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on Transition Economics |
| By: | Jan Svejnar (Columbia University, CERGE-EI, IZA, CEPR); Joanna Tyrowicz (Faculty of Economic Sciences, University of Warsaw; National Bank of Poland); Lucas van der Velde (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | From a theoretical perspective the link between the speed and scope of rapid labor reallocation and productivity growth or inequalities remains unclear. Do reallocations with more flows tend to produce higher productivity growth? Does such link appear at the expense of higher inequalities? We explore the rich evidence from earlier studies on worker flows in the period of massive and rapid labor reallocation, i.e. the economic transition from a centrally planned to a market-oriented economy in Central and Eastern Europe. We apply the tools typical for a meta-analysis to verify the empirical regularities between labor flows and productivity growth as well as inequalities. We collected over 450 estimates of job flows from the literature and use these inputs to estimate the short-run and long-run relationship between job flows, labor productivity and inequalities. Our findings suggest relatively weak and short term links with productivity for job destruction/separations. On the other hand, data reveal a strong pattern for inequalities more churning during reallocation is associated with a permanent level efect towards increased Gini indexes. |
| Keywords: | transition, job creation, job destruction, worker flows, unemployment |
| JEL: | D21 D24 D92 G21 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2015-11&r=tra |
| By: | Hanousek, Jan; Kochanova, Anna |
| Abstract: | We examine the relation between bureaucratic corruption and firm performance in CEE countries. While previous research uses data from BEEPS, which suffers from excessive non-reporting of corporate performance, we combine reliable firm financials from the Amadeus database with information on bribery practices from BEEPS. We show that differing consequences of corruption found in previous studies could be explained by the corruption environment in which a firm operates. Basically, higher mean bribery is associated with lower performance, while higher dispersion of individual firm bribes appears to facilitate firm performance. A detailed analysis is conducted by firm sector and size, and countries’ institutional environments. |
| Keywords: | bureaucratic corruption; CEE countries; firm bribing behavior; firm performance |
| JEL: | D22 D73 O12 P37 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:10499&r=tra |
| By: | Schnabel, Claus (University of Erlangen-Nuremberg) |
| Abstract: | Comparing aggregate statistics and surveying selected empirical studies, this paper shows that the characteristics and results of labour markets in eastern and western Germany have become quite similar in some respects but still differ markedly in others even 25 years after unification. Whereas no substantial differences can be detected in firms' labour demand decisions and in employees' representation via works councils or trade unions, both parts of the country are somewhat apart concerning labour supply behaviour, labour productivity, wages, and bargaining coverage, and they still exhibit substantially different rates of unemployment. These differences may reflect observable and unobservable characteristics of economic actors as well as differences in behaviour, norms, and individuals' attitudes. |
| Keywords: | labour market disparities, German unification, transition, Germany |
| JEL: | J01 J20 J30 J50 P27 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8919&r=tra |
| By: | Jan Nevima (Departament of Economics and Public Administration, School of Business Administration, Silesian University); Ingrid Majerová (Departament of Economics and Public Administration, School of Business Administration, Silesian University) |
| Abstract: | The paper focuses on the analysis of real convergence process in the Visegrad Four countries. The aim of the paper is to verify concept of β-convergence at regional level in the case of new Member States of the European Union. The theoretical background of the paper defines the methodological concept of real convergence. It focuses mainly on the concept of β- convergence which is the case of unconditional convergence. This approach is based on the neoclassical growth model. The empirical part of the paper concentrates on the analysis of β- convergence in 35 NUTS 2 regions of the Visegrad Four countries in the period between 1995 and 2012 to a steady state. The steady state is represented by an average of real GDP per capita in EU 28. Used approach assumes that the steady state is changing during the observed period with a nonzero growth. The process of β-convergence is analyzed and evaluated by nonlinear regression econometric model, which is formulated in two variations based on the mathematical concept of deterministic convergence. Gross domestic product per capita in constant prices is used to estimate both models. |
| Keywords: | Hodrick-Prescott filter; Kalman filter; NAIRU; structural unemployment |
| JEL: | C82 J64 |
| Date: | 2015–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:opa:wpaper:0004&r=tra |
| By: | Rongrong Sun (University of Nottingham Ningbo China and Hong Kong Institute for Monetary Research) |
| Abstract: | This paper models the PBC's operating procedures in a two-stage vector autoregression framework. We decompose changes in policy variables into exogenous and endogenous components in order to find a "clean" monetary policy indicator whose changes are mainly policy induced. Our main findings are twofold. First, the PBC¡¦s procedures appear to have changed over time. Second, its operating procedures are neither pure interest rate targeting nor pure reserves targeting, but a mixture of the two. There are a variety of indicators that appear to contain information about the monetary policy stance. It is therefore preferable to use a composite measure to gauge the stance of Chinese monetary policy. We construct a new composite indicator of the overall policy stance, consistent with our model. A comparison with existing indicators suggests that the composite indices, rather than individual indicators, perform better in measuring the stance of Chinese monetary policy. |
| Keywords: | Monetary Policy, VAR, Operating Procedures, Exogenous (Endogenous) Components |
| JEL: | E52 E58 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:hkm:wpaper:072015&r=tra |
| By: | Combes, Pierre-Philippe (GREQAM, University of Aix-Marseille); Démurger, Sylvie (CNRS, GATE); Li, Shi (Beijing Normal University) |
| Abstract: | We analyse the impact of internal migration in China on natives' labour market outcomes. We find evidence of a large positive correlation of the city share of migrants with natives' wages. Using different sets of control variables and instruments suggests that the effect is causal. The large total migrant impact (+10% when one moves from the first to the third quartile of the migrant variable distribution) arises from gains due to complementarity with natives in the production function (+6.4%), and from gains due to agglomeration economies (+3.3%). Finally, we find some evidence of a stronger effect for skilled natives than for unskilled, as expected from theory. Overall, our findings support large nominal wage gains that can be expected from further migration and urbanisation in China. |
| Keywords: | migration, urban development, agglomeration economies, wage disparities, China |
| JEL: | O18 J61 R23 J31 O53 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8923&r=tra |
| By: | Idrisov, Georgy (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration); Taganov, Boris (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The purpose of this work is to investigate possibilities to minimize trading costs by choosing the optimal transport routes in Russia. In this paper the following problems are solved. Firstly, the analysis of existing transport routes passing through the territory of Russia is made. Second, the theoretical approaches to the modeling of transport routes and networks are considered. Third, the analysis of the main aspects of measuring the effectiveness of the transport network is executed, the development of a methodology for assessing the competitiveness of Russian transport routes is made, and evaluation of the competitiveness of Russian transport routes of the example routes are attracted to the Black Sea and Azov basin, is performed. |
| Keywords: | transport, Russia, competitiveness, trading costs |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r902ad&r=tra |
| By: | Kloudová Dana (University of Economics, Prague) |
| Abstract: | This paper deals with an estimation of output gap and potential output for Russian´s economy. Three methods of estimation have been used for estimating these two unobservable variables: Hodrick-Prescott filter, production function and SVAR model. All methods of estimation showed very similar course, although an obtained values were not identical. Then obtained values of the output gap were used to analyse the ability of output gap to forecast inflation. Two simple gap models were used for this purpose. The results showed that output gap could be used as useful indicator if inflation, according to all methods of estimation output gap. |
| Keywords: | output gap, HP filter, SVAR model, production function, Kalman filter, inflation |
| JEL: | C53 E31 E32 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:0402134&r=tra |
| By: | Clemens Fuest (Centre for European Economic Research); Li Liu (Centre for Business Taxation, University of Oxford) |
| Abstract: | Does ownership affect the way fi?rms react to corporate taxation? This paper exploits key features of recent corporate tax reforms in China to shed light on the differential impact of taxation on ?firms under different ownership regimes including private, collectively owned and state owned companies. Employing a difference-in-difference estimation approach, we ?find that the increase in the deductibility of wage costs in 2006 has led to a sizable increase of wages per worker in private ?firms and an even larger increase in collective-owned enterprises. In contrast, there is no signi?cant wage response in state owned enterprises. The decrease in the statutory tax rate for domestic fi?rms since 2008 has induced collectivley-owned enterprises and private ?firms to reduce debt while there is no signi?cant response SOEs. Our results also suggest that the 2008 reform has reduced tax induced investment round tripping through Hong Kong, Macao and Taiwan. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:btx:wpaper:1505&r=tra |
| By: | Malgorzata Gajowiak (Poznan University of Technology) |
