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on Transition Economics |
| By: | Perevyshin, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rykalin, A.S. (Gaidar Institute for Economic Policy) |
| Abstract: | The study considers the following concepts of inflationary expectations: adaptive, rational, and limited rational. To quantify the inflation expectations of the population and firms obtained on the basis of surveys, apply probability, regression, balance and logistic methods. The Bank of Russia uses a probability method. We also construct series of inflation expectations of households based on the probability approach. Empirical studies on testing the method of generating inflation expectations are mainly based on methods of estimating time series. The results of their application to Russian data, detailed in the work, indicate that the hypothesis of rational expectations is not confirmed, but the inflationary expectations of Russian households and representatives of the expert community are not fully adaptive. The study found that the inflation expectations of Russian economic agents are not yet fully anchored. The Bank of Russia has the opportunity to increase the effectiveness of the inflation targeting policy by developing and implementing measures to increase the impact on inflation expectations. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031816&r=tra |
| By: | Justine Jing Wang; Alla Koblyakova; Piyush Tiwari; John S. Croucher |
| Abstract: | Background: According to International Real Estate Group Knight Frank, Chinese cities account for the top eight rankings in Global Residential Cities Index, as indicated that regional cities such as Nanjing, Shanghai, Shenzhen and Beijing grew over 30%in year 2016. (Lenaghan, 2016) Since regional house prices play pivotal roles in China’s regional economy as well as in Chinese’ daily lives, to understand regional house price dynamics is of utmost importance.Research questions: This paper poses two research questions:RQ1.Is there house price spill over effects among the top 13 cities in China?RQ2.Is there regional house price heterogeneity between the first and second - tier housing markets in China?Research methodology: The paper describes the application of combined enhanced rigorous econometric frameworks, such as the Principal Component Method, the Vector Error Correction Model (VECM), Granger Causality, Variance Decomposition and Generalised Impulse Response tests to provide an in depth understanding of regional house price dynamics in China.Findings: The empirical findings reveal that first tier cities such as Beijing, Shanghai, and second tier city Chongqing, function as a source of spillovers. Spillover effects occur among all of the target cities in China.Further, the result indicates there is close relationship between house prices in two major segments of China housing markets and macroeconomic variables including interest rate (IR), China share market performance (CNSHARE), unemployment rate (UNEMP) and GDP in China. Moreover, heterogeneity on house price dynamics was identified. Second tier top 8 cities housing prices are self – corrected to long run equilibrium at quicker speed than those in first tier cities. This may reflect the information transmission mechanism in second - tier cities are much simpler than those in first - tier bigger cities.Originality and value: The foremost contribution of this paper is that it is the first rigorous study of house price dynamics and the spill over effects of the top 13 cities at the first and second - tier housing markets in China. Additionally, the data set renders the study of particular interest, because it incorporates an analysis of the "golden era" of China’s prosperity performance of house prices from 2003 – 2013, and "new normal" age (2014 onwards) slowed down period. |
| Keywords: | Interest rates; Long run equilibrium; regional house price dynamics; Spill over |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_383&r=tra |
| By: | Danilov, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper studies the development of the Russian derivative financial instruments. The results of calculations of the main quantitative indicators of the development of this market, including the main structural parameters, are presented. The main obstacles are identified and proposals for their overcoming are formulated. Factors determining the formation of foreign markets for derivative financial instruments on Russian assets and factors facilitating the return of these markets to Russian jurisdiction are investigated. Proposals on the further development of the markets for derivative financial instruments in Russia are formulated. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031828&r=tra |
| By: | Vitola, Alise; Grigoriadis, Theocharis |
| Abstract: | In this paper, we explore the long-run effects of cultural and imperial legacies in the Baltic region. Drawing evidence from the 1897 population census in the Russian Empire, we find that localities with a higher share of German historical population are inclined to be more developed in contemporary Latvia and Estonia. Furthermore, based on the Life-In-Transition Survey (LiTS), we use robust regression discontinuity and identify persistent differential patterns of socioeconomic and political preferences across the borders of the former imperial territories of Estland, Livonia (Swedish Livonia), Letgallia (Polish Livonia) and Courland. Hence, we argue for the persistence of legacies as drivers of divergent development paths in the regions of Latvia and Estonia. |
| Keywords: | Baltic Germans,diversity,empire,development,culture |
| JEL: | N43 O57 P51 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fubsbe:20186&r=tra |
