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on Transition Economics |
| By: | Jan Fidrmuc; Jarko Fidrmuc; Shuo Huang |
| Abstract: | This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955-2007. We find that the symmetry of supply shocks has declined after the liberalization initiated in 1978. In contrast, the correlation of demand shocks has increased during the same period. We then seek to explain these correlations by relating them to factors that proxy for interprovincial trade and vulnerability of regions to idiosyncratic shocks. Interprovincial trade and similarity in factor endowments tend to make shocks more symmetric. Surprisingly, foreign trade and inward FDI have little effect on the symmetry of shocks. |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:edb:cedidp:13-01&r=tra |
| By: | Daniel Munich; Martin Srholec; Michael Moritz; Johannes Schaffler |
| Abstract: | Much has been written on the distinction between vertical and horizontal foreign direct investment. However, most of the empirical literature relies on indirect and aggregated measures only. The aim of this paper is to help fill this gap by examining the differences between German affiliates in the Czech Republic and their mother companies in Germany on the basis of direct evidence on factor requirements. Using a cluster analysis on firm-level data from the unique ReLoc survey, we identify four main groups of firms that partition the sample by broad sectoral lines and by technological, educational and skill intensity of their operations within each of them. More detailed analysis of the clustering reveals that the vertical model dominates in manufacturing, while the horizontal model of investment prevails in the service sector. |
| Keywords: | multinational enterprise; foreign affiliate; vertical investment; cluster analysis; Germany; Czech Republic; |
| JEL: | D21 L16 F23 O23 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:cer:papers:wp467&r=tra |
| By: | Iuliia Sonina (UP1 UFR02 - Université Paris 1, Panthéon-Sorbonne - UFR d'Économie - Université Paris I - Panthéon-Sorbonne - PRES HESAM) |
| Abstract: | This paper presents the results of econometric analysis of retirement behavior of Russian pensioners. The aim of the investigation is determination of those factors that affect the retirement decision of men and women in Russia. Their understanding can be helpful for pension reform realization. This analysis is performed on the basis of data from the Russian Longitudinal Monitoring Survey. The data are taken from the 15th to 19th waves of survey that correspond to 2005-2010 period of time. First of all this paper gives a survey of retirement literature, then describes the pension system in the Russian federation and particularities of retirement behaviour of Russian pensioners, after that it presents basic hypothesis of the analysis and, finally, concludes with econometric results and their interpretation. |
| Keywords: | retraite, Russie, comportements |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:dumas-00817699&r=tra |
| By: | Yi Chen; Frank A Cowell |
| Abstract: | We examine the evidence on rank and income mobility in China during the decades immediately preceding and immediately following the millennium using panel data from the China Health and Nutrition Survey. We show that rank mobility changed markedly over the period: in this respect China is becoming markedly more rigid. By contrast income mobility has carried on increasing; so has income inequality. |
| Keywords: | Mobility Measurement, Income Distribution |
| JEL: | D63 |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:cep:stippp:18&r=tra |
| By: | Evgeny Gorunov (Gaidar Institute for Economic Policy); Pavel Trunin (Gaidar Institute for Economic Policy) |
| Abstract: | Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity. Monetary expansion is considered as one of the possible alternatives, which we consider inappropriate. During the whole post-crisis period monetary authorities of advances economies in their attempts to boost recovery relied heavily on different sorts of monetary stimulus. Thus it is sometimes argued that Russia should better use such kind of experience and shift to aggressive monetary expansion. This view is mostly wrong since it shows misunderstanding of the goals of the monetary easing policy implemented in advanced economies and also ignores the differences between Russia and advanced countries with respect to macroeconomic conditions. There are two main reasons for extraordinary monetary expansion in advanced economies: sizable cyclical recession and “zero lower bound” problem. Since none of these is present in Russia there’s no reason for implementation of monetary easing policy. |
| Keywords: | monetary policy, Bank of Russia |
| JEL: | E41 E42 E52 E58 E61 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:gai:wpaper:0067&r=tra |
| By: | Xiong , Qiyue (BOFIT) |
| Abstract: | This paper focuses on the role the bank lending channel in transmission of monetary policy in China. Using unbalanced quarterly panel data from 2Q2000 to 4Q2011, a one-step GMM estimator is applied to establish the existence the bank lending channel. The findings suggest central bank monetary policy asymmetrically affects bank lending behavior. Small banks are found more sensitive to contractionary monetary policy in the Chinese context. Well capitalized banks appear to be more likely to adjust their lending behaviors in response to expansionary monetary policy, and conversely, undercapitalized banks tend to adjust with the advent of contractionary monetary policy. The importance of the bank lending channel declines after China introduced stricter capital regulations in early 2004, but the effect is still apparent in times of expansionary policy. |
