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on Transition Economics |
| By: | Sergei Guriev (Département d'économie); Nikita Melnikov (Higher School of Economics (HSE)) |
| Abstract: | The “transition happiness gap” has been one of the most robust findings in the literature on life satisfaction. Until very recently, scholars using various datasets have shown that residents of post-communist countries were significantly less satisfied with their lives than their counterparts in non-transition countries (controlling for income and other socio-economic characteristics). The literature has explained this finding by the great macroeconomic instability of the 1990s, by a substantial decrease in the quality and accessibility of public goods, by the major increase in inequality, and by the rapid depreciation of pre-transition human capital. All these factors were expected to subside over time – at least after the post-Great-Recession recovery. In this paper, we consider two most recent datasets – the third wave of the Life in Transition Survey (administered in 2015–16) and the 2010–2016 waves of the annual Gallup World Poll. We find that by 2016 the transition happiness gap had closed. This convergence has taken place both due to a “happiness recovery” in post-communist countries after the Great Recession and due to a decrease in life satisfaction in comparator countries in recent years. We also find that the convergence in life satisfaction was primarily driven by middle-income young, educated individuals, regardless of gender. |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/4srj73kg79978qkvocpskj1tvb&r=all |
| By: | Adserà, Alicia; Dalla Pozza, Francesca; Guriev, Sergei; Kleine-Rueschkamp, Lukas; Nikolova, Elena |
| Abstract: | Using newly available data, we re-evaluate the impact of transition from plan to market on objective and subjective well-being. We find clear evidence of the high social cost of early transition reforms: cohorts born around the start of transition are shorter than their older or younger peers. The difference in height suggests that the first years of reform were accompanied by major deprivation. We provide suggestive evidence on the importance of three mechanisms which partially explain these results: the decline of GDP per capita, the deterioration of healthcare systems, and food scarcity. On the bright side, we find that cohorts that experienced transition in their infancy are now better educated and more satisfied with their lives than their counterparts. Taken together, our results imply that the transition process has been a traumatic experience, but that its negative impact has largely been overcome. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:404&r=all |
| By: | Sergei Guriev (Département d'économie) |
| Abstract: | Chris Miller’s book is a historian’s account of Mikhail Gorbachev’s efforts to save the Soviet economy. Miller focuses on the question of why Gorbachev did not follow Deng Xiaoping and did not manage to reform the economy. Miller argues that it was not for the lack of understanding (Gorbachev did invest in learning China’s approach to reform and did understand it well), nor for the lack of trying. In fact, Gorbachev did try to implement Deng’s agricultural and industrial enterprise reforms. However, Gorbachev’s reforms were blocked by powerful vested interests. An inability to tackle the agricultural and industrial lobbies eventually resulted in the bankruptcy and collapse of the Soviet Union. While I generally agree with the political economy argument, I discuss a number of alternative explanations. I also discuss sources of Gorbachev’s weak state capacity and offer an evaluation of Gorbachev’s and post-Gorbachev reform efforts and mistakes based on the political economy research carried out in the last twenty-five years. |
| JEL: | D72 O57 P21 P23 P24 P26 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/50oojv2kpq972a1928dqj0v6at&r=all |
| By: | Bozhechkova Alexandra (Gaidar Institute for Economic Policy); Kiyutsevskaya Anna (RANEPA); Trunin Pavel (Gaidar Institute for Economic Policy); Knobel Alexander (Gaidar Institute for Economic Policy) |
| Abstract: | Russia’s central bank adopted a new monetary policy regime in 2018 by raising the key interest rate for the first time since December 2014. After slashing the key interest rate on February 9th and on March 23rd by 0.25 percentage points to 7.5 and 7.25 percent per annum, respectively, the central bank lifted the rate on September 14th by 0.25 percentage points to 7.5 percent per annum, with another hike on December 14th of 0.25 percentage points to 7.75 percent per annum. The transition to a neutral monetary policy regime2 slowed as far back as in 2017. There were more constraints to interest rate cuts in 2018 that came from new April and August anti-Russia sanctions that spurred capital outflows from the country and depreciation of the Russian ruble, a VAT hike decision scheduled for 2019, a late-year fall in energy prices, and concerns about possible heightening of inflation expectations. The key interest rate hike suggested that the Bank of Russia is committed to bring inflation back down to target in the medium term. For instance, according to a forecast of the central bank, end-of-year inflation for 2019 may reach 5–5.5 percent, and it is not until 2020 that inflation is back to its target. |
