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on Transition Economics |
| By: | Estrin, Saul (London School of Economics); Hanousek, Jan (University of Michigan); Svejnar, Jan (University of Michigan) |
| Abstract: | The paper evaluates the effects of privatization in the post-communist economies and China. In post-communist economies privatization to foreign owners results in a rapid improvement in performance of firms, while performance effects of privatization to domestic owners are less impressive and vary across regions, coinciding with differences in policies and institutional development. In China relatively more estimates suggest that privatization to domestic owners improves the level of performance. Concentrated private ownership has a stronger positive effect on performance than dispersed ownership in the post-communist economies, but foreign joint ventures rather than wholly owned foreign firms have a positive effect in China. Worker or collective ownership does not have a negative effect. In the post-communist economies new firms are equally or more efficient than firms privatized to domestic owners, and foreign start-ups are more efficient than domestic ones. Privatization is not associated with lower employment. When accompanied by complementary reforms, privatization has a positive effect on economic growth. Three factors appear to drive the more positive effect of privatization to foreign than domestic owners. Domestic managers have more limited skills and access to world markets, domestically privatized firms have been more subject to tunneling and in some countries new large shareholders artificially decreased performance. The important policy implication is that privatization per se does not guarantee improved performance, at least not in the short- to medium-run. Type of private ownership, corporate governance, access to know-how and markets, and the legal and institutional system matter for firm performance. |
| Keywords: | privatization; ownership; firm performance; economic growth; transition from plan to market; economic development; Eastern Europe |
| JEL: | D20 L20 O10 P50 |
| Date: | 2009–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4811&r=tra |
| By: | Malory Greene; Charles Tsai |
| Abstract: | This study analyses the People’s Republic of China’s trade policy environment with a focus on trade-related regulations and their role in supporting China’s market openness. It examines in particular to what extent China’s trade regulations comply with the principles of transparency and non-discrimination and facilitate foreign trade operations and international competition. The report proposes a series of policy recommendations to make China’s regulatory framework more market-oriented and trade-and-investment friendly. The study is complemented with a business survey of OECD member country enterprises and Chinese firms. The survey assesses government influence on the investment climate through the impact of their policies on the costs, risks and barriers to competition facing firms. The main report and the business survey conclude that transparency plays a critical role in the development of a healthy business environment by reducing regulatory impediments. |
| Keywords: | investment, trade policy, regulatory reforms, transparency, intellectual property rights, standards, market openness, non-discrimination, China, conformity assessment, trade restrictiveness index, trade reform |
| Date: | 2008–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:oec:traaab:83-en&r=tra |
| By: | Belton Fleisher (Department of Economics, Ohio State University); Haizheng Li (School of Economics, Georgia Institute of Technology); Min-Qiang Zhao (Department of Economics, Ohio State University) |
| Abstract: | We show how regional growth patterns in China depend on physical,, human, and infrastructure capital; foreign direct investment (FDI); and market reforms, especially the reforms that followed Deng Xiaoping’s South Trip in 1992 those that resulted from serious hardening of budget constraints of state enterprises around 1997. We find that FDI had a much larger effect on TFP growth before 1994 than after, and we attribute this to the encouragement of and increasing success of private and quasi-private enterprises. We find that human capital positively affects output per worker and productivity growth in our cross-provincial study. Moreover, we find both direct and indirect effects of human capital on TFP growth. The direct effect is hypothesized to come from domestic innovation activities, while the indirect impact is a spillover effect of human capital on TFP growth. We conduct cost-benefit analysis of hypothetical investments in human capital and infrastructure. We find that, while investment in infrastructure generates higher returns in the developed, eastern regions than in the interior, investing in human capital generates slightly higher or comparable returns in the interior regions. We conclude that human capital investment in less-developed areas can improve economic efficiency, neither investment strategy is a magic bullet for reducing China’s regional income disparities. |
| JEL: | O15 O18 O47 O53 |
| Date: | 2008–08 |
| URL: | http://d.repec.org/n?u=RePEc:osu:osuewp:09-01&r=tra |
| By: | Yifu, Justin (The World Bank); Wang, Yan (The World Bank) |