| Keywords: | bank characteristics; capital regulation; bank lending channel; asymmetric effects |
| JEL: | E52 |
| Date: | 2013–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2013_007&r=tra |
| By: | Zhang, Lin |
| Abstract: | Energy efficiency of buildings in the service sector is becoming increasingly important in China due to the structural shift of the economy from industry to services. This paper employs a bottom-up cohort model to simulate current energy saving policies and to make projections for future energy use and CO2 emissions for the period 2000-2030 in the Chinese service sector. The analysis shows that energy demand in the service sector will approximately triple in 2030, far beyond the target of quadrupling GDP while only doubling energy use. However, it is feasible to achieve the target of emission reduction by 40% in 2020 even under the poor state of compliance rate of building standard. This paper also highlights four crucial aspects of designing optimal energy saving policies for China's service sector based on the model results. |
| Keywords: | Energy saving policy; Bottom-up; Service sector |
| JEL: | C63 Q43 Q47 Q48 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47061&r=tra |
| By: | Neudert, Regina; Rühs, Michael |
| Abstract: | Within the context of transition and pasture reform in Central Asian and Caucasian countries our study focuses on the pasture reform in Azerbaijan. The pasture reform in Azerbaijan has received little attention in scientific literature although it displays a rapid emergence of individualised rights for pasture plots, which is an exceptional development in this region. Using empirical case study evidence we analyse the implementation and outcomes of the reform process for pastoral land in the context of the macroeconomic development in Azerbaijan and in comparison to pasture reforms in other post-socialist transition countries. We apply the evolutionary theory of property rights to explain and analyse the exceptionally rapid emergence of individual property rights for pasture in Azerbaijan. |
| Keywords: | Agricultural and Food Policy, Community/Rural/Urban Development, Environmental Economics and Policy, Farm Management, Institutional and Behavioral Economics, International Development, Political Economy, |
| Date: | 2013–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ags:huiain:148489&r=tra |
| By: | Alwasiak , Stanislaw; Lewandowska-Kalina, Monika; Kalina, Lech; Kowalewski, Oskar; Mozdzen, Michal; Rybinski, Krzysztof |
| Abstract: | In this paper we examine the determinants of ex-ante state capture analyzing all the legal acts that have been passed in the period 1990-2011 in Poland. We find that during this the majority of legal acts were passed with the aim to satisfy the interest of particular groups. Furthermore, the regression analysis shows that the likelihood of state capture increases during the period of economic growth and local elections. The likelihood of state capture, however, declines during presidential elections. The results we attribute to different interests of political parties in the period of local and presidential election. Finally, we find that the state capture increased over the years in Poland. Additionally, we show that the EU accession did not prevent state capture in Poland. In contrast, the financial crisis of 2007 resulted in a wake-up effect and the likelihood of state capture declined in Poland. |
| Keywords: | law, corruption, state capture, public interest, transition country, Poland |
| JEL: | H40 H41 H62 K42 P37 |
| Date: | 2013–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47057&r=tra |
| By: | Leung, Vincent K.K.; Lau, Chi Keung Marco; Zhang, Zhe |
| Abstract: | This study empirically delineates the nature of explorative and exploitative alliances, examines how they affect product and process innovations, and investigates how such effects vary in different contexts. Using a sample of 220 Chinese firms in the glass industry, we find that explorative alliances have a stronger effect on both product and process innovations than exploitative alliances. Product and process innovations are positively related to both market and efficiency performance and environmental turbulence enhances the effect of product and process innovations. Our findings provide implications on how to choose between explorative and exploitative alliances relative to the alliance objectives and firm resources and environmental contexts. |
| Keywords: | China, exploration versus exploitation, structural equation modeling, process innovation, product innovation, small-and-medium-sized enterprises |
| JEL: | D21 D7 L65 N60 |
| Date: | 2013–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47065&r=tra |
| By: | Elena Sinelnikova, (Gaidar Institute for Economic Policy) |
| Abstract: | Traditional microeconomic approaches to demand for money problem are considered in the article. It also discusses current view of monetary theory on concept of “money”. New approach gives reasoning to existence of variety of payment innovations. It provides theoretical base for inclusion of variable that describes innovations in payment sphere into equation of money demand in Russia. As a result a stable (during 2000—2010 years) money demand equation is obtained |
| Keywords: | money demand, payment innovations, stability, search and matching theory |
| JEL: | E41 E31 E52 C22 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:135&r=tra |
| By: | Aleksandra Parteka (Gdansk University of Technology, Gdansk, Poland) |
