nep-tra New Economics Papers
on Transition Economics
Issue of 2016‒03‒06
25 papers chosen by
J. David Brown
United States Census Bureau

  1. Popular Attitudes Towards Markets and Democracy: Russia and United States Compared 25 Years Later By Maxim Boycko; Robert J. Shiller
  2. Experimentation and decentralization in China's labor relations By Eli Friedman; Sarosh Kuruvilla
  3. Farms regional economic developments identified in the FADN PANEL By Mituko Vlad, Ionela; Tudor, Valentina; Stoian, Elena; Micu, Marius Mihai
  4. Support policies for agri-food export promotion in the Republic of Moldova By Stratan, Alexandru; Ignat, Anatolie; Moroz, Victor
  5. Accessibility of waste collection services in Romania: a multi-scale analysis in EU context using thematic cartography By Mihai, Florin-Constantin
  6. The Romanian export with livestocks- live animals – a far-reaching activity? By Grodea, Mariana; Ionel, Iuliana
  7. God Helps Those Who Help Themselves! A Study of User-Innovation in Russia By Konstantin Fursov; Thomas Thurner
  8. Prospects of Romania’s international investment position and financial stability risks By Georgescu, George
  9. Romanian agri-food trade with the new member states (NMS-13) of the EU - a comparative analysis By Gavrilescu, Camelia
  10. Remittances and expenditure patterns of the left behinds in rural China By Sylvie Démurger; Xiaoqian Wang
  11. The effect of housing wealth on labor force participation: evidence from China By Fu, Shihe; Liao, Yu; Zhang, Junfu
  12. Growth Accounting and Endogenous Technical Change By Angus C., Chu; Guido, Cozzi
  13. How firms export: processing vs. ordinary trade with financial frictions By Kalina Manova; Zhihong Yu
  14. Institutional approach of T. Veblen and modernity: fertility and child care By Sinitsa Arseniy
  15. Global raw materials issues and their impact on polish economy By Katarzyna Idzkowska
  16. Underpaid and Corrupt Executives in China's State Sector By Feng, Xunan; Johansson, Anders C.
  17. The Unintended Benefits of Empowering Boards in Conglomerates: The Case Study of Afk Sistema By Tatiana Dolgopyatova; Alexander Libman; Andrei Yakovlev
  18. Socio-economic factors of transformation in single-industry towns (based on the data from the saratov and rostov regions) By Goncharova, Lyudmila Ivanovna; Romanova, Evgeniya
  19. Romanian agrarian structure after 25 years By Bold, Ion; Dragomir, Vili; Lacatusu, Gheorghe
  20. The Economics of Healthy Ageing in China By Heshmati, Almas
  21. Determining Minimum Wages in China: Do Economic Factors Dominate? By Dreger, Christian; Kosfeld, Reinhold; Zhang, Yanqun
  22. The Impact of GDP Structure on the Stability of Okun's Law in Lithuania By Pesliakaite, Jurgita
  23. Regional Housing Supply Elasticity in China 1999-2013: A Spatial Equilibrium Analysis By Rickman, Dan S.; Wang, Hongbo
  24. The structure of authorized spaces for the storage of agricultural production in Romania 2014 By Micu, Ana Ruxandra; Alecu, Ioan Niculae; Tudor, Valentina; Micu, Marius Mihai
  25. Covenant as an instrument of financial risk management By Kondratjev, Alexey

  1. By: Maxim Boycko (Watson Institute, Brown University and Dept of Economics, Harvard University); Robert J. Shiller (Cowles Foundation, Yale University)
    Abstract: We repeat a survey we did in the waning days of the Soviet Union (Shiller, Boycko and Korobov, AER 1991) comparing attitudes towards free markets between Moscow and New York. Additional survey questions, from Gibson Duch and Tedin (J. Politics 1992) are added to compare attitudes towards democracy. Two comparisons are made: between countries, and through time, to explore the existence of international differences in allegiance to democratic free-market institutions, and the stability of these differences. While we find some differences in attitudes towards markets across countries and through time, we do not find most of the differences large or significant. Our evidence does not support a common view that the Russian personality is fundamentally illiberal or non-democratic.
