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on Transition Economics |
| By: | Pyle, William (BOFIT) |
| Abstract: | The voluminous literature on the privatization of Russian industry overlooks, almost completely, the story of enterprise land rights – a story that does not jibe well with the standard narrative of post-Soviet reform. This paper explains the path that has led to significant inter-regional variation in the ownership status of lands underneath urban industrial enterprises. It then introduces unique data from a survey of 359 large industrial firms across several dozen of Russia’s largest cities to explore why some firms have purchased their production plots whereas others continue to lease or hold these lands under the old Soviet system of tenure. In exploring both inter-regional and inter-firm variation in land rights, we find evidence consistent with the proposition that the decisions of regional officials and (the managers and owners of) firms are guided by securing rights over real estate rents. |
| Keywords: | urban land; property rights; Russia |
| JEL: | K11 L60 P26 P31 R33 |
| Date: | 2011–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2011_026&r=tra |
| By: | Lorenzo Rocco (University of Padova); Giorgio Brunello (University of Padova, Cesifo; IZA); Elena Crivellaro (University of Padova and LSE) |
| Abstract: | Using data for 23 economies in Eastern and Western Europe, we find evidence that having studied under communism is relatively penalized in the economies of the late 2000s. This evidence, however, is limited to males and to primary and secondary education, and holds for eight CEE economies but not for the East Germans who have studied in the former German Democratic Republic. We also find that post-secondary education acquired under communism yields higher, not lower, payoffs than similar education in Western Europe. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:laa:wpaper:17&r=tra |
| By: | A. Yasemin Yalta |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:tob:wpaper:1107&r=tra |
| By: | Delatte, Anne-Laure (BOFIT); Fouquau, Julien (BOFIT); Holz, Carsten A. (BOFIT) |
| Abstract: | We examine the transition process from a centrally planned to a market-based monetary system in China, with the objective of giving a functional form to the transition in money demand. Applying the cointegrating Time-Varying Smooth Transition Regression model proposed by Choi and Saikkonen (2004) on a constructed dataset spanning the period from 1984 to 2010, and using a seasonal unit-root test developed by Hylleberg et al. (1990), our findings invalidate much of the earlier literature. Our examination of disaggregate as well as aggregate money balances yields the following findings. (1) Households have an infinite demand for money at prevailing interest rates. <p> (2) Enterprises have gradually gained decision-making authority over their deposits. <p> (3) Money is a complement rather than a substitute to capital and this has become more prominent over the period. <p> (4) The credit plan has ceased to be a significant driver of money holdings after 1997. <p> (5) In the aggregate monetary sphere, the deposit interest rate has gained only a minor role as a monetary instrument, and only since 2000. |
| Keywords: | money demand; cointegrating time-varying smooth transition regression model; seasonal unit-root test; Chinese economy |
| JEL: | C51 E41 O11 P24 P52 |
| Date: | 2011–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2011_027&r=tra |
| By: | José De Sousa (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I); Sandra Poncet (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I) |
| Abstract: | China's export performance over the past fifteen years has been phenomenal. Is this performance going to last? Wages are rising rapidly but a population in excess of one billion represents a large reservoir of labor. Firms in export-intensive provinces may draw on this reservoir to increase competition in their labor market and keep wages low for many years to come. We develop a wage equation from a New Economic Geography model to capture the upward pressure from national and international demand and downward pressure from migration. Using panel data at the province level, we find that migration has moderately slowed down Chinese wage increase over the period 1995-2007. |
| Keywords: | Wage, China |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-00633752&r=tra |
| By: | Commander, Simon (EBRD, London); Nikoloski, Zlatko (University College London); Plekhanov, Alexander (EBRD, London) |
| Abstract: | The paper looks at the effects of employment concentration on resource allocation with a particular focus on one-company towns in Russia defined as towns where a single company accounts for a significant share of total employment of the locality. Empirical analysis of firms' production functions indicates that companies located in one-company towns are characterised by lower marginal product of labour, higher marginal product of capital and lower overall productivity pointing towards significant labour hoarding. One-company town enterprises are also found to be financially more vulnerable. The paper argues that the dominance of natural resources in the Russian economy and employment concentration is closely linked. |
