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:
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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:
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[ 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
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[ 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:
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[ 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
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[ 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
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[ 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
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[ 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
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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
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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
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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
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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
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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
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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
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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
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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:
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[ 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
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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
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[ 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
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[ 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
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[ 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:
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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
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[ 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
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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
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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:
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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
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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:
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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
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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
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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:
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Handle: RePEc:mes:eaeuec:v:50:y:2012:i:6:p:28-56
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:71-90
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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:
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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
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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:
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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
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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
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:50-83
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:4:p:84-107
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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
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:3-4
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:5-45
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:46-68
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:5:p:69-93
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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
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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
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:3-4
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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
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:34-53
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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:
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Handle: RePEc:mes:eaeuec:v:51:y:2013:i:6:p:54-74
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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:
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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:
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[ 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
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of Credit in Small Firm Finance." >i>Journal of Business>/i> 68, no. 3:
351-382. ] [ 4
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[ 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.
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2004. "The Syndicated Loan Market: Structure, Development, and
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and T. Körting. 1998. "Lending Relationships in GermanyâEmpirical
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,
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Banking and Finance>/i> 28, no. 9: 2191-2212. ]
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18 Pissarides, F. 1999. "Is Lack of
Funds the Main Obstacle of Growth? EBRD's Experience with Small- and
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[ 19 Spamann, H. 2006. "On the
Insignificance and/or Endogeneity of La Porta et al.'s âAntidirector
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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 zÅotys, 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. Polandâthe largest ex-communist East
European country, in which Solidarity transformed itself into a political
forceâand 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:
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X-Bibl:
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Freeman, R.; P. Boxall; and P. Haynes, eds. 2007. >i>What
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20 Gadowska, K. 2002. >i>The Phenomenon of
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Gardawski, J. 2007. "Social Dialogue from Guild Rights to the
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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
statesâthose that joined in 2004 and 2007âfor 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
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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
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Handle: RePEc:mes:eaeuec:v:47:y:2009:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: JiÅÃ Podpiera
Author-X-Name-First: JiÅÃ
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 pointsâapproximately 0.5
percentage points in the consumer price index inflationâover 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
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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. Šnobl. 2005. "Analýza
strukturálnÃch pÅÃin nÃzké inflace v ÄR-pohled na vývoj v
maloobchodÄ" [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 âMonopolyâ 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 literatureânamely,
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
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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
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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
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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
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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
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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
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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:
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[ 20 Sedlenieks, K. 2003. "Cash
in an Envelope: Corruption and Tax Avoidance as an Economic Strategy in
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"Patterns of Participation in the Informal Economy in East-Central
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Outside the Law: Corruption, Trust in Public Institutions, and the
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[ 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:
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Woolfson, C. 2007. "Pushing the Envelope: The
âInformalizationâ 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
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20 Harberger, A.C. 1996. "Reflections on
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Up to the European Core: Portuguese Economic Growth, 1910-1990."
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33 RzoÅca, A. 2002. "Rachunek
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]
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:
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and A. Ize. 1997. "Currency Board Arrangements: Issues and Experiences."
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4 Causevic, F. 2004. >i>Razvoj Trzista Novca
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[ 21 Lewis, M.K. 2002. "Currency
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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: SreÄko Devjak
Author-X-Name-First: SreÄko
Author-X-Name-Last: Devjak
Author-Name: Andraž Grum
Author-X-Name-First: Andraž
Author-X-Name-Last: Grum
Author-Name: Nina VerÅ¡nik Äemas
Author-X-Name-First: Nina Veršnik
Author-X-Name-Last: Äemas
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
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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
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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
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Heteroskedasticity." >i>Journal of Econometrics>/i> 31, no. 3:
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of Both Worlds: A Hybrid Approach to Calculating Value at Risk."
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7 Darbha, G. 2001. "Value-at-Risk for Fixed
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Curves: Technical Documentation, Bank for International Settlements,
Basel, March 1-2. ] [ 9
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Risk." >i>Journal of Derivatives>/i> 4, no. 3: 7-49. ]
[ 10 European Central Bank
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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
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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.
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4 Arora, V., and A. Vamvakidis. 2005.
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5 Barro, R., and X. Sala-Ã-Martin. 2004.
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Borensztein, G. Maria Milesi-Ferretti; and C. Pattillo. 2000.
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25 Schadler, S.; A. Mody; A. Abiad; and D.
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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
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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:
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3 Anselin, L., and R.J.G.M. Florax. 1995.
"Small Sample Properties of Tests for Spatial Dependence in Regression
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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-Ã-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. Ãsterreichische
Nationalbank, pp. 101-119. Vienna: Oesterreichische
Nationalbank. ] [ 16
Fischer, M., and C. Stirböck. 2004. "Regional Income
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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
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[ 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.
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and S. Stiller. 2005. "Capital Cities in the New EU-States: Current Trends
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298-305. ] [ 22
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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.
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[ 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,
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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
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Commodities." >i>Journal of International Economics>/i> 11, no. 1:
1-14. ] [ 4
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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 ÄernoÅ¡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
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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: OndÅej Schneider
Author-X-Name-First: OndÅej
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
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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 StateâLessons 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
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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
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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
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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 KuÄerová
Author-X-Name-First: Zuzana
Author-X-Name-Last: KuÄerová
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
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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 MarÃa-Dolores
Author-X-Name-First: Ramón
Author-X-Name-Last: MarÃa-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
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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-MÃnguez.
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-MÃnguez. 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 MarÃa-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
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X-Bibl:
[ 1 Akgüç Alici, A., and
M. Åengün 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 VerbiÄ
Author-X-Name-First: Miroslav
Author-X-Name-Last: VerbiÄ
Author-Name: Ali Bayar
Author-X-Name-First: Ali
Author-X-Name-Last: Bayar
Author-Name: Mitja Äok
Author-X-Name-First: Mitja
Author-X-Name-Last: Äok
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
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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. Äok; M. Opese; M. VerbiÄ; 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 BlažiÄ, 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
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DerviÅ, 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>GAMSâA 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 KrajÄir, 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. Äok; M. VerbiÄ; 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¡iÄ, 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
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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
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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:
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Jorion. 1990. "Purchasing Power Parity in the Long Run." >i>Journal of
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2 Alba, J. D., and D. Park. 2005. "An
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>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
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] [ 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 BekÅ, J., and
D. BorÅ¡iÄ. 2007. "Purchasing Power Parity in Transition Economies: Does
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Economies>/i> 19, no. 4: 417-432. ] [
9 BorÅ¡iÄ, D., and J. BekÅ. 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
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and A. Noorbakhsh. 2000. "Long-Run Purchasing Power Parity, Prices, and
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15 De Broeck, M., and T. Slok. 2006.
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17 Doganlar, M. 2006. "Long-Run Validity
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28 Frankel, J. A., and A. K. Rose. 1996. "A
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42 Payne, J.; J. Lee; and R. Hofler. 2005.
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45 Perron, P., and T. Vogelsang. 1992.
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[ 48 Sercu, P.; R. Uppal; and C.
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49 Sideris, D. 2006. "Purchasing Power
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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 KuczyÅski
Author-X-Name-First: Grzegorz
Author-X-Name-Last: KuczyÅski
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:
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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.
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(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 gospodarstvaâuz
desetu godisnjicu Stabilizacijskog programa" [Relative Prices, Rate of
Exchange and Competitiveness of the Croatian EconomyâThe 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
rastaâkomparativna analiza" [Relative Prices and Sources of
GrowthâComparative 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
LavraÄ, 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 âComparing the Agency Costs of Family and
Nonfamily Firms: Conceptual Issues and Exploratory Evidence.â"
>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 âFamily Effectâ 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
GaletiÄ, 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>PoÄasene 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 podjetništva v letu 2006>/i> [Slovenian
Entrepreneurship in 2006 in Focus], ed. M. Rebernik and T. Krošlin, 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 stanovništva 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 âEnlargement Pause.â" 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
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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.
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Agricultural Incentives in Europe's Transition Economies.>/i> Washington,
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11 Chen., S., and M. Ravallion, 2007.
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17 Dries, L., and J. Swinnen, 2004.
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ons>/a> ] [ 22
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[ 30 Pomfret, R. 2008a.
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S. Rozelle, 2006. >i>From Marx and Mao to the Market: The Economics and
Politics of Agricultural Transition.>/i> New York: Oxford University
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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
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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 Ï 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
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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
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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
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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
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2 Artis, M.; M. Marcellino; and T. Proietti,
2004. "Characterizing the Business Cycles for Accession Countries."
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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
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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,
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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
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De Broeck, M., and T. Slok, 2001. "Interpreting Real
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[ 17 DeGrauwe, P., and W.
Vanhalberbeke, 1991. "Is Europe an Optimum Currency Area? Evidence from
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Fidrmuc, J. 2004. "Is Accession to the EMU More
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19 Fidrmuc, J., and I. Korhonen, 2001.
"Similarity of Supply and Demand Shocks Between the Euro Area and CEECs."
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[ 20 Fidrmuc, J., and I.
Korhonen, 2006. "Meta-Analysis of the Business Cycle Correlation Between
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27 Hamilton, J.D. 1994. >i>Time Series
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] [ 28 Horvath, J.
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29 Horvath, J., and A. Ratfai, 2004. "Supply
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>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 FertÅ
Author-X-Name-First: Imre
Author-X-Name-Last: FertÅ
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. FertÅ.
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 âMonopolyâ 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 âAggregation Biasâ
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:
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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,
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24 Kouznetsov, P., and A. Muravyev. 2001.
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[ 26 Mitra, P.; A. Muravyev;
and M. E. Schaffer. 2008. "Convergence in Institutions and Market
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Enterprises: A Survey of Evidence." >i>Russian Journal of Management>/i>
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29 Parrino, R. 1997. "CEO Turnover and
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30 Pistor, K.; R. Martin; and S. Gelfer.
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31 Roland, G. 2000. "Transition and
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] [ 32 Rose, C. 2007.
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Effectiveness, and Shareholder Wealth." >i>Journal of Financial
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34 Schaffer, M. E. 1998. "Do Firms in
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Ukraine: Is This a Market Economy?" >i>Economic Systems>/i> 26, no. 2:
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[ 37 Shleifer, A., and D.
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Shleifer, A., and R. W. Vishny. 1997. "A Survey of Corporate
Governance." >i>Journal of Finance>/i> 52, no. 2: 737-783.
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40 Warner, J. B.; R. L. Watts; and K. H.
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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. ] [
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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
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European Low- and Medium-Technology Industries." >i>Research Policy>/i>
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18 Jaumandreu, J. 2003. "Does Innovation
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paper, Universidad Carlos III de Madrid (available at >a target="_blank"
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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 KameniÄková, V. 1996. "Jak jsou na
tom obce v Äeské 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 Antrà s, P. 2003.
"Firms, Contracts, and Trade Structure." >i>Quarterly Journal of
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[ 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
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>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
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[ 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.
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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 societÃ
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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
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14 Coviello, N., and H. Munro. 1997.
"Network Relationships and the Internationalization Process of Small
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Dalli, D. 1995. "The Organization of Exporting Activities:
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[ 16 Filipe, J.; M. Fontoura;
and P. Saucier. 2002. "U. S. Intrafirm Trade: Sectoral, Country and
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17 Gankema, H. G. J.; H. R. Snuif; and K. A.
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Helleiner, G., and R. Lavergne. 1978. "Intra-Firm Trade and
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] [ 20 Ivarsson, I.
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21 Johansson, J., and L.-G. Mattsson.