| Abstract: | The article tackles the question of the ever growing importance of soft factors of production in the process of competitive advantage for contemporary enterprises. This condition has resulted of turbulent environment characterized by increasing competition, generalized uncertainty and information asymmetry. Based on the above assumption during 2013-2014 a research project was carried out on the role of intangible resources in the process of gaining advantage over competitors in high-tech companies from Greater Poland. The study was complete for the given population and was conducted using the CATI method. On the basis of responses to the questions in the survey, one can conclude that these companies implement modern management paradigm and its activities are based largely on soft resources which are impossible to be copied and on skills in the form of human capital, propensity for learning and the social capital of employees. The findings of the project can serve as a valuable clue for those companies which at the moment do not represent a prospective approach to achieving entrepreneurial categories in practice. |
| Keywords: | soft assets, competitive advantage, high-tech sector, innovations, SME’s |
| JEL: | O31 O32 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2015:no14&r=tra |
| By: | Szilvia Nyüsti (Educatio Non-profit LLC); Zsuzsanna Veroszta (Educatio Non-profit LLC) |
| Abstract: | The paper aims to demonstrate and compare the different methods of graduate career tracking. The analysis illustrates advantages, disadvantages and specific features of the collected data associated with different methods. Hungary takes place in a regular EU-funded graduate career tracking program since 2010. Two types of databases form the basis of the system. The first type contains data collected via online survey at institutional level. However, this research method suffers from the low response rate which is typical for online survey. The other type is created by integrating the existing datasets of several administrative systems (i.e. Higher Educational Information System, National Health Insurance System and National Tax Office, etc.) which is allowed by the law for the purpose of supporting the process of evidence based policy. Although this database represents the full range of graduate population it is limited in terms of content coverage. On the one hand our analysis illustrates the methodologies and characteristics of two different database and introduces the possible uses of the data both for research, information or educational policy purposes in the framework of graduate career tracking. On the other hand this paper presents the possibilities and limitations of linking data from these different sources utilizing the opportunities provided by the method of probabilistic record linkage (Ivan-Sunter, 1969). Linking administrative and survey data on individual level could be considered as a potential research procedure to compensate the weaknesses of the two aforementioned data collection methods (see Davern-Thomas, 2009; Schnell, 2013). Our paper highlights the possibilities and limitations of this procedure in terms of educational research approach within the framework of Hungarian career tracking research program. |
| Keywords: | higher education, graduate career tracking, administrative data, online survey |
| JEL: | I28 I23 I21 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0301527&r=tra |
| By: | Yu Hao; Hua Liao; Yi-Ming Wei (Center for Energy and Environmental Policy Research (CEEP), Beijing Institute of Technology) |
| Abstract: | To curb CO2 emissions, the Chinese government has announced ambitious goals to reduce the CO2 intensity of GDP, and the total target has been allocated to all Chinese provinces during the twelfth "Five-year Plan" period (2011-2015). Although setting the target allocation plan is an efficient way to achieve this goal, some key questions, including how the plan is designed, remained unanswered. From an economic perspective, this requires us to test for the existence of convergence in the CO2 intensity of GDP because the convergence is one of the most important intrinsic economic characteristics that policy makers should take into account: if the convergence exists, the provinces with a higher CO2 intensity of GDP tend to experience a more rapid reduction in the intensity and therefore could share a heavier burden of the intensity reduction. The existence of stochastic convergence and ¦Â-convergence is verified by employing different estimation methods and using various estimation specifications. As a result, the direct policy implication is that provinces with high CO2 intensity should be assigned tougher reduction targets to cut CO2 intensity at higher speeds, while the provinces with low carbon intensity should be allowed to reduce the CO2 intensity at a relatively lower speed. Because some social and economic indicators such as GDP per capita, industrial structure and population density may influence CO2 intensity, the policy makers should take all these factors into consideration to design reasonable reduction target allocation plan. |
| Keywords: | CO2 intensity of GDP, convergence, China, panel data |
| JEL: | Q47 Q54 |
| Date: | 2014–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:biw:wpaper:71&r=tra |
| By: | Vahram Ter-Matevosyan (American University of Armenia) |
| Abstract: | On September 3rd, 2013, the President of the RA Serzh Sargsyan abruptly shifted the direction of Armena’s long-praised integration preference with the EU and announced “Armenia‟s decision to join†the Russia-led Customs Union. To make his move more profound and convincing, the President accentuated that Armenia depends on Russia for security and that was a critical determinant for Armenian integration preferences. In the aftermath of the visit „securitization‟ started taking place with the choice being presented as a security issue. That step by the President of Armenia was initially perceived either as an extraordinary or an isolated case. However, when 80 days later Ukraine followed the suit and announced its decision to stop the preparation of signing the Association Agreement with the EU, it became more than obvious that we became witnesses of a paradigmatic shift in the regional integration processes.These two cases illustrate not only Russia‟s changing priorities and strategies pertaining regional integration issues in the post-Soviet space, but also reasserts changing paradigms in the integration strategies in general. The prevailing uncertainty among the Eastern Partnership countries even a few days prior to the Vilnius Summit affirms that presumption. This highly contentious problem along with Russia‟s recent bold foreign policy moves will occupy the agenda of experts and practitioners alike long after the mentioned summit and, therefore, a well-thought out research needs to be carried out in order to identify general patterns and tendencies. Overall, the study aims to contribute to the academic and increasingly intensifying public debates about the determinants of Armenia's integration choices. Two sets of pertinent research questions will be considered during the research: In what ways did the military-political cooperation, trade and institution-building/strengthening strategies influence integration aspirations of not only Armenia but also other CIS members?; How did the dominant integration projects/doctrines/ideologies/thoughts influence Armenia’s decision? What visible and invisible factors influenced Armenia's decision?Based on the aforementioned questions following hypotheses are developed:1. The regional developments, notably both cooperation projects and conflicts, are directly correlated with the integration decision of the RA. 2. Economic development and institutional efficiency play secondary role in determining Armenia’s integration prospects. 3. The more guarantees a regional actor has in provision of Armenia’s national security, the stronger leverage it has on Armenia’s integration decisions. |
| Keywords: | Armenia, Russia, Integration, Security, European Union, Eurasian Customs Union |
| JEL: | F50 F52 F53 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902198&r=tra |
| By: | Helena Mitwallyova (University of Economic, Prague); Vukica Janković (University of Economic, Prague) |
| Abstract: | The paper is based on the theoretical basis of the book of Herbert A. Simon, Public Administration and trying to map the problems in implementing management methods of people management in the public administration in the Czech Republic. The paper compares the current situation in public administration with the characteristics of bureaucracy, according to Max Weber, sociological insights Talcott Parsons and other authors. On the specific example of the project "Smart and open Office of the Ministry of Transport", which had, inter alia, the task of the Ministry of transport to introduce a guest using the competency describes the problems of the process of introduction of guest workers in the public administration. |
| Keywords: | Competency Model, Region, Department, Modern Managerial Methods, Motivation, Organizational Structure, Public Administration, People Management, |
| JEL: | H70 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902757&r=tra |
| By: | Hawkins, Jacob; Ma, Chunbo; Schilizzi, Steven; Zhang, Fan |
| Abstract: | As the largest developing economy, China plays a key role in global climate change. Environmentally extended input-output analysis (EE-IOA) is an important and insightful tool seeing widespread use in studying large-scale environmental impacts in China: calculating and analyzing greenhouse gas emissions, carbon and water footprints, pollution, and embedded energy. Chinese EE-IOA are hindered, however, by unreliable data and limited resolution. This paper reviews the body of literature regarding EE-IOA for China in peer-reviewed journals and provides an overview of the articles, examining their methodologies, environmental issues addressed, and data utilized. This paper further identifies the shortcomings in using input-output analyses to gauge environmental impacts in China. Potentially fruitful areas of expansion in Chinese EE-IOA research are denoted, including under-researched environmental issues, underutilized methodologies, and techniques to disaggregate data to move beyond the limitations inherent in official Chinese input-output data. |
| Keywords: | China, input-output, disaggregation, Environmental Economics and Policy, Resource /Energy Economics and Policy, C67, D57, F18, O53, Q4, Q5, |
| Date: | 2015–03–22 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uwauwp:200175&r=tra |
| By: | Malgorzata Pawlowska |
