This paper presents a study of the technical efficiency of industries in a transitional economy: China. Using data for 28 manufacturing industries across 29 provinces and the Data Envelopment Analysis approach, the technical efficiency of each industry is measured and compared across regions and provinces. The determinants of differential technical efficiency performance are analysed, with a particular focus on the impact of trade orientation and foreign investment. Trade openness is found generally to have a positive effect on technical efficiency.
{"title":"Economic openness and technical efficiency: A case study of Chinese manufacturing industries","authors":"Haishun Sun, Phillip Hone, Hristos Doucouliago","doi":"10.1111/1468-0351.00028","DOIUrl":"https://doi.org/10.1111/1468-0351.00028","url":null,"abstract":"This paper presents a study of the technical efficiency of industries in a transitional economy: China. Using data for 28 manufacturing industries across 29 provinces and the Data Envelopment Analysis approach, the technical efficiency of each industry is measured and compared across regions and provinces. The determinants of differential technical efficiency performance are analysed, with a particular focus on the impact of trade orientation and foreign investment. Trade openness is found generally to have a positive effect on technical efficiency.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"37 1","pages":"615-636"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77293736","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}
Economic and Monetary Union (EMU) has a number of institutional implications for the transition countries of Central and Eastern Europe and selected Mediterranean countries that aspire to join the European Union (EU). After describing the current institutional framework for their relations with the EU, the paper examines two basic categories of institutional effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those stemming from the need to adopt the EU`s institutional and legal provisions in the area of EMU.
{"title":"Selected transition and Mediterranean countries: an institutional primer on EMU and EU accession","authors":"Heliodoro Temprano-Arroyo, R. Feldman","doi":"10.1111/1468-0351.00033","DOIUrl":"https://doi.org/10.1111/1468-0351.00033","url":null,"abstract":"Economic and Monetary Union (EMU) has a number of institutional implications for the transition countries of Central and Eastern Europe and selected Mediterranean countries that aspire to join the European Union (EU). After describing the current institutional framework for their relations with the EU, the paper examines two basic categories of institutional effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those stemming from the need to adopt the EU`s institutional and legal provisions in the area of EMU.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"56 1","pages":"741-805"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81457342","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}
International trade has featured prominently in Hungary’s rapid transition to a market economy. This paper reports some relatively simple summary and complementary indicators for tariffs and non-tariff barriers (NTBs) to trade, which are designed to reflect the level and structure of tariffs and the scope of NTBs in Hungary. The existence of tariff ‘spikes’ and highly pervasive NTBs in certain sectors constitutes prima facie evidence that the domestic dead-weight efficiency and net welfare losses caused by tariff and non-tariff protection as well as the costs to consumers could be high. The indicators are used to highlight several key developments associated with Hungary’s transition to a market economy, implementation of the Uruguay Round (UR) agreements and possible accession to the EU.
{"title":"Tariffs and non-tariff barriers to trade in Hungary: The impact of the Uruguay Round and EU accession","authors":"M. Daly, Hiroaki Kuwahara","doi":"10.1111/1468-0351.00032","DOIUrl":"https://doi.org/10.1111/1468-0351.00032","url":null,"abstract":"International trade has featured prominently in Hungary’s rapid transition to a market economy. This paper reports some relatively simple summary and complementary indicators for tariffs and non-tariff barriers (NTBs) to trade, which are designed to reflect the level and structure of tariffs and the scope of NTBs in Hungary. The existence of tariff ‘spikes’ and highly pervasive NTBs in certain sectors constitutes prima facie evidence that the domestic dead-weight efficiency and net welfare losses caused by tariff and non-tariff protection as well as the costs to consumers could be high. The indicators are used to highlight several key developments associated with Hungary’s transition to a market economy, implementation of the Uruguay Round (UR) agreements and possible accession to the EU.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"4 1","pages":"717-739"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90531174","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}
In all Central and Eastern European countries (CEECs) land reform has been a key part of the overall agrarian reforms and land reform procedures differ significantly among CEECs. This paper, by focusing on distributional effects and political economy implications, explains why thirteen CEEC governments chose particular reform procedures. Key factors in their choices are the history of the land ownership, including the post‐collectivization ownership status, length of Communist rule, the ethnicity of pre‐collectivization owners, and the equality of pre‐collectivization asset distribution. These factors influence the distributional consequences of the land reform, including the (potential) conflicts between efficiency, social equity, and historical justice, and thus the political economy equilibrium.
