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on Transition Economics |
| By: | Claudia Soucek (Heinrich-Heine-University Duesseldorf - Institute for Health Services Research and Health Economics, Moorenstr. 5, 40225 Duesseldorf, Germany); Tommaso Reggiani (Cardiff Business School, Cardiff University, Cardiff, United Kingdom; Masaryk University, Brno, Czechia; IZA, Bonn, Germany); Nadja Kairies-Schwarz (Heinrich-Heine-University Duesseldorf - Institute for Health Services Research and Health Economics, Moorenstr. 5, 40225 Duesseldorf, Germany) |
| Abstract: | Background. In hospitals, decisions are often made under time pressure. There is, however, little evidence on how time pressure affects the quality of treatment and the documentation behavior of physicians. Setting. We implemented a controlled laboratory experiment with a healthcare framing in which international medical students in the Czech Republic treated patients in the role of hospital physicians. We varied the presence of time pressure and a documentation task. Results. We observed worse treatment quality when individuals were faced with a combination of a documentation task and time pressure. In line with the concept of the speed-accuracy trade-off, we showed that quality changes are likely driven by less accuracy. Finally, we showed that while documentation quality was relatively high overall, time pressure significantly lowered the latter leading to a higher hypothetical profit loss for the hospital. Conclusions. Our results suggest that policy reforms aimed at increasing staffing and promoting novel technologies that facilitate physicians' treatment decisions and support their documentation work in the hospital sector might be promising means of improving the treatment quality and reducing inefficiencies potentially caused by documentation errors. |
| Keywords: | physician incentives; work motivation; time pressure; laboratory experiment |
| JEL: | C91 I11 M50 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:mub:wpaper:2025-01 |
| By: | Ahoniemi, Katja; Kerola, Eeva; Koskinen, Kimmo |
| Abstract: | This paper examines the current dependencies and exposures of the euro area's financial sector in a context of rising geopolitical tensions. Focusing on Russia, China, and the Middle East, we analyze direct exposures through lending and securities holdings of banks and large investors. Our findings suggest that the already modest exposures of the euro area have decreased in recent years. Notably, euro area banks and investors have significantly reduced their exposure to Russia in the wake of the Ukraine invasion, and China in response to regulatory uncertainty. Euro area banks reacted quickly to heightened geopolitical risk in the Middle East by reducing their exposure to countries affected by recent turmoil. A new set of potential risks have emerged, however, as a result of strengthened financial ties with the United States. |
| Keywords: | Geopolitical tensions, financial exposure, banking sector, China, Russia, Middle East |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofitb:311211 |
| By: | Khakimov, Parviz; Ashurov, Timur; Goibov, Manuchehr; Aliev, Jovidon |
| Abstract: | This study examines the growth and challenges in Tajikistan’s agriculture sector, highlighting its role as a key driver of the country’s development despite significant constraints and challenges, including inputs scarcity and climate change. The agriculture sector has seen an increase in gross outputs and sectoral value added, contributing to domestic needs due to population and income growth. However, Tajikistan still has the lowest agricultural value added per worker in Central Asia and remains a net importer of agrifood products, primarily due to the underdevelopment of the food processing sector. Key growth drivers include sectoral reforms, shifts in land allocation, and government incentives. Despite these efforts, regional disparities in productivity persist, and access to inputs such as fertilizers and mechanization remains limited. The paper emphasizes the need for improved access to finance, agricultural inputs, and extension services to ensure sustainable development and food security. Recommendations include enhancing the capacity of national agricultural research and development institutions, promoting climate-smart agriculture, and improving water and irrigation management. Additionally, the study underscores the importance of developing the livestock sector through improved feeding, breeding, and veterinary services. Overall, a comprehensive approach addressing policy, institutional, economic, and technological gaps is crucial for the sustainable advancement of Tajikistan’s agriculture sector. |
| Keywords: | agriculture; development; policy analysis; reforms; Asia; Central Asia; Tajikistan |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:ifprid:2317 |
| By: | António Afonso; José Alves; José Carlos Coelho; Jamel Saadaoui |
