|
on Transition Economics |
| By: | H. Lehmann; A. Zaiceva |
| Abstract: | This paper takes stock of informal employment in Russia analyzing its incidence and determinants. Using the regular waves and an informality supplement of the Russian Longitudinal Monitoring Survey (RLMS) it develops several measures of informal employment and demonstrates that the incidence varies widely across the different definitions. We also show that the determinants of informal employment are roughly stable across the different measures: workers who are males, relatively young, unskilled and employed in construction and trade and related services have a higher likelihood to have an informal job. We also take a look at the issue of labor market segmentation along the informal-formal divide by estimating an informal-formal wage gap at the means and across the entire wage distributions. We find only weak evidence for labor market segmentation in Russia when estimating an informal-formal wage gap for salaried workers at the mean. The results of quantile regressions show a wage penalty in the lower half of the distribution and no gap in the upper half for informal employees. In contrast, informal self-employed and entrepreneurs have conditional mean wages that are higher than the mean wages for the formally employed. Across the entire wage distribution, however, we find a negative wage gap in the lowest quartile and a strongly positive wage gap in the highest quartile, pointing to a segmented informal sector with a lower free entry tier and an upper rationed tier. |
| JEL: | J31 J40 P23 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp903&r=tra |
| By: | Harrison, Mark (Department of Economics and CAGE, University of Warwick Centre for Russian and East European Studies, University of Birmingham); Zaksauskienė, Inga (Vilnius University) |
| Abstract: | We provide the first thick description of the KGB’s counter-intelligence function in the Soviet command economy. Based on documentation from Lithuania, the paper considers KGB goals and resources in relation to the supervision of science, industry, and transport; the screening of business personnel; the management of economic emergencies; and the design of economic reforms. In contrast to a western market regulator, the role of the KGB was to enforce secrecy, monopoly, and discrimination. As in the western market context, regulation could give rise to perverse incentives with unintended consequences. Most important of these may have been adverse selection in the market for talent. There is no evidence that the KGB was interested in the costs of its regulation or in mitigating the negative consequences. |
| Keywords: | communism, command economy, discrimination, information, |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:cge:warwcg:169&r=tra |
| By: | Michael Wyrwich (School of Economics and Business Administration, Friedrich-Schiller-University Jena) |
| Abstract: | Previous research on market economies characterized by stable framework conditions shows that several regional factors determine start-up activity. Not much is known about what drives entrepreneurship in unstable environments characterized by significant institutional changes that affect the availability of entrepreneurial opportunities. To fill this gap, this paper focuses on post- communist regions in which start-up activity was basically nonexistent under socialism but significantly more in evidence after the institutional shock of introducing a market economy. It is argued and shown that the allocation of talent into productive entrepreneurship is higher in areas abundantly endowed with individuals who have a relatively high ability to detect viable entrepreneurial opportunities, as indicated by their qualification, and in regions home to a population that is characterized by a high alertness toward opportunities, as indicated by remnants of an entrepreneurial culture that pre- dates socialism. How institutional context affects entrepreneurship over the course of transition is reflected by the negative relationship between urbanization and entrepreneurship that presumably has to do with ill-devised socialist urban planning policies. The regional application of the theory on institutions and entrepreneurship outlined in this paper shows that an entrepreneurial rebound after an adverse large-scale shock accompanied by massive structural change and economic dislocation is most pronounced in areas with a strong human capital basis and a regional culture that favors entrepreneurship. |
| Keywords: | Entrepreneurship, regional knowledge, transition |
| JEL: | L26 R1 P25 |
| Date: | 2013–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2013-037&r=tra |
| By: | Sabina Avdagic |
| Abstract: | Using new data, the paper examines the effect of employment protection legislation (EPL) on aggregate and youth unemployment in advanced OECD economies and in Central and Eastern Europe during 1980-2009. The analysis assesses both the direct and indirect effects of EPL on levels of unemployment, as well as the short-term and long-term effects of changes in EPL on changes in unemployment. The results offer no clear support for the argument that EPL is a cause of either aggregate or youth unemployment. While EPL reaches statistical significance at conventional levels in some models, the results are sensitive to small changes in the sample or the use of alternative estimators. The only finding that appears robust concerns the interaction between EPL and the tax wedge, which suggests some scope for reform complementarity in tackling youth labour market problems. On the whole, the analysis suggests that government efforts to tackle unemployment by deregulating EPL alone may well be unwarranted. |