| Abstract: | The process of development is full of uncertainties, especially if it is a process of transition from a planned economy to a market oriented one. Because of uncertainties and country specificity, development must be a process of learning, selective adaptation, and industrial upgrading. This paper attempts to distill lessons from China's reform and opening up process, and investigate the underlying reasons behind China's success in trade expansion and economic growth. From its beginnings with home-grown and second-best institutions, China has embarked on a long journey of reform, experimentation, and learning by doing. It is moving from a comparative advantage-defying strategy to a comparative advantage-following strategy. The country is catching up quickly through augmenting its factor endowments and upgrading industries; but this has been only partially successful. Although China is facing several difficult challenges -- including rising inequality, an industrial structure that is overly capital and energy intensive, and related environmental degradation -- it is better positioned to tackle them now than it was 30 years ago. This paper reviews the drivers behind China's learning and trade integration and provides both positive and negative lessons for developing countries with diverse natural endowments, especially those in Sub-Saharan Africa. |
| Keywords: | patterns of trade; learning; innovation and growth |
| JEL: | F13 F14 O50 O53 |
| Date: | 2009–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4799&r=tra |
| By: | Zaidi, Salman (The World Bank) |
| Abstract: | Present levels of income inequality in Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Slovakia, and Slovenia remain considerably higher than their pre-transition levels, although the relative pace of change over time has varied quite a bit across countries. Using data from the 2006 European Union Survey of Income and Living Conditions, this paper finds that prevailing levels of income inequality in these countries continue to be low by international standards, and that this is in large part due to the very high redistributive impact of direct taxes and public transfers. In addition to the instrumental role of tax and transfer policies in redistributing income, the paper highlights the important role played by differences in education levels and labor market participation rates in explaining observed inequalities across people and across different regions (although not in explaining observed differences across countries). The paper includes an analysis of key factors that help explain observed variation across countries in the level of public support for redistribution, including peoples' economic background and relative success in life, whether they perceive poverty to be associated with factors within or outside the control of those it afflicts (for example, laziness/lack of willpower vs. injustice in society). |
| Keywords: | accounting; Average income; average incomes; average share; calculations; capital investments; cash transfers; client country; consumer; consumer durable; Contribution; Cross-country comparisons |
| Date: | 2009–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4815&r=tra |
| By: | Milanovic, Branko (The World Bank); Ersado, Lire (The World Bank) |
| Abstract: | Using for the first time household survey data from 26 post-Communist countries, covering the period 1990-2005, this paper examines correlates of unprecedented increases in inequality registered by most of the economies. The analysis shows, after controlling for country fixed effects and type of survey used, that economic reform is strongly negatively associated with the income share of the bottom decile, and positively with the income shares of the top two deciles. However, breaking economic reform into its component parts, the picture is more nuanced. Large-scale privatization and infrastructure reform (mostly consisting of privatization and higher fees) are responsible for the pro-inequality effect; small-scale privatization tends to raise the income shares of the bottom deciles. Acceleration in growth is also pro-rich. But democratization is strongly pro-poor, as is lower inflation. Somewhat surprisingly, the analysis finds no evidence that greater government spending as share of gross domestic income reduces inequality. |
| Keywords: | Inequality; transition; economic policy |
| JEL: | D31 |
| Date: | 2008–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4780&r=tra |
| By: | Munich, Daniel (University of Michigan,); Svejnar, Jan (University of Michigan,) |
| Abstract: | The paper tests three hypotheses about the causes of unemployment in the Central-East European transition economies and in a benchmark market economy (Western part of Germany). The first hypothesis (H1) is that unemployment is caused by inefficient matching. Hypothesis 2 (H2) is that unemployment is caused by low demand. Hypothesis 3 (H3) is that restructuring is at work. Our estimates suggest that the west and east German parts of Germany, Czech Republic and Slovakia are consistent with H2 and H3. Hungary provides limited support to all three hypotheses. Poland is consistent with H1. The economies in question hence contain one broad group of countries and one or two special cases. The group comprises the Czech Republic, Hungary, Slovak Republic and (possibly) East Germany. These countries resemble West Germany in that they display increasing returns to scale in matching and unemployment appears to be driven by restructuring and low demand. The East German case is complex because of its major active labor market policies and a negative trend in efficiency in matching. In some sense, East Germany resembles more Poland, which in addition to restructuring and low demand for labor appears to suffer from a structural mismatch reflected in relatively low returns to scale in matching. Finally, our data provide evidence that goes counter to one of the main predictions of the theories of transition, namely that the turnover (inflow) rate in the transition countries would rise dramatically at the start of the transition, be temporarily very high and gradually decline and approach the level observed in otherwise similar market economies such as West Germany. |