| Abstract: | We implement a two-step analysis of fiscal and external causality patterns using a data set covering the 27 EU countries in the period 2002Q1-2023Q4. In the 1st step, we compute fiscal and external sustainability time-varying coefficients, modelling the cointegration relationship between government revenues and government spending, and between exports and imports. In the 2nd step, we use three recursive strategies, combined with Granger causality tests: forward expanding, rolling, and recursive window methods to capture causal relationships. Our results show that: (i) peripheral countries have lower sustainability coefficients, while non-Eurozone countries have higher sustainability coefficients, (ii) after the 2008 global financial crisis, there was an improvement in fiscal and external sustainability for most countries, (iii) during the Eurozone crisis in 2010-2012, in Austria, France, Greece, Ireland, Netherlands, Slovakia and Spain, there was causality between fiscal and external sustainability, (iv) during that period, causality was observed between the external and fiscal sustainability in EMU countries (Austria, Germany, Malta, Netherlands, Slovakia, Slovenia, Spain) and in non-EMU countries. |
| Keywords: | fiscal sustainability; external sustainability; European Union; time-varying causality; lag-augmented vector autoregression. |
| JEL: | C22 C23 F32 F41 H30 H62 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ise:remwps:wp03692025 |
| By: | Raphaël Chiappini (BSE - Bordeaux sciences économiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Dominique Torre (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur); Elise Tosi (SKEMA Business School) |
| Abstract: | The Banque de France (BDF) conducted a mission to the National Bank of Romania (NBR) and the National Romanian Government between 1929 and 1933, acting as advisor to the Romanian monetary and financial authorities. It tooks place in complement to two loans provided in 1929 and 1931 respectively to stabilize the leu and to develop the Romanian economy. Despite a few months of relative stability, the mission was ultimately unsuccessful. After 4 years of cooperation, the Romanian authorities were obliged to restrict convertibility to defend the leu. The Romanian Government was also unable to follow French advice and finally defaulted. This episode has already been studied by Kenneth Mouré [2005], Philipp Cottrell [2003], the authors (Torre and Tosi [2010]), and Ileana Racianu [2012]. This paper contributes to the existing literature in two dimensions: (i) In addition to Banque de France archive documents in French, it draws on various sources in Romanian for the most part never previously explored; (ii) more importantly, it complements the strictly economic analysis of the episode by means of sources depicting the changes of views of intellectuals and politicians and the evolution of the international situation in Central Europe during the period. With this increased distance from the studied events and access to hitherto unavailable source material, this opens up new insights into how France was able to prolong this sterile cooperation phase beyond all reasonable consideration. |
| Abstract: | La Banque de France (BDF) a effectué une mission auprès de la Banque Nationale de Roumanie (BNR) et du gouvernement roumain entre 1929 et 1933 pour conseiller les autorités monétaires et financières. Cette mission s'est inscrite en complément à deux prêts accordés respectivement en 1929 et 1931 à l'État roumain pour stabiliser le leu et développer l'économie. Malgré quelques mois de relative stabilité, la mission s'est soldée par un échec. Après 4 ans de coopération chaotique, les autorités monétaires ont été obligées de restreindre la convertibilité pour défendre le leu. Le gouvernement roumain n'a pas non plus été en mesure de suivre les conseils de la France et a finalement fait défaut. Cet épisode a déjà été analysé par Kenneth Mouré [2005], Philipp Cottrell [2003], les auteurs (Torre and Tosi [2010]), et Ileana Racianu [2012]. Cet article incrémente ces analyses dans deux directions : (i) il associe à l'exploitation de documents d'archives de la Banque de France diverses sources inexploitées, en roumain pour la plupart ; (ii) de façon plus fondamentale, il complète l'analyse strictement économique de l'épisode étudié par un examen des changements d'opinion des intellectuels et des politiques, mais aussi de l'évolution de la situation internationale en Europe centrale pendant la période. Ces éléments permettent de mieux comprendre comment la France a pu prolonger plus que de raison cette phase de coopération stérile. |
| Keywords: | Money Doctors, Nominal stabilization, Central Banks cooperation, National Bank of Romania, Agrarianism, Little entente |
| Date: | 2024–05–13 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-04593471 |
| By: | Irena Grosfeld (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Etienne Madinier (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Seyhun Orcan Sakalli (King‘s College London, King's Business School); Ekaterina Zhuravskaya (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CEPR - Center for Economic Policy Research) |