| Keywords: | employment concentration, one-company towns, labour productivity, Russia |
| JEL: | D24 J42 R23 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6034&r=tra |
| By: | Amini, Chiara (University College London); Commander, Simon (EBRD, London) |
| Abstract: | This paper uses two large multi-country datasets on educational scores – PISA and TIMSS – to examine the performance of Russia in comparative light as well as the factors associated with differences in educational outcomes in Russia. Despite the perception of a positive educational legacy, Russian scores are not stellar and have mostly deteriorated. Using an education production function, we distinguish between individual and family background factors and those relating to the school and institutional environment. We use pooled data, as well as cross sectional evidence, to look at the variation across countries before looking at within-country variation in Russia. We find – both in the cross-country estimates as also those using just Russia data – that a number of individual and family variables in particular, such as parental educational levels, are robustly associated with better educational outcomes. Institutional variables also matter – notably student-teacher ratios and indicators of school autonomy – but there are also some clear particularities in the Russian case. |
| Keywords: | human capital, PISA |
| JEL: | H5 I21 I28 J24 O15 P5 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6033&r=tra |
| By: | Jing Liu (Central University of Finance and Economics, Beijing China); Shi Li (Beijing Normal University) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201111&r=tra |
| By: | John Knight (Beijing Normal University); Quheng Deng (Beijing Normal University); Shi Li (Beijing Normal University) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201115&r=tra |
| By: | Shi Li (Beijing Normal University); Jin Song (Chinese Academy of Social Sciences) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201120&r=tra |
| By: | Quheng Deng (Beijing Normal University); Bjorn Gustafsson (University of Goteborg) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201116&r=tra |
| By: | Chuliang Luo (Beijing Normal University); Terry Sicular (University of Western Ontario) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201114&r=tra |
| By: | Hiroshi Sato (Hitotsubashi University); Terry Sicular (University of Western Ontario); Ximing Yue (The People's University of China) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201112&r=tra |
| By: | Jing Xu (The People's University of China); Ximing Yue (The People's University of China) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201119&r=tra |
| By: | Halkos, George; Tzeremes, Nickolaos |
| Abstract: | The paper investigates China’s environmental performance-economic development relationship for the time period of 1965-2009. The results indicate that after 1990 China increased its environmental performance mainly driven by the implementation of several environmental policies. In addition when we taking into account several factors contributed to China’s economic growth, the empirical evidences suggest the existence of an inverted “U” shape relationship between China’s environmental performance and economic development. However, when only the influence of the industrial sector is taken into account the shape of the established relationship changes from an inverted “U” to “N” shape, indicating that the main determinant of China’s environmental inefficiencies over the years was the heavily industrialization. |
| Keywords: | Environmental performance; Environmental Kuznets Curve; China; Economic Growth |
| JEL: | Q50 C14 O10 P28 C01 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:34312&r=tra |
| By: | Shi Li (Beijing Normal University); Chuliang Luo (Beijing Normal University); Terry Sicular (University of Western Ontario) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201110&r=tra |
| By: | Sylvie Démurger (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France); Hui Xu (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | This paper examines how left-behind children influence return migration in China. We first present a simple model that incorporates economic and non-economic motives for migration duration (or intentions to return). Based on Dustmann (2003b), the parent is assumed to be altruistic and to care about the prospects of her left-behind children. We then propose two complementary empirical tests based on an original dataset from a rural household survey carried out in Wuwei County (Anhui province, China) in fall 2008. We first use a discrete-time proportional hazard model to estimate the determinants of migration duration for both on-going migrants with incomplete length of duration and return migrants with complete length of duration. Second, we apply a binary Probit model to study the return intentions of on-going migrants. Both models find consistent results regarding the role of left-behind children as a significant motive for return. First, left-behind children are found to pull their parents back to the village, the effect being stronger for pre-school children. Second, sons are found to play a more important role than daughters in reducing migration duration. |
