507 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2102507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:187-218 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2074461_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Leon Kohrt Author-X-Name-First: Leon Author-X-Name-Last: Kohrt Author-Name: Florian Horky Author-X-Name-First: Florian Author-X-Name-Last: Horky Author-Name: Jarko Fidrmuc Author-X-Name-First: Jarko Author-X-Name-Last: Fidrmuc Title: Exchange Rates in Emerging Markets in the First Wave of the Covid-19 Pandemic Abstract: We analyze the impact of the Covid-19 pandemic on emerging market real exchange rates using a Behavioral Equilibrium Exchange Rate approach augmented by pandemic variables. We show that behavioral factors related to Covid-19 played a significant role in explaining the behavior of emerging market real exchange rates during the first wave of the pandemic. The real exchange rates were driven by the number of new Covid-19 deaths rather than by the number of new infections. These results are robust for different country samples. Journal: Eastern European Economics Pages: 165-186 Issue: 2 Volume: 62 Year: 2024 Month: 03 X-DOI: 10.1080/00128775.2022.2074461 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2074461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:165-186 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2253216_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mahmut Zeki Akarsu Author-X-Name-First: Mahmut Zeki Author-X-Name-Last: Akarsu Author-Name: Orkideh Gharehgozli Author-X-Name-First: Orkideh Author-X-Name-Last: Gharehgozli Author-Name: Vidya Atal Author-X-Name-First: Vidya Author-X-Name-Last: Atal Title: An Investigation of Income and Wage Inequality in Turkey Using Burgernomics Abstract: This study delves into the multifaceted issue of inequality in Turkey, analyzing overall and regional disparities as well as wage and gender inequalities in the labor market. Through the lens of the Big Mac Index, we investigate purchasing power and discover a decrease in regional inequality between 2002 and 2020. However, our research findings indicate a widening income gap between capital owners or the working rich and workers, particularly evident after 2015. Moreover, the wage gap between male and female white-collar workers has widened since the 2018 currency crisis, while the gap between male and female blue-collar workers has shown improvement. Journal: Eastern European Economics Pages: 340-360 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2023.2253216 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2253216 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:340-360 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2278808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vladislav Flek Author-X-Name-First: Vladislav Author-X-Name-Last: Flek Author-Name: Martin Hála Author-X-Name-First: Martin Author-X-Name-Last: Hála Author-Name: Martina Mysíková Author-X-Name-First: Martina Author-X-Name-Last: Mysíková Title: Labor Market Outcomes of Unemployed Czech and Polish Workers: Catching-Up with Austria? Abstract: This paper examines the micro-determinants of unemployment durations and exits in Czechia, Poland and Austria. Our hazard estimates utilize EU-SILC data and identify national specificities in which individual, household and regional characteristics affect labor market outcomes. This concerns particularly the effects of education on job-finding probability, which are nearly absent in Poland, as opposed to Austria and, even more so, Czechia. However, the key results are common across countries: Unemployed women are less employable than unemployed men, even after controlling for explanatory covariates and the disproportionally high female selection to inactivity. The analogous findings apply to the elderly and those in poor health. Journal: Eastern European Economics Pages: 384-408 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2023.2278808 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2278808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:384-408 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2254744_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Matěj Bělín Author-X-Name-First: Matěj Author-X-Name-Last: Bělín Author-Name: Marcela Veselkova Author-X-Name-First: Marcela Author-X-Name-Last: Veselkova Title: The Job Retention Scheme in Slovakia: Impact on Dismissals and Firm Survival in the COVID-19 Pandemic Abstract: This paper evaluates the impact of the Slovak job retention scheme introduced in 2020 on dismissals and survival of small firms during the COVID-19 pandemic. We exploit exogenous variation in epidemic intensity, measured as new COVID-19 cases within a district per month. We show that the sensitivity of dismissals to the intensifying epidemic among unsupported firms was low, i.e. these firms were relatively unaffected by the shock. In contrast, participation in the job retention scheme reduced the sensitivity of firm dismissals to the intensification of the epidemic, preserving endangered jobs. Supported firms benefited by roughly the same amount, regardless of their management quality. Journal: Eastern European Economics Pages: 361-383 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2023.2254744 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2254744 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:361-383 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2191857_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcin Wroński Author-X-Name-First: Marcin Author-X-Name-Last: Wroński Title: Intergenerational Educational Mobility in Poland in the Long Run: Education as a Positional Good Abstract: We investigate the evolution of intergenerational educational mobility in Poland since 1920. We use a novel empirical method allowing for the measurement of mobility at a constant rank in the education distribution, not among