| By: | Justine Jing Wang; Alla Koblyakova; Piyush Tiwari; John S. Croucher |
| Abstract: | Background: Over the last two decades China’s housing price index has risen by at least 70%. According to Reuters, average new home prices in China’s 70 major cities rose a record 9.6%in the year to October 2013; it was the tenth straight month of year-on-year increases. In 2016, Chinese cities account for the top eight rankings in Global Residential Cities Index according to International Real Estate Group Knight Frank. (Lenaghan, 2016) The accelerated growth is concentrated in Tier 1 cities and Tier 2 cities. In view of such soaring prices, the questions of house price dynamics and housing bubbles need to be addressed at China housing market, especially the segment where house prices surge the mos.Research questions: This paper poses two research questions:RQ1.What are the main drivers of China house prices?RQ2.Is there a bubble in China’s housing market?Research methodology: The paper describes the application of combined enhanced rigorous econometric frameworks, such as Ordinary Least Square (OLS), Granger Causality, and the Vector Error Correction Model (VECM), Principal Component method to provide an in depth understanding of house price dynamics and bubbles in China. Thorough analysis has been performed on the diagnostic concerns and potential econometric estimate issues.Findings: The empirical results presented reveal China house prices are driven primarily by three key factors: interest rates, GDP, China share market index. It finds these main drivers have long term equilibrium in relation to house prices, and any short term disequilibrium always self-corrects over the long term due to economic forces. The existence of long term equilibrium in the housing market suggests it is unlikely to be in a bubble in China. (Diba & Grossman, 1988; Flood & Hodrick, 1986).China house price performance reacts strongly to interest rates and share market performance, reflecting both the importance of house financing and the close relationship between the share market and the real estate market.Originality and value: The principal contribution of this paper is that it is the first rigorous study of housing bubbles in China at the national level, based on the top 13 cities’ house prices. Key policy implications presented in this research include the need for governmental affordability programs, and a balanced and complementary combination of financial policies and monetary policy decision making. |
| Keywords: | Bubble; House price dynamics; Interest rates; Long run equilibrium |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_381&r=tra |
| By: | Gordeev, Dmitry (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | As a result of 2014, Russia's foreign trade turnover amounted to about 820 million tons and 700 billion US dollars. In 2015, the figures fell significantly and amounted to 750 million tons and 404 billion US dollars. In 2016 cargo traffic in physical terms increased to 767 million tons, but decreased in value to 363 billion US dollars. The key drivers of the changes for the period from 2014 to 2016 were the following: the imposition of mutual sanctions between the Russian Federation and foreign states, the unstable political situation in Ukraine and the trade blockade on the part of Ukraine. As a result, there was a redistribution of cargo flows between the points of admission on the border of the Russian Federation. In addition, the redistribution of freight flows is influenced by barriers related to the customs administration system, which are faced by companies engaged in foreign economic activities. The purpose of this work is to build a methodology and conduct a quantitative assessment of the impact of customs reform in Russia on the loading of checkpoints, including analysis of the product and geographical aspects. The results of the assessment will allow to build priorities for the arrangement of existing checkpoints on the basis of gravitation to them from the side of freight carriers. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031831&r=tra |
| By: | Mikhailova, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Quantitative studies of long-term trends in the spatial evolution of the Russian economy make it possible to better understand the factors that have affected the geographic structure of the economy in the past and to predict the consequences of regional policy in the future. The economic geography of modern Russia bears the consequences of the decisions of the planned Soviet economy for 70 years, and the impact of events in Russian history. The most significant of the historical factors affecting the geography of industry and population is the Great Patriotic War. However, studies of the consequences of the Second World War, based on real data on the distribution of population and enterprises, are still small due to the long period of inaccessibility of secret data. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031835&r=tra |
| By: | Yan Bai; Dan Lu; Xu Tian |
| Abstract: | We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in terms of firm dynamics and debt financing. State-owned firms have higher leverage and pay much lower interest rates than non-SOEs. Among privately owned firms, smaller firms have lower leverage, face higher interest rates, and operate with a higher marginal product of capital. We then develop a heterogeneous-firm model with two types of financial frictions, default risk, and a fixed cost of issuing loans. Our model generates endogenous borrowing constraints as banks consider the firm's productivity, asset, and debt when providing a loan. Using evidence on the firm size distribution and financing patterns, we estimate the model and find it can explain aggregate firms' saving and investment and around 50 percent of the dispersion in the marginal product of capital within private firms, which translates into a TFP loss as high as 12%. |