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Lall, S. 1979. âThe Pattern of Intra-Firm Exports by U. S.
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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
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Siddharthan, N. S. and N. Kumar. 1990. "The Determinant's of
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30 Teece, D. J. 1986. "Transaction Cost
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Vipraio, P. 2007. "Education, Research and Innovation for Sustainable
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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:
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Rosa, pp. 65-86. Udine: Forum Editrice Universitaria Udinese.
] [ 34 Tiberi
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P.; A. Hodgkinson; R. Iredale; P. McPhee; and D. Aylward. 2003.
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Printery. ] [ 36
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[ 38 Williamson, O. E. 1985.
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[ 40 Zejan, M. (1989).
"Intra-Firm Trade and Swedish Multinationals." >i>Weltwirtschaftliches
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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 FertoÅ
Author-X-Name-First: Imre
Author-X-Name-Last: FertoÅ
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:
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School of Economic and Social Studies>/i> 33, no. 1: 99-123.
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3 Bojnec, Å ., and I. FertÅ. 2007. "The
Catching-Up Process of European Enlargement: Hungarian and Slovenian
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Bojnec, Å ., and I. FertÅ. 2009. "Former Central European
Free Trade Agreement Countries' Agri-Food Trade Specialization."
>i>Agrarwirtschaft>/i> 58, no. 8: 356-364. ]
[ 5 Cantwell, J. 1989.
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Linder, S. 1961. >i>An Essay on Trade and
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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. ] [
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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:
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1: 147-165. ] [ 11
Hilbers, P.; I. Otker-Robe; and C. PazarbaçıoÄlu. 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.
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Lizondo; and C. Reinhart. 1998. "Leading Indicators of Currency Crises."
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14 Kashyap, A. K.; J. C. Stein; and D. W.
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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
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[ 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.
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Cass Business School Research Paper, London, December.
] [ 19 Sorsa, P.; B.
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and A. Weiss. 1981. "Credit Rationing in Markets with Imperfect
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Weller, C. 2001. "The Supply of Credit by Multinational
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DC (available at >a target="_blank"
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/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."
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De la Fuente, A. 1997. "The Empirics of Growth and Convergence:
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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
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[ 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¡ PinteriÄ
Author-X-Name-First: Uroš
Author-X-Name-Last: PinteriÄ
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 KovaÄ, P. 1999.
"Tradicionalno in novo upravljanje javnega sektorjaâprimer upravnih
enot" [Traditional and New Management of Public SectorâCase 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 PinteriÄ, U. 2004. "Uvajanje e-obÄinske
uprave v praksi" [Introduction of Municipal E-Government in Practice]. In
>i>Administrativna usposobljenost slovenskih obÄinskih uprav>/i>
[Administrative Capability of Slovene Municipal Administration], ed. U.
PinteriÄ, 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 naÄelo 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 splošnem 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 Vasicek
Author-X-Name-First: Borek
Author-X-Name-Last: Vasicek
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. âDoes Inflation Targeting Matter?â Working Paper no.
9577, National Bureau of Economic Research, Cambridge, MA.
] [ 2 BÃ¥rdsen, G.;
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Keynesian Phillips Curve.â >i>Oxford Bulletin of Economics and
Statistics>/i>, 66, no. S1: 671-686. ] [
3 Batini, N.; B. Jackson; and S. Nickell.
2005. âAn Open-Economy New Keynesian Phillips Curve for the U.K.â
>i>Journal of Monetary Economics>/i> 52, no. 6: 1061-1071.
] [ 4 Benigno, G.; P.
Benigno; and F. Ghironi. 2007. âInterest Rate Rules for Fixed Exchange
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and Macroeconomic Stability.â >i>Quarterly Journal of Economics>/i> 115,
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1375-1391. ] [ 10
Engle, R.F. 1982. âAutoregressive Conditional
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1987. â Cointegration and Error Correction: Representation, Estimation,
and Testing.â >i>Econometrica>/i> 55, no. 2: 251-276.
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âMonetary Policy Rules in Some Mature Emerging Economies.â >i>BIS
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13 Franta, M.; B. Saxa; and K. Å mÃdková.
2007. âInflation Persistence: The Euro Area and the New EU member
States.â Working Paper no. 810, European Central Bank.
] [ 14 Frömmel, M.,
and F. Schobert. 2006a. âExchange Rate Regimes in Central and East
European countries: Deeds vs. Words.â >i>Journal of Comparative
Economics>/i> 34, no. 3: 467-483. ] [
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Central and Eastern Europe.â Discussion Paper WP341, University of
Hannover. ] [ 16
Fuhrer, J.C., and G. Moore. 1995. âInflation Persistence.â
>i>Quarterly Journal of Economics>/i> 110, no. 1: 127-159.
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and J. Ihrig. 2004. âMonetary Policy and Exchange Rate Pass-Through.â
>i>International Journal of Finance and Economics>/i> 9, no. 4: 315-338.
] [ 18
Gali, J., and M. Gertler. 1999. âInflation Dynamics: A Structural
Econometric Analysis.â >i>Journal of Monetary Economics>/i> 44, no. 2:
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Gali, J.; M. Gertler; and J.D. Lopez-Salido. 2001. âEuropean
Inflation Dynamics.â >i>European Economic Review>/i> 45, no. 7:
1237-1270. ] [ 20
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the United Kingdom: Evidence from GARCH Modelling.â >i>Economic
Modelling>/i> 21, no. 3: 5250-543. ] [
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âMonetary Policy and the Taylor Principle in Open Economies.â
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[ 22 MarÃa-Dolores, R. 2005.
âMonetary Policy Rules in Accession Countries to EU: Is Taylor Rule a
Pattern?â >i>Economics Bulletin>/i> 5, no. 5: 1-16.
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Estimated Monetary Policy Rules.â >i>Journal of Economics and
Business>/i> 53, no. 4: 345-358. ] [
25 Mohanty, M.S., and M. Klau. 2007.
âMonetary Policy Rules in Emerging Market Economies: Issues and
Evidence.â >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.
âAutomatic Lag Selection in Covariance Matrix Estimation.â >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:
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Implications.â >i>Journal of Banking and Finance>/i> 29, no. 1: 203-225.
] [ 29
Rumler, F. 2007. âEstimates of the Open Economy New Keynesian Phillips
Curve for Euro Area Countries.â >i>Open Economies Review>/i> 18, no. 4:
427-451. ] [ 30
Svensson, L.E.O. 2000. âOpen-Economy Inflation Targeting.â
>i>Journal of International Economics>/i> 50, no. 1: 155-183.
] [ 31 Taylor, J.B.
1993. âDiscretion Versus Policy Rules in Practice.â
>i>Carnegie-Rochester Conference Series on Public Policy>/i> 39, no. 1:
195-214. ] [ 32
Taylor, J.B. 2001. âRole of Exchange Rate in Monetary-Policy
Rules.â >i>American Economic Review>/i> 91, no. 2: 263-267.
] [ 33 Toda, H.Y.,
and T. Yamamoto. 1995. âStatistical Inference in Vector Autoregressions
with Possibly Integrated Processes.â >i>Journal of Econometrics>/i> 66,
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34 VaÅ¡ÃÄek, B. 2009. âInflation
Dynamics and the New Keynesian Phillips Curve in EU.4.â 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 â0.4 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 â0.7 to â0.8. 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:
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âOn the Specification of Conditional Factor Demand Functions in Recent
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Distortions and the Regulatory Transition of the U.S. Airline Industry.â
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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. âNear-Rational Wage and Price Setting and
the Long-Run Phillips Curve.â >i>Brookings Papers on Economic
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Fischer. 2007. âThe Bigger the Better? Evidence of the Effect of
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148-163. ] [ 24
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Population: Additional Evidence from Large Cross-Country Samples.â
>i>Public Choice>/i> 138 (March): 483-490. ]
[ 25 Rousseau, P., and P.
Wachtel. 2002. âInflation Thresholds and the Finance-Growth Nexus.â
>i>Journal of International Money and Finance>/i> 21, no. 6:
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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. âHow Important Are Financing
Constraints? The Role of Finance in the Business Environment.â Policy
Research Working Paper no. 3820, World Bank, Washington, DC.
] [ 3 Beck, T.; A.
Demirguc-Kunt; and V. Maksimovic. 2004. âBank Competition and Access to
Finance: International Evidence.â >i>Journal of Money, Credit, and
Banking>/i> 36, no. 3: 627-648. ] [
4 Beck, T.; V. Maksimovic; and A.
Demirguc-Kunt. 2002. âFinancial and Legal Constraints to Firm Growth:
Does Size Matter?â Policy Research Working Paper no. 2784, World Bank,
Washington, DC. ] [ 5
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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 âHidesâ Behind Sovereign Debt Ratings?" ECB
Working Paper Series no. 171, Frankfurt. ] [
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Brandt; and K.A. Kavajecz. 2009. "Flight-to-Quality or
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The Spread on German Interest Rates." >i>Economic Journal>/i> 107, no.
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Heterogeneity and Dynamics in Cross-Country Savings Regressions." In
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2007. "Policy Credibility and Sovereign CreditâThe Case of New EU Member
States." IMF Working Paper Series no. 07/01, Washington, DC,
January. ] [ 21
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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.
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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
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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 BeÅkovskis, 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):
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Dekle, R. 1994. "Technological Progress and Endogenous Capital
Depreciation: Evidence from the U.S. and Japan." Board of Governors of the
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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
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Income and Product Accounts." >i>Survey of Current Business>/i> (July):
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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
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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. ]
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Puch; and J.R. Ruiz-Tamarit. 2001. "Optimal Growth Under Endogenous
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Measurement of Industry-Level and Aggregate Productivity Growth.>/i>
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2001b. "Measuring Capital: A Manual on the Measurement of Capital Stocks,
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"Measuring Capital Services in the United Kingdom." >i>Bank of England
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Srinivasan. 2003. "Capital Stocks, Capital Services, and Depreciation: An
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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. ]
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Mathematical Theory of Saving." >i>Economic Journal>/i> 38, no. 152
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Long-Run Growth." >i>Journal of Political Economy>/i> 94, no. 5 (October):
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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
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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,
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3 Banerjee, B. 1983. "The Role of the
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Sasaki. 2005. "Do Migrants React to Infrastructure Difference Between
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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:
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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
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Regression with Weak Instruments." >i>Econometrica>/i> 65, no. 3:
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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
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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.
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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:
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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:
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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,
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] [ 18 Mai, N.
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19 Maitra, P. 2003. "Schooling and
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20 McKenzie, D., and H. Rapoport. 2007. "Can
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21 Mountford, A. 1997. "Can a Brain Drain Be
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22 Newey, W. K. 1987. "Efficient Estimation
of Limited Dependent Variable Models with Endogenous Explanatory
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Tests for Simultaneous Probit Models." >i>Journal of Econometrics>/i> 39,
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Girls in Turkey." Economic Growth Center Working Paper no. 789, Yale
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untj.org/files/reports/Gender%20in%20Transition.pdf>/a>
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href='http://siteresources.worldbank.org/PGLP/Resources/Albania_PA_Grey_Co
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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 areaânamely, rural and urbanâby 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.
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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 GroÃfamilie im Kosovo>/i>
[The Albanian Extended Family in Kosovo]. Vienna: Böhlau
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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, Ã. 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
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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 CholewiÅski, R. 2008.