education levels. This paper finds that intergenerational mobility increased after WWII. This increase was only temporary. When the new social system stabilized, intergenerational mobility decreased. The transition to a free market economy decreased intergenerational mobility but it recovered after the first 15 years of the transition. Despite these identified fluctuations, intergenerational mobility has been rather stable over time Journal: Eastern European Economics Pages: 317-339 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2023.2191857 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2191857 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:317-339 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2178460_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marek Kośny Author-X-Name-First: Marek Author-X-Name-Last: Kośny Author-Name: Radosław Kurach Author-X-Name-First: Radosław Author-X-Name-Last: Kurach Author-Name: Paweł Kuśmierczyk Author-X-Name-First: Paweł Author-X-Name-Last: Kuśmierczyk Title: In state we trust: Evidence from Poland on why we undersave for retirement Abstract: With a possible decline in public pension benefits, private savings will become critical for maintaining desired living standards, yet most people undersave. We focus on one of the possible explanations for this: trust in the state. Using data from a dedicated survey and applying structural equation modeling, this study demonstrates that Polish citizens cherish the unconditional, albeit subconscious, belief in the state as a potential rescuer of last resort in life-threatening situations. This trust plays an essential role in people’s propensity to save for the future. We discuss potential explanations of this phenomenon and its consequences for social policymaking. Journal: Eastern European Economics Pages: 294-316 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2023.2178460 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2178460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:294-316 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2157286_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jaroslav Mečkovski Author-X-Name-First: Jaroslav Author-X-Name-Last: Mečkovski Author-Name: Tadas Gudaitis Author-X-Name-First: Tadas Author-X-Name-Last: Gudaitis Author-Name: Teodoras Medaiskis Author-X-Name-First: Teodoras Author-X-Name-Last: Medaiskis Author-Name: Virginija Poškutė Author-X-Name-First: Virginija Author-X-Name-Last: Poškutė Title: State Participation in Funded Pension Systems in Selected Central and Eastern European Countries Abstract: CEE countries introduced funded pensions in the early 2000s. The stated objectives of funded pensions were to diversify old age pension income, to attract additional financing sources to pension systems, to assure adequate income for future retirees, and to balance future state obligations in aging societies. The state in CEE countries encouraged participation in funded pensions with the help of several incentives. The aim of this paper is to evaluate the costs and benefits for public finance of state participation in the funded schemes in Estonia, Latvia, and Lithuania. The results show that the fiscal costs of state participation do not exceed future benefits. Journal: Eastern European Economics Pages: 277-293 Issue: 3 Volume: 62 Year: 2024 Month: 05 X-DOI: 10.1080/00128775.2022.2157286 File-URL: http://hdl.handle.net/10.1080/00128775.2022.2157286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:3:p:277-293 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2178936_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Slavka Zeković Author-X-Name-First: Slavka Author-X-Name-Last: Zeković Author-Name: Ana Perić Author-X-Name-First: Ana Author-X-Name-Last: Perić Title: Regional Industrial Policy in the Western Balkans: Neither Specialization nor Spatialization? Abstract: This paper analyzes post-socialist industrial development and policy in the Western Balkans through the lens of its regional specialization and spatial concentration. Against a conceptual framework revolving around place-based industrial policy, and using the Concentration index (modified Herfindahl-Hirschman index) and location coefficients (Balassa index), a comparative analysis over three decades (1990–2020) highlights weak regional diversification and intra-regional integration of industrial activity. The findings offer a new industrial policy that transcends regional specialization and spatial concentration to address regional development, planning and governance. The concluding remarks reveal some basic paths toward effective and pro-European regional industrial policy in the Western Balkans. Journal: Eastern European Economics Pages: 479-504 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2178936 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2178936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:479-504 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2278809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Quang Van Tran Author-X-Name-First: Quang Author-X-Name-Last: Van Tran Author-Name: Jiri Malek Author-X-Name-First: Jiri Author-X-Name-Last: Malek Title: The Effect of the Pandemic and the War in Ukraine on the Riskiness of Financial Investments in Three Central European Countries Abstract: The COVID pandemic and the war in Ukraine are extraordinary events causing excessive turbulence in financial markets. Considering the leptokurtic and heteroscedastic properties of returns on financial assets, we examine the suitability of several alternatives for modeling returns to choose the most suitable option to compute the VaR and CVaR for returns of three stock market indices as well as euro exchange rates in Czechia, Poland, and Hungary. Using an appropriate test, we evaluate how the two metrics of VaR and CVaR changed during the pandemic and the war in Ukraine up to June 2022. Journal: Eastern European