| JEL: | E2 G3 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:24436&r=tra |
| By: | Yi Huang (IHEID, Graduate Institute of International and Development Studies, Geneva); Ugo Panizza (IHEID, Graduate Institute of International and Development Studies, Geneva and CEPR); Richard Portes (London Business School, CEPR and NBER) |
| Abstract: | This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is positively correlated with the differential between domestic and foreign interest rates. This interest rate differential increases the likelihood of dollar bond issuance by risky rms and decreases the likelihood of dollar bond issuance of exporters and profitable firms. Moreover, and most strikingly, we find that risky firms do more inter-firm lending than non-risky firms and that this lending rose significantly after the regulatory shock of 2008-09, when the authorities sought to restrict the financial activities of risky firms. Risky firms try to boost profitability by engaging in speculative activities that mimic the behavior of financial institutions while escaping prudential regulation that limits risk-taking by financial firms. |
| Keywords: | China, bond markets in emerging markets, carry trade, shadow banking |
| JEL: | F34 F32 G15 G30 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:gii:giihei:heidwp06-2018&r=tra |
| By: | Liwiński, Jacek |
| Abstract: | In 1966 the minimum school-leaving age was increased from 14 to 15 years in Poland. This was a result of extending the primary school education from 7 to 8 years. At the same time, the reform did not affect the education system at post-primary levels, that is the system of secondary and higher education. In result, all education tracks were extended by one year. Using the regression discontinuity design and data from the Polish LFS (2001-2005), we find that the reform had no impact on men's and women's hourly earnings and employment rate. A similar finding was reported earlier for a few Western European countries. However, our study is the first one to estimate the impact of the compulsory schooling extended in a centrally planned economy on the individuals' labour market outcomes in the period of economic transition. Besides, we find that the reform had a negative impact on the hourly earnings of individuals with primary education. |
| Keywords: | education,schooling,earnings,regression discontinuity design |
| JEL: | I21 J24 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:193&r=tra |
| By: | Gromov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Korytin, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Shatalova, Svetlana (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy) |
| Abstract: | Tax system in a market economy plays a very important role, simultaneously acting as a source of government revenue and providing different mechanisms for economic growth. However, for achieving the goals tax system needs to be effective and consistently evolve subject to new challenges and problems that one should solves in the framework of improving the investment and business climate and in the context of budget revenue increase. Based on these priorities the working paper presents prospective recommendations for the changes in the Russian tax system in accordance with current issues. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031818&r=tra |
| By: | Tomas Ramanauskas (Bank of Lithuania); Skirmante Matkenaite (Bank of Lithuania); Virgilijus Rutkauskas (Bank of Lithuania) |
| Abstract: | By resorting to the analytical integrated accounts framework, this paper investigates the relationship between economic and financial imbalances during the recent economic and financial cycle in Lithuania. There is clear evidence from the financial accounts data that there was a pronounced expansion of balance sheets of institutional sectors during the phase of the economic upturn, whereas the economic downturn was essentially a balance-sheet recession characterised by contracting private sector balance sheets and the reversal in credit flows and monetary dynamics. The boom-and-bust cycle was strongly associated with exuberant bank lending during the boom years, followed by a sudden reversal of lending conditions and the subsequent repatriation of debt financing by foreign banks. The Lithuanian experience also confirms that strong credit and asset price boom accompanied by economic imbalances, and debt financing of current account deficits in particular, is a potentially risky mix of economic conditions. The policy response to crisis was a market-imposed austerity but nevertheless there was a sharp rise in public debt, essentially offsetting deleveraging in the private sector. The effective replacement of growth of private sector debt with a rapid accumulation of public debt was a very important stabilising factor. Certain characteristics of bank credit (namely, its partial self-financing) imply that under some conditions economic stabilisation could have been achieved through domestic financing. However, the government had to resort to foreign financing, which was rather costly. During the crisis the monetary dynamics was driven by government borrowing from abroad, stepped up capital transfers from abroad and positive current account adjustments, all of which allowed foreign parent banks to withdraw debt financing and replace it with domestic deposit financing. |
| Date: | 2018–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:lie:opaper:20&r=tra |
