nep-tra New Economics Papers
on Transition Economics
Issue of 2015‒01‒26
47 papers chosen by
J. David Brown
United States Census Bureau

  1. The Polish Transition in a Comparative Perspective / Polska transformacja ustrojowa w perspektywie porównawczej By Anders Aslund; Witold Or³owski
  2. Reconstructing China's Supply-Use and Input-Output Tables in Time Series By Harry WU; ITO Keiko
  3. The Prospective Situation of Polish Agriculture in 2030 (An Analysis of Environmental, Social and Economic Conditions of Development) By Baum, Rafal; Pepliński, Pepliński; Wajszczuk, Karol; Wawrzynowicz, Jacek
  4. Comparative analysis of economic efficiency of Polish and German listed companies By Artur Sajnóg
  5. Natural Disasters, Household Welfare and Resilience: Evidence from Rural Vietnam By Mohamed Arouri; Adel Ben Youssef; Cuong Nguyen
  6. After communism: 25 years of revolution By Peter Boone
  7. Exchange rate as a shock absorber or a shock propagator in Poland and Slovakia - an approach based on Bayesian SVAR models with common serial correlation By Dąbrowski, Marek A.; Wróblewska, Justyna
  8. Why are women paid less than men? An investigation into gender wage gap in Poland By Aleksandra Majchrowska; Paweł Strawiński; Karolina Konopczak; Agnieszka Skierska
  9. China’s financial crisis – the role of banks and monetary policy By Le, Vo Phuong Mai; Matthews, Kent; Meenagh, David; Minford, Patrick; Xiao, Zhiguo
  10. How well does the crop insurance market function in Russia? By Bobojonov, Ihtiyor; Goetz, Linde; Glauben, Thomas
  11. The influence of infrastructure on regional wheat trade in Russia: A gravity model approach By Renner, Swetlana; Götz, Linde; Prehn, Sören; Glauben, Thomas
  12. Кохезионната политика на ЕС и регионалните различия в България By Hadjinikolov, Dimitar
  13. Peculiarities of emerging rural entrepreneurship in a post-socialist economy By Möllers, Judith; Traikova, Diana; Buchenrieder, Gertrud
  14. 10 years of EU membership: winners and losers in the agri-food sector of the new member states By Jambor, Attila; Sirone Varadi, Julia
  15. To contract or not in the food sector of transition economies? Evidence from the dairy sector in FYROM By Tuna, Emelj; Karantininis, Konstantinos; Surry, Yves
  16. Rice demand in Vietnam: Dietary changes and implications for policy By Hoang, Hoa; Meyers, William
  17. Expectations motivating the Macedonian farmers in attaining EU standards By Kotevska, Ana; Martinovska-Stojceska, Aleksandra; Öhlmér, Bo; Dimitrievski, Dragi
  18. The economic cycle and the innovation activity of the Polish Industry System By Arkadiusz Swiadek
  19. POTENTIAL TRADE IMPLICATIONS OF JOINING THE EURO ZONE FOR THE POLISH AGRO-FOOD SECTOR By Figiel, Szczepan; Hamulczuk, Mariusz; Klimkowski, Cezary; Kufel, Justyna
  21. Why Do SMEs Not Borrow More from Banks? Evidence from the People's Republic of China and Southeast Asia By Wignaraja, Ganeshan; Jinjarak, Yothin
  22. Quantification of territorial keys indicators By Tomasz Komornicki
  23. Economic growth and nutrition transition: an empirical study comparing demand elasticities for foods in China and Russia By Burggraf, Christine; Kuhn, Lena; Zhao, Qiran; Glauben, Thomas; Teuber, Ramona
  24. The Pro-Russian Conflict and its Impact on Stock Returns in Russia and the Ukraine By Manuel Hoffmann; Matthias Neuenkirch
  25. Benefit Incidence of Public Transfers: Evidence from the People’s Republic of China By Ke, Shen; Lee, Sang-Hyop
  26. When land markets 'do not work' and status-quo agrarian structures persist: A case study from rural Albania By Qineti, Artan; Rajcaniova, Miroslava; Braha, Kushtrim; Ciaian, Pavel; Demaj, Jona
  27. Food demand and consumption patters in the new EU member states: The case of Slovakia By Rizov, Marian; Marian, Anrej; Pokrivcak, Jan
  28. Technological parks and the innovation activity of enterprises in the industrial networks – developed regions vs. the intermediate ones By Jadwiga Goraczkowska
  29. Price Damping and Price Insulating Effects of Wheat Export Restrictions in Kazakhstan, Russia, and Ukraine By Götz, Linde; Djuric, Ivan
  30. Constructing China's Net Capital and Measuring Capital Services in China, 1980-2010 By Harry WU
  31. Absorption of EU Funds in the context of Polish enterprises competitiveness measured by profitability rates By Anna Wildowicz-Giegiel; Adam Wyszkowski
  32. Dynamics of Price Volatility in the China-U.S. Hog Industries By Chen, Rong Jr; Zapata, Hector O. Jr
  33. Efekty dzia³alnoœci innowacyjnej w przedsiêbiorstwach przemys³owych polski wschodniej By Katarzyna Szopik-Depczyñska
  34. Incentives For Repeated Contracts In Public Sector: Empirical Study Of Gasoline Procurement In Russia By Andrei Yakovlev; Oleg Vyglovsky; Olga Demidova; Alexander Bashlyk
  35. Exchange Rate Pass-Through, Domestic Competition, and Infl?ation: Evidence from the 2005/08 Revaluation of the Renminbi By Raphael A Auer
  36. A Ticking “Time Bomb“? Youth Employment Problems in China By Günter Schucher
  37. Globalny kryzys gospodarczy a zadluzenie Polski By Anna Cudowska-Sojko
  38. Agro-holdings in Russia: Temporary phenomenon or a prevailing business form? By Voigt, Peter; Wolz, Axel
  39. Export Performance and Survival in Russia: Why some Regions grow fast and others don't By Sergey Kadochnikov; Anna Fedyunina
  40. Does the agricultural policy foster agricultural development? Evidences on corrections of the rural capital market imperfections in the Republic of Macedonia By Simonovska, Ana; Gjosevski, Dragan
  41. Specjalizacja regionalna endogenicznym czynnikiem rozwoju polskich wojewodztw By Dorota Mi³ek; Paulina Nowak
  42. Governance strategies and welfare effects: vertical integration and contracts in the catfish sector in Vietnam By Trifković, Neda
  43. Moldova : a story of upward economic mobility By Davalos, Maria E.; Meyer, Moritz
  44. Farmers’ Preferences and Attitudes Toward Porcine Reproductive and Respiratory Syndrome (PRRS) Vaccination in Vietnam By Zhang, Haifeng; Kono, Hiroichi; Kubota, Satoko
  45. Bribing culture and rural start-up plans in transition: evidence from Bulgaria By Traikova, Diana; Manolova, Tatiana; Möllers, Judith; Buchenrieder, Gertrud
  46. Мировоззренческий подход к выработке предложений по развитию новой экономики, основанной на развитии несырьевого производства, современных технологиях и реализации человеческого потенциала By Валентина Михайловна Бондаренко
  47. A model assessing innovativeness of administra-tion units awarding public contracts as a tool to conduct economic policy of the state By Arkadiusz Borowiec

  1. By: Anders Aslund; Witold Or³owski
    Abstract: What a difference a quarter of a century can make! In 1989, Poland stood out as a country in chronic political and economic crisis.1 It had been ravaged by strikes, economic decline and default since 1976. A popular view both in Poland and abroad was that Poland was incurable. Germans talked about the polnische Wirtschaft (Polish economy), meaning dysfunctional economy, while the Swedes used the term polsk riksdag (Polish Parliament) for political disorder. Norman Davies, the great historian of Poland, called his monumental history of Poland God’s Playground because of all the disasters it has faced. He said these words “can be aptly used as an epithet for a country where fate has frequently played mischievous tricks” (Davies 1982, xvi). Today, Poland stands out as possibly the greatest economic success among the thirty post-communist countries.