| Abstract: | This paper presents empirical evidence on the diversification process concerning Polish exports (1994-2010), compared to European and global samples of countries. It analyzes both the commodity structure of Polish trade and the geographical diversification of Poland’s trading partners. The analysis draws on highly disaggregated data on exports (HS 6digit) and combines descriptive analysis with non-parametric, semi-parametric and parametric estimation models. The results suggest that Poland (exporting 84% of all goods present in the sample) can be placed among countries with well-diversified export products. In terms of geographical diversification, Poland exploits approximately one-fifth of its theoretical overall market reach potential (the best score among new member states) and the diversification of its partner countries increased in the period analyzed. The Polish export portfolio, in terms of the variety of both its products and receiving markets, is more diversified than what is typical for countries at approximately the same stage of economic development. |
| Keywords: | diversification, trade, export, Poland |
| JEL: | F14 F41 O11 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:gdk:wpaper:10&r=tra |
| By: | Jennie Bai; Jia Guo; Benjamin Mandel |
| Abstract: | We analyze two reasons for export prices to be different across markets--namely, quality differentiation and variable markups--and attempt to parse their relative importance and some of their underlying drivers. To overcome the substantial measurement issues in this task, we consider a particular industry as a special case: Chinese fine art. The simplicity of the supply side of art vis-á-vis marginal cost and the wealth of data on its quality characteristics make it possible to separately identify the markup and quality components of international relative prices for Chinese artworks. Through this lens, we trace the process of growth and internationalization of Chinese art since the year 2000. We find strong support for quality sorting into international markets at both the level of artist and artwork, as well as substantial markup differences across destinations. Using a structural model of endogenous quality choice by Feenstra and Romalis (2012), we argue that much of the international quality premium is driven by per unit distribution costs (whether physical or informational) rather than destination-specific preferences for quality. |
| Keywords: | Exports - China ; Prices ; International trade ; Supply and demand |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:614&r=tra |
| By: | Kepinska, Ewa; Stark, Oded |
| Abstract: | We document and suggest a rationale for the durability of seasonal migration from Poland to Germany, a phenomenon persisting for more than a century. We refer to the role of the tradition of engaging in seasonal migration as a force that helped invigorate the process and contribute to its sustainability even when, to different degrees and at different times, the process was interrupted by a shifting political, regulatory, and legal environment. Evidence in support of the role of tradition is provided, among other things, by the continuation of the seasonal flow of migrants from once border regions - which became internal regions following WWII, despite the fact that since the redrawing of the German-Polish border, proximity is no longer a factor encouraging repeated, short-term seasonal moves. -- |
| Keywords: | Poland-to-Germany seasonal migration,Evolution of seasonal migration,Longterm durability of seasonal migration,Tradition |
| JEL: | F22 J22 J43 J61 N3 N33 N34 N93 N94 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuewef:54&r=tra |
| By: | Shkarlet, Serhiy; Petrakov, Iaroslav |
| Abstract: | Recent development trends of environmental taxation in Ukraine in context of the 2011 Tax Reform are analysed. Institutional, fiscal and security challenges for green taxes evolution during economic downturn and recession are summarized. Further modernization outlook for environment-oriented fiscal instruments in Ukraine considering European experience is suggested. |
| Keywords: | environmental taxes, fiscal instruments, trends, challenges |
| JEL: | H23 O13 O44 P28 P48 Q53 Q56 Q58 |
| Date: | 2013–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:45168&r=tra |
| By: | Dabrowski , Marek (BOFIT) |
| Abstract: | Achieving price stability has been a serious challenge for CIS countries. In the first half of the 1990s, they experienced very high inflation or hyperinflation, which had originated in the perestroika period and following the dissolution of the ruble area. After the introduction of new currencies and stabilization programs in the mid-1990s, inflation moderated to two-digit levels. However, for lack of sufficient fiscal policy support, this partial progress did not succeed in preventing the financial crisis of 1998/99. The economic boom of the 2000s allowed for a return to macroeconomic stability with stronger fiscal fundamentals, but nevertheless proved insufficient to withstand the shock from the global financial crisis of 2008/09. The paper analyses the evolution monetary policy regimes of in the CIS countries over the decade of the 2000s and early 2010s and is based on the publicly available cross-country statistics and other information provided by the IMF. The paper compares financial openness in these economies both de jure and de facto. These findings will be tested against the empirical data on exchange rate movements and changes in central banks’ international reserves. The paper concludes with a discussion on practical choices which CIS countries have in respect of their future monetary policy regimes. |
| Keywords: | monetary policy; CIS; financial openness; inflation |
| JEL: | E42 E58 P24 P52 |
| Date: | 2013–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:bofitp:2013_008&r=tra |