| Abstract: | In the past decades, the banking sector has come to be known in literature as the banking industry as it was geared to increasing profits, banks were growing, and banking products developed dynamically. It was believed that competition in the banking sector makes banks more efficient and stimulates financial innovation opening new markets. The financial crisis of 2007–2008 has sparked the interest of researchers and politicians in competition in the banking sector and its impact on the stability of the financial sector and overall economic growth. However, researchers cannot agree whether more competition improves or hinders stability.The paper is comprised of three sections and a summary. The first section discusses the concept of competition in the banking sector as well as measures of competition. The second section is a review of literature on competition in the banking sector and its determinants. The third section presents the results of research on competition in the EU, including my own research as well as other research. The paper concludes with a short summary.This publication was presented by Ma³gorzata Paw³owska during the 134th mBank-CASE Seminar "The global financial crisis: changes in competition in the banking sector in Europe, the role of regulation and intervention by governments and central banks". |
| Keywords: | banking and finance, competition, financial services, mergers and acquisitions, market structure, efficiency, credit market, European Union, banking regulation |
| JEL: | G18 G20 G21 G28 G29 |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:sec:bresem:0134&r=tra |
| By: | Jakša Krišto (Faculty of Economics and Business, University of Zagreb); Iva Mandac (Croatia bank Ltd.) |
| Abstract: | Research on bank financial intermediation in a country's narrower territorial units is scarce, in both domestic and international literature. Banks are almost the only financial intermediaries in narrower territorial units and their role is substantial, ranging from participating in regional development to the successful running of their own business. Hence, the main objective of this paper is to examine the characteristics of the financial intermediation of banks in the counties of the Republic of Croatia, both through a comparison between their economic development levels and the general presence of financial intermediation, and a more specific analysis of their deposit and credit policies. The article uses hierarchical and non-hierarchical (k-means) cluster analyses to identify relatively homogeneous groups of counties based on sets of indicators of: economic environment, financial development and infrastructure and, at a more detailed level, the deposit and credit policies of banks. The research results suggest heterogeneity and diversity of bank policies across the counties and sets of indicators. Differences have been observed between developed and developing counties, as well as in approaches to banks' deposit and credit policies. The paper's findings encourage further research into these issues. |
| Keywords: | bank financial intermediation and banks' business policies, counties, Republic of Croatia, cluster analysis |
| JEL: | G21 O16 O18 |
| Date: | 2015–03–23 |
| URL: | http://d.repec.org/n?u=RePEc:zag:wpaper:1502&r=tra |
| By: | Josef Brechler; Vaclav Hausenblas; Zlatuse Komarkova; Miroslav Plasil |
| Abstract: | After the recent events in the global financial system there has been significant progress in the literature focusing on the sources of systemic importance of financial institutions. However, the concept of systemic importance is in practice often simplified to the problem of size and contagion due to interbank market interconnectedness. Against this backdrop, we explore additional features of systemic importance stemming from similarities between bank asset portfolios and investigate whether they can contribute to the build-up of systemic risks. We propose a set of descriptive methods to address this aspect empirically in the context of the Czech banking system. Our main findings suggest that the overall measure of the portfolio similarity of individual banks is relatively stable over time and is driven mainly by large and well-established banks. However, we identified several clusters of very similar banks whose market share is small individually but which could become systemically important when considered as a group. After taking into account the credit risk characteristics of portfolios we conclude that the importance of these clusters is even higher. |
| Keywords: | Contagion, correlation, financial stability, systemic risk, too-many-to-fail |
| JEL: | B12 B52 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:rpnrpn:2014/04&r=tra |
| By: | Michal Tvrdoň (Departament of Economics and Public Administration, School of Business Administration, Silesian University) |
| Abstract: | Generally, economic performance declines and the unemployment rate rises during the economic crisis. This relationship was confirmed in the past several crises. Moreover, we can decompose unemployment into several components – seasonal, cyclical and structural. The aim of the paper is to decompose unemployment and we try to estimate the rate of structural unemployment. Quarterly data from the Eurostat database in the period between 2000 and 2012 were applied. In order to estimate the trend of the unemployment rate´s development was used Hodrick-Prescott filter. Data show that all observed economies recorded a low unemployment rate in a pre-crisis period and they had to face worsened labour market performance during and after the crisis. Our results suggest that structural component seems to be the most important component of unemployment. Moreover, it has decreased in these countries, except Hungary. We also compared our method with OECD estimations and we can state that these approaches lead to analogous results. |
| Keywords: | Hodrick-Prescott filter; Kalman filter; NAIRU; structural unemployment |
| JEL: | C82 J64 |
| Date: | 2015–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:opa:wpaper:0005&r=tra |
| By: | Michaela Pechová - Nováková (University of Economics in Bratislava) |
| Abstract: | Systems of reimbursements within the European Union have relatively similar principle in most cases of the inclusion or case of non-inclusion the medicine into the positive list on the basis of the decision of the regulator or its authorized institution.Effectiveness in sharing of the costs increases by reducing of the excessive demand and the total drug expenses are regulated. Therefore, the existence of mechanisms for the protection before the high costs is a very important.One of the problems of Slovak public health were high public expenses on drugs and their considerable consumption and since joining into the OECD in 2000 Slovakia has regularly occupied the front position together with Hungary. |
| Keywords: | Reimbursements, public expenses on drugs, Regulation and participation |
| JEL: | H51 I18 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0802572&r=tra |
| By: | Xiaodan Yu; Giovanni Dosi; Marco Grazzi; Jiasu Lei |
| Abstract: | This article explores the dynamics of market selection by investigating of the relationships linking productivity, profitability, investment and growth, based on China's manufacturing firm-level dataset over the period 1998-2007. First, we find that productivity variations, rather than relative levels, are the dominant productivity-related determinant of firm growth, and account for 15%-20% of the variance in firms' growth rates. The direct relation between profitability and firm growth is much weaker as it contributes for less than 5% to explain the different patterns of firm growth. On the other hand, the profitability-growth relationship is mediated via investment. Firm's contemporaneous and lagged profitabilities display positive and significant effect on the probability to report an investment spike, and, in turn, investment activity is related to higher firm growth. |
| Keywords: | Productivity, Market selection, Profitability, Investment spike, Firm growth, Chinese economy |
| Date: | 2015–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2015/03&r=tra |
| By: | Markéta Poláková (The Institute of Sociology of the Czech Academy of Sciences); VÄ›ra PatoÄková (The Institute of Sociology of the Czech Academy of Sciences); KateÅ™ina Vojtíšková (The Institute of Sociology of the Czech Academy of Sciences) |
| Abstract: | According to the Committee on culture of the world association of United Cities and local Governments and its document “Agenda 21 for culture†(2004), culture should be considered as one of the four pillars of sustainable development on an equal footing with the others. This paper will focus on the process of developing cultural planning process in two small and medium sized towns (Louny and DÄ›Äín) situated in the northwest part of the Czech Republic. We conceive a cultural planning as an integrated planning process based on thorough understanding of local cultural resources and effective use of the cultural potential of the area. The benefits of the culture for the individual and the community place identification are widely recognized. In two mentioned towns the authors carried out an action research characterized by a tight connection between the researchers and the local self-governement and other local participants, which strives to find a common solution how to encourage the development of culture and use its potential for strengthening of local communities and tourism. The aim of the partnership was to analyse and discuss the role of culture and mutual cooperation among actors from different sectors in two towns, identify the local cultural resources, to raise engagement and participation of residents in planning procedures, and – in consequence – to contribute to the change of perception of planning techniques. Throughout the process we emphasize the importance of partnership with (among) local actors and community, which enables the stakeholders to understand better the needs of diverse groups and can make an effective and sustainable planning of culture in the city. The opportunity to participate directly on the planning process, increase responsibility of local actors for the implementation of the plan, as well as increase their identification with the town and region. |
| Keywords: | culture, planning, sustainable development, community, partnership |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902959&r=tra |
| By: | Li, Teng (National University of Singapore); Liu, Haoming (National University of Singapore); Salvo, Alberto (National University of Singapore) |
| Abstract: | We examine day-to-day fluctuations in worker-level output over 15 months for a panel of 98 manufacturing workers at a plant located in an industrial city in Hebei province, north China. Long-term workers earn piece-rate wages, with no base pay or minimum pay, for homogeneous tasks performed over fixed 8-hour shifts. Over the sample period, ambient fine-particle (PM2.5) mass concentrations measured at an outdoor air monitor located 2 km from the plant ranged between 10 and 773 micrograms per cubic meter (µg/m3, 8-hour means), variation that is an order of magnitude larger than what is observed in the rich world today. We document large reductions in productivity, of the order of 15%, over the first 200 µg/m3 rise in PM2.5 concentrations, with the drop leveling off for further increases in fine-particle pollution. A back-of-the-envelope calculation suggests that labor productivity across 190 Chinese cities could rise by on average 4% per year were the distributions of hourly PM2.5 truncated at 25 µg/m3. We also find reduced product quality as pollution rises. Our model allows for selection into work attendance, though we do not find particle pollution to be a meaningful determinant of non-attendance, which is very low in our labor setting. Subsequent research should verify the external validity of our findings. |