"WpÅyw zmian kursu walutowego na dynamikÄ 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
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16 Filardo, A. J. 1998. "New Evidence of
the Output Cost of Fighting Inflation." >i>Economic Review>/i> 83, no. 3:
33-61. ] [ 17
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Models in Empirical Finance.>/i> Cambridge: Cambridge University
Press. ] [ 18
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When Market Share Matters." >i>American Economic Review>/i> 79, no. 4:
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] [ 20 Goldberg, P. K.
1995. "Product Differentiation and Oligopoly in International Markets: The
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891-951. ] [ 21
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Exchange Rate: What Have We Learned?" >i>Journal of Economic
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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. Ãsterholm. 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
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29 Khundrakpam, J. K. 2007. "Economic
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Basel. ] [ 30
KÅos, B.; R. KokoszczyÅski; T. Åyziak; 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
Åyziak, 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."
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43 Woodford, M. 2003. >i>Interest and
Prices: Foundations of a Theory of Monetary Policy.>/i> Princeton:
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44 Wolffram, R. 1971. "Positive Measures of
Aggregate Supply Elasticities: Some New ApproachâSome 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: JiÅÃ Podpiera
Author-X-Name-First: JiÅÃ
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:
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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
EconomyâEconomic 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 FungáÄová
Author-X-Name-First: Zuzana
Author-X-Name-Last: FungáÄová
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:
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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 Krušec
Author-X-Name-First: Dejan
Author-X-Name-Last: Krušec
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:
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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. GalÃ; 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:
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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
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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
functionsâlobbying, information, or otherâhave 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:
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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:
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Pyle, W. 2006b. "Russia's Business Associations: Who Joins and
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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 thatâdue to
the imperatives of both fast economic growth and ecological
sustainabilityâmanifest 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:
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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 âReconstruction of Italyâ by the
New Italian Political Parties, 1992-95." >i>Political Geography>/i> 16,
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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 ThieÃen
Author-X-Name-First: Ulrich
Author-X-Name-Last: ThieÃen
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. ]
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Prior; and E. Tortosa-Ausina. 2007. "On the Determinants of Local
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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
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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
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in Rentier Regions: Evidence from Russia." >i>World Development>/i> 37,
no. 2: 503-512. ] [ 7
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[ 9 Hanson, P. 2006.
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postkommunisticheskoi Rossii: ekonomicheskii rost 2000-2007>/i>
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12 Kholodilin, K.; A. Oshchepkov; and B.
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[ 15 Martinez-Vazquez, J.,
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Equalization." >i>Journal of Comparative Economics>/i> 36, no. 1:
157-176. ] [ 16
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[ 17 Popov, V. 2004. "Fiscal
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20 Smart, M., and R. M. Bird. 1997.
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Transition: Evidence from Ukraine." >i>Economics of Planning>/i> 37, no.
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189-224. ] [ 23
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25 Zubarevich, N. 2009. "Mify i realnosti
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>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-Ã -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:
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] [ 4 BDI
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] [ 9 Davydov, M. 1977.
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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 WorldâGrowth 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
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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
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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
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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.
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Reappraisal." >i>Journal of Political Economy>/i>, 72, no. 6:
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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
Ãgert, 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 Ãgert, 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
Ãgert, 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
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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
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Economic Restructuring>/i>, ed. H. Herr, S. Tober, and A. Westphal, pp.
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Policies and Economic Restructuring>/i>. Cheltenham, UK: Edward
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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/>/
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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
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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
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Non-Traded Services: Problems of Theory, Measurement and Policy Toronto:
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International Standards, Basel. ] [
26 Ministry of Economics, Republic of
Latvia. 2008. "The National Economy of Latvia: A Macroeconomic Review."
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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
OwnersâLessons 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 KunÄiÄ
Author-X-Name-First: Aljaž
Author-X-Name-Last: KunÄiÄ
Author-Name: Marjan SvetliÄiÄ
Author-X-Name-First: Marjan
Author-X-Name-Last: SvetliÄiÄ
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
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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?
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Kokko. 1994. "Home Country Effects of Foreign Direct Investment: Evidence
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4 Blomström, M., and A.O. Kokko. 1998.
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M. 1994. "What Explains Developing Country Growth?" In >i>Convergence and
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Economics>/i> 45, no. 1: 115-172. ] [
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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,
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Dunning, J.H. 1981. >i>International Production and the
Multinational Enterprise>/i>. London: Allen and Unwin.
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15 Easson, A. 2001. "Tax Incentives for
Foreign Direct Investment Part 1: Recent Trends and Countertrends."
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Ernst & Young. 2006. >i>Swiss Attractiveness Survey: What
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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
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/fdi2006.pdf>/a> ] [ 18
Ferligoj, A. 1989. "RazvrÅ¡Äanje v skupine. Teorija in
uporaba v družboslovju" [Clustering: Theory and Applications in Social
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Statistics], vol. 4. Ljubljana: Fakulteta za sociologijo, politiÄne vede
in novinarstvo, Univerza v Ljubljani. ] [
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Ferligoj, A., and V. Batagelj. 1980. "Taksonomske metode v
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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
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(October): 51-74. ] [ 23
Hassett, K.A., and R.G. Hubbard. 2002. "Tax Policy and
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>i>Journal of Economic Literature>/i> 44, no. 3 (September):
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>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
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27 JakliÄ, A., and M. SvetliÄiÄ. 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
podjetništvo 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 SvetliÄiÄ, M.; A. JakliÄ 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 KneževiÄ Cvelbar
Author-X-Name-First: Ljubica KneževiÄ
Author-X-Name-Last: Cvelbar
Author-Name: Anðelko Lojpur
Author-X-Name-First: Anðelko
Author-X-Name-Last: Lojpur
Author-Name: Janez Prašnikar
Author-X-Name-First: Janez
Author-X-Name-Last: Prašnikar
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
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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
CeroviÄ, B., and R. DragutinoviÄ MitroviÄ. 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. Prašnikar; 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 âMass Privatizationâ 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. KoÄenda; 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 dosadašnje 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 LandscapeâA 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 GregoriÄ, 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. Prašnikar. 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
Prašnikar, J.; L. Kneževic; Cvelbar; A. Lojpur; and M.
JovoviÄ. 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
VukotiÄ, 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 CountriesâStochastic 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.
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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. ]
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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 SeriesâFurther 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 SpilloversâWhat 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. SÄpÄtoru. 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.; ŠJurajda; 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:
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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
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Ãsterholm, 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 âNewâ 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.
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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
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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:
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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
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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
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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." ChiÅinÄu, 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." ChiÅinÄu, 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
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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
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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
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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
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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
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[ 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
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[ 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
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[ 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
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[ 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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Title: Derivatives in the Czech Republic and Abroad: Present and Future
Abstract:
Journal: Eastern European Economics
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Title: Reform of Pension Insurance in the Years 1989 to 1996 and Current Problems in the System
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Title: European Aspects of the Disinflation Policy of the Czech National Bank
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Title: The Phases of Budgetary Reform
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Title: Attitudes toward Change Initiatives in Corporate Cultures Undergoing Transformation: Two Examples from Moscow
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Journal: Eastern European Economics
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Title: Managerial Style in Transition Economies: The Example of the Republic of Macedonia
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Title: Early Privatization in Romania: The Period of Management and Employee Buyouts, 1991 to 1995
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Title: Determinants of Producer Services Development in Slovenia
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Title: Communal Infrastructure in Slovenia in View of Its Accession to the European Union: Sector Review, Investment Needs, and Policy Priorities
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Title: Residual State Property in the Czech Republic
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Journal: Eastern European Economics
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Title: The Term Structure of Interest Rates and Future Inflation
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Title: How Russian Agricultural Enterprises Are Surviving: The Financial Status of Large Agricultural Enterprises in the St. Petersburg Region
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Title: Macroeconomic Policy and Economic Growth during the Transition: The Case of the Czech Republic in the 1990s
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Title: The Money-Income Relation and the Monetary Transmission Mechanism: The Case of Slovenia
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Journal: Eastern European Economics
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Title: Price Formation and Inflation Multiplier
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Title: European Union Enlargement: Is Enthusiasm Waning?
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Title: Supply Trends in Slovenian Agriculture under Transition to the Market
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Title: Recent Organizational Changes in Hungarian Industry and Their Effects: The Case of Budapest
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Title: Exchange-Rate and Agricultural Development in Central and East European Countries
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Title: Privatization in Croatia: Legacies and Context
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Year: 1999
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Title: Hungarian Experience in Energy Utilization of Agricultural and Food-Industry By-Products
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Title: Corporate Governance and Economic Performance in Poland
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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:
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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:
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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
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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
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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
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Year: 1998
Month: 12
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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:
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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
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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
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Year: 1998
Month: 10
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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
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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
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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:
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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:
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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
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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
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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
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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
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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
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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
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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
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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:
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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
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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
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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
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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
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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
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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:
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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
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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
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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
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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
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Author-Name: Márta Kiefer
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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
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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
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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
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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
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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
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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
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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
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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
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Krajewski
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Author-X-Name-Last: Krajewski
Title: Uniontex
Abstract:
Journal: Eastern European Economics
Pages: 24-37
Issue: 6
Volume: 35
Year: 1997
Month: 12
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Author-X-Name-Last: Krajewska
Title: Syntex
Abstract:
Journal: Eastern European Economics
Pages: 38-50
Issue: 6
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Title: Veba
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Journal: Eastern European Economics
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Author-Name: Judit Koczian
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Author-X-Name-Last: Koczian
Title: Matra Cukor Rt.
Abstract:
Journal: Eastern European Economics
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Journal: Eastern European Economics
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Title: Nivelco Ltd.
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Journal: Eastern European Economics
Pages: 34-43
Issue: 5
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Year: 1997
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Title: Salgglas Svegipari Ltd.
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Journal: Eastern European Economics
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Title: CS-12
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Pages: 74-83
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Journal: Eastern European Economics
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Journal: Eastern European Economics
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Author-Name: Colin Thirtle
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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
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Title: Current Structural Changes and Emerging Foreign Trade Patterns in the Postreform Czech Economy, 1989-1996
Abstract:
Journal: Eastern European Economics
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
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Author-X-Name-Last: Janáček
Title: Stock-Market Volatility and Real Processes in the Czech Economy
Abstract:
Journal: Eastern European Economics
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Year: 1997
Month: 6
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Title: Are Capital Inflows in the Czech Republic Inflationary?
Abstract:
Journal: Eastern European Economics
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Title: Marketing in Transition Conditions: Example of the Republic of Croatia
Abstract:
Journal: Eastern European Economics
Pages: 66-74
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Title: The Bulgarian Experience in the Privatization Process
Abstract:
Journal: Eastern European Economics
Pages: 75-92
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
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Author-X-Name-Last: Šujanová
Author-Name: Liana Payson
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Author-X-Name-Last: Payson
Title: Macroeconomic Evolution in the Czech Republic
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Journal: Eastern European Economics
Pages: 7-20
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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
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Year: 1997
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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
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Year: 1997
Month: 4
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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
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Title: Czech Privatization: From Public Ownership to Public Ownership in Five Years?