    Date: 2014–12
  2. By: Harry WU; ITO Keiko
    Abstract: This paper documents the procedures of constructing China's input-output tables (IOTs) and supply-use tables (SUTs) in time series for the period 1981-2010 under the East Asian Industrial Productivity/China KLEMS Project. We begin with basic data problems in terms of inconsistencies in concept, coverage, and classification of Chinese national accounts (NAs) and biases of using the NA implicit gross domestic product (GDP) deflators. We then introduce the key procedures in: 1) reconstructing national production accounts as national and industry-level "control totals", 2) constructing industry-level producer price indices, 3) converting 1981 material product system (MPS)-type IOT to the system of national accounts (SNA) standard to match China's five full-scale IOTs (1987, 1992, 1997, 2002 and 2007), 4) constructing industry-level export and import accounts to match each benchmark IOT, and 5) estimating supply-use tables in time series using the SUT-RAS approach from the World Input-Output Database (WIOD), and based on the estimated SUTs, we finally derive China's input-output accounts in time series. Furthermore, we adopt the chained-Laspeyres deflation approach to estimating SUTs in constant prices. With these procedures, we have arrived at an annual GDP growth rate of 9.4% instead of the official estimate of 10.2% for the full period. However, at the broad-sector level, we show a much faster industrial GDP growth at 15.6% per annum instead of the official estimate of 11.9% per annum. As for non-industrial GDP growth, our estimate is 5.2% per annum rather than the official estimate of 8.9% per annum.
    Date: 2015–01
  3. By: Baum, Rafal; Pepliński, Pepliński; Wajszczuk, Karol; Wawrzynowicz, Jacek
    Abstract: This study was an attempt to forecast changes which are likely to take place in Polish agriculture in the future. Taking into consideration expected macroeconomic, social, cultural, demographic trends, etc., it was determined which farming systems would be dominant, new functions to be served by agriculture were analysed, probable ways of farm evolution were indicated (polarization and dual development), while issues of the volume of production in agriculture and the number of farms in Poland up to the year 2030 were discussed.
    Keywords: agriculture in Poland, transformations in agriculture, scenarios for development of agriculture, sustainable agriculture, Community/Rural/Urban Development,
    Date: 2014–08
  4. By: Artur Sajnóg (University of £odz, Poland)
    Abstract: The main subject of theoretical-empirical study presented in this paper is economic efficiency of companies listed on the Polish and German capital market . The discussed research problem was investigated in the form of a comparative analysis and realized in two parts. The discussion presented in the first part depicts mainly theoretical reflections on the essence and assessment measures of companies’ economic efficiency. The second part presents the results of a comparative empirical research on economic efficiency of the companies listed on the Warsaw Stock Exchange and included in the WIG30 index as well as the companies listed on the Frankfurt Stock Exchange, which belong to the DAX index. The research period comprises years between 2004-2013. A comparative analysis of economic efficiency of the companies was conducted using a traditional ratio analysis and the nonparametric DEA method. The results of the empirical research confirm that German companies achieved significantly higher values of basic economic categories in the analysed decade, financial results in particular; however, their generated profits did not reflect in higher values of profitability ratios. Polish companies performed much better as they also showed higher efficiency from the DEA’s point of view.
    Keywords: efficiency, measure of efficiency, DEA, Polish and German joint-stock companies
    JEL: G32
    Date: 2014–12
  5. By: Mohamed Arouri (Centre Clermontois de Recherche en Gestion et Management (CRCGM)); Adel Ben Youssef (University of Nice Sophia Antipolis, France; GREDEG CNRS); Cuong Nguyen (National Economic University, Hanoi, Vietnam)
    Abstract: The study uses commune fixed-effect regressions to estimate the effect of natural disasters on welfare and poverty of rural households in Vietnam, and subsequently examines household and community characteristics that can strengthen resilience of households to natural disasters. We find that all the three disaster types considered in this study including storms, floods and droughts have negative effects on household income and expenditure. Access to micro-credit, internal remittances and social allowances can help households strengthen the resilience to natural disasters. Households in communes with higher expenditure mean and more equal expenditure distribution are more resilient to natural disasters.
    Keywords: Natural hazards, disasters, resilience, poverty, household welfare, Vietnam
    JEL: O12 Q54 D12
    Date: 2015–01
  6. By: Peter Boone
    Abstract: A quarter of a century after the transition to a capitalist economy began, how are the nations of the former Soviet bloc faring? Peter Boone charts the failures of communism, the chaos that followed its collapse, the period of liberalisation and growth - and today's unhealthy combination of economic stagnation and political repression.