| Keywords: | Russian economy, monetary policy, money market, exchange rate, inflation, balance of payments |
| JEL: | E31 E43 E44 E51 E52 E58 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2019-960&r=all |
| By: | Michael Funke (Hamburg University Department of Economics and CESifo Munich); Danilo Leiva-Leon (Banco de España); Andrew Tsang (Hamburg University Department of Economics) |
| Abstract: | The recent increase in China’s house prices at the national level masks tremendous variation at the city level – a feature largely overlooked in the macroprudential literature. This paper measures the evolving heterogeneity in China’s house price dynamics across 70 major cities and assesses its relationship with housing market characteristics. We gauge the heterogeneity of house price dynamics using a novel regime-switching modelling approach to estimate the time-varying patterns of China’s city-level housing price synchronization. The estimates indicate an increasing synchronization leading up to 2015, and a decoupling pattern thereafter, which is associated to the heterogeneous strength of regional macroprudential policies. After sorting city-level housing prices into four clusters sharing similar cyclical features, we document high synchronization within clusters, but low synchronization among them. The empirical evidence suggests that differentials in the growth of population, income, and air quality are relevant explanatory factors of housing price synchronization among cities. |
| Keywords: | house prices, Markov-Switching models, synchronization, China |
| JEL: | E31 E32 C32 R11 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:1930&r=all |
| By: | Jie Lin |
| Abstract: | China has been renowned for its successful economic reform within the institutional framework of socialist nation. Undoubtedly, land marketization is a most vital component. It is generally argued that the Chinese states have retreated to make the market mechanism dominant in governing economic development. However, there are increasing evidences implying that the Chinese states are still sustaining a strong control over the economic operation. The author thus identifies a different governance form of “state entrepreneurialism” with a salient feature of combing state dominance with market instruments to fulfill economic and political goals. In order to interpret these two seemingly contradictory tendencies, namely state control and marketization, a quantitative method of regression is applied to analyze the market-based transaction of industrial land. Through examining the industrial land market, the study recognizes a negative relationship between competition level of industrial land transactions and local economy as well as municipal finance. These empirical results contribute to demonstrate the proposed governance form of state dominance with market instruments. Moreover, it explains the reason of central-local stance disparity in market-based transaction of industrial land. |
| Keywords: | Industrial land; Institutions; Land governance; New development areas; Regulatory control |
| JEL: | R3 |
| Date: | 2019–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2019_176&r=all |
| By: | George A. Matysiak (Krakow University of Economics); Krzysztof Olszewski (Narodowy Bank Polski, Warsaw School of Economics) |
| Abstract: | We employ two methodologies in order to identify groupings of cities and to analyse the factors which drive convergence in residential prices across Polish prime markets over the period 2007-2018. The Phillips and Sul (2007) methodology is first used to identify convergence in primary residential prices in the major Polish cities. The results indicate that residential prices do not converge to a single common trend. However, we find the existence of three distinct sub-groups of cities (‘clubs’), where residential prices converge to each club’s steady-state path. Using an ordered logit model, we investigate supply and demand factors determining club membership, the model allocating 13 out of the 15 cities as belonging to the clubs identified by the Phillips and Sul procedure. |
| Keywords: | Polish residential prices, Phillips and Sul, panel convergence, clubs, relative transition, ordered logit model |
| JEL: | C2 C3 C25 R1 R2 R3 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:316&r=all |