    Keywords: free markets, democratic values, fair prices, income inequality, incentives, hostility towards business, Moscow, New York, transition economy
    JEL: P10 O57
    Date: 2016–02
  2. By: Eli Friedman; Sarosh Kuruvilla
    Abstract: In this introduction to the special issue ‘Changing work, labour and employment relations in China’, we argue that China is taking an experimental and decentralized approach to the development of new labor relations frameworks. Particular political constraints in China prevent interest aggregation among workers, as the central state sees this as posing a risk to social stability. Firms and local governments have been given a degree of space to experiment with different arrangements, as long as the categorical ban on independent unions is not violated. The consequence has been an increasingly differentiated labor relations landscape, with significant variation by region and sector. We note some countervailing tendencies towards re-centralization, but emphasize that this phenomenon remains largely confined to the municipal level. The five articles in this special issue address different aspects of both experimentation and decentralization in labor relations.
    Keywords: China; collective bargaining; labor relations; strikes; unions
    JEL: R14 J01 J50
    Date: 2015
  3. By: Mituko Vlad, Ionela; Tudor, Valentina; Stoian, Elena; Micu, Marius Mihai
    Abstract: The paper adresses an approach on indicators from the public database FADN (Farm Accountancy Data Network), at farm level selected from Romania. The study focused on analyzing the data series in 2012 (the latest year reported in the FADN) and the second part of the study was supported by the report on the last six years (2007-2012) and four of the eight regions. The data comes from public database FADN and the methodology consisted of a descriptive analysis of the data and presenting them as graphic and tabular form. The results recorded consisted of highlighting the differences between regions and survey findings have highlighted a decrease in interest and rental costs and also in investment levels, compared to 2012; in the same conditions, the total production and cash flow increased.
    Keywords: Farms, Romania, FADN, regional, productions, indicators.
    JEL: D24 D57 Q12 R11 R12
    Date: 2015–11–20
  4. By: Stratan, Alexandru; Ignat, Anatolie; Moroz, Victor
    Abstract: Agri-food trade has expanded over the recent decade in the Republic of Moldova. Trade policies promoted by the Republic of Moldova are mostly oriented towards product diversification, knowledge transfer and promotion of new competitive goods with high added value for domestic and foreign markets. The trade balance remains dynamic with significant fluctuations in product categories over time and countries of destination, due to climatic and trade shocks. In this context, the aim of the paper is to provide an analysis of agri-food sector and external trade, assess the impact of external factors over the national economy and opportunities for the better export targeting, and identify possible solutions to increase resilience to agro-food foreign trade shocks. For such tasks were used the statistical methods of analysis and informal interviews with main stakeholders. This paper’s outcome incorporates the scale, significance and dynamics of the agri-food export including the continued evolution of the regulatory agencies involved and the critical role of support policies provided by other sectors of national economy for the export promotion.
    Keywords: Agri-food trade, trade policies, export promotion
    JEL: F13 Q17 Q18
    Date: 2015–11–20
  5. By: Mihai, Florin-Constantin
    Abstract: Low coverage of urban and rural population to waste collection services leads to various environmental threats caused by uncontrolled waste disposal. New EU regulations on waste management issues transposed into national laws have improved this sector, but, the population access to such services is still low compared to others new EU members. A multi-scale approach of this indicator is a necessary tool for a proper analysis of this environmental issue. The maps reveal that Romanian development regions (NUTS 2) have the lowest coverage rates at EU level in 2010. Furthermore, major disparities are reflected between Romanian counties in 2010. Thematic maps outline a comparative analysis at national and regional scale (Romanian counties & cities and communes of North-East Region) between urban vs rural areas in 2010. These geographical approaches are necessary for a better monitoring process of waste management sector.
    Keywords: multi-scale analysis, waste collection services, disparities, thematic cartography, municipal waste,
    JEL: K32 O18 O44 Q50 Q53 Q56 Q58 R11 R53 R58
    Date: 2015–12
  6. By: Grodea, Mariana; Ionel, Iuliana
    Abstract: In the period 2003-2014, Romania became an important source for the export of live animals (bovines and sheep), both for the intra-Community trade and for third countries. Although in the same period the imports consisted mainly of breeding animals, the balance of trade was constantly positive. The method used in the paper was the comparative analysis of trade-specific set of indicators, the main information sources being international information, reports and studies, FAOSTAT and EUROSTAT statistics. From our analysis, it results that that Romania practiced a conjuncture export, as the herds specialized in meat production, both in the case of bovines and sheep, have a significant share in total livestock herds. The reason why Romania is agreed as supplier of live animals is rather represented by the raising of animals under extensive system, where feeding is mainly based on grazing.