    Keywords: economic history, Soviet Empire, economic reform, economic growth
    Date: 2015–01
  7. By: Dąbrowski, Marek A.; Wróblewska, Justyna
    Abstract: The paper examines whether exchange rates in Poland and Slovakia acted as shock absorbers or rather shock-propagating mechanisms. A set of Bayesian structural VAR models is built for each country that enables us to identify supply, demand, monetary and financial shocks. Identifying restrictions are derived from the extended stochastic macroeconomic model of an open economy. Sample covers quarterly data 1998-2013. After careful consideration of alternative VAR specifications it is demonstrated that overly parsimonious VARs result in an imperfect identification of shocks that distorts the results. Empirical evidence is found that the higher exchange rate flexibility in Poland than in Slovakia contributed to the absorption of shocks. Though financial shocks had stronger influence on the exchange rate in Poland than in Slovakia, especially in the run-up to the crisis, the participation in the ERM II did not protected the Slovak koruna against the strong and excessive appreciation.
    Keywords: open economy macroeconomics; real exchange rate; monetary integration; Bayesian structural VAR; common serial correlation; financial shocks
    JEL: C11 E44 F41
    Date: 2015–01–18
  8. By: Aleksandra Majchrowska (University of Lodz); Paweł Strawiński (Faculty of Economic Sciences, University of Warsaw); Karolina Konopczak (Warsaw School of Economics); Agnieszka Skierska (University of Warsaw)
    Abstract: Despite decades of anti-discriminatory legislation, wage discrimination against women is believed to be a major source of social inequality in the developed economies. In the present study we investigate the issue of gender wage gap in Poland. The analysis is carried out both with regard to the labour market as a whole and in different occupational groups. We control for potential occupational segregation by including only groups with nearly balanced males-to-females ratio (0.4-0.6). The raw wage data suggest that in the case of most occupations women in Poland earn less than men. What is more, when controlling for individual and job characteristics relevant from the perspective of the labour market, the gender pay gap increases. Lower wages received by females cannot be, therefore, justified by lower productivity potential. On the contrary, despite better qualifications than in the case of men, women earn on average less, which points to the existence of gender discrimination in the Polish labour market.
    Keywords: wage inequality, Mincer wage equation, Oaxaca-Blinder Decomposition, gender wage gap, Poland
    JEL: C21 J31 J71
    Date: 2014
  9. By: Le, Vo Phuong Mai (Cardiff Business School); Matthews, Kent (Cardiff Business School); Meenagh, David (Cardiff Business School); Minford, Patrick (Cardiff Business School); Xiao, Zhiguo
    Abstract: This paper develops a model of the Chinese economy using a DSGE framework that accommodates a banking sector and money. The model is used to shed light on the period of the recent period of financial crisis. It differs from other applications in the use of indirect inference to estimate and test the fitted model. We find that the main shocks that hit China in the crisis were international and that domestic banking shocks were unimportant. Officially mandated bank lending and government spending were used to supplement monetary policy to aggressively offset shocks to demand. An analysis of the frequency of crises shows that crises occur on average about every half-century, with about a third accompanied by financial crises. We find that monetary policy can be used more vigorously to stabilise the economy, making direct banking controls and fiscal activism unnecessary.
    Keywords: DSGE model; Financial Frictions; China; Crises; Indirect Inference; Money; Credit
    JEL: E3 E44 E52 C1
    Date: 2015–01
  10. By: Bobojonov, Ihtiyor; Goetz, Linde; Glauben, Thomas
    Abstract: In this paper we aim to investigate the demand for crop insurance in Russia, identifying primary influencing factors. We use a cross sectional yearly data set on participation in crop insurance and agricultural production for about 60 regions (oblasts) of Russia for the years 2008-2011. We follow Goodwin’s (1993) approach to estimate the crop insurance demand model with the proportion of planted acres insured as the dependent variables. Our results suggest that the previous subsidy policy to reimburse 50 percent of the insurance premiums has reduced the demand for crop insurance. This may be explained by the negative price elasticity of insurance demand as well as with the cumbersome reimbursement mechanism. Furthermore, operation costs of insurance companies lie above international averages and absorb nearly all governmental subsidies without transferring it to the producers. Therefore, the insurance program in Russia does not function as a subsidy transfer mechanism for farmers. The improvement of the efficiency of the insurance industry in Russia is required in order to increase the attractiveness of the program.
    Keywords: Crop insurance, Russia, Risk and Uncertainty,
    Date: 2014–08
  11. By: Renner, Swetlana; Götz, Linde; Prehn, Sören; Glauben, Thomas
    Abstract: We investigate the determinants of Russian regional wheat flows focusing on the role played by transport costs and regional infrastructure. We adapt the Anderson & van Wincoop (2003) gravity model to regional trade by considering a regional border effect and by assuming that trade costs are also determined by infrastructure variables. Our model identifies positive effects of the number and the average loading capacity of grain rail terminals in the region. This analysis reveals substantial effects of infrastructure on interregional wheat trade in Russia. Especially, the quality of infrastructure seems to have a strong effect, suggesting that improvements of infrastructure should focus on the improvements of the quality rather than the quantity of infrastructure.
    Keywords: wheat trade, gravity model, infrastructure, Russia, International Relations/Trade,
    Date: 2014–08
  12. By: Hadjinikolov, Dimitar
    Abstract: The importance of EU Cohesion policy can be found in three main directions - more efficient functioning of the single economic area, greater weight of Europe in the world, sustainable development of the Union. Regional level for the implementation of Cohesion policy has several advantages – it applies better the principle of subsidiarity, supports better underdeveloped regions even in developed Member States and contributes better to EU territorial cohesion. For Bulgaria regional cohesion is particularly important because it hosts some of the most backward regions of the EU. Achievements during the 2007-2013 programming period are significant, but unresolved problems remain. What could be the directions for improvement of regional structural policy in Bulgaria: achieving greater integration of projects; creating a better geographical balance in the allocation of resources; search of greater economic impact (more added value to be created); enhancement of public scrutiny and transparency in the setting of priorities and a better evaluation of results.
    Keywords: European union, Bulgaria, Cohesion policy, Regional polici, economic disbalances, allocation of resources
    JEL: O19 O21 R1 R58
    Date: 2014–05
  13. By: Möllers, Judith; Traikova, Diana; Buchenrieder, Gertrud
    Abstract: We take a qualitative snapshot of rural entrepreneurs in Bulgaria aiming to shed light opportunities and barriers they face in post communist rural communities. Utilising ethnographical methodology, we capture the complex interplay with the institutional environment. Rural entrepreneurship may be seen as one anchor to address the uneven distribution of economic activity across territorial space, one of the complex rural livelihood pathways. We find that the rural business climate is dominated by distrust in formal institutions: a culture of informality is accompanied by widely-accepted corruption.