| By: | Jan Hagemejer (Narodowy Bank Polski, Faculty of Economic Sciences, University of Warsaw); Jakub Mućk (Narodowy Bank Polski, Warsaw School of Economics) |
| Abstract: | In this study we assess the importance of exports and global value chains (GVC) participation on economic growth. Using novel methods and an extensive dataset, we decompose GDP growth in the Central and Eastern European (CEEC) countries to show that in over a large part of the period of transition and integration with the EU, exports have played a predominant role in shaping economic growth. We also show that exports have been the major factor driving the convergence of the CEEC countries with their advanced counterparts. We employ panel methods to analyze the determinants of growth of exported value added and show that the major growth drivers in the analyzed period of 1995−2014 are GVC participation, imports of technology and capital deepening. |
| Keywords: | economic growth, international trade, GVC, heterogeneous panels, common correlated effects estimation, CEEC |
| JEL: | C23 F21 O33 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2018-07&r=tra |
| By: | Djankov, Simeon; Nikolova, Elena |
| Abstract: | We show that Eastern Orthodox believers are less happy compared to those of Catholic and Protestant faith using data covering more than 100 countries around the world. Consistent with the happiness results, we also find that relative to Catholics, Protestants and non-believers, those of Eastern Orthodox religion have less social capital and prefer old ideas and safe jobs. In addition, Orthodoxy is associated with left-leaning political preferences and stronger support for government involvement in the economy. Compared to non-believers and Orthodox adherents, Catholics and Protestants are less likely to agree that government ownership is a good thing, and Protestants are less likely to agree that getting rich can only happen at the expense of others. These differences in life satisfaction and other attitudes and values persisted despite the fact that communist elites sought to eradicate church-going in Eastern Europe, since communists maintained many aspects of Orthodox theology which were useful for the advancement of the communist doctrine. The findings are consistent with Berdyaev's (1933, 1937) hypothesis of communism as a successor of Orthodoxy. |
| Keywords: | attitudes,communism,Eastern Orthodoxy,religion |
| JEL: | D02 P35 Z12 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:192&r=tra |
| By: | Agne Paliokaite (Visionary Analytics); Monika Petraite (Kaunas University of Technology); Elena González Verdesoto (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and innovation, Lithuania, Innovation system |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111273&r=tra |
| By: | Güneş Kamber; Madhusudan Mohanty |
| Abstract: | We explore the role of interest rates in monetary policy transmission in China in the context of its multiple instrument setting. In doing so, we construct a new series of monetary policy surprises using information from high frequency Chinese finan- cial market data around major monetary policy announcements. Our event analysis shows that monetary policy surprises have persistent effects on interest rates. We then use these surprise measures as external instruments to identify monetary pol- icy shocks in an SVAR. We find that a contractionary monetary policy surprise increases interest rates and significantly reduces inflation and economic activity. Our findings provide further support to recent studies suggesting that monetary policy transmission in China has become increasingly similar to that in advanced economies. |
| Keywords: | monetary policy in China, structural VAR, external instruments |
| JEL: | C22 E5 G14 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:714&r=tra |
| By: | He Zhu (Graduate student of Osaka School of International Public Policy, Osaka University); Tsunehiro OTSUKI (Professor, Osaka School of International Public Policy, Osaka University) |
| Abstract: | Most of the studies on long-term intergenerational human capital transition are restricted to two consecutive generations based on the Becker-Tomes model, and assume that the transition will be wiped out during the third generation. However, in developing countries such as China, ancestors play a key role in the family decision-making process. Thus, this research uses a data set of China rural households, which includes three generations of data,to analyze the long-term intergenerational transition. The results provide empirical evidence that separate generations have had an independent and significant influence on the offspring’s human capital outcome. Precisely, the grandparent generation influences the child generation independently rather than influencing the child generation through the parent generation. Therefore, the influence of generations on educational achievements has been overestimated by the data that only encompass two consecutive generations. |
| JEL: | O14 J62 |
| URL: | http://d.repec.org/n?u=RePEc:osp:wpaper:18e004&r=tra |
| By: | Krzysztof Klincewicz (University of Warsaw); Magdalena Marczewska (University of Warsaw); Katarzyna Szkuta (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and Innovation, Poland, Innovation System |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111282&r=tra |
| By: | Maja Bucar (Faculty of Social Sciences. University of Ljubljana); Andreja Jaklic (Faculty of Social Sciences. University of Ljubljana); Elena Gonzalez Verdesoto (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and Innovation, Slovenia, Innovation System |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111274&r=tra |