Abstract:
Journal: Eastern European Economics
Pages: 64-83
Issue: 2
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Year: 1997
Month: 4
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Author-Name: Jerzy Nowakowski
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Title: Bank Deposit Guarantee System in Poland
Abstract:
Journal: Eastern European Economics
Pages: 84-95
Issue: 2
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
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Issue: 1
Volume: 35
Year: 1997
Month: 2
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Author-Name: Frank Stolze
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Author-X-Name-Last: Brada
Title: The Central and East European Currency Phenomenon Reconsidered
Abstract:
Journal: Eastern European Economics
Pages: 5-30
Issue: 1
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Year: 1997
Month: 2
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Author-Name: Trajko Slaveski
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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
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Year: 1997
Month: 2
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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
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Issue: 1
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Year: 1997
Month: 2
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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
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Month: 2
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Author-Name: Wim Swaan
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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
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Year: 1997
Month: 2
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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:
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Handle: RePEc:mes:eaeuec:v:34:y:1996:i:6:p:3-4
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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
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Author-Name: Biljana Sekulovska-Gaber
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Author-X-Name-Last: Sekulovska-Gaber
Title: Macedonian Exports: A Small-Country Case
Abstract:
Journal: Eastern European Economics
Pages: 18-36
Issue: 6
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Year: 1996
Month: 12
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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
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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
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Year: 1996
Month: 12
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:5-43
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Author-Name: Zdeněk Papeš
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Author-X-Name-Last: Papeš
Author-Name: Pavel Vepřek
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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
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Author-Name: Olga Výborná
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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
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Handle: RePEc:mes:eaeuec:v:33:y:1995:i:3:p:80-95
Template-Type: ReDIF-Article 1.0
Author-Name: Josef C. Brada
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Title: Editor's IntroductionEconomies
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Journal: Eastern European Economics
Pages: 3-4
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Volume: 33
Year: 1995
Month: 4
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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
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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
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Author-Name: Marie Vavrejnová
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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
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Handle: RePEc:mes:eaeuec:v:33:y:1995:i:2:p:76-110
Template-Type: ReDIF-Article 1.0
Author-Name: Josef C. Brada
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
Pages: 3-4
Issue: 1
Volume: 33
Year: 1995
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Author-Name: Vratislav Izák
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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
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Author-X-Name-Last: Hanousek
Author-Name: Zdeněk Tůma
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Author-X-Name-Last: Tůma
Title: Money Demand and Seigniorage in Transition
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Journal: Eastern European Economics
Pages: 54-73
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Volume: 33
Year: 1995
Month: 2
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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
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Template-Type: ReDIF-Article 1.0
Author-Name: Josef C. Brada
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
Pages: 3-5
Issue: 6
Volume: 32
Year: 1994
Month: 12
Keywords:
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Handle: RePEc:mes:eaeuec:v:32:y:1994:i:6:p:3-5
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Author-Name: Magdolna Sass
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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
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Author-Name: George Kopits
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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
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Template-Type: ReDIF-Article 1.0
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Author-Name: Nedka Ivanova
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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
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Title: Economic Developments in Slovenia
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Journal: Eastern European Economics
Pages: 75-99
Issue: 6
Volume: 32
Year: 1994
Month: 12
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Template-Type: ReDIF-Article 1.0
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Title: Editor's Introduction
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Journal: Eastern European Economics
Pages: 3-4
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Year: 1994
Month: 10
Keywords:
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Template-Type: ReDIF-Article 1.0
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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
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Template-Type: ReDIF-Article 1.0
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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
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Author-Name: Piotr Graff
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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:
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Template-Type: ReDIF-Article 1.0
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Author-Name: Zdeněk Sokol
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Author-X-Name-Last: Sokol
Author-Name: Martin Gregor
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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
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Title: Central European Free Trade Area
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Pages: 65-71
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Volume: 32
Year: 1994
Month: 10
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Template-Type: ReDIF-Article 1.0
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Title: Selected Issues of Monetary Policy in the Czech Republic
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Journal: Eastern European Economics
Pages: 72-86
Issue: 5
Volume: 32
Year: 1994
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastjan Strašek
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Title: A Small Open Economy and Integration Processes: The Case of Slovenia
Abstract:
Journal: Eastern European Economics
Pages: 87-94
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Volume: 32
Year: 1994
Month: 10
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Author-Name: Josef C. Brada
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
Pages: 3-4
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Year: 1994
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Keywords:
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Author-X-Name-Last: Ványai
Title: Employment and the Labor Market in Hungary
Abstract:
Journal: Eastern European Economics
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Issue: 4
Volume: 32
Year: 1994
Month: 8
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Title: Unemployment and the Labor Market in Czechoslovakia and the Czech Republic, 1990-1992
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Journal: Eastern European Economics
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Volume: 32
Year: 1994
Month: 8
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Template-Type: ReDIF-Article 1.0
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Title: Gross Domestic Product
Abstract:
Journal: Eastern European Economics
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Issue: 4
Volume: 32
Year: 1994
Month: 8
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Author-X-Name-Last: Thompson
Author-Name: Calin Valsan
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Author-X-Name-Last: Valsan
Title: Foreign Direct Investment in an Emerging Market Economy: The Case of Romania
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Journal: Eastern European Economics
Pages: 81-95
Issue: 4
Volume: 32
Year: 1994
Month: 8
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Title: Editor's Introduction
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Journal: Eastern European Economics
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Year: 1994
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Keywords:
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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
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Title: Evidence of a New Shape of Income Distribution in Poland
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Journal: Eastern European Economics
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Issue: 3
Volume: 32
Year: 1994
Month: 6
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Title: Debt Management in Eastern Europe
Abstract:
Journal: Eastern European Economics
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Issue: 3
Volume: 32
Year: 1994
Month: 6
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Title: Privatization, Structural Adjustment, and Exports: The Case of the Hungarian Engineering Industry
Abstract:
Journal: Eastern European Economics
Pages: 76-96
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Year: 1994
Month: 6
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Template-Type: ReDIF-Article 1.0
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Title: Editor's Introduction
Abstract:
Journal: Eastern European Economics
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Year: 1994
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Keywords:
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Author-Name: Stanislava Janáčková
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Title: Parting with the Common State and Currency: First Steps of the Czech Republic
Abstract:
Journal: Eastern European Economics
Pages: 6-22
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Volume: 32
Year: 1994
Month: 4
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Author-Name: Zdislav Šulc
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Author-Name: Martin Gregor
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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:
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Template-Type: ReDIF-Article 1.0
Author-Name: Leszek Balcerowicz
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Author-Name: Piotr Graff
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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
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Author-Name: Marek Gruchelski
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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=â1&EN'>http://www.bnb.bg/bnb/home.n
sf/vWebPagesByADOptionEN/C68625FC1EE54BF0C2256AC700497B64?OpenDocument&cou
nt=â1&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
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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
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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
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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-Ã -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
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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.
Ãnal-Kezenci. 1996. "Statistical Analysis of EC Trade in Intermediate
Products." Série 6D, Eurostat, Paris. ] [
9 Fontagné, L.; M. Freudenberg; and D.
Ãnal-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
PavlÃnek, 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 AuÃenhandels."
[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 kufliÄ
Author-X-Name-First: Lorena
Author-X-Name-Last: Å kufliÄ
Author-Name: Valerija BotriÄ
Author-X-Name-First: Valerija
Author-X-Name-Last: BotriÄ
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
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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 kapitalaâutjecaj na
domaÄe investicije i strukturu robne razmjene" [Foreign Capital
InflowsâInfluence 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 priÄa. nove
okolnosti" [Investment Efficiency and FDIâOld Story, New Circumstances].
In >i>Hrvatska na putu u Europsku Uniju>/i>, [Croatia on the Way to the
European Union], ed. I. TeodoroviÄ, 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
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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
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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
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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
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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
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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:
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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
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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:
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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
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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
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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:
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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:
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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 KneževiÄ Cvelbar
Author-X-Name-First: Ljubica KneževiÄ
Author-X-Name-Last: Cvelbar
Author-Name: Polona Domadenik
Author-X-Name-First: Polona
Author-X-Name-Last: Domadenik
Author-Name: Janez Prašnikar
Author-X-Name-First: Janez
Author-X-Name-Last: Prašnikar
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:
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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. Prašnikar; 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 KneževiÄ
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 Prašnikar,
J.; V. Bole; A. AhÄan; 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. GregoriÄ. 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:
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X-Bibl:
[ 1 Antalóczy, K., and A.
ÃltetÅ. 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]. PoznaÅ: 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
KopeÄ, U. 2002. "BezpoÅrednie inwestycje zagraniczne w
gospodarce Åwiatowej i w krajach Europy Årodkowej 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.
"AtrakcyjnoÅÄ Polski dla zagranicznych inwestycji bezpoÅrednich po
piÄciu latach transformacji" [The Attractiveness of Poland for Foreign
Direct Investment After Five Years of Transition]. In >i>Studia nad
reformowan gospodarkaà 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>ŹródÅa kapitaÅu
spoÅecznego>/i> [The Sources of Social Capital]. WrocÅaw: 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:
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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
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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
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X-Bibl:
Handle: RePEc:mes:eaeuec:v:41:y:2003:i:2:p:42-68
Template-Type: ReDIF-Article 1.0
Author-Name: Jesús RodrÃguez López
Author-X-Name-First: Jesús RodrÃguez
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 statesâCzech Republic, Hungary, and Polandâhave 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
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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. GalÃ.
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 StrategiesâLessons 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
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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.
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25 Manski, C. 1995. >i>Identification
Problems in the Social Sciences>/i>. Cambridge: Harvard University
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Oaxaca, R. 1973. "Male-Female Wage Differentials in Urban Labor
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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:
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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
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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
JamesâStein 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
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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-Ã -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
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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:
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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. TkaÄevs. 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.
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and P. Perron. 1991. "Pitfalls and Opportunities: What Macroeconomists
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15 Crowder, W.J. 2003. "Panel Estimates
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16 Dzwonik-Wróbel, E., and J. Zieba. 1994.
"Money Supply and Money Demand in Poland, 1990-1992." Wiener Institut für
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[ 19 European Central Bank. 1999.
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23 European Central Bank. 2003d. "Policy
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am Main, Germany, December 18, 2003. ] [
24 European Central Bank. 2004.
"Convergence Report." Frankfurt am Main, Germany, October.
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26 Hadri, K. 2000. "Testing for Stationarity
in Heterogeneous Panel Data." >i>Econometric Journal 3.>/i> no. 1:
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Financial Statistics>/i>, CD-ROM (IFS), Washington, DC.
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2003. "Money Demand and Monetization in Transition Economies." In
>i>Disinflation in Transition Economies>/i>, ed. M. Dabrowski, pp. 55-84.
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[ 31 Kao, C., and S. McCoskey.
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[ 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,
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Levin, A.; C.F. Lin; and C. Chu. 2002. "Unit Root Tests in
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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.
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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
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Pedroni, P. 1999. "Critical Values for Cointegration Tests in
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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.
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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
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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
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X-Bibl:
[ 1 Ark, B.; R. Inklaar;
and R. McGuckin. 2002. "Changing Gear: Productivity, ICT and Services:
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CZSO. 2005b. >i>Labour Market in the Czech Republic,
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[ 12 CZSO. 2005c. >i>Gross Value
AddedâIndustry Breakdown (Current Prices), 1995-2004.>/i> Prague: Czech
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(Full-Time Equivalents), 1995-2004.>/i> Prague: Czech Statistical
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Breakdown, 1995-2004.>/i> Prague: Czech Statistical Office.
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>i>Selected Time Series.>/i> Prague: Czech Statistical Office.
] [ 18 Dybczak, K.;
V. Flek; D. Hájková; and J. HurnÃk. 2006. "Supply-Side Performance and
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Thörnqvist, L. 1936. "The Bank of Finland's Consumption Price Index."