    Keywords: rural Bulgaria, entrepreneurial intentions, on-farm diversification, transition, inefficient institutions, Industrial Organization,
    Date: 2014–08
  14. By: Jambor, Attila; Sirone Varadi, Julia
    Abstract: 10 years have passed since the 2004 accession round to the European Union. The tenth anniversary provides a good opportunity for stocktaking and assessing the developments of the New Member States in light of the latest data available. The aim of this paper is identify the winners and losers of accession in the agri-food sector of the New Member States by ranking individual country performances. Results suggest Poland, Estonia and Lithuania to be winners of EU accession regarding agricultural, agri-environmental and rural performance, while Slovakia, Latvia and Hungary appear to be the losers in this regard.
    Keywords: 10 years, New Member States, agri-food, winners, losers, Agricultural and Food Policy,
    Date: 2014–08
  15. By: Tuna, Emelj; Karantininis, Konstantinos; Surry, Yves
    Abstract: Countries still confronted with transition process express different patterns of contractual arrangements in the agricultural sector. The inefficiencies in their legal systems and problems with contracts enforcement in many instances force informal contracting arrangements instead. This paper empirically tests the transaction cost specifics determining the presence or absence of contracts to regulate transactions between the dairy farmers and their processing partners in the Former Yugoslav Republic of Macedonia (FYROM). In order to stimulate investments and initiate progress in this sector, it is necessary to establish tighter coordination trough long-term formal contracts which will eliminate the present uncertainties and risks.
    Keywords: contracts, dairy, empirically test, transaction cost, FYROM., Institutional and Behavioral Economics,
    Date: 2014–08
  16. By: Hoang, Hoa; Meyers, William
    Abstract: In this study AIDS and QUAIDS estimators with the 2010 VHLSS household survey show that rice is a normal good at the national level with an expenditure elasticity being 0.05. In addition, rice is found to be an inferior good for urban consumers and a normal good for rural consumers with expenditure elasticities being -0.18 and 0.14, respectively. Clearly rice is in transition from a normal good to an inferior good in Vietnam. Even for rural consumers at different income levels rice is estimated to be an inferior good for high-income consumers. In addition, robust Wald test and likelihood ratio test statistics verify that QUAIDS performs better than AIDS although both models yield similar results.
    Keywords: Rice, household consumption, Vietnam, QUAIDS, AIDS, Consumer/Household Economics, Demand and Price Analysis, D12, C21, Q18,
    Date: 2015
  17. By: Kotevska, Ana; Martinovska-Stojceska, Aleksandra; Öhlmér, Bo; Dimitrievski, Dragi
    Abstract: EU accession means reaching EU standards, and the agricultural sector will expectedly be one of the key areas that will require adjustment in the case of Macedonian farmers. This paper is investigating the factors that motivate farmers to a certain planned adjustments, in order to provide further existence. This problem is addressed through the lenses of the theory of planned behaviour, by the use of factor analysis and stepwise regression. The results showed the perception of the market as the strongest motivational factor, and as such it should be used when designing the educational/informational approaches to farmers.
    Keywords: Macedonian farmers, motivation, TPB, Labor and Human Capital,
    Date: 2014–08
  18. By: Arkadiusz Swiadek (Uniwersytet Zielonogorski, Poland)
    Abstract: Industrial structures in the “catching up” type of countries usually are not too competitive in nature, and mainly they differ in the low share of high-technology products in the international trade. The aim of the conducted studies was an attempt to search for directions, as well as the power of impact of different phases of the business cycle on the innovation activity of the Polish industrial system. Consequently, this was to allow to determine the boundary conditions for the national network of innovations and its model structure, which would take into account the specificity of Poland. The methodical part of the paper was based on the theory of probability (probit modelling). Based on the analysis performed based on 5209 industrial companies (questionnaire survey) it was stated that in the prosperity phase the implementation of the innovation activity is significantly higher than in other phases of the business cycle. On the other hand, during recession and stagnation, the innovation activity is a less common phenomenon, but is not completely abandoned. Research results did not confirm the occurrence of the counter-cyclical approach to the conducted innovation activity in the national industrial system. The economic situation is thus an important factor, which influences the decision whether to undertake, activate or, in some cases, limit the innovation activity in companies. Therefore, there is a need to take into account the existing market conditions in the programming of the innovation policy within the impact on the phenomenon of the innovation processes in Poland.
    Keywords: innovation, economic cycle, system, nation, industry
    JEL: L52 P51 O12 O25 O31 O38 O47
    Date: 2014–12
  19. By: Figiel, Szczepan; Hamulczuk, Mariusz; Klimkowski, Cezary; Kufel, Justyna
    Abstract: In the period of 1995-2013 the Polish agro-food export exhibited a very dynamic growth. It has happened under free-floating exchange rate system, which is believed to help stimulate exports when the Polish currency depreciates. Using some econometric procedures we have found that the exchange rate fluctuations played very little role in shaping the Polish agro-food trade. A comparison of relative prices of selected agricultural and food products in Poland and in the EU suggests that adoption of euro at a conversion rate close to the recent market levels should not have a significant impact on the Polish agro-food export.
    Keywords: Euro adoption, agro-food trade, Poland, International Relations/Trade,
    Date: 2014–08
  20. By: Marco R. Di Tommaso (University of Ferrara); Lauretta Rubini; Stuart Schweitzer
    Abstract: The analysis starts from the recognition of the difficulties that both Europe and the US are facing in dealing with the current economic crisis and of the emergence of a new middle class in China with increasing needs in terms of welfare. This paper suggests that the exportation of high-­-quality, health-­-related goods and services from the West to China could represent a possible way to support knowledge-­-intensive sectors in Europe and the US on one side, while allowing a growing part of the Chinese population to access advanced health goods and services on the other. In terms of industrial policy, this means to facilitate the destruction of barriers to entry in the China market (unfair competition, predominance of traditional Chinese medicine and producer-­-consumer information asymmetries) but also the creation or the enforcement of innovation networks that are a pre-requisite to maintain a high quality level in the production of Western Medicine products and services.