{"title":"The political economy of land reform choices in Central and Eastern Europe","authors":"J. Swinnen","doi":"10.1111/1468-0351.00029","DOIUrl":"https://doi.org/10.1111/1468-0351.00029","url":null,"abstract":"In all Central and Eastern European countries (CEECs) land reform has been a key part of the overall agrarian reforms and land reform procedures differ significantly among CEECs. This paper, by focusing on distributional effects and political economy implications, explains why thirteen CEEC governments chose particular reform procedures. Key factors in their choices are the history of the land ownership, including the post‐collectivization ownership status, length of Communist rule, the ethnicity of pre‐collectivization owners, and the equality of pre‐collectivization asset distribution. These factors influence the distributional consequences of the land reform, including the (potential) conflicts between efficiency, social equity, and historical justice, and thus the political economy equilibrium.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"63 1","pages":"637-664"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83645615","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}
Slovakia is one of the Central European countries in transformation from a centralised command system to a decentralised market economy. Along with the transition of the economy came unemployment. Other than before workers who lost their job did not find a new job immediately. This paper studies the labour market position of Slovak job losers. Using data from labour force surveys we analyse exit rates out of unemployment. We find that male, young, higher educated job losers in districts with low unemployment rates have substantially shorter unemployment durations than their counterparts. There is evidence that for some job losers it is very hard to find a new job.
{"title":"Unemployment durations of job losers in a labour market in transition","authors":"M. Lubyová, J. Ours","doi":"10.1111/1468-0351.00030","DOIUrl":"https://doi.org/10.1111/1468-0351.00030","url":null,"abstract":"Slovakia is one of the Central European countries in transformation from a centralised command system to a decentralised market economy. Along with the transition of the economy came unemployment. Other than before workers who lost their job did not find a new job immediately. This paper studies the labour market position of Slovak job losers. Using data from labour force surveys we analyse exit rates out of unemployment. We find that male, young, higher educated job losers in districts with low unemployment rates have substantially shorter unemployment durations than their counterparts. There is evidence that for some job losers it is very hard to find a new job.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"18 1","pages":"665-686"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80245974","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}
The paper presents some evidence about the rise and fall of financial markets in Russia in the course of 1998, and discusses the causes and likely consequences of the crisis for the Russian economy. It also discusses some important policy issues regarding the effects of global financial integration. The central message is that the Russian financial disaster is a typical example of crisis contagion, although the underlying vulnerability of the economy was a problem which no investor could ignore. In particular, financial stabilization remained extremely fragile owing to the deterioration of the fiscal situation and the vulnerability of the banking system.
{"title":"Financial crisis in the Russian Federation: Are the Russians learning to tango?","authors":"Thierry D. Buchs","doi":"10.1111/1468-0351.00031","DOIUrl":"https://doi.org/10.1111/1468-0351.00031","url":null,"abstract":"The paper presents some evidence about the rise and fall of financial markets in Russia in the course of 1998, and discusses the causes and likely consequences of the crisis for the Russian economy. It also discusses some important policy issues regarding the effects of global financial integration. The central message is that the Russian financial disaster is a typical example of crisis contagion, although the underlying vulnerability of the economy was a problem which no investor could ignore. In particular, financial stabilization remained extremely fragile owing to the deterioration of the fiscal situation and the vulnerability of the banking system.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"46 1","pages":"687-715"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77624727","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 : 1997-05-01DOI: 10.1111/J.1468-0351.1997.TB00006.X
P. Brenton, D. Gros, Guy Vanadille
This paper suggests that output in the transition economies of eastern Europe and the countries of the former Soviet Union is related to, firstly, macroeconomic stabilization, and secondly, the speed of transition. The statistical analysis suggests that those countries which have been most successful in reducing inflation have experienced a lower level of output decline and have been first to achieve recovery in real output. There is also strong evidence that the economies which have been boldest in adopting reforms have been most successful in limiting the fall in output and promoting growth. No support is found for the assertion that the faster the speed of transition the greater the adverse impact on basic social indicators, such as mortality rates. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Output decline and recovery in the transiton economies: causes and social consequences","authors":"P. Brenton, D. Gros, Guy Vanadille","doi":"10.1111/J.1468-0351.1997.TB00006.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00006.X","url":null,"abstract":"This paper suggests that output in the transition economies of eastern Europe and the countries of the former Soviet Union is related to, firstly, macroeconomic stabilization, and secondly, the speed of transition. The statistical analysis suggests that those countries which have been most successful in reducing inflation have experienced a lower level of output decline and have been first to achieve recovery in real output. There is also strong evidence that the economies which have been boldest in adopting reforms have been most successful in limiting the fall in output and promoting growth. No support is found for the assertion that the faster the speed of transition the greater the adverse impact on basic social indicators, such as mortality rates. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"52 1","pages":"113-130"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85711482","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 : 1997-05-01DOI: 10.1111/J.1468-0351.1997.TB00003.X