    Keywords: import, export, bovines, sheep, balance of trade
    JEL: F1 F13 F43 Q1 Q17 Q18 Q27
    Date: 2015–11–20
  7. By: Konstantin Fursov (National Research University Higher School of Economics); Thomas Thurner (National Research University Higher School of Economics)
    Abstract: This paper studies the specificities of Russian user-innovators on a sample of 1670 home interviews. The percentage of end users who innovate in their daily life in the Russian population and the willingness to share one’s ideas and developments is much higher in comparison to western countries and probably historically rooted in long-standing community activities which spread during soviet times. Our data suggests the existence of two different groups of user-innovators: one group of urban, male, well educated, and financially better-situated individuals who innovate for career reasons (or for fun) vs. a much more diverse group of small town folks who innovate out of necessity. While the first group confirms findings well described in the literature, the second group seems to be unique to developing markets and to Russia in particular. User-innovation happens also in remote areas, and among user groups outside of the working age. As these user-innovators are reluctant to share their innovations with others and would rather keep them for themselves, a great source of ideas and commercial opportunity remains untouched. Russia’s innovation system has so far concentrated on the classical innovation modes around major cities or big companies. Given Russia’s extensive presence of user-innovators, it might be a promising policy move to provide greater support to existing and emerging amateur communities. We believe that our study adds insights into the informal and totally neglected viewpoint on Russia’s innovation.
    Keywords: user innovation, innovation community, Russia
    JEL: H00 O31 O32 O33
    Date: 2016
  8. By: Georgescu, George
    Abstract: The paper aims to investigate the changes in Romania’s net international investment position (NIIP) and to evaluate the prospects of this position, having in view the country's road towards joining the Eurozone. Among the 11 key indicators of nominal and real convergence monitored by the European Commission (MIP Scoreboard) under the macroeconomic imbalances procedure, NIIP is the only one to which Romania stands above the indicative threshold (-57% of GDP in 2014 compared to the threshold of -35%). The study highlights the main driving factors that have led to the deterioration of NIIP during the last decade in Romania and the related risks to the financial stability. The comparative analysis of Romania’s NIIP with other EU Member Countries is shaping a picture of external assets and liabilities at the European level that may represent valuable benchmark points for their possible developments. The study found that, considering the strengthening of recent trends, which witnessed a decrease in external indebtedness and in the current account deficits, the net international investment position of Romania may return within the MIP prudential standard. Under the circumstances of a favorable internal and international environment and significant progresses in structural reforms, Romania could make significant steps in order to meet all the required convergence indicators and criteria for Eurozone accession during the next decade.
    Keywords: net international investment position; nominal and real convergence; financial stability; MIP Scoreboard; Eurozone accession
    JEL: E44 F21 F36 G15
    Date: 2016–01–15
  9. By: Gavrilescu, Camelia
    Abstract: After joining CEFTA in 1997, Romania established a relatively stable group of partner countries for its agri-food trade. Several factors contributed to the stability in time of this group, firstly the existence or establishment of preferential trade agreements, the geographical proximity, and last, but not least, the historical traditions. The exit from CEFTA and the accession to the EU of some of the partner countries, then of Romania itself, changed only temporarily the trade flows, until everyone's adaptation to the ”new rules of the game”. Among the new Member States of the EU (NMS-13), the main trading partners for Romania were and are Hungary, Bulgaria and Poland. The paper is analyzing the evolution of the agri-food trade flows with these countries, in terms of value and composition of the exchanges.
    Keywords: Agri-food trade, CEFTA, NMS-13, Romania
    JEL: F13 Q17 Q18 Q58
    Date: 2015–11–20
  10. By: Sylvie Démurger (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Xiaoqian Wang (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This paper investigates how private transfers from internal migration in China affect the expenditure behaviour of families left behind in rural areas. Using data from the Rural-Urban Migration in China (RUMiC) survey, we assess the impact of remittances sent to rural households on consumption-type and investment-type expenditures. We apply propensity score matching to account for the selection of households into receiving remittances, and estimate average treatment effects on the treated. We find that remittances supplement income in rural China and lead to increased consumption rather than increased investment. Moreover, we find evidence of a strong negative impact on education expenditures, which could be detrimental to sustaining investment in human capital in poor rural areas in China.
    Keywords: remittances, labour migration, expenditure behaviour, left-behind, propensity score matching, China
    Date: 2016
  11. By: Fu, Shihe; Liao, Yu; Zhang, Junfu
    Abstract: This paper uses the 2011 China Household Finance Survey data to estimate the effect of change in housing value on homeowners’ labor force participation. Using the average housing capital gains of other homes in the same community as an instrument for the housing capital gains of a given household, we find that a 100 thousand yuan increase in housing value leads to a 1.37 percentage point decrease in female homeowners’ probability of participating in the labor force and a 1.49 percentage point increase in their probability of becoming housewives. We find little effect on men’s labor force participation.