| Keywords: | return migration, migration duration, left-behind children, discrete-time duration analysis, China |
| JEL: | J61 J13 C41 C25 O53 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1122&r=tra |
| By: | Sai Ding (Chinese Academy of Social Sciences); Shi Li (Beijing Normal University); Samuel L. Myers, Jr. (University of Minnesota) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201121&r=tra |
| By: | Bjorn Gustafsson (University of Goteborg); Sai Ding (Chinese Academy of Social Sciences) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201117&r=tra |
| By: | Judith Thornton |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:udb:wpaper:uwec-2011-15&r=tra |
| By: | John Knight (Beijing Normal University); Terry Sicular (University of Western Ontario); Ximing Yue (The People's University of China) |
| Abstract: | Not available. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:201113&r=tra |
| By: | Di Mo; Hongmei Yi; Linxiu Zhang; Renfu Luo; Scott Rozelle; Carl Brinton |
| Abstract: | Recent anecdotal reports suggest that dropout rates may be higher and actually increasing over time in poor rural areas. There are many reasons not to be surprised that there is a dropout problem, given the fact that China has a high level of poverty among the rural population, a highly competitive education system and rapidly increasing wages for unskilled workers. The overall goal of this study is to examine if there is a dropout problem in rural China and to explore the effectiveness that a Conditional Cash Transfer (CCT) program could have on dropouts (and mechanism by which the CCT might affect drop outs). To meet this objective, we conducted a randomized controlled trial (RCT) of a CCT using a sample of 300 junior high school students in a nationally-designated poor county in Northwest China. Using our data, we found that the annual dropout rate in the study county was high, about 7.0%. We find, however, that a CCT program reduces drop outs by 60%; the dropout rate is 13.3% in the control group and 5.3 % in the treatment group. The program is most effective in the case of girls, younger students and the poorest performing students. |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:lic:licosd:28311&r=tra |
| By: | Giles, John; Wang, Dewen; Cai, Wei |
| Abstract: | This paper highlights the employment patterns of China's over-45 population and, for perspective, places them in the context of work and retirement patterns in Indonesia, Korea, the United States, and the United Kingdom. As is common in many developing countries, China can be characterized as having two retirement systems: a formal system, under which urban employees receive generous pensions and face mandatory retirement by age 60, and an informal system, under which rural residents and individuals in the informal sector rely on family support in old age and have much longer working lives. Gender differences in age of exit from work are shown to be much greater in urban China than in rural areas, and also greater than observed in Korea and Indonesia. Descriptive evidence is presented suggesting that pension eligible workers are far more likely to cease productive activity at a relatively young age. A strong relationship between health status and labor supply in rural areas is observed, indicating the potential role that improvements in access to health care may play in extending working lives and also providing some basis for a common perception that older rural residents tend to work as long as they are physically capable. The paper concludes with a discussion of measures that may facilitate longer working lives as China's population ages. |
| Keywords: | Labor Markets,Labor Policies,Population Policies,Pensions&Retirement Systems,Work&Working Conditions |
| Date: | 2011–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5853&r=tra |
| By: | Bruce Blonigen (University of Oregon); Matthew T Cole (University College Dublin) |
| Abstract: | Recent theoretical work suggests that the presence of foreign direct investment (FDI) lowers a country’s noncooperative Nash tariff. To test this hypothesis, we first adapt the theoretical model formulated by Blanchard (2010) to derive an intuitive, empirically testable equation. This equation is an augmentation of the standard formula equal to the inverse of export supply elasticity. Using constructed estimates of export supply elasticities and measures of FDI, we test this hypothesis with respect to tariffs set by China prior to 2001. We focus on China before its accession into the World Trade Organization (WTO) for two primary reasons: first, China is a recipient of FDI during this time; and second, prior to becoming a WTO member China can be seen as a player in a noncooperative game. We find evidence to suggest that before entering the WTO, China chooses lower tariffs, ceteris paribus, for industries that receive more FDI. This is an important result since having a better understanding of how countries act unilaterally will provide insight into the multilateral cooperative outcome; that is trade negotiations. |