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[ 43 TomÅ¡Ãk, 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¡;iÄ
Author-X-Name-First: Darja
Author-X-Name-Last: BorÅ¡;iÄ
Author-Name: Jani BekÅ
Author-X-Name-First: Jani
Author-X-Name-Last: BekÅ
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:
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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
â-. 2003. "Denarna politika v ÄasuodÅ¡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
CorrectionâRepresentation, 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 plaÄâSlovenija in
Madžarska" [Prices and WagesâSlovenia andd Hungary]. >i>Bilten EDP
19>/i>, no. 4: 1-71. ] [
17 â-. 1999. "Slovenija in ItalijaâRavni
cen in plac" [Slovenia and ItalyâLevels of Prices and Wages]. >i>Bilten
EDP 22>/i>, no. 4: 1-74. ] [
18 â-. 2003. "Slovenija in
AvstrijaâRavni cen in plaÄ" [Slovenia and AustriaâLevels 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 â-. 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 CointegrationâWith 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:
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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: JiÅà SlaÄálek
Author-X-Name-First: JiÅÃ
Author-X-Name-Last: SlaÄálek
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
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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
âNew Keynesianâ 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 Ãgert, B. 2003.
"Nominal and Real Convergence in Estonia: The Balassa-Samuelson (Dis)
connection." Working Paper, Bank of Estonia, Tallinn.
] [ 14 Ãgert, 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
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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
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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
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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
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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
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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 BaÅar, 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 EconomiesâCoping
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
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De Grauwe, P., and F.P. Mongelli. 2005. "Endogeneities of
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13 Dehaene, J.-L. 2000. "Reunification of
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[ 29 Petit, M.L. 1990.
>i>Control Theory and Dynamic Games in Economic Policy Analysis.>/i>
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30 Plasmans, J.; J. Engwerda; B. van
Aarle; G. Di Bartolomeo; and T. Michalak. 2005. >i>Dynamic Modelling of
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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:
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L.A. Winters. 2001. "Regionalism in the Nineties: What Effect on Trade?"
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] [ 38 Steil, B.,
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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 SvetliÄiÄ
Author-X-Name-First: Marjan
Author-X-Name-Last: SvetliÄiÄ
Author-Name: Andreja JakliÄ
Author-X-Name-First: Andreja
Author-X-Name-Last: JakliÄ
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:
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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:
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X-Bibl:
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and S. Johnson. 1996. "How to Stabilize: Lessons from Post-Communist
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Baker. 1995. "Problems with Instrumental Variables Estimation When the
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Campos, N., and F. Coricelli. 2003. "Growth in Transition: What
We Know, What We Don't and What We Should." Journal of Economic Literature
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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. ]
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Empirics: A Panel Data Approach." Quarterly Journal of Economics 110, no.
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Unknown Quantity? Comparative Analysis of Hidden Economies in Transition
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and D. Renelt. 1992. "A Sensitivity Analysis of Cross-Country Growth
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[ 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.
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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
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X-Bibl:
[ 1 Abdel-Fadil, M. 1987.
"The Macro-Behaviour of Oil-Rentier States in the Arab Region." In The
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Amuzegar, J. 1982. "Oil Wealth a Very Mixed Blessing." Foreign
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Auty, R.M., and A.H. Gelb. 2001. "Political Economy of
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Barnes, A. 2003. "Russia's New Business Groups and State Power."
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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
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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. ]
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"Why Growth Rates Differ. The Political Economy of Social Capability in 21
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International Companies]. Cahier de Recherche LEPII, Série EPE, no. 35,
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------. 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
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27 Mañé Estrada, A. 2000. "El mercado del
petróleo en el contexto de la globalización: Transnacionalización y
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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
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de Barcelona. ] [ 32
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Noël, P. 2003. "La politique pétrolière Américaine: Une
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"A Macro-Economic Overview." Paper presented at the Russia Predicament
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economía Rusa atrapada entre la bonanza petrolera y la deuda externa"
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(March): 13-32. ] [ 37
Palazuelos, E., and R. Fernández. 2002. La decadencia
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I. 1998. "The Concept of Production Sharing." Paper presented at the
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C. Saivetz; and G. Breslauer. 2004. "Russia in the Year 2003." Post-Soviet
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40 Rucker, L., and G. Walter. 2004. "Russie
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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
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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.
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"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.
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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
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[ 51 World Bank. 2003.
"Russian Economic Report." Russia Country Department, Washington, DC,
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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:
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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
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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. ]
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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.
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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
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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 kufliÄ
Author-X-Name-First: Lorena
Author-X-Name-Last: Å kufliÄ
Author-Name: Valerija BotriÄ
Author-X-Name-First: Valerija
Author-X-Name-Last: BotriÄ
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 BotriÄ, V., and L. Å kufliÄ. 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 TradeâThe
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 kufliÄ, 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
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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
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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
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X-Bibl:
Handle: RePEc:mes:eaeuec:v:40:y:2002:i:2:p:57-84
Template-Type: ReDIF-Article 1.0
Author-Name: Imre FertÅ
Author-X-Name-First: Imre
Author-X-Name-Last: FertÅ
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
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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
âStickiness.â" >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.
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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
âRevealed Comparative Advantageâ 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
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Amsterdam. ] [ 23
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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:
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X-Bibl:
Handle: RePEc:mes:eaeuec:v:41:y:2003:i:3:p:60-69
Template-Type: ReDIF-Article 1.0
Author-Name: Žiga Äepar
Author-X-Name-First: Žiga
Author-X-Name-Last: Äepar
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
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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 Äepar, 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:
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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:
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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
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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
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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
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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
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X-Bibl:
[ 1 Ãbrahám, Ã., and G.
Kézdi. 2000. "Long-Run Trends in Earnings and Employment in Hungary,
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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 economyâthat is, transborder shipmentsâis 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
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X-Bibl:
[ 1 Abbott, T. 1994.
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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
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bjorgstén, N. 2000.
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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:
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Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo
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2002b. "The Cost of Sudden Stops: Capital Flow Reversals and Output Loss."
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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:
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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:
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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
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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:
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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:
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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
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X-Bibl:
[ 1 Amsden, A. H., and R.
V. Hoeven. 1996. "Manufacturing Output, Employment, and Real Wages in the
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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 âLatin-Americanizationâ 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
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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:
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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:
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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
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] [ 4
BaÂtowski, M. 2002. PrzeksztaÂcenia wÂasno
ciowe przedsi biorstw pa stwowych w Polsce [Ownership Transformation of
State-Owned Enterprises in Poland]. Warsaw: Wydawnictwo Naukowe
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6 Chojna, J. 2003. "Miejsce podmiotów z
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[Position of Companies with Foreign Capital in External Trade of Poland].
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Poland: The Annual Report], ed. B. Durka, pp. 27-52. Warsaw:
IKiCHZ. ] [ 7
------. 2004. "Miejsce podmiotów z udziaÂem kapitaÂu
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Clarke, George R.G. 2003. WpÂyw typu wÂasno ci i
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------. 1993. Multinational Enterprises and the Global Economy.
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"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. ] [
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Direct Investment in a Transition Economy. The Polish Case, ed. M.A.
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20 Inwestycke zagraniczne w Polsce. Raport
roczy 2001 [Foreign Investments in Poland. The 2001 Annual Report]. 2001.
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Global Production and Distribution Networks Through FDI: The Case of
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G.W. 2001. Globalizacja a perspektywy rozwoju krajów posocjalistycznych
[Glo-balization and the Perspectives of the Development of the
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to Therapy: The Political Economy of Postsocialist Transformation. Oxford:
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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
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] [ 27 Moosa, I.A. 2000.
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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
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Poland and Hungary]. Krakow: Wydawnictwo Akademii Ekonomicznej w
Krakowie. ] [ 32
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bezpo rednich na innowacyjno polskiej gospodarki [Impact of Foreign Trade
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KapitaÂowy, nos. 6-7: 23-24, 126-127. ]
[ 38 Zorska, A. 1998. Ku
globalizacji? Przemiany w korporacjach transnarodowych i w gospodarce
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] [ 39 ------. 2003.
"FDI Expansion of TNCs in Poland and Its Impact on the Economy." In
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Leon Koz;min;ski Academy of Entrepreneurship and Management.
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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:
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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."
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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.
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Search for Long Memory in International Stock Market Returns." Journal of
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[ 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.;
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V. Plerou; and H.E. Stanley. 2003. "A Theory of Power-Law Distributions in
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31 Panas, E. 2001. "Estimating Fractal
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35 Sadique, S., and P. Silvapulle. 2001.
"Long-Term Memory in Stock Market Returns: International Evidence."
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]
Handle: RePEc:mes:eaeuec:v:43:y:2005:i:4:p:79-103
Template-Type: ReDIF-Article 1.0
Author-Name: Mejra FestiÄ
Author-X-Name-First: Mejra
Author-X-Name-Last: FestiÄ
Author-Name: Jani BekÅ
Author-X-Name-First: Jani
Author-X-Name-Last: BekÅ
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
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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
BekÅ, 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
BekÅ, J., and M. FestiÄ. 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.
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"Denarna politika v Äasu 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 prikljuÄitev EU" [Segments of
Economic Policy and EU Accession]. >i>BanÄni vestnik>/i>>b>53>/b>, no. 5:
5-11. ] [ 9
Bolle, M. 2003. >i>Eurozone EnlargementâReshaping 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.
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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:
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/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 AvstrijaâRavni cen in plaÄ" [Slovenia and
AustriaâLevels 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
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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 IssuesâAn Interpretation of
the Slovenian Approach." >i>Bilten Banke Slovenije: Prikazi in
analize>/i>>b>12>/b>, no. 1: 7-20. ] [
31 LavraÄ, 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
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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. "JavnofinanÄni 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
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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
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3 Barz, M. 1998. "Foreign Direct
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[ 4 Bellmann, L.; P. Ellguth; and
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Belitz, H.; K. Brenke; and F. Fleischer. 2000. Der Beitrag
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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
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9 Carroli, P.; E. Pol; and P.L. Robertson.
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] [ 10 Caves, R.E. 1996.
Multinational Enterprises and Economic Analysis. Cambridge: Cambridge
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] [ 13 Deutsches
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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
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der Gemeinschaft. Innovationsverhalten nach Wirtschaftszweigen"
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[Theory and Empirics of Foreign Direct Investment], ed. R. Döhrn and G.
Heiduk, 129-148. Berlin: Duncker & Humblot. ]
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Schwarz. 1985. "Market Structure and Innovation: A Survey." Journal of
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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
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Kölling, A. 2000. "The IAB-Establishment Panel." Schmollers
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28 Krockow, A. 2002. "Außenhandel mit
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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
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31 ------. 1999. Science, Technology and
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Pampel, F.C. 2000. Logistic Regression: A Primer. Thousand Oaks,
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Pavitt, Keith. 1984. "Sectoral Patterns of Technical Change:
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Rugman, Alan M. 1980. "Internalization as a General Theory of
Foreign Direct Investment: A Re-Appraisal of the Literature."
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Still a General Theory of Foreign Direct Investment." Weltwirtschaftliches
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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
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40 Vernon, R. 1966. "International Investment
and International Trade in the Product Cycle." Quarterly Journal of
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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
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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
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[ 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
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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
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X-Bibl:
[ 1 Aturupane, C.; S.
Djankov; and B. Koekman. 1999. "Horizontal and Vertical Intra-Industry
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Funke, M., and R. Ruhwedel. 2001. "Product Variety and
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24 Kaminski, B. 1996. "Factors
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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:
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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
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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
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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
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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:
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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
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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 átmenetrÅ" [Anti-Kadarism, or Another Passionate
Pamphlet on Transition]. >i>Ãlet és Irodalom>/i> (March 4).
