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on Transition Economics |
| By: | Korhonen, Iikka; Simola, Heli |
| Abstract: | We examine impact of economic sanctions on Russian import prices using detailed data on other countries' exports to Russia. We find that unit import prices of goods sanctioned by trading blocs such as the European Union have increased, often drastically, and even when imported to Russia from countries that have not formally imposed sanctions on Russia. For some countries, the unit export prices to Russia for non-sanctioned goods have also risen. These results strongly suggest that trade sanctions have been effective in limiting Russia's access to sanctioned goods. |
| Keywords: | Sanctions, foreign trade, Russia |
| JEL: | F12 F14 F51 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofitp:333422 |
| By: | Tilekeyev, Kanat |
| Abstract: | Russia's war in Ukraine caused a spike in basic food costs as well as agro-input prices (fuel, seeds, and fertilizer) in 2022. Fertilizer prices rose double on average compared to 2021, reducing farmer demand and import supply to Kyrgyzstan. Fuel costs increased, while market demand remained constant. Farmers had a seasonal diesel shortage in the second half of 2022. The financial market remained stable and lending in agriculture increased due to the stable interest rates for agricultural lending. Analysis of the four key food markets in Kyrgyzstan (wheat, sugar, potato and meat) demonstrated increase in prices under the external and internal factors - increased input prices, trade restrictions imposed by supply states, increased cost of logistics and growth of domestic production factors. The overall situation demonstrates that agriculture is undergoing a severe shock as a result of rising prices, which feeds into the cascade effect of rising prices. However, the country's population's consumer ability cannot keep up with price increases, resulting in a reduction in demand for more expensive foods. |
| Keywords: | Agricultural and Food Policy, Food Security and Poverty |
| Date: | 2024–08–07 |
| URL: | https://d.repec.org/n?u=RePEc:ags:iaae24:344314 |
| By: | Ernests Romanovs (Latvijas Banka); Dzintars Jaunzems (Latvijas Banka) |
| Abstract: | A large portion of the Latvian housing stock is aged and, as a result, quite inefficient pertaining to heating energy consumption. Despite government programmes that subsidize investment in these buildings to improve their heating efficiency, only a small portion of this old housing stock has been retrofitted. This study explores the economic dimension as a possible factor contributing to the low interest in carrying out such renovations. Specifically, the return on investment in retrofitting buildings is analysed by looking at the differences in prices of otherwise similar apartments in renovated and non-renovated buildings. Combining data on renovation projects in Latvia, which were completed in part utilizing EU funds between 2016 and 2023, with the Real Estate Transactions database, containing all property transactions in Latvia, and data from Latvia's Credit Registry, the study shows that apartments in retrofitted buildings cost roughly 11% more than otherwise similar apartments in non-retrofitted buildings. Taking into account the costs and savings related to these renovations already incurred by the sellers, the premium amounts to 10% of an apartment's value. The impact varies across regions, increasing with the quality of the renovation, and is highly contingent on government subsidies. |
| Keywords: | Heating Efficiency Renovations, Housing Market, Net Present Value, Hedonic Regression |
| JEL: | Q56 R32 P18 |
| Date: | 2025–11–27 |
| URL: | https://d.repec.org/n?u=RePEc:ltv:dpaper:202503 |
| By: | Bohacek, Radim (CERGE-EI); Myck, Michal (Centre for Economic Analysis, CenEA) |
| Abstract: | We examine the consequences of political persecution under the communist regime on labor market outcomes using life history data from the Czech sample of the Survey of Health, Ageing and Retirement in Europe. The risk of persecution is instrumented using unique administrative data on the intensity of political oppression. We find strong evidence of career degradation as a consequence of persecution-driven job losses. Our estimates suggest that earnings in jobs following such a loss carried a penalty of over 60 percent that accumulated over time to substantially lower retirement benefits. We document the gravity of economic consequences for ordinary citizens persecuted by the authoritarian regime as well as effective compensating schemes implemented by democratic governments after 1989. |
| Keywords: | communist regimes, political persecution, discrimination, wage differentials, life histories |
| JEL: | J70 J31 N34 C21 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18282 |
| By: | Sutherland, Ewan |