| By: | Sophie van Huellen (Department of Economics, SOAS University of London, UK); Duo Qin (Department of Economics, SOAS University of London, UK); Shan Lu (School of Economics and Management, Beihang University, China PR.); Huiwen Wang (School of Economics and Management, Beihang University, China PR.); Qingchao Wang (Department of Economics, SOAS University of London, UK); Thanos Moraitis (Department of Economics, SOAS University of London, UK) |
| Abstract: | We apply a novel model-based approach to constructing composite international financial indices (CIFIs) as measures of opportunity cost effects that arise due to openness in money demand models. These indices are tested on the People’s Republic of China (PRC) and Taiwan Province of China (TPC), two economies which differ substantially in size and degree of financial openness. Results show that a) stable money demand equations can be identified if accounting for foreign opportunity costs through CIFIs, b) the monetary policy intervention in the PRC over the global financial crisis period temporarily mitigated disequilibrating foreign shocks to money demand, c) CIFIs capture opportunity costs due to openness more adequately than commonly used US interest rates and d) CIFI construction provides valuable insights into the channels through which foreign financial markets affect domestic money demand. |
| Keywords: | money demand, opportunity cost, open economy |
| JEL: | E41 F41 C22 O53 |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:soa:wpaper:225&r=all |
| By: | International Monetary Fund |
| Abstract: | The economy has grown strongly since 2015, bolstered by large investments and tourism. While the construction of the first phase of a major highway project has boosted growth, it has also raised government debt. To preserve fiscal sustainability, the authorities embarked on a medium-term adjustment strategy in 2017. The financial sector has been stable and two non-systemic banks were placed into bankruptcy this year. |
| Date: | 2019–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:19/293&r=all |
| By: | Kreutzmann, Ann-Kristin; Marek, Philipp; Salvati, Nicola; Schmid, Timo |
| Abstract: | More than 25 years after German reunification, key economic indicators for households living in eastern German regions are still below the western German levels. This particularly holds for private net wealth, which reaches only about 40% of the western German level. However, a more granular regional perspective may reveal a more diverse picture. Therefore, this study is designed to develop regional wealth indicators for the 16 federal states and for the 96 regional planning regions (Raumordnungsregionen) in Germany based on the second wave of the Panel on Household Finances (PHF) conducted by the Deutsche Bundesbank in 2014. These estimates are derived by means of a modified Fay-Herriot approach (Fay and Herriot, 1979) dealing with a) the skewness of the wealth distribution using a transformation, b) unit and item non-response, especially the multiple imputation used, and c) inconsistencies of the regional estimates with the national direct estimate. The results show that private wealth in all eastern German regions still remains far below the national average. However, the wealthiest planning regions in the east report higher private wealth figures than the western German regions with the lowest private wealth estimates. Although the paper is particularly focused on Germany, the approach proposed is applicable to surveys with a similar data structure. |
| Keywords: | small area estimation,non-response,multiple imputation,private wealth distribution |
| JEL: | C13 C83 D13 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:352019&r=all |
| By: | International Monetary Fund |
| Abstract: | Since the start of the IMF-supported program in early 2017, the economy has recovered significantly and is now more resilient due to a stronger policy framework, significant official financing, and a rebound in external demand. Nonetheless, fiscal, financial, and external buffers remain insufficient, particularly given Mongolia’s vulnerability to shocks. Moreover, the IMF-supported program is currently delayed. The near-term priority is addressing outstanding prior actions under the program and passing a 2020 budget consistent with continued debt reduction. |
| Date: | 2019–09–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:19/297&r=all |
| By: | Jan Drahokoupil (European Trade Union Institute, Brussels, Belgium); Brian Fabo (Narodna banka Slovenska, Bratislava, Slovakia) |