| Keywords: | air pollution, labor productivity, labor supply, PM2.5, environmental damage |
| JEL: | J24 Q52 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8916&r=tra |
| By: | Terry Sicular (University of Western Ontario); Juan Yang (Beijing Normal University) |
| Abstract: | During the Cultural Revolution China embarked on a remarkable, albeit temporary, expansion of post-primary education in rural areas. This education expansion affected tens of millions of children who reached secondary school age in the late 1960s and 1970s. Exploiting the education expansion and variation across birth cohorts, we estimate the returns to schooling in rural China using household survey data from the mid-1990s. Our estimated returns of 11 to 20 percent are substantially higher than most previous estimates. We calculate the impact of the education expansion on subsequent labor market outcomes of the affected cohorts and find that they enjoyed significantly higher earnings than pre- and post-expansion cohorts. ;eywords: Education Expansion; Secondary Education; Returns to Schooling; Rural China; Cultural Revolution |
| JEL: | I21 I28 J24 J31 O15 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:hcuwoc:20152&r=tra |
| By: | Nie, Peng (University of Hohenheim); Otterbach, Steffen (University of Hohenheim); Sousa-Poza, Alfonso (University of Hohenheim) |
| Abstract: | Using several waves of the China Health and Nutrition Survey (CHNS), this study analyzes the effect of long work hours on health and lifestyles in a sample of 18- to 65-year-old Chinese workers. Although working long hours does significantly increase the probabilities of high blood pressure and poorer reported health, the effects are small. Also small are the negative effects of long work hours on sleep time, fat intake, and the probabilities of sports participation or watching TV. We find no positive association between work time and different measures of obesity and no evidence of any association with calorie intake, food preparation and cooking time, or the sedentary activities of reading, writing, or drawing. In general, after controlling for a rich set of covariates and unobserved individual heterogeneity, we find little evidence that long work hours affect either the health or lifestyles of Chinese workers. |
| Keywords: | long work hours, health, lifestyle, China |
| JEL: | I10 I12 J22 J81 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8911&r=tra |
| By: | Valeriu Nalban (The Bucharest University of Economics Studies) |
| Abstract: | In this paper we employ a Panel Bayesian VAR model for a homogeneous group of Eastern European countries, namely Romania, Czech Republic, Hungary and Poland, in order to estimate the exchange rate pass-through coefficients to producer and consumer price indices (proxied by PPI and HICP respectively). The method is particularly useful at efficiently combining country-specific and cross-sectional information, mitigating at the same time the small sample problem. The priors are specified such that conjugacy is preserved, allowing to take repeated draws from conditional posterior distributions using a version of Gibbs sampler.The five-variable baseline model (industrial production index, euro nominal exchange rate, unit value index, producer price index and harmonized index of consumer prices) is estimated using January 2004 - June 2014 data and Cholesky factorization for disentangling structural shocks. Average Central Europe countries exchange rate pass-through to producer prices is larger than to consumer prices at all horizons, particularly at short- and medium-terms (about 0.3 for PPI at any horizon versus 0 for HICP in short-run and 0.2 in medium- and long-run). This result is compatible with the production chain structure assumed when ordering the variables and also with the results usually obtained in relevant literature. Individual countries coefficients are generally below the group mean for Romania (with the exception of HICP at shorter horizons) and Poland, while Czech Republic and Hungary display somehow higher pass-troughs.Compared to individually estimated Bayesian VAR models with Minnesota type prior, only Czech Republic display pass-through coefficients well outside the 68% confidence bands associated to the Panel model. Except for Poland, both PPI and CPI respond less to nominal exchange rate shocks than in the baseline model, particularly beyond the short-run horizons.When explicitly allowing for monetary policy shocks by adding 3 months money market interest rates data, the average pass-through to PPI is some 5 percentage points higher in the medium-run and 10 percentage points higher in the long-run, while the effects of exchange rate shocks on HICP are only marginally enlarged beyond six months horizons. Individual countries display heterogeneous results when compared to the baseline specification, although the differences are not particularly large. In addition, the interest rates model sharpens the inference, reducing model's uncertainty. |
| Keywords: | Panel Bayesian VARs, simulations, exchange rate pass-through, emerging economies |
| JEL: | C11 C15 C33 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902936&r=tra |
| By: | Abroskin, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The research is focused on solving urgent problems connected with the increasing use of modern statistical methodology and analytical tools for the development of an adequate information and analytical management base in the area of science and innovation. Methodological approaches of modern version of the System of National Accounts (SNA 2008), adapted to solving the problems of complex analysis of science and innovation area, are used as the basis for the development of analytical assessments in the research. The practical results of the paper are the evaluation of the current state and trends of science and innovation development in the Russian Federation, evaluation of the impact of science and innovation area on the basic parameters of the Russian economy development, as well as the results of international comparative analysis of the most important parameters of science and innovation development. |
| Keywords: | statistical analysis, science, innovations, ñòàòèñòè÷åñêèé àíàëèç, íàóêà, èííîâàöèè |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r90214&r=tra |
| By: | Elzbieta Janton-Drozdowska (Adam Mickiewicz University in Poznan); Maria Majewska (Adam Mickiewicz University in Poznan) |
| Abstract: | The aim of this work was to present the similarities between the components of competitiveness and investment attractiveness as two complementary categories, and to show the role of new locational advantages in determining the level of investment attractiveness of a country. The other objective of this paper was to provide a comparative analysis of Central and Eastern European countries in terms of their investment attractiveness. Thus this paper was organized as follows: the first part of the paper focused on a country competitiveness and the traditional and new location advantages that determine its investment attractiveness in view of direct investment inflows in the light of M. Porter’s model of a diamond, an eclectic paradigm of J. H. Dunning and new growth theories. The second part presented the results of investment attractiveness analysis including selected countries of CEE in the years 1995-2013. Comparing the investment attractiveness of Central and Eastern European countries shows that rather a narrow group of countries attract a greater amount of FDI and many more countries have experienced a decline in FDI. Therefore, the research results allow the conclusion that Central and Eastern Europe reduced its investment attractiveness over the past years. This means that the majority of Central and Eastern European countries are becoming less successful in attracting FDI, and therefore in shaping the environment in which foreign companies wish to conduct their business. |
| Keywords: | investment attractiveness, Central and Eastern European countries |
| JEL: | F21 O33 O52 O57 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2015:no13&r=tra |
| By: | Michele Imbruno |
| Abstract: | This paper highlights the crucial role played by international access to intermediate inputs to explain firm-level performance, via two channels simultaneously: trade and FDI. We develop a simple theoretical model showing that trade integration of input market entails an efficiency improvement within firms able to import (gains from input switching) and an efficiency decline within other firms (losses from domestic input availability). At the same time, FDI integration of input market implies non-importers’ efficiency enhancement (gains from input switching) and some ambiguous effects on importers’ efficiency (due to additional losses from foreign input availability). Using firm-level data from the Chinese manufacturing sector over the period 2002-2006, we find some results coherent with our theoretical predictions. |
| Keywords: | Heterogeneous firms, Trade liberalization, FDI, Intermediate inputs, Productivity JEL Classification: F12, F14, F23 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:15/04&r=tra |
| By: | Zaman, Gheorghe; Georgescu, George |
| Abstract: | The paper focuses on the issue of regional resilience against the recent financial and economic crisis in the case of Romania, taking the county as territorial unit of observation. Based on the idea that the shock of a crisis impact spreads asymmetrically in the territory, with different contagion effects, the study advance a new approach of the speed and duration of GDP decline recovering. Data analysis showed that, at macroeconomic level, Romania has not proved resilient to the crisis impact, after two years of recession and a recovery period of 4 years succeeding barely in 2014 to return to the GDP level achieved in 2008. The research highlighted the differentiated recovery duration of the economic decline in territory, in 2014 many counties having to recover in the coming years remained GDP gaps, up to 10 pp or even more. The study paid a specific attention to the crisis impact on employment, focusing on R&D sector as revealing the endogenous growth generating potential at county level. |
| Keywords: | global crisis; regional economic resilience; economic decline recovery; employment; knowledge-based re-industrialization |
| JEL: | G01 I28 O18 O33 R12 R58 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:63246&r=tra |
| By: | Boronina, Alena (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Zemlyakov, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Maximov, Maxim (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Minchenkova, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy) |