| Keywords: | Foreign direct investment; Optimal tariffs |
| Date: | 2011–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:ucn:wpaper:201121&r=tra |
| By: | LIU, Ju (CIRCLE, Lund University) |
| Abstract: | This paper investigates the structure of the intra-firm innovation networks (IntraINs) and the inter-organisational innovation networks (InterINs) of six leading manufacturing companies in the Great Zurich Area of Switzerland and the Sichuan province of China. It assesses the regional institutional environments (RIEs) of these two regions and explores their impact on the connectedness of both the IntraINs and InterINs of the case companies. It finds that RIE has no apparent impact on the case firms’ IntraINs. The impact of RIE on the InterINs is mainly manifested through its impact on the connections among the outside organisations rather than the direct connections between the focal firms and their outside collaborators. It is suggested that for helping big companies to build up innovation networks, public policy should be deployed to improve the RIE instead of directly bridging firms and the outside organisations which the firms can do it well by themselves. |
| Keywords: | Innovation network; Regional institutional environment; Intra-firm; Inter-organisational; Chin; Switzerland |
| JEL: | O30 |
| Date: | 2011–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2011_007&r=tra |
| By: | Ladislava Grochová (Department of Economics, FBE MENDELU in Brno); Tomáš Otáhal (Department of Economics, FBE MENDELU in Brno) |
| Abstract: | Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of law (Smith 2001, chap 5). The modern Public Choice proponents argue that corruption might influence the efficiency of the rule of law. While Chicago Public Choice scholars model how corruption improves efficiency of the rule of law and thus the overall economic efficiency, the Virginia Public Choice models explain how corruption reduces efficiency of the rule of law and thus the overall economic efficiency. In this paper, we present a brief survey distinguishing among arguments of the Chicago Public Choice and Virginia Public Choice schools on how corruption influences economic efficiency. We present selected quasi-experimental anecdotic evidence of bureaucratic corruption from the early period of transition in the Czech and Slovak Republics to support the argument that the Virginia Public Choice explanation is more realistic because it includes the influence of bureaucratic corruption. |
| Keywords: | Bureaucracy, corruption, economic efficiency, Chicago Public Choice, Virginia Public Choice, rent-seeking, rule of law |
| JEL: | D74 K42 P3 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:men:wpaper:13_2011&r=tra |
| By: | Fei Ren; Li-Xin Zhong |
| Abstract: | The asymmetric price impact between the institutional purchases and sales of 32 liquid stocks in Chinese stock markets in year 2003 is carefully studied. We analyze the price impact in both drawup and drawdown trends with consecutive positive and negative daily price changes, and test the dependence of the price impact asymmetry on the market condition. For most of the stocks institutional sales have a larger price impact than institutional purchases, and larger impact of institutional purchases only exists in few stocks with primarily increasing tendencies. We further study the mean return of trades surrounding institutional transactions, and find the asymmetric behavior also exists before and after institutional transactions. A new variable is proposed to investigate the order book structure, and it can partially explain the price impact of institutional transactions. A linear regression for the price impact of institutional transactions further confirms our finding that institutional sales primarily have a larger price impact than institutional purchases in the bearish year 2003. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.3133&r=tra |
| By: | Gábor Kátay (Magyar Nemzeti Bank (central bank of Hungary)) |
| Abstract: | Following the approach recently developed for the International Wage Flexibility Project (IWFP), the paper presents new estimates of downward real and nominal wage rigidity for Hungary. Results suggest that nominal rigidity is more prominent in Hungary than real rigidity. When compared to other countries participating in the IWFP, Hungary ranks among the countries with the lowest degree of downward real rigidity. The estimated downward nominal rigidity for Hungary is higher, the measure is close to but still below the overall cross-country average. Using the same methodology, the paper also confirms the widespread view that the wage growth bargained at the national level has little compulsory power in Hungary. On the other hand, the minimum wage remains an important source of potential downward wage rigidity in Hungary. |