    Keywords: R&D collaboration; project failure; public research institutions
    JEL: O32 L14
    Date: 2014–12
  21. By: Wignaraja, Ganeshan (Asian Development Bank Institute); Jinjarak, Yothin (Asian Development Bank Institute)
    Abstract: This study examines the relationship between firm characteristics and borrowing from commercial banks by small and medium-sized enterprises (SMEs) in the People's Republic of China (PRC) and five Southeast Asian economies (Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam). Analysis of microdata from enterprise surveys highlights key aspects of SME finance since the global financial crisis, including sources of credit, lender types, and collateral types. First, SMEs typically resort to internal sources rather than external finance (including borrowing from banks) and trade credit. Second, when it comes to external finance, SMEs typically use informal non-bank credit sources more than banks. Third, there is a positive and significant association between bank borrowing and certain characteristics of SMEs, notably financial audits, firm age, and export participation. Fourth, personal assets of SME owners tend to matter more as collateral for SME borrowing from banks than other collateral types. Improving credit guarantee systems, enhancing monitoring and credit scoring by banks, and widening the scope of collateral are possible ways to facilitate increased bank borrowing by SMEs.
    Keywords: credit access; firm-level survey; collateral; credit guarantees; smes
    JEL: D22 E44 F14 L16 O14
    Date: 2015–01–13
  22. By: Tomasz Komornicki (Institute of Geography and Spatial Organization, Polish Academy of Sciences, Warsaw, Poland)
    Abstract: The aim of the paper is to indicate the possible direction of the use of certain measures and indicators to operationalize the concept of territorial cohesion in general and in Polish conditions. The starting point is the five “territorial keys” proposed in the Background Report of the Polish Presidency of the European Union: a) accessibility, b) services of general economic interests, c) territorial assets, d) city networking, e) functional regions. For each of the territorial keys the set of indicators was proposed. Their usefulness and formal availability were analyzed. Analyzing the question of how to measure (quantify) territorial cohesion, it seems appropriate to divide the territorial keys for: a) keys-problems and b) keys-tools. The accessibility, services of general economic interests and city networking are undoubtedly keys-problems. The functional regions is a key-tool. The nature of the key territorial assets is double. Lack of assets is a problem, but at the same time proper identification of local resources is a tool - the basis for an effective place-based policy.
    Keywords: territorial capital, territorial keys, accessibility, regional development
    JEL: R11 R12 R23 R41 R53
    Date: 2014–12
  23. By: Burggraf, Christine; Kuhn, Lena; Zhao, Qiran; Glauben, Thomas; Teuber, Ramona
    Abstract: Considering emerging economies like China and Russia, we analyze whether income growth as a major driver of nutrition transition has a significant effect on the consumption of different food aggregates and how these effects differ between both countries. Therefore, we estimate expenditure elasticities of Chinese and Russian consumers for six different food aggregates. Our results indicate that future income growth in China and Russia will continue to increase meat and fat consumption. Although being a positive signal for problems of malnutrition in China that trend tends to further increase the incidence of nutrition-related chronic diseases in both countries.
    Keywords: nutrition transition, food expenditure elasticities, Russia, China, Demand and Price Analysis,
    Date: 2014–08
  24. By: Manuel Hoffmann; Matthias Neuenkirch
    Abstract: We analyze the impact of the pro-Russian conflict on stock returns in Russia and the Ukraine during the period November 21, 2013 to September 29, 2014. We utilize a newly created indicator for the degree of (de-)escalation based on an Internet search for conflict-related news. We find that intensification of the conflict reduces Russian and Ukrainian stock returns. The (de-)escalation of the pro-Russian conflict in the Ukraine accounts for a total variation of 6.5 (8.7) percentage points in the Russian (Ukrainian) stock market.
    Keywords: Conflict-Related News, Pro-Russian Conflict, Russia, Sanctions, Stock Returns, Ukraine
    JEL: F30 G12 G14 G15
    Date: 2015
  25. By: Ke, Shen (Demographic Research Institute, Fudan University); Lee, Sang-Hyop (Center for Korean Studies, University of Hawaii at Manoa)
    Abstract: Benefit incidence analyses provide important insights into problems facing any government struggling to deliver essential and equitable social services. Utilizing the framework of the National Transfer Accounts Project, this paper analyzes the benefit incidence of public transfers across generations and socioeconomic groups in the People’s Republic of China in 2009. Public education transfers were equally distributed by residence, gender, and income groups at the primary and secondary levels but favored city dwellers, females, and the wealthy at the tertiary level. Public health-care programs tended to equally target the young and middle-aged from different socioeconomic groups but tilted toward urban dwellers, males, and higher income groups at older ages. Public pension spending strongly favored high-income groups, with rural residents, females, and lower income groups receiving greatly reduced benefits. Our results also indicate that total public spending favored elderly people as spending per person 65 years and older was twice that per child younger than 19. In the next 10 or 20 years, the government should endeavor to improve and strengthen public support systems. In addition to this effort, the currently fragmented health insurance system and pension system should move toward a unified system to reduce inequalities in benefit incidence across socioeconomic groups.
    Keywords: benefit incidence; public transfers; the People’s Republic of China
    JEL: E62 H53 O15
    Date: 2014–11–01
  26. By: Qineti, Artan; Rajcaniova, Miroslava; Braha, Kushtrim; Ciaian, Pavel; Demaj, Jona
    Abstract: This paper provides micro-analyses of land market development after two decades of Albanian transition. We use data from a survey conducted in four Albanian villages during May 2013. The results indicate that land markets are highly rigid with almost no structural changes took place over the last two decades. Sale markets are almost non-existent due to property rights insecurity and prevalence of subsistence farming in rural Albania. Rental markets are more sizable but due to property rights insecurity and monitoring problem of absentee landowners, the vast majority of rental arrangements are between family relatives.
    Keywords: land market, transition, property rights insecurity, Albania, Land Economics/Use,
    Date: 2014–08
  27. By: Rizov, Marian; Marian, Anrej; Pokrivcak, Jan
    Abstract: We estimate a food demand system for Slovakia using a recent household budget survey data for the period 2004-2011. The Quadratic Almost Ideal Demand System (QUAIDS) augmented with demographic, regional and expenditure controls is employed based on preliminary non-parametric Engel curve analysis. In most samples demand for meat and fish and fruits and vegetables is expenditure and own-price elastic. On average all five food groups are found to be normal goods. Rural and low-income households appear more expenditure and price sensitive compared with the urban and high-income ones. Overall the food security situation in Slovakia has improved since the country’s EU accession.