| Keywords: | access to information; Active Employment; Active Employment Policy; active labor; active labor market; active labor market policies; active labor market programs; Active Labour; Active Labour Market |
| JEL: | C33 J40 J60 P20 |
| Date: | 2009–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4810&r=tra |
| By: | Yang Cheng; Mark Rosenberg |
| Abstract: | China is one of the largest countries in the world in terms of both geography and population size, with lower economic levels compared to the developed countries, and great regional differences. This paper introduces the rapid demographic changes of the Chinese population and the current financial security of elders in China. The World Bank’s multi-pillar model is used to explain the financial security of elders in China, which includes the current pension and health care systems in urban and rural areas in China respectively. The important issues of financial security of elders which the Chinese government should address in the near future are also discussed. The paper concludes with a consideration of the results of social welfare system reforms by the Chinese government and future research interests from a geographer’s perspective. |
| Keywords: | Financial security, elders, social welfare system, China |
| JEL: | I31 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:sedapp:241&r=tra |
| By: | Michael Hübler |
| Abstract: | This paper introduces intra- and inter-sectoral technology diffusion via FDI and imports into a recursive-dynamic CGE model for climate policy analyses. It analyzes China’s accession to a Post Kyoto emission regime that keeps global emissions from 2012 on constant. Due to ongoing energy efficiency gains, partly stemming from international technology diffusion, China will become a net seller of emission permits and steadily reduce emissions, possibly below their 2004 level until 2030. This will reduce the world CO2 price significantly. The impact of supporting foreign firms and of reducing import tariffs on Chinese welfare will not significantly change when China joins the Post Kyoto regime |
| Keywords: | Technology diffusion, technology transfer, trade, FDI, climate change, China |
| JEL: | F18 F21 N75 O33 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1479&r=tra |
| By: | Irina Denisova (Center for Economic and Financial Research (CEFIR), Moscow); Markus Eller (Oesterreichische Nationalbank (OeNB)); Timothy Frye (Columbia University and the Harriman Institute); Ekaterina Zhuravskaya (New Economic School, CEFIR, and CEPR) |
| Abstract: | Using survey data from 28 transition countries, we test for the complementarity and substitutability of market-relevant skills and institutions. We show that democracy and good governance complement market skills in transition economies. Under autocracy and weak governance institutions there is no significant difference in support for revising privatization between high and low-skilled respondents. As the level of democracy and the quality of governance increases, the difference in the level of support for revising privatization between the high and low skilled grows dramatically. This finding contributes to our understanding of microfoundations of the politics of economic reform. |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:cfr:cefirw:w0127&r=tra |
| By: | Gorodnichenko, Yuriy (University of Michigan); Svejnar, Jan (University of Michigan); Terrell, Katherine (University of Michigan) |
| Abstract: | Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 transition economies, the authors test for the effects of globalization through the impact of increased competition and foreign direct investment on domestic firms's efforts to innovate (raise their capability) by upgrading their technology, improving the quality of their product or service, or acquiring certification. They find that competition has a negative effect on innovation, especially for firms further from the efficiency frontier, and we do not find support for an inverted U effect of competition on innovation. The authors show that the supply chain of multinational enterprises and international trade are important channels for domestic firms' innovation. They detect no evidence that firms in a more pro-business environment are more likely to display a positive or inverted U relationship between competition and innovation, or that they are more sensitive to foreign presence. |
| Keywords: | competition; innovation; emerging markets; spillovers |
| JEL: | F23 O16 P23 |
| Date: | 2009–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4808&r=tra |