Economics Pages: 409-428 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2278809 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2278809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:409-428 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2219243_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Goran Nikolić Author-X-Name-First: Goran Author-X-Name-Last: Nikolić Author-Name: Ivan Nikolić Author-X-Name-First: Ivan Author-X-Name-Last: Nikolić Title: Can Structural Indicators of Trade Explain Why EU Candidate Countries Are Integrating Slowly? Abstract: The paper discusses whether “enlargement fatigue,” slowing down the European Union integration process of 6 Candidate Countries (C6), can be explained by the poor economic and trade performance of those economies, especially in trading with the EU. We comprehensively analyzed the merchandise trade of those economies with the EU in 2007–2018 using numerous quantitative techniques and applying a very high level of data disaggregation. First, the value of similarity indicators between the C6’s export and EU import structures and indices of intra-industry trade was calculated. Then we controlled for additional factors: the changes in C6’s exports (imports) to the EU through shares of goods at higher levels of processing, as well as their export (import) specialization. The conclusion is that the weak trade performances of C6 are not the cause of enlargement fatigue, as these economies saw moderate structural improvements in their trade with the EU. Journal: Eastern European Economics Pages: 505-527 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2219243 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2219243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:505-527 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2291382_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yermone Sargsyan Author-X-Name-First: Yermone Author-X-Name-Last: Sargsyan Author-Name: Salim Turdaliev Author-X-Name-First: Salim Author-X-Name-Last: Turdaliev Title: Powering Up Child Growth: The Impact of Electricity Outages on Children’s Anthropometric Outcomes in the Kyrgyz Republic Abstract: Using household-level panel data and a coarsened exact matching procedure, this paper investigates the relationship between frequent electricity outages and the anthropometric outcomes of children. Specifically, we study the differences in the anthropometric outcomes of children aged under 5 in the Kyrgyz Republic. We find that children living in households with frequent outages have z-scores of height-for-age (HAZ) that are 0.37 units lower compared to the children living in similar households but without frequent outages. We also document that HAZ values of girls are more sensitive toward frequent outages, which indicates a possible presence of gender bias among Kyrgyz households. Journal: Eastern European Economics Pages: 450-478 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2291382 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2291382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:450-478 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2165948_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Salim Turdaliev Author-X-Name-First: Salim Author-X-Name-Last: Turdaliev Author-Name: Karel Janda Author-X-Name-First: Karel Author-X-Name-Last: Janda Title: Increasing Block Tariff Electricity Pricing and Propensity to Purchase Dirty Fuels: Empirical Evidence from a Natural Experiment Abstract: We combine panel household data with the introduction of an increasing block tariffs (IBT) for residential electricity in three experimental regions of Russia to analyze the relationship between the IBT and the propensity of households to purchase dirty fuels. Using a difference-in-differences empirical specification, we find that the propensity to purchase dirty fuels has increased in the regions where the IBT schemes were introduced. The size of the increase varies from 3.8 percentage points for the full sample of households to 13.4 percentage points when restricting the sample to households that do not have access to district heating networks. Journal: Eastern European Economics Pages: 429-449 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2165948 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2165948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:429-449 Template-Type: ReDIF-Article 1.0 # input file: MEEE_A_2225500_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniela Nicoleta Sahlian Author-X-Name-First: Daniela Nicoleta Author-X-Name-Last: Sahlian Author-Name: Adriana Florina Popa Author-X-Name-First: Adriana Florina Author-X-Name-Last: Popa Author-Name: Viorel Costin Banţa Author-X-Name-First: Viorel Costin Author-X-Name-Last: Banţa Author-Name: Claudia Mihaela Răpan Author-X-Name-First: Claudia Mihaela Author-X-Name-Last: Răpan Author-Name: Silviu Cornel Virgil Chiriac Author-X-Name-First: Silviu Cornel Virgil Author-X-Name-Last: Chiriac Title: The Value Relevance of Financial Performance and ESG Scores During Tumultuous Economic Periods Abstract: This paper examines the value relevance of ESG scores (environmental, social and governance) before, during, and after tumultuous economic periods (including the 2008 financial crisis and the COVID−19 pandemic) taking into consideration a company’s financial performance. The analysis, using Ohlson’s price model, is based on a sample of companies listed on European stock exchanges from 2003 to 2021. The results underline that, after each tumultuous economic period, there was a decline in the value relevance of ESG scores and an increase in investor focus on company financial performance. Journal: Eastern European Economics Pages: 528-546 Issue: 4 Volume: 62 Year: 2024 Month: 07 X-DOI: 10.1080/00128775.2023.2225500 File-URL: http://hdl.handle.net/10.1080/00128775.2023.2225500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:528-546