| Abstract: | The paper discusses the features of the development of the economy in the context of globalization, the analysis of the competitive sectors of the Russian economy. The prospects of the development of leading industries and opportunities to compete in the global market. |
| Keywords: | globalization, competitiveness, domestic industries |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r90229&r=tra |
| By: | Malinin, Nikolay (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents an analysis of the basic models of distance education, types of organizational structures and technologies of online education, identifies key areas relevant to the development of modern distance education. Conceptual bases defined distance education system, current problems and risks. Effective operation of online education in the modern university is seen as the interaction of three subjects of education: students, teachers and university e-learning systems. In this regard, the role of university teachers is defined as the conductor of informatization processes in the modern university, considered factors of readiness of teachers to use ICT in their professional activities and the requirements for their preparation on the basis of the UNESCO Recommendation. The possibilities of implementing federal state educational standards of the new generation, that is competency-based training model and the implementation of key competencies of educational resources online education. On the basis of the federal state standards of higher professional education (HPE GEF) justified approaches to the development of those parts of educational programs that will be required to ensure the formation of information and communication competence of future bachelors and masters in accordance with their profile and characteristics of future professional activity. Investigates the theoretical basis for the organization of the information educational environment of the university, highlighted the basic principles of e-learning environment of the university, in which the process should be organized e-learning in the modern university. A separate chapter is devoted to the existing approaches to assessing the quality of educational services. Based on the study of international systems and evaluation of education quality management system evaluation criteria identified quality online education in the modern university. The result of this study was to offer its own model quality assessment based on the principles of Quality Matters, well-established in international practice of quality management e-learning. |
| Keywords: | e-learning, Russia, education, Quality Matters |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:re9027&r=tra |
| By: | Giles, John T. (World Bank); Park, Albert (Hong Kong University of Science & Technology); Wang, Meiyan (Chinese Academy of Social Sciences) |
| Abstract: | This paper provides new evidence on educational disruptions caused by the Cultural Revolution and identifies the returns to schooling in urban China by exploiting individual-level variation in the effects of city-wide disruptions to education. The return to college is estimated at 49.8% using a conventional Mincer-type specification and averages 37.1% using supply shocks as instruments and controlling for proxies for ability and school quality, suggesting that high-ability students select into higher education. Additional tests show that the results are unlikely to be driven by sample selection bias associated with migration or alternative pathways through which the Cultural Revolution influenced adult productivity. |
| Keywords: | returns to schooling, wages, education, China |
| JEL: | I20 J24 J30 O15 O53 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8930&r=tra |
| By: | Aleksandra Majchrowska (Faculty of Economics and Sociology, University of Lodz); Pawel Strawinski (Faculty of Economic Sciences, University of Warsaw, Poland); Karolina Konopczak (Collegium of Economic Analysis, Warsaw School of Economics, Poland); Agnieszka Skierska (Faculty of Economic Sciences, University of Warsaw, Poland) |
| Abstract: | The purpose of this paper is to analyse the gender wage gap in Poland in different occupational groups. The authors aim to investigate how much of the raw differences in wages can be explained by differences in personal characteristics and in which occupational groups the unexplained part of wage gap is the highest. The authors use the individual data from employers’ statistics with detailed information about wages and personal characteristics of workers. The authors use base salaries per hour as the dependent variable. After controlling for differences in the gender composition of occupational groups the authors choose 24 occupational groups at 3-digit level and perform Oaxaca-Blinder two-component decomposition. The authors are the first to analyse the differences in gender wage gap in Poland by occupational groups. Another original contribution is that the wage gap is analysed not for the whole sample but after controlling for the segregation effect. The results indicate that firstly, the raw differences by gender in base wages per hour are smaller than the ones in average wages per hour. Secondly, after controlling for differences in the gender composition of occupational groups the raw wage gap in Poland increases from 6.7% to 10.8%. Thirdly, in most of the analysed occupational groups the differences in characteristics explain only a minor part of the wage gap. The highest share of the unexplained part was among managers and in groups in which the specific vocational skills are required. |
| Keywords: | Gender wage gap, Oaxaca-Blinder decomposition, occupational groups, Poland |
| JEL: | E44 E52 E58 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:ann:wpaper:3/2015&r=tra |
| By: | Wenge Wang (University of Auckland) |
| Abstract: | This article reviews empirical studies on the relationship between independent directors and firm performance in Chinese listed companies. The purpose is to generalize empirical evidence on the theoretical claim that independent directors can improve firm performance by performing their monitoring role over management as expected by Chinese regulators. To fulfil this purpose, this article conducts a meta-empirical study by collecting 30 sample articles of existing empirical studies on the relationship between independent directors and firm performance in Chinese listed companies after the independent director institution has been introduced from corporate America to corporate China. The meta-empirical study is to review and generalize an integrated empirical evidence whether independent directors can improve firm performance in Chinese listed companies or not. Based on the statistical data from 30 collected sample articles, this article identifies four categories (board independence, independent directors’ characteristic, background and compensation) that authors of 30 sample articles use to test the correlation between independent directors and firm performance in Chinese listed companies. From the integrated empirical evidence from 30 collected sample articles, this article finds on the whole that board independence has no significant impact on firm performance, that independent directors’ characteristics and background have a controversial effect on firm performance and that independent directors’ compensation has a significant positive effect on firm performance. This may suggest that independent directors may primarily play an advisory role but not a monitoring role in Chinese listed companies. |
| Keywords: | Independent directors, corporate performance, Chinese listed companies |
| JEL: | K22 G38 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:0401247&r=tra |
| By: | Yu Hao; Yi-Ming Liu |
| Abstract: | Since the reform and opening up in 1978, China's Foreign Direct Investment (FDI) and foreign trade have grown rapidly. At the same time, China's Carbon Dioxide (CO2) emissions surged and China has become the world's biggest CO2 emitter. The purpose of this paper is to investigate the relationship between FDI, foreign trade and Carbon Dioxide emissions in China. Using a two-equation model adapted from Halkos and Paizanos (2013), the total impact of FDI on emission is divided into the direct and indirect impacts and estimated accordingly. The results suggest that the increase in per capita FDI helps to inhibit the growth of China's per capita CO2 emissions. Concretely, the dominating direct effect of FDI on carbon emissions is negative and the indirect effect is positive. However, for foreign trade, both direct and indirect effects on CO2 emissions are insignificant after taking consideration of potential endogeneity and introducing dynamics. |
| Keywords: | Foreign Direct Investment, Panel Data, CO2 Emissions, Direct and indirect impacts |
| JEL: | Q47 Q54 |
| Date: | 2014–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:biw:wpaper:72&r=tra |
| By: | Ke Wang; Ya-Xuan Wang; Kang Li; Yi-Ming Wei (Center for Energy and Environmental Policy Research (CEEP), Beijing Institute of Technology) |
| Abstract: | Energy poverty has got increasing attention during the latest three decades. Measuring energy poverty is the premise of policy making to alleviate energy poverty. There is no unified energy poverty measurement that has been widely accepted. This paper reviews the commonly used energy poverty measurements through classifying them into three categories: energy service availability, energy service quality, and satisfaction of energy demand for human's survival and development. This paper also analyzes the suitability of the commonly used energy poverty measurement for China from the prospective of data availability and index applicability. Furthermore, we construct a new energy poverty comprehensive evaluation index in this study, and the index is illustrated to evaluate regional energy poverty in China. The evaluation results indicate that China's energy poverty showed an alleviating trend from 2000 to 2011, and during this period, China's energy service availability improved slightly; energy consumption cleanliness showed no significant change; energy management completeness decreased with fluctuations; and household energy affordability and energy efficiency improved continually. In addition, China's regions show different characteristics of energy poverty. For example, Middle reaches of Yangtze River region showed the worst energy availability and Eastern coastal region showed the worst energy management completeness. Several policy implications for energy poverty alleviation are also proposed in this study, including, for instance, increasing investment on energy infrastructure, and spreading energy management organization in rural area; decreasing relative cost on household commercial energy consumption, and encourage the utilization of modern, clean and efficient household energy consumption equipment. |
| Keywords: | Energy poverty, Energy service, Energy consumption, China |
| JEL: | Q47 Q54 |
| Date: | 2014–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:biw:wpaper:74&r=tra |