| Keywords: | employment protection legislation, aggregate unemployment, youth unemployment |
| JEL: | J4 J48 P16 P52 |
| Date: | 2013–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:cel:dpaper:17&r=tra |
| By: | Ludmila Anisimova (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In the period under review, a major international event was the Moscow meeting of G20 finance ministers and heads of central banks. In Russia, a few developments took place. On January 31, 2013, Premier Dmitri Medvedev approved the Main Guidelines for the RF Government’s Activities in the Period till 2018. The Ministry of Economic Development of the Russian Federation has prepared the Forecast of Long-Term Social and Economic Development of the Russian Federation in the Period till 2030. The prospect of a transfer of state reserves for placement on the domestic market and the public debt in management of a nongovernment company were largely discussed; also the Ministry of Finance of the Russian Federation and the Ministry of Economic Development of the Russian Federation debated the issue of reduction of the size of the National Welfare Fund and reallocation of thus available funds to the Development Fund. |
| Keywords: | Normative Documents, Taxation Issues |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:45&r=tra |
| By: | Vladimir Komarov (Russian Presidential Academy of National Economy and Public Administration); Pavel Pavlov (Russian Presidential Academy of National Economy and Public Administration); V. Kotsubinskiy (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The paper presents a comprehensive analysis of the institutional barriers innovative development of Russia's economy. We consider the role of institutions in innovative development from the standpoint of modern theories of innovation, analyzed the impact of informal institutions on innovation dynamics explored the possibility of implementing institutional changes as a mechanism removal of institutional barriers. Finally, conclusions are offered for Russian innovation policy in the medium term. |
| Keywords: | institutional barriers to innovative development of Russian economy |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:37&r=tra |
| By: | Aurelio Volpe (CSIL Centre for Industrial Studies) |
| Abstract: | CSIL has been studying the kitchen furniture market in Russia and Central Eastern Europe for almost 10 years and for the second time published a special report on the Russian kitchen furniture market. This edition of the Report analyses production, distribution, consumption, trade, competition for one or the most challenging markets for this sector, providing kitchen furniture production and consumption statistics and trends, as well as import and export data. The survey involved collecting information from approximately 100 sector companies either through active participation (direct replies to an interview or completion of a questionnaire) or from company balance sheets, figures and estimates. Information on the competitive system include sales data and market shares of 70 among the top manufacturers in this area (Russian, German, Italian kitchen furniture players). Highlights on distribution channels are given. The Report shows also a wide range of data on macro-economic indicators (new houses, weddings...) and appliance data. The report covers both kitchen furniture and the built-in appliances sold through this channel. A list of 200 among the most important retailers selling kitchen furniture in Russia, (from middle to luxury end) and an address list of the major players in the kitchen furniture industry in Russia are included. |
| JEL: | L11 L22 L68 L81 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:s25ru&r=tra |
| By: | Alexander Knobel (Russian Presidential Academy of National Economy and Public Administration); Ilya Sokolov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Part of the methodical approaches to the selection and justification priorities and the optimal level of public expenditure in the Russian Federation on the basis of an empirical relationship between the amount of budget financed and effectiveness of their use. |
| Keywords: | public expenditures |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:25&r=tra |
| By: | Anastasia Kireeva (Russian Presidential Academy of National Economy and Public Administration); Ilya Sokolov (Russian Presidential Academy of National Economy and Public Administration); Tatiana Tischenko (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | This paper presents the analysis used at the federal level software tools expenditure management - federal and departmental target programs, priority national projects, maps of projects to implement the Guidelines of the Government The Russian Federation for the period up to 2012, the state of the program. According to the results of the legal and implementarnogo analysis of the quality of budgetary target programs and other software tools The degree of utilization of project management practices in the activities of the Government of the Russian Federation. |
| Keywords: | budgetary targets of the program |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:24&r=tra |