| Abstract: | This paper addresses demand for skilled labour in Slovakia, a country that is characterized by a high degree of economic integration through inward foreign investment and through international backward linkages within global value chains. Developing existing approaches to political economy and global production networks (GPNs), our framework distinguishes between demand for digital skills on two levels: occupational structure; and skill content within occupational types. In this way, we can assess not only what kind of workers are hired by companies, but also what kind of specific skills are required from these workers. Using a large dataset on vacancies from a leading job portal, combined with administrative data on company size and ownership, we show that foreign and mixed-ownership companies generally advertise for higher skilled occupations than domestic firms, but their skill requirements for these jobs are lower than in similar jobs in domestic companies. Foreign companies have higher skill requirements only in some blue-collar jobs linked to assembly and component manufacturing. For white collar occupations, domestic companies are more likely to require digital skills. The findings confirm our expectations about the position of Slovakia as a country in an integrated periphery, where multinational companies are heavily present but rarely bring complex activities. Our key policy implication is that foreign direct investment in the integrated periphery brings only a limited potential for technology transfers. |
| Keywords: | skills, foreign direct investment, FDI, digitalization, global production networks, job vacancies |
| JEL: | J24 O33 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1064&r=all |
| By: | Richard Grieveson (The Vienna Institute for International Economic Studies, wiiw); Mario Holzner (The Vienna Institute for International Economic Studies, wiiw); Gabor Hunya (The Vienna Institute for International Economic Studies, wiiw); Leon Podkaminer (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | Chart of the month European investment since the crisis by Richard Grieveson Opinion corner How to fill Europe’s investment gap by Mario Holzner Investment in the EU has been declining since the outbreak of the global financial crisis. While Europe was indulging in self-destructive austerity, China was inter alia building a huge high-speed rail network. Given the big weight of German public investment in the EU, it is pivotal that Germany reverses the course of its fiscal policy. In this column we suggest a coordinated pan-European infrastructure investment project inspired by the Chinese Belt and Road Initiative – the ‘European Silk Road’. Recent investment trends in CESEE countries supply-side fundamentals of the catch-up are weak by Leon Podkaminer It is suggested that capital formation in CESEE countries is insufficient for safeguarding a sustained income catch-up with the developed countries. The recent slowdown in investment growth which started in 2009 yet cannot be blamed on inadequate investment profitability. In fact, profitability is generally much higher than in the years 1995-2005. Outward FDI and intra-regional integration of EU-CEE11 countries by Gábor Hunya Outward FDI is still of much smaller magnitude than inward FDI in EU-CEE11, while the net FDI position is only loosely linked to the level of economic development. The level of outward FDI has increased over time but not in all countries of the region. A significant share of outward FDI has been within the region but the share of intra-regional investment has declined in the case of the larger investors. Monthly and quarterly statistics for Central, East and Southeast Europe |
| Keywords: | investment, gross fixed capital formation, EU, austerity, connectivity, infrastructure, convergence, productivity, FDI, economic integration |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:wii:mpaper:mr:2019-03&r=all |
| By: | Carlos Garriga (Federal Reserve Bank of St. Louis); Aaron Hedlund (University of Missouri); Yang Tang (Nanyang Technological University); ping wang (Washington University in St.Louis) |
| Abstract: | This paper explores the contribution of the structural transformation and urbanization process in the housing market in China. City migration flows combined with an inelastic land supply, due to entry restrictions, has raised house prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing market. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing prices. This mechanism remains valid in an extension calibrated to the two largest cities where housing booms have been particularly noticeable. Overall, supply factors and productivity account for most of the housing price growth. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed019:1511&r=all |
| By: | Chatterjee, Sris; Gu, Xian; Hasan, Iftekhar; Lu, Haitian |
| Abstract: | Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state and private firms face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance. |
| JEL: | G12 G18 G32 G34 |
| Date: | 2019–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2019_018&r=all |
| By: | Bai, Zhuoran; Meng, Shuang; Miao, Zhuang; Zhang, Yan |