| Abstract: | In November 2024, the Chinese registered bulk carrier, the Yi Peng 3 was found to have been the only vessel in the area where cuts had been made in two telecommunication cables in the Baltic Sea, between Gotland and Estonia. With unexpected rapidity, the Yi Peng 3 was stopped by the Royal Danish Navy and, after delays by Chinese authorities, their offi cials arrived for a cursory examination, then the ship was released. The two cables had already been repaired and evidence collected about the damage, together with evidence of previous attempts by the same vessel to cut electricity and telecommunication cables. Then in December 2024, a vessel belonging to the 'shadow fl eet' used by Russia to breach oil sanctions cut an electricity interconnector and four telecommunications cables in the Gulf of Finland. The Eagle S, registered in the Cook Islands, was ordered into Finnish territorial waters, where it was boarded by special forces and taken to a port. These incidents highlighted the challenges of responding to attacks on undersea cables conducted by Russia as part of its undeclared war against NATO. It requires rapid notifi cation of breaks to the national authorities (e.g., CERT), passed immediately to coast guard and navy, and consultation with prosecutors, before making immediate interventions to seize the vessels concerned and gather evidence, followed by quick repairs to the broken cables. This is possible only with careful administrative, judicial and political coordination in a complex system of polycentric governance. The international conventions, especially in the Danish Straits, make it diffi cult for coastal states to arrest vessels and to protect cables, especially beyond territorial waters. Nonetheless, the Eagle S incident demonstrated that a rapid response can be eff ective. In the longer term such threats require improvements to network resilience and better coordination amongst operators, government agencies and countries, given the diffi culties in changing international conventions. One crucial change could be the inclusion of cable cutting in the defi nition of piracy. |
| Keywords: | Infrastructure, Russia, Sabotage, Submarine cables, Telecommunications |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331307 |
| By: | Huy Le Vu (Development and Policies Research Center (DEPOCEN)); Tuong-Vy Phan (Development and Policies Research Center (DEPOCEN)) |
| Abstract: | Environmental, Social, and Governance (ESG) criteria have become increasingly important to the strategic development of enterprises, yet evidence on their tangible impacts—particularly in emerging economies—remains limited. This study examines the causal effects of ESG implementation among Vietnam’s top 20 ESG-leading firms between 2016 and 2022 and investigates whether these ``superstar†firms generate spillover effects on nearby businesses. Using firm-level data from the Vietnam Enterprise Survey and applying propensity score matching (PSM), we find that ESG adoption significantly improves productivity, technical efficiency, and revenue among leading firms. Moreover, positive spillovers extend to geographically proximate firms across sectors, contributing to higher household incomes at the district level. However, these socioeconomic gains come with an unintended consequence: districts benefiting from ESG spillovers also experience a substantial rise in CO2 emissions. This highlights a central trade-off—ESG-driven growth may stimulate economic improvements while simultaneously intensifying environmental pressures. Our findings suggest that ESG adoption matters, but its broader impacts depend critically on whether complementary environmental policies are in place to prevent economic benefits from being offset by increased ecological costs. |
| Keywords: | ESG, PSM, firm performance, growth-environment trade-off Braam Geert J.M. , Uit de Weerd Lisanne , Hauck Mara , Huijbregts Mark A.J. . 2016 . Determinants of corporate environmental reporting: the importance of environmental performance and assurance . Journal of Cleaner Production 129 : 724 - 734 . Camilleri Mark Anthony . 2015 . Environmental, social and governance disclosures in Europe . Sustainability Accounting, Management and Policy Journal 6 : 224 - 242 . Fontana Stefano , D'Amico Eugenio , Coluccia Daniela , Solimene Silvia . 2015 . Does environmental performance affect companies' environmental disclosure? . Measuring Business Excellence 19 : 42 - 57 . Giannarakis Grigoris , Konteos George , Sariannidis Nikolaos . 2014 . Financial, governance and environmental determinants of corporate social responsible disclosure . Management Decision 52 : 1928 - 1951 . Wirth Herbert , Kulczycka Joanna , Hausner Jerzy , KoÅ„ski Maciej . 2016 . Corporate Social Responsibility: Communication about social and environmental disclosure by large and small copper mining companies . Resources Policy 49 : 53 - 60 . Hoang Trang Cam , Abeysekera Indra , Ma Shiguang . 2016 . Board Diversity and Corporate Social Disclosure: Evidence from Vietnam . Journal of Business Ethics 151 : 833 - 852 . Cho Charles H , Michelon Giovanna , Patten Dennis M , Roberts Robin W . 2015 . CSR disclosure: the more things change…? . Accounting, Auditing & Accountability Journal 28 : 14 - 35 . Achim Monica-Violeta , Borlea Sorin Nicolae . 2015 . Developing of ESG Score to Assess the Non-financial Performances in Romanian Companies . Procedia Economics and Finance 32 : 1209 - 1224 . Auer Benjamin R. , Schuhmacher Frank . 2016 . Do socially (ir)responsible investments pay? New evidence from international ESG data . The Quarterly Review of Economics and Finance 59 : 51 - 62 . Sassen Remmer , Hinze Anne-Kathrin , Hardeck Inga . 