| By: | Yuri Bobylev (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The paper deals with the global experience of taxation of extractive industry, including both the basic principles and practice of taxation identifying the main groups of countries with differing levels of economic development: countries with developed market economies, developing countries and countries in transition economy. Identifies the key trends in the taxation of extractive industry, exploring the possibilities of application of international experience in Russia, including the possibility of imposing a special tax on additional income and cancellations export duties. Given the international experience makes proposals for improvement of the Russian system of taxation of extractive industry. |
| Keywords: | taxation |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2&r=tra |
| By: | A. Zolotareva (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | This paper analyzes the role of precedent and judicial decisions of general sources with Russian law before Peter the Great to the present day, presented by the author opinion on the relevance of the conventional division of legal systems Anglo-Saxon and Continental. The author assesses the tendency to expand law-making powers of the courts in modern Russia through the creation of Constitutional Court's case-law and the actual implementation of the system in arbitration proceedings. |
| Keywords: | justice |
| JEL: | D6 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:3&r=tra |
| By: | Beck, T.H.L.; Lu, L.; Yang, R. (Tilburg University, Center for Economic Research) |
| Abstract: | Abstract: Using a survey dataset of Chinese rural households, we find that access to external finance is positively associated with the decision to become entrepreneur, the initial investment for microenterprises and the use of external finance. Also, we find that the use of informal finance is positively associated with sales growth of microenterprises with employees, but not of self-employed. We do not find any significant relationship between the use of formal finance and firm growth. Our findings underline the importance of finance for entrepreneurship and microenterprise growth, and the role of informal finance in the absence of efficient formal financial institutions. |
| Keywords: | Finance;Entrepreneurship;Growth;China. |
| JEL: | L26 G21 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:kubcen:2013053&r=tra |
| By: | Jessica Leight (Williams College) |
| Abstract: | This paper evaluates the impact of village-level land reallocations in China on household economic outcomes. Since land was decollectivized in China in 1983, village leaders have implemented regular forced reallocations of land designed to enhance intravillage equity and attain other policy goals. I estimate the impact of insecure tenure using the past history of land shifts as an instrument for current tenure insecurity, and find that an increase in the probability of losing the current plot yields a decrease in agricultural inputs and production of around one standard deviation. Though the costs of insecure tenure are high, structural estimates of the varying cost of reallocation across different villages suggest the choice to reallocate does reflect an optimizing process on the part of village officials, who reallocate where the net benefit is larger. However, the observed pattern of reallocations would be optimal only given an objective function for the village leader that places an extremely high weight on equity, and even given this objective function, there is evidence that village leaders may be making some costly mistakes. |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:wil:wileco:2013-08&r=tra |
| By: | Sheng, Liugang (Chinese University of Hong Kong); Yang, Dennis Tao (University of Virginia) |
| Abstract: | This paper presents theory and evidence showing that institutional reforms in developing countries can effectively expand their product varieties in export. Our model demonstrates that relaxing foreign ownership controls and improving contract enforcement can induce multinational companies to produce new products in host developing countries, and that a combination of the two reforms has an amplifying effect on the introduction of product varieties. Consistent with these theoretical predictions, we find empirically that ownership liberalization and judicial quality played an important role in raising the extensive margin of processing exports in China for the period of 1997-2007. |
| Keywords: | export variety, ownership structure, contract environment, processing trade, policy reform, China |
| JEL: | D23 F14 L22 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7611&r=tra |
| By: | Sergei Belev (Russian Presidential Academy of National Economy and Public Administration); Vladimir Komarov (Russian Presidential Academy of National Economy and Public Administration); N. Moguchev (Russian Presidential Academy of National Economy and Public Administration); Albina Mukhlisova (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The results of monitoring of public policies science and technology in 2009-2010. and evaluation of its performance in terms of objectives, indicators, targets, priorities and main objectives of the first phase innovative development of the Russian economy set out in the concept of long-term socio-economic development of the Russian Federation for the period up to 2020. |
| Keywords: | monetary transmission |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:30&r=tra |