E. Duflo, Claudia Senik-Leygonie
This paper looks at the reaction of Russian firsm to the shock of liberalization. Firms are exposed to two kinds of shocks. A supply affects their profitability. A demand shock reflects the new expression of consumers and the opening of the country to foreign competition. Econometric tests show that firms adapt to these changes. They react by adjusting their output. They are not able to change their production techniques for lack of fresh capital. Employment is more stable that output: it is preserved by the adjustment of real wages. Therefore, firms with a low share of material inputs are relatively better off. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Industrial restructuring in Russia: early reactions fo firms to the shock of liberalization","authors":"E. Duflo, Claudia Senik-Leygonie","doi":"10.1111/J.1468-0351.1997.TB00003.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00003.X","url":null,"abstract":"This paper looks at the reaction of Russian firsm to the shock of liberalization. Firms are exposed to two kinds of shocks. A supply affects their profitability. A demand shock reflects the new expression of consumers and the opening of the country to foreign competition. Econometric tests show that firms adapt to these changes. They react by adjusting their output. They are not able to change their production techniques for lack of fresh capital. Employment is more stable that output: it is preserved by the adjustment of real wages. Therefore, firms with a low share of material inputs are relatively better off. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"73 1","pages":"45-62"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86119581","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 : 1997-05-01DOI: 10.1111/J.1468-0351.1997.TB00007.X
Kasper Bartholdy
The paper discusses the measurement and interpretation of real GDP in transition economies. It argues that the statistical offices in Eastern Europe, the Baltics and the CIS should place emphasis in the years ahead on improving the mechanism by which estimates of output, consumption, investment and foreign trade are balanced to ensure compliance with standard accounting identities. Improvements to this 'balancing mechanism'may substantially strengthen the reliability of national accounts data and would not necessarily require a major further financial outlay for the statistical offices. In its discussion of the interpretation of real GDP data, the paper demonstrates that the use of the measured change in output at constant prices as a proxy for the evolution of 'social welfare'may be particularly problematic in the context of transition economies. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Old and new problems in the estimation of national accounts in transiton economies","authors":"Kasper Bartholdy","doi":"10.1111/J.1468-0351.1997.TB00007.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00007.X","url":null,"abstract":"The paper discusses the measurement and interpretation of real GDP in transition economies. It argues that the statistical offices in Eastern Europe, the Baltics and the CIS should place emphasis in the years ahead on improving the mechanism by which estimates of output, consumption, investment and foreign trade are balanced to ensure compliance with standard accounting identities. Improvements to this 'balancing mechanism'may substantially strengthen the reliability of national accounts data and would not necessarily require a major further financial outlay for the statistical offices. In its discussion of the interpretation of real GDP data, the paper demonstrates that the use of the measured change in output at constant prices as a proxy for the evolution of 'social welfare'may be particularly problematic in the context of transition economies. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"7 1","pages":"131-146"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83194559","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 : 1997-05-01DOI: 10.1111/J.1468-0351.1997.TB00009.X
J.-F. Nivet
This paper investigates the development from 1991 to 1994 of the Warsaw Stock Exchange, which opened on April 16th, 1991. An overview is presented focusing first on the deepening of the equity market, with a still limited but increasing number of listed companies, and then on the high trading activity and price dynamics with their impressive outburst in 1993. Three important dimensions are thereafter analyzed: the relevance of organizational and regulatory choices, the degree of market inefficiency and the origin of the discrepancy between IPO prices and first quoted market prices. Concluding remarks concentrate on the market's ability to fulfil its fundamental tasks. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Stock markets in transition: the Warsaw experiment","authors":"J.-F. Nivet","doi":"10.1111/J.1468-0351.1997.TB00009.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00009.X","url":null,"abstract":"This paper investigates the development from 1991 to 1994 of the Warsaw Stock Exchange, which opened on April 16th, 1991. An overview is presented focusing first on the deepening of the equity market, with a still limited but increasing number of listed companies, and then on the high trading activity and price dynamics with their impressive outburst in 1993. Three important dimensions are thereafter analyzed: the relevance of organizational and regulatory choices, the degree of market inefficiency and the origin of the discrepancy between IPO prices and first quoted market prices. Concluding remarks concentrate on the market's ability to fulfil its fundamental tasks. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"87 1","pages":"171-183"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76820430","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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