| By: | Miroslava Pucandl (University of Ecomics, Faculty of management) |
| Abstract: | Amendment to Act no. 234/2000 Coll., on the budgetary allocation of taxes came into force 2013.The amendment significantly changes the model of shared taxes, which are determined territorial self-governing units and selected state funds in the Czech Republic. The article deals with the impacts of this change on the economy of small communities. The extent to which the municipalities counted with the changes in the budget process for 2013. How change has affected the amount of tax revenue the municipality planning for 2014. This article aims investigates whether a small village with a population of 1000, due to the possibilities of staffing at the municipal office themselves capable to determine the new amount of allocated tax revenues |
| Keywords: | shared taxes, municipal economy, budget |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902926&r=tra |
| By: | Padró i Miquel, Gerard; Qian, Nancy; Xu, Yiqing; Yao, Yang |
| Abstract: | This paper aims to show that culture is an important determinant of the effectiveness of formal democratic institutions, such as elections. We collect new data to document the presence of voluntary and social organizations and the history of electoral reforms in Chinese villages. We use the presence of village temples to proxy for culture, or more specifically, for social (civic) capital and show that their presence greatly enhances the increase in public goods due to the introduction of elections. These results support the view that social capital complements democratic institutions such as elections. |
| Keywords: | Civic Capital; History; Institutions; Public Goods; Trust |
| JEL: | H41 P16 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:10515&r=tra |
| By: | Hanna Kociemska (University of Economics) |
| Abstract: | This paper constitutes a contribution to a new discussion on the adequacy of existing company valuation methods with regard to the specific nature of medical entities in Poland. The author points out the shortcomings of existing theories. She calls for taking into account the quality of the activities performed by medical companies in the methodology used for their valuation. She also points to human capital at hospital as to one of the key indicators of quality of their activity, translating into the value the entity has for its owner. The author uses the method of analysis of the extensive research literature, expert interview method in the formula brain storm and prognostic method. |
| Keywords: | human capital, value of medical entity, medical market, hospital's owners |
| JEL: | A10 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902673&r=tra |
| By: | Łukasz Goczek; Bartosz Witkowski |
| Abstract: | The development of the card payment system allows for lowering the costs of money emission and circulation and thereby leads to significant economic gains. Yet relatively small amount of research has been dedicated to the analysis of the determinants of these developments. Therefore, the aim of the article is to seek cross-country determinants of retail card payments. The focus of was put on two econometric models. One was constructed using survey data for Poland, the second model was based on panel data from the EU countries in the years 2000-2012. Based on the results from the second model forecasts for the number of cards and the value of card transactions per person were compiled. |
| Keywords: | card payments, noncash transactions, retail payments |
| JEL: | E42 E58 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:196&r=tra |
| By: | Jie He (Departement d'economique, Faculte d'administration, Universite de Sherbrooke); Anping Huang (Lingnan (University College), University of Sun Yat-sen, China); Â Luodan Xu (Lingnan (University College), University of Sun Yat-sen, China) |
| Abstract: |  This article examines whether and how transboundary river water pollution spillover may affect resident’s Willingness to Pay (WTP) for a river water quality improvement project. Based on a CVM survey conducted in 20 cities located in the Xijiang river basin located in south China, our study demonstrates that the downstream city respondents report lower WTP when the water quality in the immediate upstream city is more polluted. This negative externality decreases with distance and relative bargaining power of downstream city. The simulated potential gain in social benefit if an integrated river basin management (IRBM) were installed, which is supposed to remove respondents’ concerns about negative externality of transboundary river pollution is found to be significant. We can consider this social benefit as upper bound for the transfer from downstream to upstream regions to ensure the reduction of transboundary river pollution spillovers in the Ecological Service Payment (ESP) regime, a hotly debated market-based environmental policy which is under polit project in some regions in China. |
| Keywords: | Â transboundary water pollution, river, negative externality, spatial, contingent valuation, river water management, ecological service payment, China |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:shr:wpaper:15-04&r=tra |
| By: | Andrea Uszkai (HAS Centre for Economic and Regional Studies Institute of Regional Studies West-Hungarian Scientific Department); László Jóna (HAS Centre for Economic and Regional Studies Institute of Regional Studies West-Hungarian Scientific Department) |
| Abstract: | This paper focuses on the Central and Eastern – European (CEE) region. Its background means an analysis related to the automotive industry, which is a part of a large Hungarian, EU supported research project*. Our aim was to explore what kind of features all of the European settlements have got, where we can find the automotive sector. Based on the results of our cluster analysis, the CEE area has got the weakest social and economic indicators in this international comparison. For this reason, it is essentially important to search for instruments and methods to support the economy of this region. One of the possibilities is the transport infrastructure and network development, because there are a lot of potentials in this branch. |
| Keywords: | automotive industry, Central and Eastern Europe, transport infrastructure development |
| JEL: | R11 R40 R42 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0801463&r=tra |
| By: | Xing, Chunbing (Beijing Normal University); Xu, Jianwei (Beijing Normal University) |
| Abstract: | This paper analyzes the regional variation of minimum wage in China. We first introduce the institutional background of China's minimum wage policy, and then describe the regional variation of the minimum wages using detailed minimum wage data since the late 1990s. Large regional variation exists in the period studied, and the regional variation has been declining since the late 1990s. Economic factors, including GDP, economic structure, consumption level, are the main determinants for the large regional variation in the minimum wages. There is weak evidence suggesting that the regional variation is influenced by political factors, such as competition of local officials. |
| Keywords: | minimum wage, regional variation, China |
| JEL: | J3 E2 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8931&r=tra |
| By: | Alexander Kolik; Artur Radziwill; Natalia Turdyeva |
| Abstract: | Transport can play an important role in promoting growth, diversification and regional convergence. However, with insufficient investment and incomplete structural reforms, Russia faces very large challenges in modernising its large transport system. Urban transport problems are intensifying, because of weak policy coordination and inadequate traffic management. Promoting competition in the transport sector is essential, in particular by effectively opening the railway freight market to independent operators. This Working Paper relates to the 2013 Economic Survey of the Russian Federation (www.oecd.org/eco/surveys/economic-survey-russian-federation.htm).<P>Améliorer les infrastructures de transport en Russie<BR>Les transports peuvent jouer un rôle important dans la promotion de la croissance, la diversification et la convergence régionale. Cependant, du fait d’un niveau insuffisant d’investissements et de réformes structurelles incomplètes, la Russie doit faire face à de très grands défis afin de moderniser son système de transport. Les problèmes de transport urbain s'intensifient en raison de la faible coordination des politiques et d’une gestion inadéquate du trafic. Promouvoir la concurrence dans le secteur des transports est essentiel en particulier via l'ouverture effective du marché du fret ferroviaire aux opérateurs indépendants. Ce document de travail se rapporte à l’Étude économique de l’OCDE 2013 sur la Fédération de Russie (www.oecd.org/fr/eco/etudes/etude-econom ique-russie.htm). |
| Keywords: | competition, transport, environmental standards, safety standards, traffic management, infrastructure, normes environnementales, normes de sécurité, gestion du trafic, transport, concurrence, infrastructure |
| Date: | 2015–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1193-en&r=tra |
| By: | Saban Nazlıoglu (Pamukkale University); Muhsin Kar (Necmettin Erbakan University); Gunay Akel (Necmettin Erbakan University) |
| Abstract: | The existence of causation linkage between stock prices and exchange rates is one of the popular debate especially since the beginning of 1990s. The aim of this paper is to investigate the nature of the causal transmission mechanism between foreign exchange and stock markets in 9 transition countries (i.e., Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Russia) for the periods of 1995-2011. The results of the paper show that uni-directional linear Granger causality running from exchange rates to stock prices for 4 countries (i.e., Czech Republic, Hungary, Poland, and Romania) and a feedback exists between two markets for only Russia when both linear and nonlinear Granger causality are used. |
| Keywords: | Exchange Rates, Stock Prices, Transition Economies, Linear and Nonlinear Causality Tests |
| JEL: | C22 F31 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:0401683&r=tra |
| By: | Yu Hao; Yi-Ming Wei (Center for Energy and Environmental Policy Research (CEEP), Beijing Institute of Technology) |
| Abstract: | In recent years, the surge in China's CO2 emissions has caused increasing international concern. In this paper, we investigate whether and when the turning point in China's CO2 emissions would occur. A simple yet powerful neoclassical Green Solow Model (GSM) is utilized herein as the main forecasting tool. To verify the capability of this framework to address China's economy, a key prediction of the GSM ¨C the convergence in per capita CO2 emissions across Chinese provinces ¨C is empirically verified. By assigning reasonable values to the GSM's key parameters, the trajectories of total CO2 emissions are projected for the three regions of China and the whole country. The forecast results show that under the benchmark scenario, China's total CO2 emissions would peak approximately in the year 2047. According to the sensitivity analysis, carbon efficiency is the most important determining factor for whether a turning point in total CO2 emissions may occur. |