| By: | Toman Omar Mahmoud; Christoph Trebesch |
| Abstract: | Human trafficking is a humanitarian problem of global scale, but quantitative research on the issue barely exists. This paper is a first attempt to explore the economic drivers of human trafficking and migrant exploitation using micro data. We argue that migration pressure combined with informal migration patterns and incomplete information are the key determinants of human trafficking. To test our argument, we use a unique new dataset of 5513 households from Belarus, Bulgaria, Moldova, Romania, and Ukraine. The main result is in line with our expectations: Migrant families in high migration areas and with larger migrant networks are much more likely to have a trafficked victim among their members. Our results also indicate that illegal migration increases trafficking risks and that awareness campaigns and a reduction of information asymmetries might be an effective strategy to reduce the crime |
| Keywords: | Human Trafficking, Migrant Exploitation, Illegal Migration, Migration Networks, Eastern Europe |
| JEL: | F22 J61 K42 O17 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1480&r=tra |
| By: | Ang, James |
| Abstract: | Although the economy of China has grown very strongly over the last few decades, this spectacular performance has come at the expense of rapid environmental deterioration. Amidst animated debate on the issue of global warming, this study attempts to explore the determinants of CO2 emissions in China using aggregate data for more than half a century. Adopting an analytical framework that combines the environmental literature with modern endogenous growth theories, the results indicate that CO2 emissions in China are negatively related to research intensity, technology transfer and the absorptive capacity of the economy to assimilate foreign technology. Our findings also indicate that more energy use, higher income and greater trade openness tend to cause more CO2 emissions. |
| Keywords: | Environmental pollution; endogenous growth theory; R&D; China. |
| JEL: | Q50 O53 O30 Q40 O40 |
| Date: | 2009–02–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:13261&r=tra |
| By: | Lu Shi (IAO - Institut d'Asie Orientale - CNRS : UMR5062 - Université Lumière - Lyon II - Ecole Normale Supérieure Lettres et Sciences Humaines); Bernard Ganne (GLYSY-SAFA - Sociologies et anthropologies des formes d'action - CNRS : FRE2749 - Université Lumière - Lyon II, GLYSI-SAFA - Groupe Lyonnais de Sociologie Industrielle - Sociologies et Anthropologies des Formes d'Action - CNRS : FRE2749 - Université Lumière - Lyon II, MODYS - MOndes et DYnamiques des Sociétés - CNRS : UMR5264 - Université Lumière - Lyon II - Université Jean Monnet - Saint-Etienne) |
| Abstract: | In this study, we have chosen to focus on the cluster of business conglomerates, mainly comprising SMEs engaging in the same type of activity – similar to those observed in Europe (and Italy in particular) some thirty years ago. There are numerous zones of highly specialised development in China. However, among these, Zhejiang province is undoubtedly considered the most remarkable, and is seen as a role model in modern evolution towards a market economy. How have the Zhejiang clusters developed? What are the characteristics of this development? Is it possible to talk about a “third China” along the same lines as the former “3rd Italy” with regard to industrial districts? Do Chinese clusters in fact have any specific characteristics? These are some of the questions that we will look to address today. |
| Keywords: | cluster, Asia |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00357131_v1&r=tra |
| By: | Duduiala-Popescu, Lorena |
| Abstract: | In the context in which most countries in Western Europe is almost unanimously accepted advantage of using the single currency, it appreciates that for Romania, whose foreign trade is facing up to approximately 2 / 3 to the market, adopting the single currency will bring real benefits. To become a EU member state, Romania has had to build and a reference system, the reference currency is Euro, not U.S. dollars. The new currency will be a factor of stability which will reduce a lot of trading losses due to local fluctuations of the dollar against euro. From 1 January 2003, the currency has been established in relation to EURO. |
| Keywords: | euro; economic and monetary union; the safeguard clause; budget deficit; inflation |
| JEL: | F15 G31 F02 F01 E44 F43 F36 |
| Date: | 2009–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:13321&r=tra |
| By: | Martin Schmitz |
| Abstract: | Analysis of 21 emerging European economies reveals a substantial role for domestic financial reforms in attracting net capital flows. Controlling for standard determinants of capital flows, we find in particular banking sector reforms to be consistent with larger current account deficits and net financial inflows, whereas opposite or no effects are found for security market reforms as well as for indicators of financial depth. Additional net inflows are reaped by the EU accession countries. Banking reforms are found to have a significant impact on FDI and “other” investment net inflows; they have a significant effect on gross financial inflows, but not on outflows. |
| Date: | 2009–01–30 |
| URL: | http://d.repec.org/n?u=RePEc:iis:dispap:iiisdp278&r=tra |
| By: | David N. DeJong; Daniel Berkowitz |
| Abstract: | . . . |
