Pub Date : 2005-01-08DOI: 10.1111/J.1468-0351.2005.00209.X
Ian Babetskii
According to the >European Commission (1990), closer integration leads to less frequent asymmetric shocks and to more synchronized business cycles between countries. However, for Krugman (1993) closer integration implies higher specialization and, thus, higher risks of idiosyncratic shocks. Drawing on the evidence from a group of transition countries, this paper tries to determine whose argument is supported by the data. This is done by confronting estimated time-varying coefficients of supply and demand shock asymmetry with indicators of trade intensity and exchange rates. We find that (i) an increase in trade intensity leads to higher symmetry of demand shocks: the effect of integration on supply shock asymmetry varies from country to country; and (ii) a decrease in exchange rate volatility has a positive effect on demand shock convergence. The results confirm 'The European Commission view' and also the argument by Kenen (2001) according to which the impact of trade integration on shock asymmetry depends on the type of shock. Copyright (c) The European Bank for Reconstruction and Development, 2005.
{"title":"Trade integration and synchronization of shocks","authors":"Ian Babetskii","doi":"10.1111/J.1468-0351.2005.00209.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.2005.00209.X","url":null,"abstract":"According to the >European Commission (1990), closer integration leads to less frequent asymmetric shocks and to more synchronized business cycles between countries. However, for Krugman (1993) closer integration implies higher specialization and, thus, higher risks of idiosyncratic shocks. Drawing on the evidence from a group of transition countries, this paper tries to determine whose argument is supported by the data. This is done by confronting estimated time-varying coefficients of supply and demand shock asymmetry with indicators of trade intensity and exchange rates. We find that (i) an increase in trade intensity leads to higher symmetry of demand shocks: the effect of integration on supply shock asymmetry varies from country to country; and (ii) a decrease in exchange rate volatility has a positive effect on demand shock convergence. The results confirm 'The European Commission view' and also the argument by Kenen (2001) according to which the impact of trade integration on shock asymmetry depends on the type of shock. Copyright (c) The European Bank for Reconstruction and Development, 2005.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"15 1","pages":"105-138"},"PeriodicalIF":0.0,"publicationDate":"2005-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84890148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-01-01DOI: 10.1111/J.1468-0351.2005.00205.X
L. Xu, T. Zhu, Yi-Min Lin
Using data from a recent national survey on the ownership reform of state-owned enterprises in China, we study the effects of reducing politician control and agency problems on a number of reform outcomes. Taking into account the endogenous nature of the reform, we find that these outcome measures of the reform's success are positively affected by the lessening of politician control through increasing the firm's flexibility in labour deployment and by the mitigation of agency costs through the introduction of more effective corporate governance mechanisms such as one-share one-vote and shareholding-based board structure composition. Ownership structure also matters: relative to shareholding by the state, foreign ownership has a positive effect on reform outcomes; individual (mostly employee) shareholding has a negative or insignificant effect. Somewhat surprisingly, operating autonomy (excluding labour deployment flexibility) has a negative effect on firm performance, suggesting serious agency problems in the reformed enterprises. Copyright (c) The European Bank for Reconstruction and Development, 2005.
{"title":"Politician control, agency problems and ownership reform","authors":"L. Xu, T. Zhu, Yi-Min Lin","doi":"10.1111/J.1468-0351.2005.00205.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.2005.00205.X","url":null,"abstract":"Using data from a recent national survey on the ownership reform of state-owned enterprises in China, we study the effects of reducing politician control and agency problems on a number of reform outcomes. Taking into account the endogenous nature of the reform, we find that these outcome measures of the reform's success are positively affected by the lessening of politician control through increasing the firm's flexibility in labour deployment and by the mitigation of agency costs through the introduction of more effective corporate governance mechanisms such as one-share one-vote and shareholding-based board structure composition. Ownership structure also matters: relative to shareholding by the state, foreign ownership has a positive effect on reform outcomes; individual (mostly employee) shareholding has a negative or insignificant effect. Somewhat surprisingly, operating autonomy (excluding labour deployment flexibility) has a negative effect on firm performance, suggesting serious agency problems in the reformed enterprises. Copyright (c) The European Bank for Reconstruction and Development, 2005.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"2 1","pages":"1-24"},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74908690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses panel data from rounds V-IX of the Russian Longitudinal Monitoring Survey (RLMS) to examine the extent to which households are able to protect their consumption from fluctuations in their income. Copyright (c)The European Bank for Reconstruction and Development, 2003..