| By: | A. Zolotareva (Russian Presidential Academy of National Economy and Public Administration); Anastasia Kireeva (Russian Presidential Academy of National Economy and Public Administration); S. Shatalov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Annotation: Principal directions of tax policy for the subsequent fiscal year have provided for reforming the institution of tax residence in the Russian law. However, this proved to be difficult due to the inadministrability of taxation of passive income of foreign companies, which is not distributed to the Russian resident. |
| Keywords: | tax resident, Controlled Foreign Corporation, tax optimization |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:5&r=tra |
| By: | Leonhard Plank; Cornelia Staritz |
| Abstract: | Abstract The electronics manufacturing sector has played a prominent role in export-oriented development strategies, as participation in this high-tech industry promises access to new technology, high skilled jobs and a fast-growing market. Against this background, many governments in Central and Eastern Europe (CEE) have sought to attract investment in this sector, where foreign firms became the key actors in reshaping after 1989 and where integrating into global production networks (GPNs) was widely embraced as a means to modernize and upgrade local industries. We assess to what extent the potential benefits arising from integrating into electronics GPNs have materialized in Hungary, an established player and the most important electronics exporting country in the region, and Romania, a newcomer country in electronics manufacturing. To analyse these questions, we look at the organizational and geographical configuration of the electronics sector and examine the impact integration into these networks has had on local firms and workers and to what extent this integration has led to economic and social upgrading. With regard to economic upgrading processes, we suggest that the upgrading concept needs to pay more attention to the ‘reach’ of economic upgrading. This is particularly important when integration into GPNs takes place via foreign direct investment (FDI), where economic upgrading processes may be focused on transnational corporations (TNCs) with limited spillovers to local firms. The social upgrading trajectory is influenced importantly by global industry dynamics, for example high flexibility pressures and the tiered nature of the workforce in electronics GPNs, and countries' specific institutional and regulatory contexts. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:bwp:bwppap:ctg-2013-31&r=tra |
| By: | Anthony T Flegg (University of the West of England, Bristol); Yongming Huang (Wuhan University); Timo Tohmo (University of Jyväskylä) |
| Abstract: | Data for the Chinese province of Hubei are used to assess the performance of Kronenberg's CHARM, a method that takes explicit account of cross-hauling when constructing regional input-output tables. A key determinant of cross-hauling is held to be the heterogeneity of the products of individual sectors, which is estimated using national data. However, contrary to the authors' earlier findings for Finland, CHARM does not generate reliable estimates of Hubei's sectoral exports, imports and the volume of trade. This outcome is attributed to the difficulty of getting satisfactory estimates of net exports and the degree of heterogeneity for this data set. This problem is, in turn, linked to the relatively small size of the region under examination, which generates around four percent of China's GDP. Nevertheless, CHARM does yield reasonable estimates of sectoral supply multipliers. It is suggested that the poor simulation of Hubei's trading patterns is due to the difficulty, in this instance, of constructing a regional input-output table using national data, rather than to any theoretical shortcomings of the method as such. |
| Keywords: | regional input output tables; China; CHARM; location quotients; multipliers |
| URL: | http://d.repec.org/n?u=RePEc:uwe:wpaper:20131310&r=tra |
| By: | Popović, Milenko |
| Abstract: | The topic of this paper is an analysis of the growth of the Serbian economy. The paper is primarily devoted to the analysis of the sources of growth of the Serbian economy. In this regard, apart from conventional decomposition of growth (into contributions of capital, labor, and total factor productivity), the demand side and the industry composition sides of the sources-of-growth analysis are also considered. Furthermore, on the basis of these results, the reserves for further growth of the gross domestic product per capita are identified and estimated. Special attention is given to a possible increase in the total factor productivity, induced by the advance in “broader knowledge”, and to an increase in the labor participation rate. Institutional and policy prerequisites for realization of these reserves of growth are also briefly analyzed. Finally, on the basis of different assumptions regarding magnitudes of realization of these reserves, future convergence of the Serbian economy toward E15 and E27 countries is given. -- |
| Keywords: | sources of growth,convergence |
| JEL: | O40 O43 |
| Date: | 2013–03–05 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:82824&r=tra |
| By: | Popović, Milenko; Čiymović, Mirjana |