| Date: | 2008–09 |
| URL: | http://d.repec.org/n?u=RePEc:pit:wpaper:369&r=tra |
| By: | Francis , Bill B (Lally School of Management and Technology); Hasan, Iftekhar (Lally School of Management, Rensselaer Polytechnic Institute and Bank of Finland); Sun, Xian (Office of the Comptroller of the Currency, US Department of the Treasury) |
| Abstract: | We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese security markets and using multiple measures of political connections, we find robust evidence that issuing firms with political connections reap significant preferential benefits from going public. To be specific, we find that firms – irrespective of ownership arrangements – with greater political connections have higher offering prices, less underpricing, and lower fixed costs during the going-public process. |
| Keywords: | political connections; IPO; emerging markets |
| JEL: | G24 G30 G32 G34 G38 H00 |
| Date: | 2009–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofrdp:2009_007&r=tra |
| By: | Gluschenko, Konstantin |
| Abstract: | There is a widespread opinion that goods, especially foods, and services in Russia are very cheap as compared to the US. A number of Russian statistical indicators characterizing the cost of living, either directly or indirectly, seemingly corroborate this opinion. This paper demonstrates that these indicators are biased, sufficiently understating the cost of living in Russia. A comparison of Russian actual prices for foods with those in the US evidences that they are comparable. Moreover, the Russian prices are tending to catch up with the US prices. |
| Keywords: | food prices; cost of living; minimum wage; subsistence level; Russia; US |
| JEL: | I31 O57 P22 |
| Date: | 2008–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:13315&r=tra |
| By: | Giuliana Passamani |
| Abstract: | The aim of the paper is to analyze the foreign transmission mechanism between each of the Visegrad-4 countries and the eurozone, through an empirical analysis of the basic international parity conditions linking Czech, Hungarian, Polish and Slovakian inflations and interest rates with the ones of the current euro area members. The focus of the analysis is to show the differences among these catching-up economies, with particular attention to their process of convergence towards the eurozone economy. For reasons due to the availability of data, the sample covers the last decade. We use the cointegrated VAR model to define longrun stationary relations as well as common stochastic trends. The methodology adopted is properly apt to uncover the dynamic structure underlying the stochastic behaviour of prices, interest rates and exchange rate. Of particular interest is the empirical finding that the parities do not hold on their own, as expected, but that weaker form of the same parities, or linear combinations of them, hold in our data set, with some differences for each country. Also the process of convergence is different: the Czech Republic seems to have reached a relative convergence, while for the other countries we have that the process show a tendency towards convergence. |
| Keywords: | Visegrad_4 countries, PPP, UIP, RIP, Cointegrated VAR, Convergence |
| JEL: | E31 E43 F31 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpde:0825&r=tra |
| By: | Majidov, Toshtemir; Ghosh, Dipak; Ruziev, Kobil |
| Abstract: | Uzbekistan's higher education system has undergone some dramatic changes in the past century, evolving from largely traditional religious colleges to fully state-funded communist-atheist institutions. Since the end of the communist administration and subsequent market-oriented reforms, the institutions of higher education (IHE) in Uzbekistan have had to reinvent and reform themselves again, as the demand for different kind of education increased. This paper puts the current changes and trends in IHEs into an historical perspective and highlights some important effects of the market reforms on the educational scene. |
| Keywords: | Education; Higher; Uzbekistan; Reforms; Transition |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:stl:stledp:2009-03&r=tra |
| By: | Pansini, Rosaria Vega |
| Abstract: | The aim of this paper is to show how and why is possible to assess both direct and indirect effects of exogenous income injections on mean income of different household groups using a new approach based on the decomposition of SAM-based multipliers. The approach we propose in this paper allows analyzing the level of inequality in the distribution of income linking the formation of individual/family income to the features of each country’s productive structure and it can be used both for structural analysis and for simulations of redistributive and antipoverty policies. The first step in order to link changes in the level of poverty and inequality to policy measures will be to derive the “accounting price multipliers matrix”, which allows considering the effects of policies affecting the labour market, thus changing the level of wages for different workers ‘categories. Using the traditional Pyatt and Round’s multiplicative decomposition method, we will be then able to disentangle the transfer, the open-loop and the closed-loop effects of a change in the income of exogenous SAM’s accounts. The second step will be to use a new technique introduced by Pyatt and Round (2006) to further decompose each element of