{"title":"Consumption smoothing in Russia","authors":"Emmanuel Skoufias","doi":"10.1111/1468-0351.00140","DOIUrl":"https://doi.org/10.1111/1468-0351.00140","url":null,"abstract":"This paper uses panel data from rounds V-IX of the Russian Longitudinal Monitoring Survey (RLMS) to examine the extent to which households are able to protect their consumption from fluctuations in their income. Copyright (c)The European Bank for Reconstruction and Development, 2003..","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"116 1","pages":"67-91"},"PeriodicalIF":0.0,"publicationDate":"2003-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83471124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the second-job holding (or 'moonlighting') behaviour of a sample of employees using data from a unique survey conducted for the Federal Republic of Yugoslavia (FRY) in January 1998. Both participation in 'moonlighting' and the number of hours worked are examined. The participation model performs better in an econometric sense and provides the focus for our discussion. We note a strong regional dimension to 'moonlighting' in the FRY with employees in Central Serbia disproportionately represented in this activity. In addition, blue-collar workers are found to be more likely to engage in 'moonlighting' than white-collar workers. The set of labour supply variables implied by neo-classical theory exerts a strong influence and explains a significant amount of the phenomenon of interest. Our calculations suggest that if main (or regular) job earnings are restored to levels that prevailed at the time of the 'break-up' of the federation, employee second-job holding in the FRY would only fall by about one-seventh. Copyright (c)The European Bank for Reconstruction and Development, 2003.
{"title":"Employees and second‐job holding in the Federal Republic of Yugoslavia","authors":"B. Reilly, G. Krstić","doi":"10.1111/1468-0351.00141","DOIUrl":"https://doi.org/10.1111/1468-0351.00141","url":null,"abstract":"This paper explores the second-job holding (or 'moonlighting') behaviour of a sample of employees using data from a unique survey conducted for the Federal Republic of Yugoslavia (FRY) in January 1998. Both participation in 'moonlighting' and the number of hours worked are examined. The participation model performs better in an econometric sense and provides the focus for our discussion. We note a strong regional dimension to 'moonlighting' in the FRY with employees in Central Serbia disproportionately represented in this activity. In addition, blue-collar workers are found to be more likely to engage in 'moonlighting' than white-collar workers. The set of labour supply variables implied by neo-classical theory exerts a strong influence and explains a significant amount of the phenomenon of interest. Our calculations suggest that if main (or regular) job earnings are restored to levels that prevailed at the time of the 'break-up' of the federation, employee second-job holding in the FRY would only fall by about one-seventh. Copyright (c)The European Bank for Reconstruction and Development, 2003.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"113 1","pages":"93-122"},"PeriodicalIF":0.0,"publicationDate":"2003-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76707160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2003-03-01DOI: 10.1111/1468-0351.T01-2-00145
B. Sergi
{"title":"Completing Transition: The Main Challenges","authors":"B. Sergi","doi":"10.1111/1468-0351.T01-2-00145","DOIUrl":"https://doi.org/10.1111/1468-0351.T01-2-00145","url":null,"abstract":"","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"231 1","pages":"200-203"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89234478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Environmental pressures in the transition economies of the post-Soviet era affect not only the quality of life for local populations, but also other key economic issues such as privatization and employment by posing obstacles to their progress. Most studies addressing the environment in transition economies are empirical or analyze the effect of environmental protection on economic variables without first establishing an underlying framework together with the optimal path of environmental quality during the transition. This paper presents such a framework and a policy rule for attainment of the optimal balance between capital and environmental quality in economies in transition. Furthermore, the model shows that pollution taxes or tradable pollution permits are by themselves insufficient to implement the social optimum in a decentralized economy. The results of the model are consistent with depressed economic activity in those economies during an initial phase, and with the diversity of environmental policies in both Central and Eastern Europe (CEE) countries and the Newly Independent States (NIS). Copyright (c)The European Bank for Reconstruction and Development, 2003..