| Abstract: | The topic of this paper is comparative analysis of the economic growth in the former SFRY countries. The paper is primarily devoted to the analysis of the sources of economic growth in these countries. In this regard, apart from conventional decomposition of growth (contributions of capital, labor and total factor productivity), the demand and the industry composition sides of the sources-of-growth analyses have also been considered. Furthermore, the reserves for further rise in GDP per capita have been identified and estimated on the basis of obtained results. Special attention has been paid to possible increase in the total factor productivity induced by the advance in “broader knowledge” as well as to increase in the labor participation rate. Institutional and policy prerequisites for realization of these reserves of growth are also briefly analysed. -- |
| Keywords: | sources of growth,growth reserves |
| JEL: | O40 O43 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:82825&r=tra |
| By: | Khan, Haider |
| Abstract: | The main purpose of this paper is to explore the possibilities of industrialization and development in the 21st century. With an ongoing global financial and economic crisis with only a tepid recovery at the time of this writing(August 2013) as well as the still unfolding ecological crisis, the 21st century presents an even greater challenge for industrialization in the developing world than the post-WWII period. The changed global economic and ecological environment will shape the emergence of new technological and industrial paradigms and trajectories in significant ways (Dosi 2000, Khan 2004a). However, while the main thesis of this paper argues for a radical rethinking of development and industrialization within an ecological political economy framework in the 21st century, there are still many relevant lessons---positive and negative--- from the post-WWII development and industrialization experiences and discourses. Therefore, the next section focuses on the development and industrialization experiences of the post-WWII period. This section also focuses in particular on the successful Asian economies in order to bring out a number of still relevant insights. Section 3 discusses the problems of industrialization and innovation in the particular 21st century context for China. The problems revealed through this case study can highlight many of the challenges of development, industrialization and innovation in the 21st century. However, it must be pointed out that China is also a special case in many respects and poses some problems for itself and for the smaller developing countries by the strategy of development it has followed so far. The research strategy here is to both avoid the danger of falling into overgeneralization and to emphasize the need for a radical change in both the global economic environment and specific development and industrialization strategies. This is highlighted in section 4 of this paper where the outlines of an alternative development strategy are given. |
| Keywords: | Industrialization strategies, development strategies. Innovation, heterodox policies, industrial policies, China |
| JEL: | O1 P1 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:50168&r=tra |
| By: | Elena Leontyeva (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Monetary policy measures are widely used in various countries the world to influence economic conditions. However, the efficiency of the impact of monetary policy on macroeconomic performance varies in different countries. Understanding the characteristics of the transmission mechanism of monetary policy, that is, the process of the impact of policy on the behavior of economic agents, the end result of which is the change of the main macroeconomic indicators will consider the impact of actions of monetary authorities to the individual agents. In this work analyzed in detail the mechanism of monetary transmission. Look at specifics of the main transmission channels and identified factors that influence their effectiveness. This chapter is analyzes the characteristics of the channels of transmission mechanism in Russia in the first decade of the XXI century. |
| Keywords: | monetary transmission |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:29&r=tra |
| By: | Jing You; Samuel Annim |
| Abstract: | Abstract This paper assesses causal effects of formal microcredit on children’s educational outcomes by using household panel data (2000 and 2004) in a poor province of northwest rural China. The unobservables between borrowers and non-borrowers are controlled in static and dynamic regression-discontinuity designs. The static analysis reveals significant positive impact of microcredit on children’s schooling years (captured by late entry, failed grades and suspended schooling from time to time) in 2000 only, and no indication of influence on academic performance for both rounds of survey. The dynamic analysis shows progressive treatment effects of microcredit on both longer schooling years and higher average scores. Formal microcredit appears to improve education in the longer term compared to the short term, and hence may have potential in relaxing the grip of educational poverty traps. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:bwp:bwppap:18313&r=tra |
| By: | ITO Banri; XU Zhaoyuan; YASHIRO Naomitsu |
| Abstract: | This study empirically examines the role of agglomeration in enabling firms to begin exporting, using a large dataset of Chinese firms. Knowledge spillover caused by the agglomeration of exporters can reduce the initial cost of export, thereby lowering the "productivity cut-off" required to export. A parametric estimation of an export entry model indicates that the agglomeration of incumbent exporters contributes significantly to export participation, although its magnitude is limited. These spillover effects are generated not only by the agglomeration of exporting foreign invested firms (FIFs), but also, more importantly, by that of indigenous Chinese exporters. In fact, the agglomeration of exporting FIFs only contributes to the export entry of FIFs, yet has a negative impact on indigenous Chinese firms' export participation. |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:13081&r=tra |