| JEL: | Q47 Q54 |
| Date: | 2014–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:biw:wpaper:73&r=tra |
| By: | Monika Harantova (Faculty of Management, University of Economics, Prague); Petr Svoboda (Faculty of Management, University of Economics, Prague) |
| Abstract: | Currently there is a variety of approaches dealing with a brand or trademark valuation. The International Valuation Standards (IVS) and the Valuation under Act No. 151/1997 Coll. on property valuation in relation to trademarks in the territory of Czech Republic can be classified among them. The main goal of this paper is to determine the factors which participate most in strategic building of brand value. These factors could be used as a basis for the proposal of a new method for the valuation trademarks in the Czech Republic. So far, these methods have taken into account only the financial aspects (economic profit, return of investment). The other factors which create a brand value (brand awareness, brand loyalty, emotional association) have not been implemented yet. For this reason, the methodology of International Valuation Rankings, which takes into account valuation based on other previously mentioned components, is also analysed in the article. |
| Keywords: | Brand, Brand management, Brand value, Brand equity, Brand attitude, Methods for brand valuation, International valuation standards |
| JEL: | M31 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0902940&r=tra |
| By: | Ipatova, Anna (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Centre for Federative Research Methodology); Rogozin, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The purpose of of this study is to reconstruct the inner world and the system of values of Russian official through the prism of biographical interviews, as well as the marking of the basic constants of administrative culture, which at present determine the nature and characteristics of the activities of the official. |
| Keywords: | Russian official, alignment, professional ethics, political views |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:re9024&r=tra |
| By: | Sebastian Leitner (The Vienna Institute for International Economic Studies, wiiw); Robert Stehrer (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | Abstract This paper analyses the impacts of the crisis on various groups in the labour market, providing a comparison across groups of EU countries and individual Central and East European new EU Member States. Particularly it reports how the crisis affected the transitions of people between different states in the labour market employment, unemployment, education and inactivity. Based on EU SILC data, a descriptive overview concerning the changes in transition rates is provided by estimating Markov transition probabilities. This is complemented by a set of probit regression results pointing towards significant changes in the various transitions triggered by the crisis. This is particularly the case for the younger age cohorts and low-educated workers. |
| Keywords: | labour market transitions, crisis effects, young cohorts |
| JEL: | E24 J23 J63 |
| Date: | 2014–11 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:109&r=tra |
| By: | Botnev, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gorlanov, Gennadiy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Illarionova, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kirichenko, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Koroteeva, Oxana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Nasriddinov, Temur (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | One of the main obstacles to the effective development of our country is corruption, which in modern terms is a threat to the very statehood, economic system, the basics of governance, security of the individual, society and the state. That corruption destructive effect on public administration to discredit the power disrupts the economy, making it inefficient, uncompetitive, prevents intensive and innovative development of the country, causes a sharp decline in living standards, creating a massive legal nihilism, cynicism and extreme forms of general apathy, targeted forms negative image of the country. Particular danger this phenomenon has in education. This paper analyzes the causes of corruption in education, methods to counter it, the role of public institutions in the purification of this sphere. |
| Keywords: | education, Russia, corruption, law |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r90210&r=tra |
| By: | Inna Semenenko (Volodymyr Dahl East Ukrainian National University, Ukraine) |
| Abstract: | Energy security is an important issue for Ukraine's sustainable development. The main goal of the article is to show the state of energy security of Ukraine, analyze its tendencies and challenges, reveal the impact of energy security on sustainable development of a country. The state of the energy security of Ukraine was analyzed with the help of data collection, processing and analysis. Data was taken from State Statistics Service of Ukraine, Ministry of Energetics and Coal Industry of Ukraine, other sources, and analyzed with the help of tools of statistics and economic analysis. Ukraine, being a developing country and experiencing war, political and economic crisis, struggles for energy security support. The present state of energy availability and consumption in the country influences its sustainable development and political stability, and is a significant restraint in country's survival. Despite the fact, that Ukraine has enough resources' deposits to provide itself with energy, it provides less than 50% of own demands and is dependent on Russia's resources. Production of energy in Ukraine is decreasing, but energy consumption remains high. Ukrainian industries are energywasteful and energy inefficient; the country has the leading positions in energy intensity of GDP. The article shows relation of energy sources and energy security of Ukraine to sustainable development, reveals dependency of Ukrainian energy security and indicates its main threats and ways out. |
| Keywords: | energy security; fuel and energy resources; sustainable development; energy efficiency; energy consumption |
| JEL: | F5 O20 Q01 Q4 Q5 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2015:no22&r=tra |
| By: | Malgorzata Magdalena Hybka (Uniwersytet Ekonomiczny w Poznaniu) |
| Abstract: | Tax sharing arrangements provide considerable financial resources to sub-central government levels. This statement is true both for unitary and federal states although tax revenue sharing mechanisms differ significantly across countries. The basic aim of this article is to compare the mechanisms adopted in Germany and in Poland. It assesses the degree of tax autonomy granted to sub-central government levels in the countries analysed, overviews the principles of apportionment of joint (shared) taxes and presents statistics on tax revenue composition of sub-central government levels. |
| Keywords: | apportionment of tax revenue, fiscal federalism, Germany, Poland |
| JEL: | H2 H7 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2015:no17&r=tra |
| By: | Ivleva, Galina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gîlubev, Àndrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Goncharov, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In the research we have developed a conceptual framework and practical recommendations for the implementation of the administrative reform in Russia, the implementation of which is a priority for improving governance. The implementation of the reform in Russia should lead to reduction of excessive state regulation, increase in the quality of public services to citizens and organizations, increase the efficiency of public authorities and information transparency. In this research we have studied and systematized international experience of public and municipal services, we analyzed the international experience of the administrative reform, studied the mechanism of improving the quality of public services and reducing excessive government regulation. We have identified factors that influence the efficiency of the authorities and transparency and made proposals to improve public governance in Russia. |
| Keywords: | Russia, administrative reform, public policy, government, state, management |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:re9029&r=tra |
| By: | Suvorov, Evgeniy (Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Socio-Political and Legal Analysis) |
| Abstract: | This paper deals with one of the most relevant problems in the practice of adjudication of bankruptcy in Russia - dismissal of arbitration rights managers (hereinafter - also AC). Trustee in bankruptcy is a figure designed to exercise operational control procedures; in the responsibility of these persons are analysis of the financial condition of the debtor the meeting of creditors inventory and assessment of the property constituting the bankruptcy estate, the formation of the estate including the reclamation of the respective property of third parties, sale of assets, accounts payable, etc. Given such a place of business arbitration manager questions dismissal as a measure of responsibility for the improper performance of their duties are of particular importance. Dismissal of the arbitration manager is one of the ways to protect the legitimate rights and interests of persons involved in the bankruptcy proceedings in cases where other remedies are not effective. The paper analyzes the various grounds for dismissal of arbitration rights managers addresses the legal issues that arise in practice in addressing relevant issues provides arguments in favor of a decision, and also contains proposals to change the law in the necessary parts. |
| Keywords: | arbitration managers, bankruptcy |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r90230&r=tra |
| By: | Dormidontova, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute for Social Analysis and Forecasting of Russian Presidential Academy of National Economy and Public Administration); Nazarov, Vladimir (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration); A. Tikhonova (Independent) |
| Abstract: | The basic concepts of investment portfolio forming as a whole and the investment portfolio of pension funds, in particular, are overviewed in this paper, the main risks faced by the participants in the pension market, are analyzed, as well as their relevance for different types of assets, and methods of assessing these risks. The analysis of the problems faced by pension funds operating in conditions of the pension plans, defined contribution, and in terms of pension plans with defined benefits, was made. Part of the investment portfolios of pension funds in the Russian pension market, as well as the question of the importance of risk-based supervision for effective implementation of the optimal investment policy of pension funds, is overviewed. |