{"title":"Optimal dynamics of environmental quality in economies in transition1","authors":"A. Chimeli","doi":"10.1111/1468-0351.00142","DOIUrl":"https://doi.org/10.1111/1468-0351.00142","url":null,"abstract":"Environmental pressures in the transition economies of the post-Soviet era affect not only the quality of life for local populations, but also other key economic issues such as privatization and employment by posing obstacles to their progress. Most studies addressing the environment in transition economies are empirical or analyze the effect of environmental protection on economic variables without first establishing an underlying framework together with the optimal path of environmental quality during the transition. This paper presents such a framework and a policy rule for attainment of the optimal balance between capital and environmental quality in economies in transition. Furthermore, the model shows that pollution taxes or tradable pollution permits are by themselves insufficient to implement the social optimum in a decentralized economy. The results of the model are consistent with depressed economic activity in those economies during an initial phase, and with the diversity of environmental policies in both Central and Eastern Europe (CEE) countries and the Newly Independent States (NIS). Copyright (c)The European Bank for Reconstruction and Development, 2003..","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"7 1","pages":"123-152"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88717560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Designing Financial Systems in Transition Economies","authors":"S. Claessens","doi":"10.1111/1468-0351.00145","DOIUrl":"https://doi.org/10.1111/1468-0351.00145","url":null,"abstract":"","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"5 1","pages":"197-199"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91035519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates convergence patterns among China's provinces using GDP data for the period 1952-97. We analyze convergence behaviour on the basis of Markov chains proposed by Quah (1993) and the generalized entropy decomposition proposed by Shorrocks (1980, 1984). Both sets of results show similar evidence of convergence within the pre-defined geo-economic sub-regions, but no evidence is found of convergence between the sub-regions. This finding has important policy implications for regional economic development in China. Copyright (c)The European Bank for Reconstruction and Development, 2003.
{"title":"Regional economic performance in China","authors":"A. Bhalla, Shujie Yao, Zongyi Zhang","doi":"10.1111/1468-0351.00138","DOIUrl":"https://doi.org/10.1111/1468-0351.00138","url":null,"abstract":"This paper investigates convergence patterns among China's provinces using GDP data for the period 1952-97. We analyze convergence behaviour on the basis of Markov chains proposed by Quah (1993) and the generalized entropy decomposition proposed by Shorrocks (1980, 1984). Both sets of results show similar evidence of convergence within the pre-defined geo-economic sub-regions, but no evidence is found of convergence between the sub-regions. This finding has important policy implications for regional economic development in China. Copyright (c)The European Bank for Reconstruction and Development, 2003.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"236 1","pages":"25-39"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80346511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2003-03-01DOI: 10.1111/1468-0351.T01-1-00145
G. Friebel
{"title":"Gender, Work and Wages in the Soviet Union: A Legacy of Discrimination","authors":"G. Friebel","doi":"10.1111/1468-0351.T01-1-00145","DOIUrl":"https://doi.org/10.1111/1468-0351.T01-1-00145","url":null,"abstract":"","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"39 1","pages":"199-200"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78085398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Poland's economic and political transition, one of the most successful transitions, has depended very heavily on the job creation in new firms to replace the jobs lost in the formerly state-owned enterprises. This uses evidence from both survey and aggregate data to analyze four Polish elections during the transition. These analyses indicate that these de novo firms, the individuals they employ, and the residents in the local areas where they exist become an important constituency supporting pro-reform political parties and constraining the actions of parties less sympathetic to the reforms. The creation of this political constituency helps explain how countries can successfully pursue both economic and political reforms.
{"title":"Economic Transition and Elections in Poland","authors":"John E. Jackson, J. Klich, K. Poznańska","doi":"10.1111/1468-0351.00139","DOIUrl":"https://doi.org/10.1111/1468-0351.00139","url":null,"abstract":"Poland's economic and political transition, one of the most successful transitions, has depended very heavily on the job creation in new firms to replace the jobs lost in the formerly state-owned enterprises. This uses evidence from both survey and aggregate data to analyze four Polish elections during the transition. These analyses indicate that these de novo firms, the individuals they employ, and the residents in the local areas where they exist become an important constituency supporting pro-reform political parties and constraining the actions of parties less sympathetic to the reforms. The creation of this political constituency helps explain how countries can successfully pursue both economic and political reforms.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"54 1","pages":"41-66"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79193836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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