| By: | Georgy Zadonsky (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Though the lending rate on mortgage housing loans (MHL) in rubles increased from 11.4% as of December 1, 2011 to 12.7% as of January 1, 2013 the volume of mortgage housing lending in 2012 increased 32% and 44% as regards the number of loans (690,661 loans) and in money terms (Rb 1,029 trillion), respectively, as compared to 2011. As of January 1, 2013, the share of the debt on MHL without overdue payments as a percentage of the total amount of the debt on MHL increased by 1.87 p.p. as compared to January 1, 2012 and amounted to 95.93%. The share of MHL in foreign currency in the volume of the extended loans keeps decreasing and amounted to 1.42% in 2012. |
| Keywords: | Mortgage, Russian Federation |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:41&r=tra |
| By: | Łukasz Goczek (Faculty of Economic Sciences, University of Warsaw); Dagmara Mycielska (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | The aim of the article is to examine the degree of the long-run interest rate convergence in the context of Poland's joining the EMU. In this perspective, it is frequently argued that the expectations of Poland's participation in the EMU should manifest themselves in long-run interest rate convergence. This should be visible in the long-run fall of interest rate risk premium in Poland. In contrast, the paper raises the question of the actual speed of such convergence and questions the existence of this phenomenon in Poland. Confirmation of the hypothesis concerning slow convergence in the risk premium is essential to the analysis of costs of the Polish accession to the EMU. The main hypothesis of the article is verified using a Vector Error-Correction Mechanism model of an Uncovered Interest Rate Parity and several parametric hypotheses concerning the speed and asymmetry of adjustment. |
| Keywords: | empirical analysis, Eurozone, interest rate convergence, monetary union |
| JEL: | E43 E52 E58 F41 F42 C32 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2013-21&r=tra |
| By: | Pavel Trunin (Russian Presidential Academy of National Economy and Public Administration); Eugene Goryunov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | This article presents an analysis of papers on various aspects of exit strategies from the crisis measures of economic policy. In the literature, there is currently a clear separation of all the measures into two components related to monetary and fiscal areas. Following this separation, the survey presents two parts. Each part consists of a brief description of the current situation, outline of the problems, description of the main components of an exit strategy, and the discussion and evaluation of proposed government programs. |
| Keywords: | anti-crisis measures |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:27&r=tra |
| By: | Tatiana Malinina (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | We consider the recommendations of international organizations to change the approach to the taxation of the financial sector in the light of the world financial crisis, the current theoretical approaches to the definition and justification instruments (mechanisms) taxation of the financial sector, discussed in the light of the global financial crisis, the experience of foreign countries, applying recommended in light of the global financial crisis tools taxation of the financial sector, as well as some aspects of Russian assessment practice in the relevant field. |
| Keywords: | nalogoooblazhenie, financial sector |
| JEL: | G1 H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:7&r=tra |
| By: | Dev Nathan; Govind Kelkar; Yang Fuquan; Yu Yin |
| Abstract: | Abstract The paper deals with the role of tourism in reducing poverty in upland economies. Taking cases from China and India, it explores the local segments of the tourism value chain, or the local linkages of tourism. In assessing the impact on poverty it looks at both the local share of tourist expenditure and the size of the tourism sector. Local benefits are looked at from the points of view of both women and men as service providers. The paper brings out the important role of tourism as a form of non-farm employment in reducing poverty in upland economies. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:bwp:bwppap:ctg-2013-18&r=tra |
| By: | Georgy Zadonsky (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In January-October 2012, entities of all the forms of ownership built 476,500 apartments with the total floorspace of 40.1m sq. meters which amounts to 103.8% on the respective period of 2011. The ratio between the price of housing and households’ income in 2012 points to the fact that housing became less affordable both on the primary and secondary markets. The weighted average interest rate on mortgage housing loans (MHL) in rubles increased within a month from 11.4% as of December 1, 2011 to 12.4% as of November 1, 2012. The debt on MHL as a share of GDP increased to 4.11% as of October 1, 2012 which figure exceeds by 1.51 p.p. the highest pre-crisis value of the year 2008. |