    Keywords: Food demand, QUAIDS, elasticity, Slovakia, Demand and Price Analysis,
    Date: 2014–08
  28. By: Jadwiga Goraczkowska (Uniwersytet Zielonogorski, Poland)
    Abstract: Currently, technological parks constitute the most organisational and conceptually developed type of innovation centres and entrepreneurship. This results in the fact that they can be encountered in all highly developed countries in the world. They are also formed in the catching-up countries. However, one should consider whether the stimulation of innovation in the countries, which are not based on knowledge through institutional solutions used in the developed countries will turn out to be effective. Because between these countries there is a technological gap. The aim of the article was therefore to determine, using the probit modelling, the direction and strength of technological parks on the innovation activity. The study covered two provinces: Silesian, which is one of the most developed regions in Poland and Pomeranian with the intermediate industrial system. The influence of technological parks on innovation was determined based on the survey conducted in 1453 industrial enterprises. The main conclusions are brought down to the following theses: (1) using the technological parks increases the chance for the implementation of new solutions by enterprises, (2) parks to a greater extent stimulate the innovation activity in the developed province, (3) enterprises entering in the cross-regional network relations favours the selection of the technological park as the catalyst for innovation processes.
    Keywords: innovation, industry, technological parks, network
    JEL: L60 O31 O32
    Date: 2014–12
  29. By: Götz, Linde; Djuric, Ivan
    Abstract: This study analyzes the domestic price effects of export controls for all 3 KRU countries during the global commodity price peaks. We develop two indicators to measure the strength of the export controls’ price damping and price insulating effect within a non-linear long-run price transmission model. Our analysis comprises 11 cases of export controls. Our results indicate heterogeneity in the damping and insulating effects of the export controls among the KRU where only two cases recorded the strongest effects: export ban in Russia (2010) and export tax system in Ukraine (2011).We argue that the effectiveness of export controls in the KRU is generally rather limited.
    Keywords: export controls, market integration, price transmission, crisis policy, Russia, Demand and Price Analysis, International Relations/Trade,
    Date: 2014–08
  30. By: Harry WU
    Abstract: This paper documents the procedures of constructing industry-level net capital stock and measuring capital services in the Chinese economy. This work is based on our understanding of the major problems in the official investment statistics and follows the system of national accounts (SNA) principles. The main tasks accomplished include reconstruction of industry-level investment flows, estimation of the initial capital stock, measurement of industry-specific deflator and depreciation rate, and construction of net capital stock for 37 industries and estimation of their services. Our results show that China's rapid gross domestic product (GDP) growth has indeed been accompanied by a more rapid growth of capital input. The annual growth of China's net capital stock was 12% for the entire period 1980-2010. We find that despite institutional shocks and substantial restructuring in the early reform period of the 1980s, China managed to achieve an annual growth of over 10% in net capital stock. This was followed by an even faster growth in the 1990s (13%) and a further acceleration following China's World Trade Organization (WTO) entry (17%). Moreover, the unprecedented fiscal package in the wake of the global financial crisis drove up the growth of China's net capital stock to over 20% per annum. However, our estimated changes of capital services using the user-cost weights suggest that, since the late 1990s or early 2000s, there has been unusual substitution towards assets with relatively low rather than high marginal products. This may imply distortions in capital allocation and barriers to capital mobility in the economy.
    Date: 2015–01
  31. By: Anna Wildowicz-Giegiel (University of Bialystok, Poland); Adam Wyszkowski (University of Bialystok, Poland)
    Abstract: Competitiveness at the firm level is a subject of interest not only to managers and policy makers but also academics. An effective functioning under the conditions of new economy requires from the enterprises to develop their core capabilities and talents along with the ability to quickly identify and seize the opportunities generated by market environment. The implementation of such an approach allows the creation and sustain of economic surpluses in the long-run. The paper aims to examine the profitability of enterprises in Poland which is regarded in the context of absorption of EU funds in years 2007-2013. Taking into account that Poland became one of the largest beneficiaries, it is worth analyzing the impact of EU funding on the economic performance of Polish enterprises. The paper offers a critical reflection on the relationship between the absorption of EU funds and Polish enterprises competitiveness on the basis of the content analysis literature and statistical data derived from the European Commission, the Central Statistical Office and the Ministry of Infrastructure and Development. It is assumed simultaneously that the competitiveness of enterprises is expressed in the term of profitability rates. In spite of limitations which relate to the adopted definition of competitiveness and the short period of the conducted analysis concerning the key relationship, the paper contributes to the debate on the significance of EU Funds in the process of building modern and innovative economy.
    Keywords: financial results, profitability, competitiveness, EU Funds
    JEL: D21 D92 P17 N41
    Date: 2014–12
  32. By: Chen, Rong Jr; Zapata, Hector O. Jr
    Abstract: This paper examines hog price linkages between the U.S. and China during the period June 1996 to December 2013. Volatility and spillover effects are modeled through a MGARCH-BEKK model. It is found that volatility in Chinese hog prices is explained by own-price volatility and past unexpected events (shocks); American hog price volatility, however, is mostly explained by its own past shocks (events in the U.S. market). One common aggregate linkage between the two markets is unidirectional volatility spillover effects from China to U.S. hog prices, paralleling the flow of hog-pork exports from the U.S. to China.
    Keywords: hog and pork market, price volatility, volatility spillover, MGARCH-BEKK, Livestock Production/Industries, Marketing, Q1,
    Date: 2015–02–02
  33. By: Katarzyna Szopik-Depczyñska (Uniwersytet Szczecinski, Poland)
    Abstract: The aim of the study was to determine the significance of the use of probit modelling which was a helpful tool to determine the significance of effects to innovative activity, in particular investments in innovations and implementation of new solutions . The main hypothesis of this paper is the claim that the innovative activity of enterprises is dependent on the diversity of factors affecting the parties, and the innovative activity can be influenced in different directions by the effects of this processes. The research was made among 1067 industrial enterprises Western Poland in years 2010-12.