] [ 4 Banyár, J.,
and J. Mészáros. 2003. >i>Egy lehetséges és kÃvánatos
nyugdÃjrendszer>/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; Ã. 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: Ãlet és
Irodalom. ] [ 11
Bokros, L. 2006. "KÃvánja-e az államháztartási reform a
lakossági tehervállalás növekedését?" [Does the Reform of Public
Finances Require People to Tolerate Increased Burdens?]. >i>Ãlet 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 Ãllampénztár 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 üsszehasonlÃtásban>/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 illeszkedŠgaranciarendszer
létrehozásának lehetÅségei>/i> [Possibilities to Establish a
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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:
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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
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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
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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:
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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:
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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
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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
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X-Bibl:
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Charges in Britain." >i>Economic Journal>/i> 98, no. 390:
161-176. ] [ 29
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and Transport Investment." >i>American Economic Review>/i> 59, no. 2:
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Vickrey, W. 1999. "Henry George, Economies of Scale, and Land
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of Public Finance>/i>, ed. K. C. Wenzer, pp. 24-36. London:
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Wirl, F. 1991. >i>Die Theorie öffentlicher Firmen:
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43 Woleková, H.; A. Petrášová; S.
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Dimensions of the Nonprofit Sector>/i>, vol. 2, ed. L. M. Salamon, H. K.
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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 FertÅ
Author-X-Name-First: Imre
Author-X-Name-Last: FertÅ
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 FertÅ, 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 FertÅ, I., and L.J. Hubbard. 2004. "The
Dynamics of Agri-Food Trade PatternsâThe 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: LubomÃr LÃzal
Author-X-Name-First: LubomÃr
Author-X-Name-Last: LÃzal
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
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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
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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
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] [ 3 Begg, D. 1996.
"Monetary Policy in Central and Eastern Europe: Lessons After Half a
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[ 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
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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:
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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
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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¡iÄ
Author-X-Name-First: Siniša
Author-X-Name-Last: KuÅ¡iÄ
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
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[ 1 Altmann, F.-L. 2002.
>i>Regionale Kooperation in SüdosteuropaâOrganisationen, Pläne,
Erfahrungen>/i> [Regional Cooperation in Southeast EuropeâOrganizations,
Plans, Experiences]. Munich: Balkan Forum, Regionale Kooperation und
Europäische Integration des Westbalkans. ] [
2 Anastasakis, O., and V.
BojiciÄ-DželiloviÄ. 2002. >i>Balkan Regional Cooperation & European
Integration.>/i> London: Hellenic Observatory, London School of
Economics. ] [ 3
Bartlett, W., and V. BukviÄ. 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¡iÄ. 2004. "Venture Capital and Its Impact on InnovationâAn
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¡iÄ. 2005. >i>Innovative Entrepreneurship
in CroatiaâIs 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¡iÄ, S., and C. Grupe 2004. "Ãber die
WettbewerbsfähigkeitâDefinitionsversuche und Erklärungsansätze"
[About CompetitivenessâAttempts of Definition and Explanation
Approaches]. >i>Ekonomski Pregled>/i> 55, nos. 9-10: 804-813.
] [ 12 Nacionalno
VijeÄe 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 ProduzeÄa, 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
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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
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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
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[ 2 Bell, D. 1973. The Coming of
Post-Industrial Society: A Venture in Social Forecasting. New York: Basic
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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
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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.
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11 Frobel, F.; J. Heinrichs; and O.
Kreye. 1980. "The New International Division of Labour in the World
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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.
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Kearney, A.T. 2003. "FDI Confidence Index." Washington, DC:
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[ 15 Leydesdorff, L., and H.
Etzkowitz. 1998. "The Triple Helix as a Model for Innovation Studies."
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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
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National Science Foundation. 1999. "Science and Technology
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21 Office of National Statistics. 2001.
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22 Putnam, R. 1995. "Bowling Alone:
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Putnam, R., and K.A. Gross. "Introduction." Democracies in Flux,
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[ 24 Therborn, G. 2000.
"Globalization, Dimensions, Historical Waves, Regional Effects, Normative
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] [ 25 Won-Ki, K. 2001.
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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
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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.
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Altman, E. I.; R. Haldeman; and P. Narayanan. 1977. "Zeta
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>i>Journal of Banking and Finance>/i> 1, no. 1: 29-54.
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Bankruptcy Prediction." Working Paper ANO 2110/10, Norges Bank,
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International Monetary Fund. 2006. >i>Financial Soundness
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[ 9 Jenkins, S. P. 2004.
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Lukason, O. 2006. "Pankrotistumise modelleerimine Eesti
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Männasoo, K. 2007. "Determinants of Firm Sustainability in
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] [ 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
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Sundararajan, V.; C. Enoch; S. Armida; P. Hilbers; R. Krueger;
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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
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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
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X-Bibl:
[ 1 Akerlof, G.A.; W.T.
Dickens; and G.L. Perry. 1996. "The Macroeconomics of Low Infla-tion."
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Begg, D.; O. Blanchard; D. Coyle; B. Eichengreen; J.
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[ 8 ------. 2003. "Inflation
Report." Prague (January). ] [
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"Adopting the Euro in Hungary: Expected Costs, Benefits and Timing."
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------. 2003. "Progress on the Implementation of the Joint
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2001. "Economic Problems of Ireland and Europe." National Bureau of
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and A.K. Rose. 2000. "An of Estimate of the Effects of Currency Unions on
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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
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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
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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 BenáÄk, V. 2004.
"Král nenà 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 JanáÄková, S.
2004. "Jedno ÄÃslo nestaÄÃ" [A Single Number Is Insufficient].
>i>Euro>/i>>b>51-52>/b>: 80-81. ] [
5 KubÃÄek, J., and V. TomÅ¡Ãk. 2004a.
"Král nenà nahý, ale ani bohatý" [The King Is Not Naked, Nor Is He
Rich]. >i>Ekonom>/i>>b>35>/b>: 46-47. ] [
6 KubÃÄek, J., and V. TomÅ¡Ãk. 2004b.
"Kouzlo smÄnných relacà aneb jak pÅepoÄÃtat 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 pÅepoÄÃtat
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 SklenáÅ, P. 2004. "Pozor, nemÃchat!"
[Careful, Don't Mix!]. >i>Euro>/i>>b>45>/b>: 64. ]
[ 10 SpÄváÄk,V., and R.
Vintrová. 2005. "Jak rychle rostla Äeská 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
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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
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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. ] [
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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:
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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
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X-Bibl:
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F. Settle. 1999. "Women's Suffrage and the Growth of the Welfare State."
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G. G. Wagner. 1998. "The Income of Socialist Upper Classes During the
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] [ 3 Bollen, K. 1980.
"Issues in the Comparative Measurement of Political Democracy."
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Jackman. 1985. "Political Democracy and the Size Distribution of Income."
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9 Estrin, S.; G. Urga; and S. Lazarova.
2001. "Testing for Ongoing Convergence in Transition Economies, 1970 to
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Poverty, and Socioeconomic Performance, World Bank, Washington, DC
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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."
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Gradstein, M., and B. Milanovic. 2000. "Does Liberté =
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28 Martinez-Vazquez, J., and R. M. McNab.
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41 Rosser, J. B., Jr.; M. V. Rosser; and E.
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Commission for Europe. 2002. "Transition Economies: One of the Fastest
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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
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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>
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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
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X-Bibl:
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]
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
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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:
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X-Bibl:
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"Firms' Competitive and National Comparative Advantages as Joint
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Comparative Advantage and Trade Within Industries: Evidence from the
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] [ 13 Greenaway, D.;
R.C. Hine; and C.R. Milner. 1994. "Country-Specific Factors and the
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Weltwirtschaftliches Archiv 130, no. 1: 77-100. ]
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"Determinants of the Export Structure of Countries in Central and Eastern
Europe." World Bank Economic Review 11, no. 3: 471-488.
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J. Levinsohn. 1995. "Monopolistic Competition and International Trade:
Reconsidering the Evidence." Quarterly Journal of Economics 110, no. 4:
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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
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(WIIW), Vienna. ] [ 23
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Differentiation and International Trade:An EconometricAnalysis."Vienna
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Schmidt. 1994. "Outward Processing in Central and East European Transition
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Industrial Development." World Bank Economic Review, 12, no. 2:
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Economic Policy 16 (April): 139-181. ] [
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"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
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Policy in Central and Eastern Europe." Discussion Paper no. 1182, Centre
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31 Stiglitz, J.E. 1987. "The Causes and
Consequences of the Dependence of Quality on Price." Journal of Economic
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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
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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
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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
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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:
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X-Bibl:
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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:
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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:
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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:
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X-Bibl:
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] [ 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:
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Higher Education and Other Services in Which Customers Are Inputs".
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] [ 24 Rudd, E. 1984.
"A Comparison Between the Results Achieved by Women and Men Studying for
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Results from Dartmouth Roommates". >i>Quarterly Journal of Economics>/i>
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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:
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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:
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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:
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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:
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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
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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: VladimÃr TomÅ¡Ãk
Author-X-Name-First: VladimÃr
Author-X-Name-Last: TomÅ¡Ãk
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
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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. TomÅ¡Ãk. 2003. "Reinvested Earnings Bias,
The âFive Percentâ 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. TomÅ¡Ãk. 2004. "ZahraniÄnà investice a
náchylnost k mÄnovým krizÃm: zkuÅ¡enosti tranzitivnÃch 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 KubÃÄek, J., and V. TomÅ¡Ãk. 2005.
"Alternativnà pohled na odhad vývoje ekonomiky." [An Alternative View on
Economic Performance]. In >i>MÄÅÃme správnÄ 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. "MÄnová politika po
roce 1990 z hlediska makroekonomické identity soukromé spotÅeby"
[Monetary Policy After 1990 from the Point of View of the Macro-economic
Private Consumption Identity]. >i>Finance a úvÄr>/i> 49, no. 12:
725-736. ] [ 14
Mandel, M., and V. TomÅ¡Ãk. 2003. >i>Monetárnà ekonomie v
malé otevÅené 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
SpÄváÄek, V. 2006. "Makroekonomická rovnováha Äeské
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 úvÄr>/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:
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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:
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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
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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:
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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:
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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:
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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:
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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
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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."
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MA. ] [ 8
Blomström, M.; A. Kokko; and M. Zejan. 1992. National Bureau of
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Cambridge, MA. ] [ 9
Blomström, M., and H. Persson. 1983. "Foreign Investment and
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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
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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:
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Caves, R.E. 1974. "Multinational Firms, Competition, and
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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."
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[ 19 Dunning, J.H. 1993.
>i>Multinational Enterprises and the Global Economy.>/i> Reading, MA:
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Eden, L.; E. Levitas.; and R.J. Martinez. 1997. "The
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Factor Productivity Growth in East Asia: A Critical Survey." >i>Journal of
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22 Gershenberg, I. 1987. "The Training
and Spread of Managerial Know-How: A Comparative Analysis of
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Glass, A.J., and K. Saggi. 1998. "Multinational Firms,
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Globerman, S. 1979. "Foreign Direct Investment and
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D. Greenaway. 2004. "Much Ado About Nothing? Do Domestic Firms Really
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26 Haddad, M., and A. Harrison. 1993. "Are
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[ 30 Katz, J.M. 1987.
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602-611. ] [ 34
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"Foreign Direct Investment and Productivity Spillovers in the Chinese
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Spillovers from Foreign Direct Investment: Evidence from UK Industry Level
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39 Meyer, K. 2001. "Institutions,
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International Business Studies>/i> 31, no. 2: 257-367.