| Keywords: | Real Estate, Russian Federation |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:39&r=tra |
| By: | Dev Nathan; Yang Fuquan; Yu Yin |
| Abstract: | Abstract This paper deals with the impact of competition on the tourism network in China. It identifies the supply and demand conditions among service providers, tour operators and tourists that have led to the zero-fee tour and then deals with the impact of this intense price competition in terms of the reduction in product quality and degrading of the whole network. The paper also deals with various attempts by local governments and others to curb the zero-fee tour. It points out that price restrictions have worked in a destination that has established a brand value and, thus, has become a differentiated product. In concluding, the paper deals with the supply reductions that are needed to reduce price competition in various segments of the tourism network. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:bwp:bwppap:ctg-2013-28&r=tra |
| By: | Thangavelu, Shandre M. (Asian Development Bank Institute); Chongvilaivan, Aekapol (Asian Development Bank Institute) |
| Abstract: | This paper empirically investigates whether financial health shores up firm productivity. It presents productivity as another driving factor in translating financial development into real economic progress. The authors’ empirical framework employs Levinsohn and Petrin’s (2003) semi-parametric estimation of total factor productivity (TFP) using firm-level panel data during 2002–2008, and incorporates financial health variables into conventional determinants of firm productivity. The findings suggest that liquidity and access to external credit boosts firm productivity, with the latter particularly imperative for exporting and/or importing firms. |
| Keywords: | financial health; total factor productivity; financial development |
| JEL: | O16 O25 O53 |
| Date: | 2013–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0434&r=tra |
| By: | Islam, Roumeen |
| Abstract: | This paper examines the interaction between fiscal policy and the broader macroeconomic context in open economies. It asks two questions. First, what was the relationship between fiscal policy and current account balances in countries in Europe and Central Asia during the past dozen years? Second, how might changes in (a) output composition and (b) financial sector profitability affect revenues and thus, the assessment of the underlying structural fiscal balance? The study finds that, for flexible exchange rate countries, expansionary fiscal policy has been associated with wider current account deficits. Moreover, changes in net exports and in financial sector profitability may have significant impacts on fiscal balances because of changes in revenues from the value-added tax and the corporate profits tax as a share of gross domestic product. These findings suggest that the countries of Europe and Central Asia have reason to be prudent in terms of fiscal policy choices, even as gross domestic product rises. |
| Keywords: | Debt Markets,Economic Theory&Research,Currencies and Exchange Rates,Emerging Markets,Access to Finance |
| Date: | 2013–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6621&r=tra |
| By: | Dagmar Špalková; Jiøí Špalek (Department of Public Economics, Masaryk University) |
| Abstract: | Choosing between rented housing and homeownership, the so called housing tenure choice, is a key decision made by each household. Therefore housing economists often seek an answer to the question which factors have an impact on this decision. The paper investigates potential tenure choice determinants using an econometric model based on the sample data. Results of the analysis, making use of the investigation of EU-SILC in the CR, have testified to the fact that tenure choice is affected by the factors similar to those in other countries – household income, marital status of the household head and household size (persons per household). By contrast, the influence of other demographic characteristics of the household head (gender or age) has not been confirmed. The econometric model has also made it possible to evaluate potential impact of these factors on housing related expenses of households. In addition to the logical influence of household income, tenure choice decisions are significantly influenced by household size and residence in Prague, particularly in the rented housing sector. |
| Keywords: | Housing, tenure, choice, expenditures, determinants |
| JEL: | D12 P36 R21 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:mub:wpaper:11&r=tra |
| By: | R. Semenova (Russian Presidential Academy of National Economy and Public Administration); Vladimir Nazarov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In this paper we study the influence of inter-budget made transfers to the standard of living of the population, resulting in valuable conclusions have been made about the effectiveness of using this tool in the fiscal definition of policies aimed at combating poverty and reducing regional disparities in poverty in the country. Besides, held analysis of the indirect effect of intergovernmental transfers on poverty, which in turn possible to understand the mechanism of communication between the increase in the volume of transfers from the central budget and the reduction of poverty in the region, so that was formed some idea of ??the policies aimed at reducing regional poverty. |
| Keywords: | regional budget |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:21&r=tra |