| Keywords: | investment portfolio, investment strategy, pension funds |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:ppaper:r90227&r=tra |
| By: | Jarko Fidrmuc (Zeppelin University Friedrichshafen); Iikka Korhonen (Bank of Finland Institute for Economies in Transition and Hong Kong Institute for Monetary Research) |
| Abstract: | We summarize previous research on China¡¦s business cycle correlation with other countries with the help of meta-analysis techniques. We survey 71 related papers along with all the characteristics of the estimations as well as those of the authors. We confirm that especially Pacific Rim countries have relatively high business cycle correlation with China. However, it appears that many characteristics of the studies and authors do influence the reported degree of business cycle synchronization. For instance, Chinese-language papers report higher correlation coefficients. Despite of this, we do not detect a robust publication bias in the papers. |
| Keywords: | Business Cycle Synchronization, Meta-Analysis, China |
| JEL: | E32 F44 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:hkm:wpaper:062015&r=tra |
| By: | Artur Radziwill; Yana Vaziakova |
| Abstract: | Economic growth is below what would be needed to resume rapid convergence to average OECD living standards. On-going efforts to improve the business climate are laudable, but need to be widened and strengthened. Much progress has been achieved in reducing red tape, but it is only recently that the authorities have visibly become more energetic in fighting corruption. Adverse interactions between politics, business and law enforcement generate obstacles for the rule of law and remain a major risk for potential investors. High entry barriers lead to weak competition. Reducing the role of the state in the economy and WTO membership should be viewed as opportunities to strengthen competition, and hence provide incentives for productivity improvements, which are urgently required to ensure stronger growth in Russia because of a shrinking labour force. This Working Paper relates to the 2013 OECD Economic Survey of the Russian Federation (www.oecd.org/eco/surveys/economic-survey-russian-federation.htm).<P>Améliorer le climat des affaires en Russie<BR>La croissance économique est inférieure à ce qui serait nécessaire pour assurer une convergence rapide du niveau de vie vers ceux observés en moyenne dans les pays de l'OCDE. Les efforts en cours pour améliorer le climat des affaires sont louables, mais ils doivent être élargis et renforcés. Beaucoup de progrès ont été accomplis dans la réduction des formalités administratives, mais ce n'est que récemment que les autorités sont visiblement devenues plus énergiques dans la lutte contre la corruption. Des interactions indésirables entre la politique, les affaires et l'application de la loi génèrent des obstacles pour l'État de droit et constituent un risque majeur pour les investisseurs potentiels. Des barrières élevées à l'entrée conduisent à une faible concurrence. Une réduction du rôle de l'État dans l'économie et l’adhésion de la Russie à l'OMC devraient être considérée comme une occasion de renforcer la concurrence et d’inciter à améliorer la productivité. Ces incitations sont urgemment nécessaires en Russie afin d’assurer une croissance plus forte dans un contexte de contraction de la main-d'oeuvre. Ce document de travail se rapporte à l’Étude économique de l’OCDE 2013 sur la Fédération de Russie (www.oecd.org/fr/eco/etudes/etude-econom ique-russie.htm). |
| Keywords: | corruption, competition, privatisation, FDI, WTO, administrative burdens, corporate governance, judicial system, business climate, state-owned enterprises, rule of law, état de droit, adhésion à l'OMC, système judiciaire, gouvernance d’entreprise, formalités administratives, IDE, climat des affaires, corruption, entreprise publique, privatisation, concurrence |
| JEL: | D73 F13 H11 H5 H82 K2 K4 L32 L33 L4 L5 |
| Date: | 2015–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1192-en&r=tra |
| By: | Masumi Kikuchi (Waseda University) |
| Abstract: | The grazing forbidden policy is an important ecological project that was implemented at the beginning of this century in different regions in China. Yet, various problems emerged during its implementation. At an early stage, majority of the farmers could not get enough subsidies because of the incomplete compensation system. The objective of this study is to investigate the ecological compensation of the grazing forbidden project and draw up criteria for the life-style of the farmers in the areas covered by this project. A questionnaire survey and follow up interviews were conducted in Alashan prefecture of Inner Mongolia. The results indicated that in a later stage the farmers received more support from the government by receiving compensation for the added value of losing the rights to use their lands as well. At the end, policies and measures to establish and fulfill the ecological compensation mechanism in the grazing forbidden areas are also discussed. |
| Keywords: | Grazing Ban, Chinese Environment Policy, Inner Mongolia |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0300321&r=tra |
| By: | Adam P. Balcerzak (Nicolaus Copernicus University, Poland); Elzbieta Rogalska (University of Warmia and Mazury) |
| Abstract: | Last two decades were a period of significant discussion concerning determinants of effectiveness of fiscal policy. After some cases of expansionary episodes of fiscal consolidations in eighties of XX century, an intensive international research on the possibility of non-Keynesian effects of fiscal contractions in highly developed countries has started. The aim of the article is to analyze the possibility of obtaining non-Keynesian effects of fiscal consolidations in post-transformation countries of Central Europe. An important aim of macroeconomic policy in the analyzed economies is to benefit the advantages of convergence process. Thus, the empirical analysis is made within conditional ß-convergence framework. The verification of hypothesis of ß-convergence enables to identify the long term tendency of output per capita, in the same time it enables to identify non-Keynesian effects of fiscal prudence and to assess their role in the process of reducing GDP gap between the analyzed economies. Then the potential transmission channels for non-Keynesian effects of fiscal policy were analyzed. In the research the data from Eurostat and European Commission for the years 2000-2013 was used. The paper provides arguments in favor of the existence of non-Keynesian effects of fiscal consolidations in Central Europe that support the process of conditional convergence. |
| Keywords: | fiscal policy, fiscal consolidations, non-Keynesian effects, ß-conditional convergence, Central Europe |
| JEL: | H3 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2015:no23&r=tra |
| By: | Jan Bruha; Jiri Polansky |
| Abstract: | In this paper, we analyse the dynamics of the housing sector over business cycles. First, we provide an empirical analysis of the relationships between housing sector data and the main macroeconomic variables both on Czech data and on a sample of advanced economies. We document that in most countries the housing sector co-moves with the rest of the economy. In the past, the Czech housing market showed temporary episodes during which the housing sector was seemingly disconnected, but since 2005 the housing sector has become more cyclical. Second, we develop a cascade of increasingly complex DSGE models to assess the relative merits of each additional mechanism. Contrary to the popular framework with collateral constraints, we concentrate on the housing sector as an additional production sector via the standard supply and demand mechanisms. Our results confirm that these standard mechanisms are sufficient to replicate the observed comovements of housing market variables. |
| Keywords: | Business cycles, DSGE, housing sector |
| JEL: | E32 R21 R31 |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2014/12&r=tra |
| By: | Tatana Kubatova (University of Economics, Prague) |
| Abstract: | Large enterprises represent a key group for the economy of the Czech Republic. The aim of the study is to assess the influence of large enterprises namely Skoda Auto, a car manufacturer, on the socio-economic development of the Czech Republic. The study was prepared in response to the currently debated state aid rules, which significantly decrease the maximum public support for large enterprises. At the same time, relocation tendencies of large enterprises can be perceived. These tendencies are emerging, particularly in the manufacturing industry and are caused by various factors. In addition to the natural market factors, such as rising labor costs and high corporate taxes, there are also other non-market factors including in particular investment incentives, lower standards in social and environmental protection. Relocation tendencies are stronger in case of large (multinational) companies. In general, it is possible to mark the effect of large enterprises in the economy as very positive. Despite their relatively low share in terms of total number, they contribute significantly to employment, production and added value throughout the whole economy. Even small proportional changes in economic activities of large enterprises have significant impacts on public budgets and the involvement of SMEs in the export. Large businesses represent a significant demand for research and development results. Large enterprises make up the majority of foreign investment in supported sectors in the Czech Republic and have a major impact on an image of national economies. Investment incentives or any form of state aid therefore work as a tool for equalizing investment conditions in an environment where it is not possible to unify public investment support with countries outside the EU. |
| Keywords: | Large enterprises, Skoda Auto, the Czech Republic, relocation tendencies, investment incentives |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:0802600&r=tra |
| By: | Paunić, Alida |
| Abstract: | Balkan countries, block of Albania, Serbia, Bosnia, Bulgaria, Romania, Montenegro, Macedonia have somewhat specific path toward future economic growth . Although some of them are part of EU community ( Bulgaria Romania ) and they have experienced the highest GDP growth rate 2014/2000 , significant number of countries still wait to become member of EU and to be able to further form a bridge toward Asia, Middle East, Africa. Ways to make further progress in such a heterogeneous environment, consequences of 2008 crises and ways how to incorporate predictions in GDP reasoning are some of points that this paper tackles. |
| Keywords: | GDP growth, crises, cooperation,region |
| JEL: | E00 E1 E17 F00 G00 |
| Date: | 2015–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:63238&r=tra |