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on Transition Economics |
| By: | Balázs Égert; Dubravko Mihaljek |
| Abstract: | This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects. |
| Keywords: | House prices, housing market, transition economies, central and eastern Europe, OECD countries |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:236&r=tra |
| By: | Sylvain Rossiaud (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - [CNRS : FRE2664] - [Université Pierre Mendès-France - Grenoble II]) |
| Abstract: | This article is concerned with the current reorganization of the Russian oil industry, i.e. the increasing involvement of state-controlled companies in upstream oil activities. Conversely to the widespread idea that this reorganization is a mere re-nationalization of oil assets explained by short-run political interests, this article aims at supporting the thesis that this reorganization is a coherent oil policy regarding the privatization process’s contradictions. These contradictions are brought to light by relying on the New Institutional Economics framework and especially works concerned with the institutional complementarity. It is stressed that the Russian oil model is currently incoherent and does not allow the effectiveness of institutions, private property rights on oil assets and oil contracts. Furthermore, the imposition of a state-controlled oil company beside privates ones could be an organizational arrangement likely to put an end to this incoherence. Then, it could allow the effectiveness of economic institutions. In this perspective, the current reorganization appears as a necessary stage for the Russian state to continue delegating oil upstream activities to private operators. The recent agreement signed by Gazprom and Total for exploring and developing the Shtockman field may be regard as a confirmation of this last assessment. |
| Keywords: | Russia ; Oil Industry ; Organizational Model ; Institutional Complementarity |
| Date: | 2007–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00173494_v1&r=tra |
| By: | Özlem Onaran (Department of Economics, Vienna University of Economics & B.A.) |
| Abstract: | The aim of this paper is to analyze the fragility of the New Member States and accession countries in the Central Eastern and South Eastern European countries (henceforth Eastern Europe) to the turbulences in the global economy and the changes in the direction of the international capital flows. |
| JEL: | E12 G15 G32 O52 |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wiwwuw:wuwp108&r=tra |
| By: | Irina Kovrova (CeRP, Collegio Carlo Alberto, Turin) |
| Abstract: | This paper provides an estimation of the effects of the introduction of a mandatory funded pillar on households’ savings. To this purpose, I exploit the 2002 Russian pension reform that introduced a funded component along the pay-as-you-go one. The empirical evidence shows that the introduction of the funded pillar has a negative impact on the Russian households’ savings. I find that the introduction of the funded pillar entails a reduction of 1 percentage point in the saving rates of households who save and a reduction of 2.5 percentage points in the probability of having positive savings. |
| Date: | 2007–06 |
| URL: | http://d.repec.org/n?u=RePEc:crp:wpaper:61&r=tra |
| By: | Botezatu, Elena |
| Abstract: | Even if Romania succeeded to become a member of the European Union, the development gaps between its regions and those in the other member states continue to be significant. The paper will focus on analyzing the regional disparities in Romania, in terms of GDP/capita, FDI and possibly state interventions, with the view of creating a so-called typology of “winners and losers”. After determining the winners and losers, a brief description will follow, underlining the key aspects that differentiate them from the other regions. Next, the paper will discuss some aspects related to the future perspectives for regional development in Romania, taking into account the perspective of reform at European level and discussions that are currently developing, related to trade-off between equity and efficiency, between cohesion and competitiveness. The last part of the paper will focus on providing a possible answer for the future of regional development, by analyzing the investment in research and innovation and the impact it could have in Romania. |
| Keywords: | regional development; cohesion; catching up; regional disparities |
| JEL: | R11 |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:4948&r=tra |
| By: | Claire G. Gilmore; Brian Lucey; Marian Boscia |
| Abstract: | The concept of a minimum spanning tree (MST) is used to study the process of comovements for 21 European Union stock market indices. We show how the asset tree and its related hierarchical tree evolve over time and describe the dynamics. Over the period studied, 1999-2006, the French equity market provides the main linkages in the system. The 2004 Accession states are more loosely connected to the other markets; they form two groupings, with the Czech Republic, Hungary, and Poland having tighter links to the main markets than the remaining accession markets. The consequence for global investors is a potential reduction of the benefits of international portfolio diversification in European markets, with the possible exception of those markets at the outer limits of the MST. |
| Keywords: | Minimum Spanning Tree, Equity Market Integration, Europe, Econophysics |
| Date: | 2007–06–13 |
| URL: | http://d.repec.org/n?u=RePEc:iis:dispap:iiisdp223&r=tra |