    Keywords: Housing wealth effect; housing price; labor supply; labor force participation
    JEL: J21 J22 R20 R30
    Date: 2015–09–15
  12. By: Angus C., Chu; Guido, Cozzi
    Abstract: This study examines the validity of two conventional approaches to growth accounting under endogenous technical change. We find that the traditional approach to growth accounting, pioneered by Solow (1957), is consistent with the lab-equipment specification for technological progress, whereas the more recent approach, proposed by Hayashi and Prescott (2002) and Kehoe and Prescott (2002), is consistent with the knowledge-driven specification. We develop a unified approach to growth accounting, which in essence takes a weighted average of the Solow approach and the Hayashi-Kehoe-Prescott approach. We show that our unified approach is consistent with a more general specification for technological progress under which the degree of capital intensity in the innovation process determines the relative weight placed on the two approaches. Finally, we apply our unified approach to data of the Chinese economy to explore the quantitative importance of capital accumulation on economic growth in China.
    Keywords: growth accounting; endogenous technical change; capital accumulation
    JEL: O3 O4
    Date: 2016–02
  13. By: Kalina Manova; Zhihong Yu
    Abstract: The fragmentation of production across borders allows firms to make and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financial frictions affect companies’ choice between processing and ordinary trade – implicitly a choice of production technology and position in global supply chains – and how this decision affects performance. We exploit matched customs and balance-sheet data from China, where exports are classified as ordinary trade, import-and-assembly processing trade (processing firm sources and pays for imported inputs), and pure-assembly processing trade (processing firm receives foreign inputs for free). Value added, profits and profitability rise from pure assembly to processing with imports to ordinary trade. However, more profitable trade regimes require more working capital because they entail higher up-front costs. As a result, credit constraints induce firms to conduct more processing trade and pure assembly in particular, and preclude them from pursuing higher value-added, more profitable activities. Financial market imperfections thus impact the organization of production across firms and countries, and inform optimal trade and development policy in the presence of global production networks.
    Keywords: China; trade regime; processing trade; global value chain; credit constraints; heterogeneous firms
    JEL: F10 F13 F14 F23 F34 G32
    Date: 2015–10
  14. By: Sinitsa Arseniy (Department of Economics, Lomonosov Moscow State University)
    Abstract: The issues of the development of the Arctic area of Russia that are linked with its importance for the economy of Russia provide the necessity to study its population. The Arctic area population is mostly an urban one, that’s why the special consideration to it should be taken. We examined the size, the age-sex structure and the natural movement of the urban population of the Russia’s Arctic area. As a result, the regions that belong to the Arctic area have the natural population increase, but its losses from the migratory movement are higher, so the population of the Russia’s Arctic area has been decreasing. At the conclusion different ways of the demographic development of the Russia’s Arctic area and some measures of the demographic policy encourage the population increase are discussed.
    Keywords: T. Veblen, Institutionalism, child care, fertility.
    JEL: J10 J11
    Date: 2016–02
  15. By: Katarzyna Idzkowska (Warsaw University of Life Sciences, Poland)
    Abstract: This research concentrate on an irregular distribution of energy resources in the world and also on the problem of scarcity of non-renewable raw materials, such as petroleum, natural gas, charcoal. The main purpose of the article is to describe a topical fossil fuels market’s situation and to present prognosis about the future of natural resources’ extraction. The consequences of limited energy resources using in Poland is also an important issue. The author carried out an analysis of a secondary data that is published in annual British Petroleum reports: “Energy Outlook 2035: February 2015” and “BP Statistical Review of World Energy”, that are about energy production, consumption and trade. Along with the limited resources increase, the price increase as well. By the end of 2013 year, a petroleum’s barely cost 110 USD, whereas 10 years ago the cost was 30 USD. Even though the recent world’s energy demand has decreased, within next 50-60 years petroleum and gas loads may exhaust, being an effect of an intensive extraction. A difficult situation on an fossil fuels market also has its effects on polish economy. Due to a high dependency on an abroad load supply (especially of natural gas – 70% and oil – 99%) and a constantly growth of the prices, energy safety in Poland is seriously endangered.