] [ 40 Meyer, K., and
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41 Meyer, K., and E. Sinani. 2004.
"Spillovers of Technology Transfer from FDI: The Case of Estonia."
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] [ 42 Nadiri, M.I.
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52 Sargan, J. 1958. "The Estimation of
Economic Relationship Using Instrumental Variables." >i>Econometrica>/i>
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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
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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). ] [
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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
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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
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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
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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
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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
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Metin, K. 1995. "An Integrated Analysis of Turkish Inflation."
>i>Oxford Bulletin of Economics and Statistics>/i>>b>57>/b>, no. 4
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>i>Economics Letters>/i>>b>58>/b>, no. 1 (January): 17-29.
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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
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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:
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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
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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
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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
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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
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X-Bibl:
[ 1 Altzinger, W., and C.
Bellak. 1999. "Direct Versus Indirect FDI: Impact on Domestic Exports and
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5 Blomström, M.; G. Fors; and R. E. Lipsey.
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[ 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?"
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MA. ] [ 10
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Investment Replace Home Country Investment? The Effect of European
Integration on the Location of Swedish Investment." >i>Journal of Common
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Oxelheim; and P. Thulin. 2005. "The Relationship Between Domestic and
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[ 13 Caliendo, M., and S.
Kopeinig. 2005. "Some Practical Guidance for the Implementation of
Propensity Score Matching." Discussion Paper 1588, Institute for the Study
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31 Lipsey, R. E.; E. Ramstetter; and M.
Blomström. 2000. "Outward FDI and Parent Exports and Employment: Japan,
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Central and East European Countries." In >i>Estonia, the New EU Economy:
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34 Mariotti, S.; M. Mutinelli; and L.
Piscitello. 2003. "Home Country Employment and Foreign Direct Investment:
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35 Markusen, J. R. 2002.
>i>Multinational Firms and the Theory of International Trade.>/i>
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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
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and D. Rubin. 1983. "The Central Role of the Propensity Score in
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of International Economics>/i>>b>50>/b>, no. 2: 449-472.
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Javorick B. 2004. "Does Foreign Direct Investment Increase the
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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.
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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.
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51 Varblane, U.; T. Roolaht; E. Reiljan; and
R. Jüriado. 2001. "Estonian Outward Foreign Direct Investments." Working
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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:
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X-Bibl:
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] [ 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:
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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
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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 VerbiÄ
Author-X-Name-First: Miroslav
Author-X-Name-Last: VerbiÄ
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
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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, konkurenÄnost, Älanstvo 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
â-. 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
â-. 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 VerbiÄ, M. 2004. "MikroekonometriÄna
analiza odloÄitev o upokojevanju v Sloveniji" [Microeconometric Analysis
of Retirement Decisions: Slovenia]. >i>IB Review 38>/i>, no. 3:
72-86. ] [ 24
â-. 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
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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
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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
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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
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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
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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.
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[ 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
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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
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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."
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[ 22 Kuznets, S. 1963. "A
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Ofer, G. 1973. >i>The Service Sector in Soviet Economic
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[ 24 Raiser, M.; M.E. Schaffer;
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>i>Structural Change and Economic Dynamics>/i> 15, no. 1: 47-81.
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Economics>/i> 39, no. 5: 243-271. ] [
27 Schroeder, G., and I. Edwards. 1981.
>i>Consumption in the USSR: An International Comparison.>/i> Joint
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[ 28 Stuart, R., and C.
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Impact of Initial Conditions." >i>Post-Soviet Geography and Economics>/i>
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29 Tabata, S. 1996. "Changes in the
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Geography and Economics>/i> 37, no. 3: 129-144. ]
[ 30 Transparency International.
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[ 34 World Bank and State
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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
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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
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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
Ãrvay, 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 Cauševic, F. 2002. "International Support
Policies to South-Eastern European CountriesâLessons (Not) Learned in
BHâChapter VâEmployment 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 CrnkoviÄ-PozaiÄ, 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
MitigationâEmployment 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 EconomiesâForget 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 ServicesâA 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 TransitionâUnrecorded Activity, Tax Evasion,
Corruption and Organized Crime>/i>, ed. E.L. Feige and K. Ott, pp.
167-189. Aldershot, UK: Ashgate. ] [
27 MikuliÄ, D., and S. Mad&zcar;areviÄ.
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"
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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
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8 Caporale, G. 1993. "Is Europe an Optimum
Currency Area? Symmetric Versus Asymmetric Shocks in the EC." National
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9 Chamie, N.; A. DeSerres; and R.
Lalonde. 1994. "Optimum Currency Areas and Shock Asymmetry. A Comparison
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Clarida, R., and J. Galí. 1994. "Sources of Real Exchange Rate
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[ 11 Cohen, D., and C. Wyplosz.
1989. "The European Monetary Union: An Agnostic Evaluation." In
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Institution, Centre for Economic Policy Research, and International
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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
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Fidrmuc, J. 2001. "The endogeneity of the Optimum Currency Area
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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
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[ 19 Frankel, J., and A. Rose.
1996. "The Endogeneity of the Optimum Currency Area Criteria." National
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Theory of Optimum Currency: An Eclectic View." In Monetary Problems of the
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21 Lättemäe, R. 2003. "EMU Accession Issues
in Baltic Countries." Ezoneplus Working Paper, no. 17A.
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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,
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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
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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
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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
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] [ 5 Bruckbauer, S.;
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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
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on EU Banking Structure," European Central Bank, Frankfurt am Main,
Germany. ] [ 10
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Efficiency in the Italian Banking Sector: A Non-Parametric Approach."
>i>Applied Economics 27>/i>, no. 3: 385-395. ]
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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
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Commercial Bank Performance in Transition: An Application of Data
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DC. ] [ 15
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the Banking Sector in a Transitional Economy: Hungarian Experience."
>i>Journal of Banking and Finance 27>/i>, no. 12: 2249-2271.
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N.C.; E. Liapis; G.T. Simigiannis; and P. Tzamourani. 2004. "Cost
Efficiency in Greek Banking." and D. Stavárek. 2004. "The Financial and
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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 PolouÄek, 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
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Efficiency: Evaluation with Data Envelopment Analysis." Journal of Banking
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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 â-.
>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. PolouÄek, D. Stavárek,
and M. Chowaniec, pp. 213-231. Karviná: Silesian University, School of
Business Administration. ] [
25 â-. 2005. "ZprostÅedkovatelská
cinnost bank ve strednà Evrope: Cást IâMezinárodnà analýza
efektivnosti" [Banking Intermediation in Central Europe: Part
1âCross-Country Analysis of Efficiency]. >i>Ekonomie a Management 8>/i>,
no. 1: 33-53. ] [ 26
Stavárek, D., and S. PolouÄek. 2004. "Efficiency and
Profitability in the Banking Sector." In Reforming the Financial Sector in
Central European Countries, ed. S. PolouÄek, 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
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X-Bibl:
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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:
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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:
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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
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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
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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
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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
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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
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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
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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 âGrease the
Wheels of the Labor Marketâ?" 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
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Decressin, A., and J. W. Decressin. 2002. "On Sand and the
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02/164, International Monetary Fund, Washington, DC. ]
[ 8 De Menil, G. 1971.
>i>Bargaining: Monopoly Power Versus Union Power.>/i> Cambridge, MA: MIT
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Report No. 03/188, pp. 14-43. Washington, DC: International Monetary
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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
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[ 13 Kahn, S. 1997. "Evidence of
Nominal Wage Stickiness from Microdata." >i>American Economic Review>/i>
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14 Kertesi, G., and J. KöllÅ. 1997. "The
Birth of the âWage Curveâ in Hungary, 1989-1995." Working Papers
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] [ 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,
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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:
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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 TasiÄ
Author-X-Name-First: Nikola
Author-X-Name-Last: TasiÄ
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:
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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
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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):
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International Economics 9, no. 2: 262-286. ]
[ 5 Brown, D.; A. Deardorf; A.
Fox; and R. Stern. 1996. "Liberalization of Services Trade." In The
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Winters, pp. 292-315. New York: Cambridge University Press.
] [ 6 Chinitz, B. 1961.
"Contrast in Agglomeration: New York and Pittsburgh." American Economic
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Hanslow; and T. Phamduc. 2003. "Measuring the Costs of Barriers to Trade
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no. 2: 389-405. ] [ 11
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Economy: Cities, Regions, and International Trade. Cambridge, MA: MIT
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Russia. Moscow: Statistical Agency of the Government of Russia.
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Uruguay Round." Economic Journal 107, no. 444: 1405-1430.
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[ 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
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the WTO." World Bank, Washington, DC (available at
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Fujii. 2004a. "Estimating the Ad Valorem Equivalent of Barriers to Foreign
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World Bank, Washington, DC (available at
www.worldbank.org/trade/russia-wto). ] [
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Valorem Equivalent of Barriers to Foreign Direct Investment in the
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Washington, DC (available at
www.worldbank.org/trade/russia-wto). ] [
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34 Sokolov, D. 2000. "Estimation of Tariff
Equivalent of Non-Tariff Barriers in Russian Maritime Service Sector."
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1979. Understanding the Service Economy: Employment, Productivity and
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Vernon, R. 1960. Metropolis 1985. Cambridge: Harvard
University Press. ] [ 38
Warren, T. 2000. "The Impact on Output of Impediments to
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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:
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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
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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
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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)âbased 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
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X-Bibl:
[ 1 Akbar, Y.; H. Elms; and
T. Dhakar. 2006. "Investigating the Contribution of Foreign Direct
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11 Chakrabarti, A. 2001. "The Determinants
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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'>
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Welfens, P.J. 1993. "The Growth of the Private Sector:
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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,
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5 Boone, L., and M. Maurel. 1998. "Economic
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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):
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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.
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for Reconstruction and Development (EBRD). 2005. >i>Transition Report
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18 Fidrmuc, J., and I. Korhonen. 2001.
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I. Korhonen. 2003. "Similarity of Supply and Demand Shocks Between the
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21 Hagemann, H. 2004. "The Macroeconomics
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Horvath, J., and A. Rátfai. 2004. "Supply and Demand Shocks in
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[ 24 International Monetary
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[ 26 Kaitila, V. 2004.
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27 Kejak, M.; S. Seiter; and D. Vávra.
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Korhonen, I. 2003. "Some Empirical Tests on the Integration
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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
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Lejour, A.M.; R.A. de Mooij; and R. Nahuis. 2001. "EU
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[ 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
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[ 36 Marini, M. 2003.
"Convergence of Candidate Countries to European Union: An Analysis on
Industrial Production Index Using Dynamic Factor Model." Paper presented
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Matkowski, Z. 2004. "Postsocialist Countries: Macroeconomic
Performance, Growth Prospects, and Social Welfare." >i>Eastern European
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[ 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.
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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
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Polish Contribution to the 27th CIRET Conference>/i>, ed. E. Adamowicz and
J. Klimkowska, pp. 258-284. Warsaw: Warsaw School of Economics.
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of Political Economy>/i> 98, no. 5 (October): S71-S102.
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2001. "Convergence of European Transition Economies and the EU: What Do
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(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,
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50 Viner, J. 1950. >i>The Custom Union
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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
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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
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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
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54. Luxembourg. ] [ 3
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Accession. Economic Directorate, Brussels. ]
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6 Havrylyshyn, O. 2001. "Recovery and Growth
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7 Krengel, R. 1958. "Anlagevermögen,
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8 McCombie, J.S.L., and A.P. Thirlwall. 1994.