the total multiplier matrix in order to enlighten in “microscopic detail” the linkages between each household group’s income of and other accounts whose income has been exogenously injected (i.e. Activities account and Factors account). Moreover, this new approach allows assessing the linkages between each household endowment in terms of factors and the features of the productive system and shading light on the most powerful links among different components of the economic system affecting the distribution of income. The empirical results obtained using the Vietnamese SAM for year 2000 show that the highest direct effects are related to exogenous injections to the agricultural sector and to less skilled labour force and that these effects involved not only on rural male headed but also other household groups. At the same time, the new type of multiplier decomposition shows which are the sectors and factors of production whose increase in income will have the greater indirect effects, increasing also the level of income of all household types. For example, investing in the sector of food processing and on female labour force will benefit the most all household groups, thus representing a policy option good for aggregate growth and for improving the distribution of income. |
| Keywords: | Income distribution; social accounting matrix; multiplier decomposition; growth; labour market; structure of production |
| JEL: | D31 D33 D57 O43 O15 |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:13182&r=tra |
| By: | Holger Görg; Alexander Hijzen; Balazs Muraközy |
| Abstract: | This paper analyses the potential for productivity spillovers from inward foreign direct investment using administrative panel data on firms for Hungary. We hypothesise that the potential for spillovers is related to observable characteristics of the production process of foreign affiliates, and evaluate this empirically. We further explore the role of competition in explaining productivity spillovers within industries. Our empirical analysis yields a number of important findings. First, we show that the potential for spillovers is importantly related to the production technology of the sectors and foreign affiliates. Firms that relocate labour-intensive activities to Hungary to exploit differences in labour costs are unlikely to generate productivity spillovers, while spillovers increase in the capital intensity of foreign affiliates. Second, we find that spillovers differ markedly in the early and later stages of transition, and that there are differences between small and large firms. Furthermore, foreign presence tends to affect the productivity of domestic firms negatively whenever MNEs produce for the domestic market |
| Keywords: | foreign direct investment, productivity spillovers, exporting, competition |
| JEL: | F23 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1482&r=tra |
| By: | Hironori Fushita (The Graduate School of Economics, Kyoto University) |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:667&r=tra |
| By: | Duduiala-Popescu, Lorena |
| Abstract: | Creation and proper functioning of the money market in Romania is subject to a preponderant constancy of private property, to support competition as a factor increasing the efficiency of the economy. Appearance money market in Romania is related to the transformations that have manifested in our country since 1989. As a mechanism of market economy, can not talk about them in existence before 1989. In a centralized economy, instruments, financial categories have ceased to reflect the actual situation in the economy. Fixing of prices with a high dose of subjectivism has generated the emergence of profitable enterprises without their own merits and others with losses that were not responsible for their financial situation. |
| Keywords: | money market; compensation; surplus; deficit |
| JEL: | E62 E42 E52 E44 E00 G32 F43 |
| Date: | 2009–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:13242&r=tra |
| By: | Hedvig Horváth (Central European University); Zoltán Szalai (Magyar Nemzeti Bank) |
| Abstract: | It is widely believed today, that the operation of the labour markets is influenced by institutional factors, affecting macroeconomic adjustment in response to shocks. In this way, labour market institutions affect both cyclical and long-term growth and inflation performance of an economy. The aim of our paper is to review the operation of Hungarian labour market institutions from the point of view of labour market flexibility and find its place in international comparison in the light of existing stock of knowledge on the subject. We describe the institutional setup of the labour markets through seven dimensions (unemployment generosity, tax wedge, active labour market policies, employment protection legislation, product market regulation, union density and coverage and wage bargaining institutions) for which internationally comparable data are available. We conclude that the Hungarian labour market institutions are rather flexible in EU-comparison. However, tax wedge is high and the active labour market policies still perform poorly, both contributing to weak employment. |
| Keywords: | wage flexibility, unemployment, labour market institutions, product market regulation, policy complementarity. |
| JEL: | J31 J51 K20 L43 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:opaper:2008/77&r=tra |