    Keywords: innowacyjnoœæ; przemy³; region
    JEL: O31 L20 R10
    Date: 2014–12
  34. By: Andrei Yakovlev (National Research University Higher School of Economics); Oleg Vyglovsky (National Research University Higher School of Economics); Olga Demidova (National Research University Higher School of Economics); Alexander Bashlyk (National Research University Higher School of Economics)
    Abstract: This paper analyzes the phenomenon of repeated procurements made by public sector customers from the same supplier. The previous surveys of “relational contracts” gave different explanations for the possible implications of such repeated procurements, but those surveys dealt mostly with goods and services, with quality difficult to verify at the point of delivery. This work studies the impact of repeated procurements on the price of a simple homogeneous product. We presume that the downward price shift of such a product during repeated procurements can be the consequence of transaction costs reduction in the framework of the bona fide behavior of a customer and supplier. An upward shift in the prices as compared to the market average can, on the contrary, be interpreted as an indirect indication of corrupt collusion between them. Using a huge dataset on procurements of AI-92 gasoline in Russia in 2011, we show that the price difference between repeated and one-time contracts can be explained by the type of procurement procedures providing different opportunities for corrupt behavior. Less transparent procedures (single-sourcing and requests for quotations) are more suitable for corrupt collusion. This might explain why the prices of repeat contracts in this case were higher. On the contrary, the prices of repeat contracts were lower compared to one-time procurement in the case of more transparent e-auctions.
    Keywords: public procurement, repeated contracts, relational contracting, corruption, e-auction
    JEL: H57 L14
    Date: 2014
  35. By: Raphael A Auer (Swiss National Bank)
    Abstract: Import competition from China is pervasive in the sense that for many good categories, the competitive environment that US fi?rms face in these markets is strongly driven by the prices of Chinese imports, and so is their pricing decision. This paper quanti?fies the effect of the government-controlled appreciation of the Chinese renminbi vis-à-vis the USD from 2005 to 2008 on the prices charged by US domestic producers. In a panel spanning the period from 1994 to 2010 and including up to 519 manufacturing sectors, import price changes of Chinese goods pass into US producer prices at an average rate of 0.7, while import price changes that can be traced back to exchange rate movements of other trade partners only have mild effects on US prices. Further analysis points to the importance of trade integration, variable markups, and demand complementarities on the one side, and to the importance of imported intermediate goods on the other side as drivers of these patterns. Simulations incorporating these microeconomic ?findings reveal that a substantial revaluation of the renminbi would result in a pronounced increase of aggregate US producer price infl?ation.
    Date: 2014–12
  36. By: Günter Schucher (GIGA German Institute of Global and Area Studies)
    Abstract: China’s leadership currently seems to be extremely worried about unemployment, and particularly youth unemployment, even though the country’s official unemployment rate is rather low. Possible reasons for this are that (1) the youth unemployment rate is actually higher than stated; (2) the inadequate employment situation faced by many young people is actually worse than the incomplete measurements of unemployment indicate; (3) particularly graduates of tertiary education institutions face a job reality below their expectations; (4) the Chinese population is highly concerned about the labor market’s development; and, (5) the state fears that frustration and discontent might trigger protests, as was recently the case in the Arab world and other countries. This paper analyzes the different dimensions of the inadequate employment situation of Chinese youth and provides evidence to support all five of these assumptions, although indications of direct actions being undertaken by unemployed young people in China in response are rather scarce. But aside from that, there are other forms of youth resistance as well. Many young people in the country vent their frustration over the internet, and opting out and cynicism can also threaten social harmony. Tertiary-sector graduates make up approximately half of all young people entering the Chinese labor market every year and are the ones most affected by the currently unsatisfying job prospects. Though the unemployment of graduates is only short term in nature, a lack of job opportunities combined with declining opportunities for upward mobility carry strong potential to generate further uneasiness and disorder in China.
    Keywords: China, youth unemployment, inadequate employment, social unrest
    Date: 2014–10
  37. By: Anna Cudowska-Sojko (, UWB, WEiZ, Ketedra Ekonomii Politycznej, Poland)
    Abstract: Many countries, including Poland, have been struggling with increasing state debt. The economists noted that the global financial crisis of 2008-2009 significantly impacted the level of foreign debt of these countries. The aim of the study is an analyse of Polish foreign debt in recent years as well as the influence of external factors associated with financial crisis on Polish economy.
    Keywords: crisis,state debt
    JEL: H63
    Date: 2014–12
  38. By: Voigt, Peter; Wolz, Axel
    Abstract: Since the 1990s, in Russia, numerous large scale agro-holdings emerged, which link various farms, entities of the upstream and downstream sectors, and even totally unrelated industries. As all these affiliates are legally registered as independent units, there is only scant information about the holdings' overall performance. Based on a unique panel data set from Moscow and Belgorod regions, we investigated the growth trajectories of farms belonging to agro-holdings vis-à-vis independent farms by applying a quantile regression approach. Evidence points to little differences among general performance indicators of both types. Any advantages of affiliated farms appear to be due to extramural factors; i.e. it is all about how to link individual production units, thus benefiting from strong positioning in local and regional markets and making the most of the lobbied ties to the relevant politics. In sum, agro-holdings are assumed to remain as a model for organizing agricultural production.
    Keywords: agro-holdings, company trajectories, Gross Value Added (GVA) growth performance, quantile regression analysis, Russia, farm level, Agribusiness, O13, P32, Q13,
    Date: 2014–08
  39. By: Sergey Kadochnikov; Anna Fedyunina
    Abstract: In this paper, we investigate the relationship between export performance and economic growth in Russian regions. We propose a methodology for decomposition of export growth into intensive and extensive margins and distinguish between product- and geographic extensive components within extensive margin. An empirical analysis suggests that higher growth rates in Russian regions are associated with higher intensive margin. We reveal significant differences in export survival of differentiated and homogeneous flows and find evidence of strong effects of distance and institutions on export survival. We argue that Russian regions would experience higher economic growth if they were able to improve their export performance at the intensive margin by providing lower transport costs to the business and by enhancing higher quality of institutions.
    Keywords: export performance, economic growth, intensive margin, extensive margin, export survival, Russian regions
    JEL: F14 R1
    Date: 2015–01
  40. By: Simonovska, Ana; Gjosevski, Dragan
    Abstract: In transition economies, capital structure decisions are not driven from the market, but on farmers’ expectations to receive financial support from the government. These observations raise the necessity for empirical evidences for RM on whether agricultural support programs, affecting capital structure decisions and other specific farm structural characteristics, foster improvements in farm performance. The results support that agricultural companies worry less about their capital structure hindering investments and thus, restructuring of the agriculture.