Economic Growth and the Balance-of-Payments Constraint. London: Macmillan
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Olson, M., Jr. 1996. "Big Bills Left on the Sidewalk: Why Some
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M. Vodopivec. 1997. "Value of Human Capital in Transition to Market:
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and J. Stern. 1992. Growth and Trade Prospects for Central and Eastern
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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
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in European Economy, the Economic Interpenetration between the European
Union and Eastern Europe." Reports and Studies, no. 6. EU Commission,
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Statistiches Bundesamt. 1992. Lange Reihen zur
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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
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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].
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[ 2 Grauwe, De P. 1994. The
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Hochreiter, E. 1995. "Austrian Exchange Rate Policy and
European Monetary Integration Selected Issues." Working Papers 19,
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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
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X-Bibl:
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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
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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?] FigyelÅ (October 23-29):
53-57. ] [ 3
Baráth, G.; B. Molnár; and Ã. Szépvölgyi. 2001. "A
külföldi működÅ tÅke 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 mÅködÅ tÅke beáramlásának területi és
szektorális jellemzÅi Magyarországon" [Spatial and Structural
Characteristics of FDI Inflow in Hungary]. >i>Műhelytanulmányok>/i> 59,
no. 31: 53. ] [ 11
Horváth, L. 1996. "A külföldi működÅ tÅke 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 ÃrtesÃtÅ>/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 tÅkebefektetések regionális hatásai" [Regional Impacts of
Foreign Direct Investment]. >i>KihÃvások>/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
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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
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X-Bibl:
[ 1 Arrehag, L.; Ã.
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 AlbaniaâAlbania: 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
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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:
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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
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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 Pušnik
Author-X-Name-First: Ksenja
Author-X-Name-Last: Pušnik
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
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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
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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
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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:
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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:
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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
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Handle: RePEc:mes:eaeuec:v:45:y:2007:i:2:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav VerbiÄ
Author-X-Name-First: Miroslav
Author-X-Name-Last: VerbiÄ
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
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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: VladimÃr TomÅ¡Ãk
Author-X-Name-First: VladimÃr
Author-X-Name-Last: TomÅ¡Ãk
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
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X-Bibl:
[ 1 Bulir, A. 1996.
"Exogenita nabÃdky penÄz: NÄkteré pochybnosti o pÅedchozÃm 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 pÅece se
netoÄÃ!" [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.
"NabÃdka penÄzâEndogennÃ, nebo exogennÃ?" [Money Supplyâ
Endogenous or Exogenous?]. >i>Finance a uver>/i>>b>45>/b>, no. 6:
291-303. ] [ 11
Izak, V. 1997. "Inflace, penÃze 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:
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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
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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
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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:
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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:
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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
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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
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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.
"Ausmaà 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 vorangehtâDie Entwicklung mittelständischer
Industriebetriebe in Ost und Westdeutschland, 1992-1995" [How It Is
ImprovingâThe 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 Germanyâthe
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 (MayâJune):
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 PerspectiveâBelow
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 WirtschaftsräumenâDas 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
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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:
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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
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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
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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:
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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
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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
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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:
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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
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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 1422 percent, and 1826 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 1624 percent and for 2000, 1218 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
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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
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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
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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 CountriesâRomania." 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
IntegrationâThe 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
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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
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X-Bibl:
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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
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X-Bibl:
[ 1 Barro, R.J., and J.W.
Lee. 1993. "International Comparisons of Educational Attainment." Journal
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218-223. ] [ 3
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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
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X-Bibl:
[ 1 Ackerman, B. 1992.
>i>The Future of Liberal Revolution.>/i> New Haven: Yale University
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Aligica, P. D., and A. J. Evans. 2009. "Thought Experiments,
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Armey, R. 1996. >i>Flat Tax.>/i> New York: Ballantine
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"The Case for Flat Taxes-Simplifying Tax Systems." 2005.
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>i>Democratic Choice and Taxation: A Theoretical and Empirical
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>i>American Journal of Political Science>/i> 44, no. 3: 419-432.
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n_upward_curve>/a> ] [ 38
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40 Pirie, M. 2005. "Why the Case for a
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target="_blank"
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[ 48 Storobin, D. 2006. "The Flat
Tax Revolution in Europe." >i>Global Politician>/i> (May 8) (available at
>a target="_blank"
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om/22020-europe>/a> ] [
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UK-A Practical Reality." Policy Report, Adam Smith Institute,
London. ] [ 50
Tzortzis, A. 2005. "Flat-Tax Movement Stirs Europe."
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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: OndÅej Schneider
Author-X-Name-First: OndÅej
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 countriesâfour central
European countries and two Mediterranean statesâis 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
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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 EuropeâThe 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:
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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
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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:
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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:
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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:
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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
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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:
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:4:p:330-351
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:393-417
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:375-392
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:418-432
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:433-451
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:5:p:452-478
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:60:y:2022:i:6:p:498-510
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:86-109
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:1-22
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:1:p:66-85
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:181-198
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:111-130
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:2:p:152-180
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:270-289
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:199-237
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:290-310
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:3:p:238-269
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:378-402
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:4:p:311-317
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:591-613
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# 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
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:5:p:457-490
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:680-699
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# 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
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Handle: RePEc:mes:eaeuec:v:61:y:2023:i:6:p:648-679
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# 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
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:1:p:69-88
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# 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
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:2:p:187-218
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# 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
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# 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
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# 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
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# 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
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# 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
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:409-428
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# 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
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# 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
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# 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
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# 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
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:4:p:528-546
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# input file: MEEE_A_2169165_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
Author-Name: A. Ali Koç
Author-X-Name-First: A. Ali
Author-X-Name-Last: Koç
Author-Name: Serhat Asci
Author-X-Name-First: Serhat
Author-X-Name-Last: Asci
Author-Name: Peyman Uysal
Author-X-Name-First: Peyman
Author-X-Name-Last: Uysal
Title: Evaluation of the Demand for Alcoholic Beverages and Tax Policy in Turkey
Abstract:
The tax burden on alcoholic beverages has been rising remarkably in Turkey. This policy has significantly increased tax revenue in Turkish Lira, but it has not generated more tax revenues in terms of U.S. dollars since 2013. This study estimates price and income elasticities for select alcoholic beverages using demand models and simulates the impact of changing tax policies on demand in Turkey. Results show that the cumulative effect of increasing prices will eventually decrease total tax revenue. Simulations suggest that the government should periodically reassess its tax policy to prevent bootleg drinking which results in deadly incidents and hospitalizations.
Journal: Eastern European Economics
Pages: 584-602
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2169165
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2169165
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:584-602
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# input file: MEEE_A_2171888_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
Author-Name: Vassilis Monastiriotis
Author-X-Name-First: Vassilis
Author-X-Name-Last: Monastiriotis
Author-Name: Sasa Randjelovic
Author-X-Name-First: Sasa
Author-X-Name-Last: Randjelovic
Title: The Relationship Between Public and Private Capital in Emerging Europe
Abstract:
The aim of this paper to evaluate the relationship between public and private capital formation in 16 economies from Central Eastern and South Eastern Europe by applying panel-cointegration methods to 2000–2017 data. We find a positive public-private capital formation nexus both in the short and the long-run, with pro-cyclicality of private capital formation and negative relevance of the user costs of capital. The results imply that expansionary public investment policy may be effective in boosting private investment both in the short and the long-run, if fit into a financially sustainable framework that limits negative impact of the user cost of capital.
Journal: Eastern European Economics
Pages: 563-583
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2171888
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2171888
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:563-583
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# input file: MEEE_A_2167723_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
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: The Drivers of Employment Manufacturing Growth
Abstract:
In this paper, we analyze the evolution of China’s production structure. Through the use of a subsystem approach and world input-output tables, we assess the role played by domestic and foreign final demand in the Chinese manufacturing subsystem. The results indicate that the importance of domestic demand has increased since the years of the crisis, forming a U-shape over the period. The dependence on foreign demand remains crucial for high-tech subsystems, and the medium high-tech subsystems are central to the growth of domestic demand. In addition, final demand and labor intensity play a significant role in employment growth.
Journal: Eastern European Economics
Pages: 650-677
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2167723
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2167723
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:650-677
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# input file: MEEE_A_2225494_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
Author-Name: Merita Zulfiu Alili
Author-X-Name-First: Merita
Author-X-Name-Last: Zulfiu Alili
Author-Name: Russell King
Author-X-Name-First: Russell
Author-X-Name-Last: King
Author-Name: Memet Memeti
Author-X-Name-First: Memet
Author-X-Name-Last: Memeti
Title: The Migration Intentions of University Staff in North Macedonia: A Potential Brain Drain?
Abstract:
Skilled labor is an important asset for any country in its development process. The emigration of skilled personnel presents the threat of a “brain drain” which can affect a country’s growth, development and the quality of education. In this paper, brain drain is represented by the loss of academic staff and researchers from the country of North Macedonia. The intention to leave is driven by low wages and standards of living, the perception that there is “no future” in North Macedonia, a lack of promotion possibilities based on merit, and political influence in universities. Policy recommendations are suggested for institutions to develop strategies to retain academic and research staff.
Journal: Eastern European Economics
Pages: 633-649
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2225494
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2225494
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:633-649
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# input file: MEEE_A_2176321_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
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: Debt-Fueled Acquisitions by Non-Financial Firms Employing Bank-Associated Officers in Poland
Abstract:
Firms employing former or incumbent members of management and supervisory boards of commercial banks exhibit higher acquisitiveness. The presence of bank-associated officers increases firms’ proclivity to engage in serial, cross-industry, and cross-border acquisitions. Firms employing bank-associated officers buy targets with lower complementarity. They are also significantly more likely to settle transactions in cash, especially their first acquisition. While all firms experience acquisition-related increases in leverage, the latter is higher in firms employing bank-associated officers, particularly those associated with state-owned banks. Acquisitions completed by banker-employing firms record lower short-term shareholder returns than the remainder of the research sample.
Journal: Eastern European Economics
Pages: 603-632
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2176321
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2176321
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:603-632
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# input file: MEEE_A_2253217_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024
Author-Name: Ozgur Teoman
Author-X-Name-First: Ozgur
Author-X-Name-Last: Teoman
Author-Name: Oguzhan Dincer
Author-X-Name-First: Oguzhan
Author-X-Name-Last: Dincer
Author-Name: Tarkan Cavusoglu
Author-X-Name-First: Tarkan
Author-X-Name-Last: Cavusoglu
Title: Corruption and Total Factor Productivity in the Long-Run: Evidence from Post-WW2 Turkey
Abstract:
In this study, we investigate the relationship between corruption and total factor productivity (TFP) in Turkey. Our study contributes to the literature in several ways in terms of data, empirical specification, and method. First, we use a new and novel index of corruption for Turkey between the years 1950 and 2014. Second, we estimate the long-run cointegrating relationship between corruption and TFP in Turkey. Finally, we not only investigate how corruption affects TFP, but also if this effect is conditional on government size. We find that corruption decreases TFP in the long-run and its adverse effects on TFP increases with government size.
Journal: Eastern European Economics
Pages: 547-562
Issue: 5
Volume: 62
Year: 2024
Month: 09
X-DOI: 10.1080/00128775.2023.2253217
File-URL: http://hdl.handle.net/10.1080/00128775.2023.2253217
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Handle: RePEc:mes:eaeuec:v:62:y:2024:i:5:p:547-562