| Abstract: | During the last decades, we observe a liberalization trend in the services sector globally. Using the Chinese exporting firm data, this paper studies how multi-product firms adjust their export strategies in response to the services trade liberalization across export destination countries. Our study finds a highly significant positive relation between the services trade liberalization in the destination countries and each firm's export diversify, which is measured as the product scope, the Herfindahl-Hirschman style index, or the value skewness across varieties,export product switch. Our empirical analysis further finds that firms increase the relatedness of their exporting varieties towards the OECD countries, but reduce it towards the non-OECD countries. With a conventional multi-product firm model, we explore the mechanisms behind all our empirical findings. |
| Keywords: | Services trade Liberalization; Export Diversity; Chinese Data |
| JEL: | F13 F14 |
| Date: | 2019–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:95862&r=all |
| By: | Vasily Astrov (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | Economic developments in the four Visegrád countries – the Czech Republic, Hungary, Poland and Slovakia – will be viewed against the background of secular trends of population ageing and, in some cases, outright population decline. Under plausible assumptions, these trends will persist over the next few decades, as low birth rates and rising mortality rates – reinforced by outward net migration in the case of Poland – will result in the working-age populations shrinking further. So far, the economic effects of the reduced labour supply in the Visegrád countries have been largely positive it has been a major factor behind the dramatic decline in unemployment over the past few years. However, growing labour shortages – unless offset by increased automation – might become a constraint on the economic growth of the Visegrád countries in the near future. It was only after a considerable time lag that the decline in labour supply started to translate into an improvement in the bargaining power of workers and a corresponding sustained real wage growth. Until about 2013, these were largely offset by institutional factors, namely labour market liberalisation and fiscal austerity measures implemented in the aftermath of the global financial crisis, resulting in the stagnation of real wages over a protracted period of time. It was not until 2013 that real wage growth in the Visegrád countries finally gained momentum, crucially helped by a profound turnaround in economic policies under the newly formed ‘populist’ governments which revoked some of the liberal economic reforms initiated by their predecessors (especially in Hungary and Poland). The marked growth in real wages observed over the past few years has hardly eroded the competitiveness of the Visegrád countries’ economies which all possess a strong export sector and continue recording solid trade surpluses. At the same time, it has been the main factor behind the growth of private consumption – and ultimately GDP growth. The implications of these developments for Austria are likely to be two-fold. On the one hand, the above-average economic growth in the Visegrád countries is welcome news for Austria as it will offer more trade and investment opportunities for Austrian companies. The track record of increased economic cooperation with these countries so far has been, by and large, positive for Austria. On the other hand, the shrinking working-age population in the Visegrád countries and their ongoing catching-up, inter alia in terms of wages and social benefits, imply that labour migration flows from these countries to Austria, which has been sizeable up to now, will likely subside, aggravating the problem of labour and skills shortages in Austria. Measures offsetting the rising labour and skill shortages in Austria could include, for instance, training programs and apprenticeships, supported by fiscal measures such as tax benefits and targeted subsidies. In the longer term, mitigating labour force shortages in Austria would require policies such as improving training in technical and craft occupations as well as subsidising investments in labour-saving technologies which could offset the effects of a shrinking working-age population on economic growth. |
| Keywords: | demographic trends and forecasts, labour supply, wage and income policies |
| JEL: | J11 J2 J31 J38 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:wii:pnotes:pn:33&r=all |
| By: | Pal, Rozalia; Wruuck, Patricia; Stamate, Amalia; Dumitrescu, Constantin Catalin |