| By: | Gundars Kulikovskis (FIDEA); Diana Petraityte (FIDEA); Blagoy Stamenov (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and Innovation, Latvia, Innovation System |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111257&r=tra |
| By: | Tilekeyev, Kanat; Mogilevskii, Roman; Abdrazakova, Nazgul; Dzhumaeva, Shoola |
| Abstract: | This report provides results of the study of the kidney bean (Phaseolus vulgaris) production and the marketing value chain in the Kyrgyz Republic. The main tool of this survey is field study of farmers, dealers-wholesalers, and bean exporters with elements of quantitative and qualitative methods, as well as the results of desk analysis using open sources of information. The report analyzes agrotechnical conditions for bean production, including data on bean-related phytosanitary safety and the situation with bean-related food safety standards when exporting it and marketing problems in foreign markets. Findings of the study include the main barriers and constraints to increasing domestic production, improving bean quality and processing, and improving the phytosanitary situation and food safety standards; recommendations on Kyrgyz bean market improvement are also included. |
| Keywords: | kidney beans, exports, production, value chain |
| JEL: | Q12 Q13 Q17 |
| Date: | 2018–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:85299&r=tra |
| By: | van Bergeijk, P.A.G. |
| Abstract: | Strong economic growth in China and the concomitant increase in its share in global production constitute the most important geo-economic shift of the post war period. With the re-emergence of China as a truly global player discussions on Chinese world leadership have re-emerged. This paper takes a long-run economic-historic perspective and investigates global macroeconomic conditions indicated by theories of collective action and hegemonism (in particular [lack of] dominance in production and fragmentation of global production) in order to assess the future outlook for the production of global public goods. The importance of these measures follows from the fact that in a fully fragmented world economy public goods cannot be arranged. If the share of the hegemon or the leading group in the benefits provided by the global public good is low, then the public good is less likely to be produced. What will be the consequences of China’s emergence for global governance, its efficacy and its sustainability? |
| Keywords: | China, hegemon, global governance, concentration, Herfindahl |
| Date: | 2018–04–09 |
| URL: | http://d.repec.org/n?u=RePEc:ems:euriss:105583&r=tra |
| By: | Gavrilescu, Camelia; Mateoc, Sirb Nicoleta; Mateoc, Teodor |
| Abstract: | Romania had important trade relations with the Mediterranean countries since before 1990. Subsequently, in both the pre-accession and post-accession period, this group of countries took together about 47% of the extra-EU Romanian agri-food exports and 16% of the extra-EU imports (averages 2002-2016). On the other hand, the imports of vegetables from the Mediterranean area are severely competing the Romanian domestic production (which is rather large, but is very poorly organized all along the supply chains), while the imports of fruit are competing the EU domestic production and intra-EU trade. The present paper is analyzing the dynamics and changes in competitiveness of the Romanian agri-food trade with the Mediterranean countries, in terms of value and volume, composition by products and partners. The results show a significant increase in the Romanian exports to the Mediterranean countries (which lead to the shift of the country’s regional trade balance from negative to positive since 2010), as well as competitiveness gains on the main destinations markets in the region. |
| Keywords: | agri-food trade, Romania, Euro-Mediterranean Partnership, competitiveness |
| JEL: | F14 Q17 |
| Date: | 2017–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:85092&r=tra |
| By: | Bachev, Hrabrin |
| Abstract: | Empirical studies on efficiency of the governance system in agriculture are very rare. That is a consequence of both theoretical and practical challenges. The criteria and approach for assessing social efficiency are still debated while appropriate statistical, accountancy, etc. data for evaluation diverse mechanisms and modes of governance are not readily available. This is a first attempt for a comprehensive empirical study on the efficiency of the system of agrarian governance in Bulgaria. Since there is a social “contract” about sustainable agrarian development in EU and Bulgaria, the impact to sustainability is taken as a criterion for assessing the social efficiency of the governance system. The interdisciplinary New Institutional Economics framework is incorporated, and the impact of institutional environment and diverse market, private, collective, public and hybrid modes of governance on agrarian sustainability at the current stage of development in Bulgaria assessed. First, the methodological framework of the study is outlined. After that impact of major components of institutional environment of agrarian sustainability evaluated. Following, dominating governing modes in Bulgarian farms of different juridical type, size, specialisation, ecological and geographical location are identified, and their impacts on agrarian sustainability assessed. In conclusion implications for further research, public policy improvement, and private managerial strategy formation are presented. |
| Keywords: | Agrarian governance, sustainability, institutions, market, private, collective, hybrid modes, Bulgarian agriculture |
| JEL: | D22 D23 D4 K0 L2 L22 L25 O1 O13 Q12 Q13 Q15 Q18 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:85576&r=tra |