    Keywords: Farm performance, soft-budget constraints, capital structure decisions, agricultural companies, econometrics, Agricultural and Food Policy, Land Economics/Use,
    Date: 2014–08
  41. By: Dorota Mi³ek (Politechnika Swietokrzyska); Paulina Nowak (Politechnika Swietokrzyska, Poland)
    Abstract: Regional and local development results from a complex interaction of many factors, including the development policy. Development priorities, contained in the strategic documents such as regional innovation strategies, emphasise building up the region’s competitive advantage by identifying and developing regional specialisations. Regions need to identify their strengths and weaknesses and they have to rely strongly on innovation to develop. The aim of the paper is to undertake a diagnostic assessment of the specialisations of Poland’s provinces, and also to validate that, in the context of the regional innovation policy, on the example of the œwiêtokrzyskie province. The paper employs the Krugman dissimilarity index, which is computed on the basis of a comparison of a given region’s economic structure with average structure of other regions.
    Keywords: economic development of the country, regional innovation policy, regional specialisation, Krugman index
    JEL: A11 B16
    Date: 2014–12
  42. By: Trifković, Neda
    Abstract: Using an original dataset from the Vietnamese catfish sector, we study the impact of vertical coordination options on household welfare and the implications of different stages of vertical coordination for the success of the whole sector. The welfare gain from contract farming and employment on processor-owned estate farms is estimated using a maximum simulated likelihood estimator. Our results show positive welfare effects from participating in contract farming, but not from employment on processor-owned estate farms. The results imply that contract farming presents opportunities for economic growth, but additional effort is required to make the contracts more accessible to smallholders.
    Keywords: vertical coordination, catfish, maximum simulated likelihood, agri-food transformation, Vietnam, Institutional and Behavioral Economics, Political Economy,
    Date: 2014–08
  43. By: Davalos, Maria E.; Meyer, Moritz
    Abstract: During the early 2000s, Moldova experienced strong economic growth and poverty and inequality reductions. This paper aims at uncovering the patterns behind these poverty trends by looking at economic mobility and its associated factors in Moldova. The findings build on the synthetic panel approach and allow for a non-anonymous view of the process of poverty reduction. The data used for this country study on Moldova come from the Household Budget Survey, which is conducted on a yearly basis. The paper presents transition matrices to look at the patterns of economic mobility across selected consumption thresholds, as well as descriptive statistics and a linear probability model aimed at identifying correlates of economic mobility. The findings show that the observed poverty reductions happened with little churning, and highlight the importance of education and employment on upward economic mobility in Moldova in the 2000s, as well as the role of public and private transfers.
    Keywords: Rural Poverty Reduction,Achieving Shared Growth,Regional Economic Development,Housing&Human Habitats
    Date: 2015–01–01
  44. By: Zhang, Haifeng; Kono, Hiroichi; Kubota, Satoko
    Abstract: Vietnam is a major pork producing country in Asia, but the pig farmers’ livelihood is threatened by Porcine Reproductive and Respiratory Syndrome (PRRS). Although vaccination is the most practical method of choice for PRRS control, the vaccination percentage is very low. To help inform PRRS vaccine development and policy, our research employed the choice experiment (CE) method to assess pig farmers’ attitudes toward and willingness to pay (WTP) for a PRRS vaccine. The results showed a high positive WTP value for the PRRS vaccination program in Vietnam. This study provides insight into the possibility of increasing the PRRS vaccination percentage.
    Keywords: CE, PRRS, vaccine, Vietnam, WTP, Consumer/Household Economics, Health Economics and Policy,
    Date: 2014–08
  45. By: Traikova, Diana; Manolova, Tatiana; Möllers, Judith; Buchenrieder, Gertrud
    Abstract: We investigate how the perception for wide-spread bribing culture affects rural non-farm startup plans in transition. The study contributes to the literature on rural entrepreneurship and the role of institutional factors as drivers of entrepreneurial decisions. Using primary farm household data from Bulgaria and relying on Ajzen's Theory of Planned Behavior, we tested the mediation effects of corruption perceptions over attitudes, norms and perceived control. Evidence for partial mediation through attitudes was found. Stronger corruption perception is correlated with both stronger start-up intentions and positive attitudes towards it.
    Keywords: Rural entrepreneurship, corruption perception, transition, mediation analysis, Ajzen, Community/Rural/Urban Development,
    Date: 2014–08
  46. By: Валентина Михайловна Бондаренко
    Abstract: В статье анализируются причины безуспешного поиска альтернатив перехода экономики России на развитие не сырьевого сектора и дается авторская позиция по этому вопросу. Обосновывается эта позиция тем, что решить эту проблему можно, если взглянуть на нее с мировоззренческих позиций и осуществить синхронное формирование базиса: новой среды человеческого бытия, достижений третьей промышленной революции и механизма их реализации на основе согласования в реальном времени интересов государства, общества, бизнеса с интересами каждого конкретного человека. <P> The article is focused on analysis of the factors that cause failures in the search of alternatives to transition of Russian economy to development of the non-resource sector, and presents the author’s position on the given issue. Firm grounds are provided to prove that this problem can be resolved, if it addressed from visionary positions, and if the basis is built simultaneously to include the new environment for human existence, attainments of the third industrial revolution and the mechanism for their realization to be based on the real-time coordination of the interests of the state, society, business as well as interests of each specific human individual.
    Keywords: visionary approach, goal, non-resource model, basic relations, digital revolution in production, coordination of interests, specific human being, mega-project.
    JEL: P16 E17 O11
    Date: 2015–01–14
  47. By: Arkadiusz Borowiec (Poznan University of Technology, Poland)
    Abstract: In today's market economy factors concerning knowledge, new technologies and innovative solutions are essential for economic development. However, the Polish economy, despite its high innovation potential compared to other European Union countries, is characterized by a very low level of innovativeness. Implementing this potential is conditioned with an appropriate economic policy of the state and ra-tional approach to its resources and legal solutions. One of the possibilities of such an action is the use of public procurement instrument through which it is possible to more effectively create demand for innovative products and services. As shown by literature studies, the achievements of the subject literature associated with the creation of demand for innovations by public administration in Poland have been very modest. This gap is recognized the article and it attempts to build a model for assessing the innovativeness of these units. Network thinking methodology was used to build the model. As a result, after the identification of factors affecting the conduct of an innovative public procurement, a network of links was established between them and examined in terms of type, intensity and duration of exposure. Building a model according to the methodology, the opinions of experts have been used along with long-term observations conducted in the course of participation in all kinds of conferences and trainings. The model was also subjected to validation in two selected units.
    Keywords: Macroeconomic Policy, Policy Making, Innovations, Public procurement
    JEL: E1 E6
    Date: 2014–12

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