    Keywords: fossil resources, non-renewable raw materials, resource scarcity
    JEL: L71 O13 Q32
    Date: 2015–06
  16. By: Feng, Xunan (Southwestern University of Finance and Economics); Johansson, Anders C. (Stockholm China Economic Research Institute)
    Abstract: This study examines the role of executive compensation in public governance. We collect data on corruption cases that involve top-level executives in Chinese listed state-controlled firms. We find a significant positive relationship between underpayment of executives and the likelihood of an investigation into corrupt behavior. We also show that corruption is positively associated with firm performance and that the relationship between underpayment of executives and corruption is influenced by firm performance, suggesting that top managers are more likely to engage in illicit behavior if they are compensated poorly while the firms under their control perform well. Finally, we find that pay-performance sensitivity decreases when top executives are involved in corruption investigations, indicating a lack of pecuniary incentives. Our empirical findings point towards an important relationship between executive compensation and corrupt behavior, thereby providing valuable input to the understanding of executive pay and its effects in China’s state sector.
    Keywords: Compensation; Executives; Incentives; Corruption; State sector; China
    JEL: D73 G38 J30 M52 P30
    Date: 2015–07–01
  17. By: Tatiana Dolgopyatova (National Research University Higher School of Economics); Alexander Libman (National Research University Higher School of Economics); Andrei Yakovlev (National Research University Higher School of Economics)
    Abstract: This paper investigates the role of boards of directors of conglomerate subsidiaries in emerging markets. The paper based on a case study of AFK Sistema—a large diversified Russian business group including subsidiaries in 15 sectors. We show that creating corporate governance institutions at the subsidiary level can have unexpected advantages for the group as a whole and can be used to improve the quality of decision-making in the group. Sistema implemented corporate governance at this level to attract capital and to satisfy the demands of the minority shareholders, but over time started to use the already established institutions of the corporate governance as a tool of corporate management.
    Keywords: diversified corporation, board of directors, parent company, subsidiary, corporate governance, corporate management, emerging markets
    JEL: G34 L25 M10
    Date: 2016
  18. By: Goncharova, Lyudmila Ivanovna (Russian Presidential Academy of National Economy and Public Administration); Romanova, Evgeniya (Russian Presidential Academy of National Economy and Public Administration)
    Abstract: The paper states the necessity of reforming single-industry towns in Russia. Based on the analysis of socio-economic problems of development in single-industry towns in the Saratov and Rostov regions the authors claim that it is vitalto transform them into multi-industry towns. It is necessary to reduce dependence on single employer through the development of other industries and attracting other types of business. It is proved that developing a strategy to diversify the economy of single-industry towns will achieve stability in the socio-economic development and help overcome economic crisis.
    Keywords: single-industry town, urbosystem, depression, economic diversifi cation
    Date: 2015
  19. By: Bold, Ion; Dragomir, Vili; Lacatusu, Gheorghe
    Abstract: Agrarian structures are synthetic expression of evolution / devolution of agriculture. Dynamic analysis on 25 years of Romanian agriculture highlights the characteristics and future prospects in the context of the National Rural Development Plan - RDP from 2014 to 2020 and the EU's Common Agricultural Policy
    Keywords: Agricultural economics; farm size; strategy; rural development programs.
    JEL: Q15 Q24 Q28 R14 R52
    Date: 2015–11–20
  20. By: Heshmati, Almas (Jönköping University, Sogang University)
    Abstract: Healthy ageing is a challenge for many countries with significant shares of elderly people. Literature refers to China's ageing population as a ticking time bomb which paradoxically is both a challenge and an opportunity for the country. Health is considered an important determinant of economic growth and competitiveness. The health of the elderly population determines its need for resources and care. Thus, investing in healthy ageing contributes to economic and social well-being. This study is a review of literature on the social and economic aspects of healthy ageing. It summarizes alternative approaches presented in literature to ease pressures of a rapidly growing ageing population. The main focus is on strategies for healthy ageing, policy practices and measures, organization, finances and manpower resources to promote healthy ageing in China. Up-to-date theories and methods applied to household surveys and population statistics are used to quantify the problem, resource requirements and estimating the social and economic benefits of having policies and measures for healthy ageing. Conclusions are drawn with respect to conditions of healthy ageing in China and about the state policy in this regard.