| By: | Rainer Kattel (Institute for Innovation and Public Purpose, University College London); Blagoy Stamenov (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and Innovation, Estonia, Innovation System |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111256&r=tra |
| By: | Martin Shrolec (Center for Economic Research and Graduate Education – (Economics Institute), Charles University and Economics Institute of the Czech Academy of Science); Miguel Sanchez-Martinez (European Commission - JRC) |
| Abstract: | The R&I Observatory country report 2017 provides a brief analysis of the R&I system covering the economic context, main actors, funding trends & human resources, policies to address R&I challenges, and R&I in national and regional smart specialisation strategies. Data is from Eurostat, unless otherwise referenced and is correct as at January 2018. Data used from other international sources is also correct to that date. The report provides a state-of-play and analysis of the national level R&I system and its challenges, to support the European Semester. |
| Keywords: | Research and Innovation, Czech Republic, Innovation System |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc111276&r=tra |
| By: | Jiang, Kun; Keller, Wolfgang; Qiu, Larry; Ridley, William |
| Abstract: | This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing administrative data on all international joint ventures in China from 1998 to 2007-roughly a quarter of all international joint ventures in the world-we find, first, that Chinese firms chosen to be partners of foreign investors tend to be larger, more productive, and more likely subsidized than other Chinese firms. Second, there is substantial technology transfer both to the joint venture and to the Chinese joint venture partner, an external, intergenerational technology transfer effect that this paper introduces. Third, with technology spillovers typically outweighing negative competition effects, joint ventures generate on net positive externalities to other Chinese firms in the same industry. Joint venture externalities are large, perhaps twice the size of wholly-owned FDI spillovers, and it is R&D-intensive firms, including the joint ventures themselves, that benefit most from these externalities. Furthermore, the positive external joint venture effect is larger if the foreign firm is from the U.S. rather than from Japan or Hong Kong, Macau, and Taiwan, while this effect is virtually absent in broad sectors that include economic activities for which China's FDI policy has prohibited joint ventures. |
| Keywords: | competition effects; Foreign direct investment; international joint ventures; partner selection; technology spillovers |
| JEL: | F14 F23 O34 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:12809&r=tra |
| By: | Barinova, Vera (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zemtsov, Stepan (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tsareva, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Despite active support of small and medium-sized business, its development indicators in Russia lag far behind those in developed countries, including due to the peculiarities of the institutional environment. Therefore, it is important to study the factors that affect entrepreneurial activity. The main goal of this work was a detailed analysis and generalization of the relevant empirical studies. As a result, the influence of the following factors was revealed: individual characteristics of entrepreneurs, institutional conditions, human capital, accumulated wealth and agglomeration effects. The obtained results will make it possible to make informed decisions in the sphere of supporting small and medium-sized businesses. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031830&r=tra |
| By: | Aliev, Timur (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Flegontova, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Baeva, Marina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kuznetsova, A (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Manuylov, Ilya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Bondareva, Veronika (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Pyzhikov, Nikita (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper reviews APEC's education agenda, current state of education market in Asia-Pacific as well as Russia’s involvement in this market. It concludes with the set of recommendations which seek to elaborate how Russia can improve its competitiveness on the said market, including through its participation in APEC activities. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031833&r=tra |
| By: | Kozyrin N. Aleksandr (National Research University Higher School of Economics) |
| Abstract: | This article examines one of the topical issues of Russian tax law, namely, the issue regarding the definition of a forfeit under the current Russian legislation on taxes and charges. The paper analyses the changes in the legal nature of forfeits under the Russian tax legislation—from the measure of responsibility for violation of tax legislation (in the 1990s) to the means of securing the performance of tax duty (with the entry into force of the Russian Tax Code in 1999). The research identifies the reasons for the alteration of the definition of a forfeit under Russian tax law and assesses the consequences for maintaining the balance of public and private interests in the tax law. The research formulates proposals on improving the legislation regulating tax relations for the computation and payment of forfeits |
| Keywords: | tax law; fiscal principle; balance of public and private interests; tax duty; securing the performance of tax duty; measure of responsibility for a violation of tax rules. |