| Keywords: | downward nominal and real wage rigidity, wage change distributions, wage flexibility |
| JEL: | C23 E24 J3 J5 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:wpaper:2011/9&r=tra |
| By: | Franziska Gassmann; UNICEF Innocenti Research Centre |
| Abstract: | This paper provides an overview of the social and economic vulnerabilities of households with children in the five Central Asian countries, and assesses the ability of national social protection systems to address these, with the main focus on the role of non-contributory cash transfers financed from general government revenues. The paper concludes that the existing social cash transfer systems are not effective in addressing the needs of poor and vulnerable children and families in Central Asia. Limited coverage together with limited funding reduces the potential poverty reduction impact of the programmes. |
| Keywords: | economic crisis; poverty reduction; social assistance; social protection; |
| JEL: | H0 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ucf:inwopa:inwopa639&r=tra |
| By: | Sándor Sóvágó (Magyar Nemzeti Bank (central bank of Hungary)) |
| Abstract: | During the recent crisis bank lending to the non-financial corporate sector declined substantially in Hungary and this slump proceeds in the aftermath of the recession as well. However it is not evident whether it is a result of the slow recovery of the real economy (the lack of credit demand), or it is caused by the balance sheet adjustment of financial intermediaries, that is tight credit supply is prevalent. In this paper we identify supply and demand in the corporate loan market in Hungary and decompose the developments of lending to supply and demand factors. Doing this a simultaneous econometric model is estimated on a panel dataset, which covers the major banks in the industry. The model takes into account the results of the Bank Lending Survey of MNB, which provides some information about lending standards and banks’ willingness to lend. Our results suggest that tight supply conditions have played an important role in the decline of lending, especially after the outbreak of the crisis. At the same time, demand has been contracted as well during the recession, although it has started to recover in 2010. At the end of 2010 we may conclude that the decline in supply and demand accounted for the drop in corporate lending in a ratio of around 2/3-1/3, respectively. |
| Keywords: | corporate lending, credit supply, bank lending survey |
| JEL: | E44 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:opaper:2011/94&r=tra |
| By: | Francisco José Callado Muñoz (Dpt. Economia); Jana Hromcová (Universitat de Girona); Natalia Utrero González (Dpt. Economia) |
| Abstract: | In this paper we present a general equilibrium model on payment choice at retail level. We analyze how the accession to an economic and monetary union, and the influence of new institutions may shape the evolution of consumers’ payments in newly acceded countries. The model suggests that accessing countries approach accepting group attitudes towards payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to 2004 European Union enlargement process. Results confirm the relevance of institutional environment and technology development in retail payment system decisions of newly acceded countries. |
| Keywords: | cash; payments; European Union enlargement. |
| JEL: | E42 E51 G21 O52 |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasad:2011-23&r=tra |
| By: | Brunilda Zenelaga (University Aleksandër Moisiu); Kseanela Sotirofski (University Aleksandër Moisiu) |
| Abstract: | Migration of high skilled workers, known as brain drain, is a relatively spread phenomena in both developed and developing countries. The brain drain phenomenon of the countries of the South-East Europe is determined to a large extent by common "push factors’ such as troubled economies, political instability, severe unemployment, and lack of respect of human rights, including the right to work. All these are especially true for post-communist societies, which are faced with the challenge of including the educated elite in the transition reforms that must take place to intensify bonds with the European Union. Brain gain consists of those "pull factors”, policies and strategies which create the conditions for encouraging the return of qualified nationals. From a point of view of duration, degree and impact on the development of the country, Albania constitutes the most striking example of brain drain in South East Europe. Indeed, Albania has one of the highest emigration rates in the world: during the 1990s almost 40% of lecturers and researchers left the country. Among these, 66% hold a PHD title. There are many examples of experts and students who study in Italy, and it is estimated that only 5% of them will return. Several reasons may explain the massive migration of high skilled workers from Albania, but this study is limited with those who went to Italy for study reasons. The