| Abstract: | In Romania, the share of firms carrying out investment is amongst the lowest in the European Union. This is despite strong economic growth in recent years and persistent needs for upgrading the capital stock in the country. This paper draws on information from two surveys - the EIB Investment Survey and a survey on access to finance conducted by the National Bank of Romania - to analyse the reasons for this subdued corporate investment activity. It also contributes to the debate on why investment in central, eastern and south eastern Europe has remained relatively subdued after the crisis. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eibwps:201908&r=all |
| By: | Van Hoang, Cuong; Quang Tran, Tuyen; Hai Thi Nguyen, Yen; Duc Nguyen, Kien |
| Abstract: | Using secondary data on rural households in the Mekong Delta region of Vietnam, our study is the first to identify (i) what livelihoods are adopted by rural households, (ii) which ones are profitable and which are not, and (iii) whether access to various types of land is an important factor affecting households’ choice of remunerative livelihoods. Considering various income sources, we apply cluster analysis techniques to offer the first classification of five types of livelihood adopted by local households. We then compare livelihood outcomes across livelihood groups using Bonferroni pairwise tests and quantile functions (Pen’s parades). It was found that households engaged in farm work, formal wage-earning work and non-wage work livelihoods obtained higher levels of income than did those with livelihoods depending on informal wage-earning work or non-labor income sources. Using a multinomial logit model, we also examine factors affecting choices of income-earning activities, and find that several types of land are positively associated with the choice of high-return livelihoods, implying that lack of access to land is a potential obstacle to adopting profitable livelihoods. Fortunately, education is found to play a major role in the pursuit of remunerative livelihoods, which suggests that better education would help households move from low- to high-return activities. |
| Keywords: | Cluster analysis; household incomes; land; livelihoods; sustrainable livelihood; Mekong Delta |
| JEL: | O2 Q1 Q12 |
| Date: | 2019–01–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:95936&r=all |
| By: | Giuseppe Attanasi (Université Côte d'Azur, CNRS, GREDEG, France); Ylenia Curci (RECITS - FEMTO, UTBM, Belfort, France); Patrick Llerena (BETA, University of Strasbourg, France); Adriana Carolina Pinate (Department of Neuroscience Imaging, CeSI-MeT, University of G. d'Annunzio, Chieti-Pescara, Italy); Maria del Pino Ramos-Sosa (Departamento de Economía, Universidad Loyola Andalucía, Campus Palmas Altas, Seville, Spain); Giulia Urso (Social Sciences, Gran Sasso Science Institute, L'Aquila, Italy) |
| Abstract: | This article presents a mixed-methods research in the eld of creativity. By making use of experiments and a questionnaire, it analyses how creativity is aected by three factors: i) motivation, ii) individuals' attitudes towards risk and ambiguity and iii) social context. Each one of these factors has been extensively investigated in the theoretical and empirical literature getting to results still open to discussion. In particular, this research focuses on two aspects. First, we try to shed some light on the controversial ndings linking risk taking and creativity that exist in the economic and psychology literature. To do so, we test the hypotheses that self perception of creative abilities may play a role in establishing a riskcreativity positive correlation. Second, being the three factors strongly inuenced by culture, the study investigates whether the impacts on creativity may dier in diverse geographical locations. Following Attanasi et al. (2019), we exploit data from experiments performed in main cities of one eastern and one western country: Ho Chi Minh city (Vietnam) and Strasbourg (France). The information to build the risk and ambiguity factor derive from risk and ambiguity elicitation via lotteries. To account for motivation, dierent organizational scenarios are set in experimental treatments (nancial incentives vs non nancial incentives to collaborate). Finally, information on social context and self perception of creative abilities are collected through a self administrated questionnaire. In our analysis, we nd that risk aversion, social habits and leisure activities have a positive eect on the creative performance of the French participants, while for Vietnamese the intrinsic motivation and the perception of their own creative capacities are positive correlated with creative scores. Our results suggest that in a country like France, social context has a strong inuence on individual creativity, while for Vietnam individual features play a role in creativity, suggesting that the socio-cultural context has dierent impacts on creativity. |
| Keywords: | experiments, risk, ambiguity, self-perceived creativity, motivation, geographical location, social context |
| JEL: | I23 O31 O32 |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2019-21&r=all |