2016 . Impact of ESG factors on firm risk in Europe . Journal of Business Economics 86 : 867 - 904 . Rose Caspar . 2016 . Firm performance and comply or explain disclosure in corporate governance . European Management Journal 34 : 202 - 222 . Garcia Alexandre Sanches , Mendes-Da-Silva Wesley , Orsato Renato J. . 2017 . Sensitive industries produce better ESG performance: Evidence from emerging markets . Journal of Cleaner Production 150 : 135 - 147 . Chelawat Hemlata , Trivedi Indra Vardhan . 2016 . The business value of ESG performance: the Indian context . Asian Journal of Business Ethics 5 : 195 - 210 . van Duuren Emiel , Plantinga Auke , Scholtens Bert . 2015 . ESG Integration and the Investment Management Process: Fundamental Investing Reinvented . Journal of Business Ethics 138 : 525 - 533 . Al-Tuwaijri Sulaiman A , Christensen Theodore E , Hughes Ii KE . 2004 . The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach . Accounting, organizations and society 29 : 447 - 471 . Bouslah Kais , Kryzanowski Lawrence , M'Zali Bouchra . 2016 . Social Performance and Firm Risk: Impact of the Financial Crisis . Journal of Business Ethics 149 : 643 - 669 . Fatemi Ali , Glaum Martin , Kaiser Stefanie . 2018 . ESG performance and firm value: The moderating role of disclosure . Global Finance Journal 38 : 45 - 64 . Capelle-Blancard Gunther , Petit Aurélien . 2019 . Every Little Helps? ESG News and Stock Market Reaction . Journal of Business Ethics 157 : 543 - 565 . Crifo Patricia , Diaye Marc-Arthur , Oueghlissi Rim . 2017 . The effect of countries' ESG ratings on their sovereign borrowing costs . The Quarterly Review of Economics and Finance 66 : 13 - 20 . Lee Dongyoung . 2015 . Corporate Social Responsibility and Management Forecast Accuracy . Journal of Business Ethics 140 : 353 - 367 . Azmi Wajahat , Hassan M. Kabir , Houston Reza , Karim Mohammad Sydul . 2021 . ESG activities and banking performance: International evidence from emerging economies . Journal of International Financial Markets, Institutions and Money 70 : 101277 . Bui Hang Thi Thu . 2021 . The relationship between corporate social responsibility and corporate financial performance: an empirical study of commercial banks in Vietnam . The Journal of Asian Finance, Economics and Business 8 : 373 - 383 . Tran Quoc Thinh , Vo Thi Diu , Le Xuan Thuy . 2021 . Relationship between profitability and corporate social responsibility disclosure: Evidence from Vietnamese listed banks . The Journal of Asian Finance, Economics and Business 8 : 875 - 883 . Nguyen Thu , Phi Tuong , Dong Chung , Hoang Hong Minh , Nguyen Hien , Nguyen Minh Tri . 2023 . Assessing Vietnam's Progress towards Sustainable Development Goals: A Comprehensive Review . KIEP Research Paper : 23 - 02 . PWC . 2025 . Beyond compliance: The ESG Reinvention for Business in Vietnam . PWC . Friedlingstein Pierre , O'sullivan Michael , Jones Matthew W , Andrew Robbie M , Hauck Judith , Landschützer Peter , Le Quéré Corinne , Li Hongmei , Luijkx Ingrid T , Olsen Are , others . 2024 . Global carbon budget 2024 . Earth System Science Data Discussions 2024 : 1 - 133 . |
| JEL: | Q56 L25 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:dpc:wpaper:wp194 |
| By: | Petar Mitić (Institute of World Economics, HUN-REN Centre for Economic and Regional Studies) |
| Abstract: | This paper presents a comprehensive strategic framework for advancing the production of electric vehicles (EVs), including the production of EV batteries in Serbia. It first provides a brief overview of the importance of the automotive industry in the Serbian economy, before highlighting the goals of the national strategies, government incentives for EV and battery production, and the adoption and diffusion of EVs. The paper also offers an overview of the use of EU funds to promote the production and use of EVs and analyzes the implementation progress in Serbia so far |
| Keywords: | automotive industry, development policy, battery production, mining |
| JEL: | L62 O25 Q01 Q58 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:iwe:workpr:282 |
| By: | Robert Ainsworth; Rajeev H. Dehejia; Andrei Munteanu; Cristian Pop-Eleches; Miguel Urquiola |
| Abstract: | We examine the impacts of assignment to STEM vs. humanities-focused curricula in Romania’s high school system. We apply a regression discontinuity design to administrative and survey data to estimate effects on educational pathways, desired careers, and non-cognitive outcomes. An overarching theme of our findings is the malleability of students to what they study. Assignment to STEM increases STEM college enrollment and technology or engineering career intentions by 25 pp. Exploring mechanisms, we find that STEM assignment changes students’ self-perceived academic abilities and their preferences over academic subjects and job tasks. STEM assignment is risky for low-achieving students, reducing their chances of passing a high school exit exam and enrolling in college. A final finding is that STEM makes boys more conservative, while shifting some of girls' views to the left. Our results identify a strategy for promoting STEM higher education and careers, but also highlight potential tradeoffs. |
| JEL: | I2 J24 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34502 |