| Abstract: | Exploring a drastic change in media landscape in Poland, we show that mainstream media can significantly affect religious participation. After nationalist populist party PiS came to power in 2015, news on state and private independent TV diverged due to propaganda on state TV, resulting in a switch of some of its audience to independent TV. Municipalities with access to independent TV continued to follow a long-term secularization trend, while municipalities with access only to state TV experienced a reversal of this trend. An online experiment sheds light on the mechanisms underlying the effect of exposure to independent news on religiosity. |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04316083 |
| By: | Martin, Reiner; O’Brien, Edward; Peiris, M. Udara; Tsomocos, Dimitrios P. |
| Abstract: | Following the Global Financial Crisis of 2007-8, Ireland, Slovenia, and Spain set up public Asset Management Companies (AMCs), purchasing delinquent loans equal to 44%, 16%, and 10% of GDP, respectively. Though deemed successful, it’s unclear if this was de facto traditional capital and liquidity support. We show that AMCs have a systematic advantage in reducing pecuniary externalities and costs associated with loan delinquencies. AMCs enhance average returns to bank lending, promoting additional lending (bank lending channel) and improving corporate borrowers’ balance sheets (balance sheet channel). The welfare gains of well-designed and well-managed AMCs are between 0.2% and 0.5% of steady-state consumption, independent of whether they are financed through fiscal transfers or sterilized monetary transfers; AMCs can complement traditional fiscal and monetary policies in managing financial crises. JEL Classification: E44, G18, G21, G28 |
| Keywords: | AMC, distressed assets, eurozone, fiscal policy, monetary policy |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20253023 |
| By: | Antonela Miho (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Alexandra Jarotschkin (World Bank - World Bank); Ekaterina Zhuravskaya (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We study horizontal between-group cultural transmission using Stalin's ethnic deportations as a historical experiment. Over 2 million Soviet citizens, mostly Germans and Chechens, were forcibly relocated from the western to eastern parts of the USSR during WWII solely based on ethnicity. As a result, the native population of the deportation destinations was exogenously exposed to groups with drastically different gender norms and behavior. We combine historical and contemporary data to document that present-day gender equality in labor force participation, business leadership, and fertility as well as pro-gender-equality attitudes are higher among local native population of deportation destinations with a larger presence of Protestant compared to Muslim deportees. The effects are stronger for culturally closer groups and when adopting deportee norms is less costly. The results cannot be explained by selection, vertical cultural transmission, or deportee impact on the local economy. The evidence strongly suggests that gender norms diffused horizontally from deportees to the local population through imitation and learning. |
| Keywords: | Horizontal cultural transmission, Gender norms, Deportations Stalin |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04316054 |
| By: | Tom Raster (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Labor scarcity is the main hypothesized determinant of labor coercion (Domar, 1970), however, its effects are theoretically ambiguous and remain empirically untested. This paper provides the first causal estimate of the effect of labor scarcity on labor coercion. I obtain quasi-exogenous variation in labor scarcity from immense spatial dispersion in deaths from three plagues in the Baltics (1605-6, 1657, 1710-2), which I show is uncorrelated to a host of local, pre-plague characteristics. To measure the intensity of labor coercion, I hand-collect thousands of serf labor contracts in Estonia, which capture the work obligations of serfs. I find that labor scarcity substantially increases coercion à la Domar (1970). Investigating mechanisms, I find that this effect is enhanced by the lack of outside options and increased labor monopsony power, in line with theoretical models. Investigating the consequences of (labor-scarcity instrumented) coercion, I find negative effects on education and increased migration. Taken together, these findings highlight the conditions under which labor scarcity raises coercion and provide suggestive evidence of why it does not in other cases (e.g., in Western Europe following the Black Death). |
| Keywords: | Labor coercion, Pandemics, Plague, Domar, Outside options |
| Date: | 2023–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:psewpa:halshs-04423717 |