main aim of the study is to carry out the main issues related to the reasons why the Albanians study in Italy and the ways they can be motivated to turn back and contribute to Albanian socio-economic development. A brief summary of related literature review, some qualitative data collected from semi-structured in-depth interview with 37 Master and Ph.D. students studying in Italy will be analyzed. The interviewed persons had emigrated for a better education. Among all traditional factors that determine the possible brain gain to Albania the authors find that the factors like socio-economic state, higher education system, government politics related to the orientation of returned students studying abroad, the teaching of democratic and transparency feelings and thoughts, the promoting of European rights and values, freedom, solidarity and security and the notification of European universities as an actor on the global stage are statistically important. Also some statistical data from CESS (Center for Economic and Social Studies) and Institute of Statistics related to Brain Gain process in the country will also be analyzed. This paper also attempts to assess the future trends of Albanians` move to Italy for study reasons and the turning scale to the country after their studies. |
| Keywords: | brain gain, brain drain, migration, transition |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:laa:wpaper:46&r=tra |
| By: | Peter Robert (TÁRKI); Annamária Gáti (TÁRKI-TUDOK) |
| Abstract: | The paper intends to increase the information and knowledge on graduates’ labour market entry and early career under post-communism. The specific purpose of the analysis is to examine gender differences with respect to two particular research questions: the length of time graduates need to enter the labour force and find a first job; the odds for becoming unemployed during the first five years spent in labour force. Data from the recent HEGESCO project (www.hegesco.org) are employed in the paper. The data collection has occurred in 2008 / 2009 and refers to those diploma holders who completed their studies five years earlier in 2002 / 2003. The project involved five nations: Hungary, Lithuania, Poland, Slovenia and Turkey. The present study deals with three former communist countries: Hungary (N=1533), Poland (N=1200) and Slovenia (N=2923). The paper provides background information on these three countries in terms of their institutional features related to the school system and the labour market. Both descriptive (bivariate) and causal (multivariate) techniques are applied in the study. The Kaplan-Meier survival analysis is used to examine gender differences in labour market entry in the three countries. For investigating the determinants of possible unemployment experience (did it occur or not), the logistic regression method is applied. In addition to gender variation, data offer a large variety of predictors and control variables informing about various characteristics of the study program (field of study, BA/MA, full-time / part-time, first degree gained) as well as about the respondent’s involvement during studies (voluntary / student organization activity, internship, work experience). It is also possible to control for social origin (parental education). Results reveal that gender difference for the length of time to find a first job is significantly present only in Slovenia. For unemployment, at observed level women are definitely disadvantaged and experienced unemployment in all three countries more frequently as compared to men. On the ground of the multivariate analysis, however, the female disadvantage to have a significantly bigger chance to become unemployed in comparison to males turns out to be present only in Poland. As taking into account the large variation in the compositional effects, the paper elaborates on how these features bring advantages or disadvantages for males and females to avoid unemployment. On this ground it is impossible to conclude about a better or worse situation regarding the rank order of the three countries. |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:laa:wpaper:34&r=tra |
| By: | Tian Qiu; Guang Chen; Li-Xin Zhong; Xiao-Run Wu |
| Abstract: | Bid-ask spread is taken as an important measure of the financial market liquidity. In this article, we study the dynamics of the spread return and the spread volatility of four liquid stocks in the Chinese stock market, including the memory effect and the multifractal nature. By investigating the autocorrelation function and the Detrended Fluctuation Analysis (DFA), we find that the spread return is lack of long-range memory, while the spread volatility is long-range time correlated. Moreover, by applying the Multifractal Detrended Fluctuation Analysis (MF-DFA), the spread return is observed to possess a strong multifractality, which is similar to the dynamics of a variety of financial quantities. Differently from the spread return, the spread volatility exhibits a weak multifractal nature. |
| Date: | 2011–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1110.4455&r=tra |