    Keywords: healthy ageing, ageing in China, active ageing, challenges and opportunities, economics of healthy ageing
    JEL: H75 I15 I18 I38 P36
    Date: 2016–02
  21. By: Dreger, Christian (DIW Berlin); Kosfeld, Reinhold (University of Kassel); Zhang, Yanqun (Chinese Academy of Social Sciences)
    Abstract: Minimum wages may be an important instrument to reduce income inequality in a society and to promote socially inclusive economic growth. While higher minimum wages can support the Chinese transformation towards consumption driven growth, they can worsen the price competitiveness in export markets. As they differ throughout the country, this paper investigates their determinants at the regional level. In addition to a broad set of economic determinants, such as per capita income and consumption, consumer prices, unemployment and industrial structures, spatial effects are taken into account. They might arise for different reasons, including competition of local policymakers. The results show that the impact of economic variables declines, once spatial spillovers are considered. Although the minimum wage regulation pursues the relevance of economic factors in the determination of the appropriate levels, the actual development is largely driven by regional dependencies. As minimum wage standards set by local officials do not fully reflect the regional economic development, further reforms should be on the agenda.
    Keywords: Chinese transformation, minimum wages, spatial effects, spatial Durbin model
    JEL: J30 R23 C23
    Date: 2016–02
  22. By: Pesliakaite, Jurgita
    Abstract: This paper provides evidence that the extent to which unemployment rate in Lithuania reacts to the fluctuations in GDP depends on the compositional characteristics of GDP growth. Decomposing GDP growth rate by expenditure approach and estimating simple version of Okun’s law, the evidence provided in this paper points towards the conclusion that the GDP growth driven by labour-intense private consumption contributes the most to a change in the unemployment rate. The elasticity of the unemployment rate to capital-intense exports is generally much lower as compared to the elasticity to the domestic demand components. These conclusions are to a large extent confirmed by the estimates obtained by regressing unemployment on GDP growth disaggregated by production approach. Services, agriculture and especially construction – labour-intense production sectors – contribute much more to change in unemployment as compared to manufacturing, the sector characterised by capital-intensity. Referring to the previous studies, these results provide one possible explanation of the unstable and time-varying relationship between the unemployment rate and fluctuations in GDP in Lithuania.
    Keywords: unemployment, GDP, Okun’s law, Lithuania
    JEL: J00 J60
    Date: 2015
  23. By: Rickman, Dan S.; Wang, Hongbo
    Abstract: In this paper, we apply a spatial equilibrium growth model (Glaeser and Tobio, 2008) to examine relative housing price growth across the provinces and municipalities of mainland China for 1999-2013. The spatial equilibrium growth model is built upon the traditional static Rosen-Roback spatial equilibrium model. A distinguishing feature is the addition of a regionally-varying elasticity of housing supply. A primary finding is the significant geographical differences in housing price growth and the importance of differences in regional housing supply in explaining the differences in housing price growth. Regions in the East had the most inelastic housing supply, while northern regions had the most elastic housing supply.
    Keywords: Housing supply; China; Spatial equilibrium
    JEL: R11 R31
    Date: 2016–01–31
  24. By: Micu, Ana Ruxandra; Alecu, Ioan Niculae; Tudor, Valentina; Micu, Marius Mihai
    Abstract: This work aims to present a study that consisted of researching, interpreting of statistical data, combined with theoretical aspects that allowed a brief but pragmatic analysis of storage spaces existing in Romania at present and assessing the deficit storage space of the total vegetal production of the main categories of vegetal crops in 2014. Thus, knowing these matters there can be developed national strategies to prevent imbalances and distortions which can appear in the correct formation that prices of crop production, representing a real advantage for agricultural producers in Romania. Thus, at the end of 2014 in Romania for a total of 25,602,657 tons of total agricultural production of the main crops and a total storage capacity of 20,817,496 tons, according to the working hypothesis mentioned, it follows a deficit of 4,785,161 tons of storage.
    Keywords: Warehouse, storage deficit, agricultural production, Romania
    JEL: Q13 Q19
    Date: 2015–11–20
  25. By: Kondratjev, Alexey (Russian Presidential Academy of National Economy and Public Administration)
    Abstract: The problems of application of covenants in Russia, showing the direction of improving their use: to recognize covenants legitimate financial tool in the federal legislation, supplemented by regulations order of their legal regulation, delegate the conduct of all of its financial covenants audit companies, enter into the business turnover of the position of the owner of the bonds authorized to demand early the repayment or redemption of any breach of the covenant, to recommend the commercial banks to monitor the financial covenants under the credit risk assessment, and develop regulations for their application.
    Keywords: covenant, risk-management, debt, credit risk
    Date: 2015

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