| JEL: | Z |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:81/law/2018&r=tra |
| By: | Anita Angelovska - Bezhoska (National Bank of the Republic of Macedonia) |
| Abstract: | This paper explores the level of independence of the National Bank of the Republic of Macedonia by primarily focusing on the legal provisions that pertain to the key aspects for achieving and maintaining price stability. It provides a historical perspective of the evolution of the independence since the first years of transition. The assessment of the independence of the NBRM is based on the index of Cukierman, Webb, and Neyapti (1992), as one of the most commonly used indices, and the index of Jacome and Vazquez (2005), which incorporates some specific aspects relevant for transition economies. Both indices indicate that throughout the years the legal independence of the NBRM has increased and that the current legal framework provides high level of independence. Yet, it should be emphasized that there is a room for further strengthening, in particular in the areas of policy formulation and the process of appointment of the non-executive members of the council of the NBRM. As the indices are based on the legal provisions, they can serve only as an indication of the actual independence of the central bank. |
| Keywords: | central bank independence, monetary policy, indices, Macedonia |
| JEL: | E42 E58 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:mae:wpaper:2018-01&r=tra |
| By: | Zuzana Siebertova (Council for Budget Responsibility); Jana Valachyova (Council for Budget Responsibility); Norbert Svarda (Council for Budget Responsibility); Matus Senaj (Council for Budget Responsibility) |
| Abstract: | In this paper, we document the development process of the microsimulation model for the analysis of the indirect value-added tax liabilities of households in Slovakia. This simulation module can be directly integrated into the framework of SIMTASK, the Slovak microsimulation model of income taxes, health and social security contributions and transfers. In the first step, a combined micro-level dataset that integrates information on disposable income and expenditures of Slovak households has been created. Households’ expenditures reported in HBS dataset have been imputed to SK-SILC dataset by estimating parametric Engel curves. Validation of the imputation procedure of households’ consumption and simulation of VAT has been discussed. |
| Keywords: | value added tax, tax and transfer system, income distribution, microsimulation |
| JEL: | C81 D12 D31 H31 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:cbe:dpaper:201801&r=tra |
| By: | International Monetary Fund |
| Abstract: | Tax Policy and Employment Creation |
| Date: | 2018–03–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:18/92&r=tra |
| By: | Yingli Wang; Qingpeng Zhang; Xiaoguang Yang |
| Abstract: | In this study, we provide a detailed global topological analysis on the Chinese guarantee network and highlight the effect of financial crisis and monetary policies on the evolution of network topologies. On the one hand, the static and dynamic analyses on network indicators confirm a number of stylized facts that are verified for other real complex systems. Guarantee networks are highly sparse, incomplete, and exhibit a small world property and a power-law degree distribution. On the other hand, we present data-driven insights on the association of the topological structure of guarantee networks with economic shock (the 2008 global financial crisis) and monetary policies (i.e., Chinese economic stimulus program and loose monetary policies and latter adjustment). Specifically, the empirical and exponential random graph model results provided that (a) the guarantee network became small due to the huge number of bankruptcies of small and medium firms during financial crisis, and (b) the loose monetary policy along with the stimulus program increased the mutual guarantee behavior among firms that resulted in a highly reciprocal and interconnected network. The following adjustment of monetary policies reduced the interconnection of the network. |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1804.05667&r=tra |
| By: | Abramov, Alexander E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Akshentseva, Ksenia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Radygin, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy); Chernova, Maria I. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The authors conducted an analysis of the effectiveness of managing the pension savings portfolio of APF for 2005-2016. It is shown that in the long-term time interval, pension accumulation portfolios in APFs have not yet managed to outbid inflation. The gap between the profitability of APF portfolios and the profitability of investing pension savings on individual pension accounts of citizens in APF remains significant. Based on the existing structure of pension portfolios in APF, the potential profitability of their portfolios was calculated, which turned out to be almost 3 percentage points higher than the actual yield from portfolio management published by APF. The analysis of yields of APF portfolios taking into account the risk has shown that at a 10-year time horizon, the profitability of funds lies close to the set of optimal portfolios for Markowitz. This suggests that the main problem in the effectiveness of portfolio management of pension savings lies not in the effectiveness of the APF itself, but in the limitations of the instruments of the domestic market from the point of potential of profitability and risk. |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031814&r=tra |