Pub Date : 1997-05-01DOI: 10.1111/J.1468-0351.1997.TB00005.X
Shujie Yao
Rural industrialization has been a dominant factor responsible for China's rapid economic growth over the last 18 years, but it has been accompanied by increased inter-regional income inequality. Using the most recent rural income data and two alternative Gini coefficient decomposition methods, this study finds that income inequality, especially inter-regional income inequality increased significantly in the period 1986-92. More than half of national income inequality was due to its inter-provincial component, and three quarters of inter-provincial inequality was due to its inter-zonal component. Uneven development of township and village enterprises has been a major cause of increased regional income inequality. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Industrialization and spatial income inequality in rural China, 1986-92","authors":"Shujie Yao","doi":"10.1111/J.1468-0351.1997.TB00005.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00005.X","url":null,"abstract":"Rural industrialization has been a dominant factor responsible for China's rapid economic growth over the last 18 years, but it has been accompanied by increased inter-regional income inequality. Using the most recent rural income data and two alternative Gini coefficient decomposition methods, this study finds that income inequality, especially inter-regional income inequality increased significantly in the period 1986-92. More than half of national income inequality was due to its inter-provincial component, and three quarters of inter-provincial inequality was due to its inter-zonal component. Uneven development of township and village enterprises has been a major cause of increased regional income inequality. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"13 1","pages":"97-112"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78587123","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.TB00012.X
P. Milthorp
Membership of the World Trade Organization is a goal for many transition economies. This paper discusses what is involved in WTO membership, the information required and the commitments imposed upon members. After reviewing the accession process in general, the topic is illustrated by the recent example of Bulgaira and Mongolia. Copyright The European Bank for Reconstruction and Development, 1997.
{"title":"Integration of FSU/economies in transition into the World Trade Organization","authors":"P. Milthorp","doi":"10.1111/J.1468-0351.1997.TB00012.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1997.TB00012.X","url":null,"abstract":"Membership of the World Trade Organization is a goal for many transition economies. This paper discusses what is involved in WTO membership, the information required and the commitments imposed upon members. After reviewing the accession process in general, the topic is illustrated by the recent example of Bulgaira and Mongolia. Copyright The European Bank for Reconstruction and Development, 1997.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"20 1","pages":"215-223"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90046207","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00179.X
R. Dobrinsky
Some aspects of the process of enterprise restructuring and adjustment in the Central and Eastern European countries are analysed on the basis of evideance from recent empirical research on microeconomic performance in these transition economies. The paper outlines a stylized picture of some types of enterprise behaviour which occur in this period and highlights a number of issues related to the process of enterprise restructuring and adjustment such as the problem of micro budget constraints, the motivation for enterprise restructuring, the issues of corporate governance. Some of the current impediments to enterprise restructuring as well as some of the determinants of enterprise performance in the transition period are also featured in the paper. Copyright 1996 The European Bank for Reconstruction and Development.
{"title":"Enterprise restructuring and adjustment in the transition to market economy: lessons from the experience of Central and Eastern Europe","authors":"R. Dobrinsky","doi":"10.1111/J.1468-0351.1996.TB00179.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00179.X","url":null,"abstract":"Some aspects of the process of enterprise restructuring and adjustment in the Central and Eastern European countries are analysed on the basis of evideance from recent empirical research on microeconomic performance in these transition economies. The paper outlines a stylized picture of some types of enterprise behaviour which occur in this period and highlights a number of issues related to the process of enterprise restructuring and adjustment such as the problem of micro budget constraints, the motivation for enterprise restructuring, the issues of corporate governance. Some of the current impediments to enterprise restructuring as well as some of the determinants of enterprise performance in the transition period are also featured in the paper. Copyright 1996 The European Bank for Reconstruction and Development.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"22 1","pages":"389-410"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78000969","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00183.X
P. Havlík
By mid-1996, restrictive fiscal and monetary policies have brought lower inflation and exchange rate stability to Russia. The mass privatization was an apparent success although it contributed to an unclear ownership structure and weak corporate governance. The production decline continues and the structure of the Russian economy has been deteriorating. The popular dissatisfaction with the drop in living standards is reflected by a deep split in society, despite Mr. Yeltsin's victory in the presidential elections. As in the recent past, the new government will continue with 'stop-and-go' reform policies, probably with a stronger accent on the protection of domestic producers, legal reforms and economic growth. Because of serious structural and institutional distortions, the Russian economy is more likely to stagnate than to grow strongly in the near future. Copyright 1996 The European Bank for Reconstruction and Development.
{"title":"Uncertain recovery prospects in Russia","authors":"P. Havlík","doi":"10.1111/J.1468-0351.1996.TB00183.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00183.X","url":null,"abstract":"By mid-1996, restrictive fiscal and monetary policies have brought lower inflation and exchange rate stability to Russia. The mass privatization was an apparent success although it contributed to an unclear ownership structure and weak corporate governance. The production decline continues and the structure of the Russian economy has been deteriorating. The popular dissatisfaction with the drop in living standards is reflected by a deep split in society, despite Mr. Yeltsin's victory in the presidential elections. As in the recent past, the new government will continue with 'stop-and-go' reform policies, probably with a stronger accent on the protection of domestic producers, legal reforms and economic growth. Because of serious structural and institutional distortions, the Russian economy is more likely to stagnate than to grow strongly in the near future. Copyright 1996 The European Bank for Reconstruction and Development.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"93 1","pages":"459-469"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83865540","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00185.X
R. Pittman
Protestations that 'neither neoclassical economics nor Western experience offers clear guidelines concerning optimal competition policies towards state-owned firms in a transition economy' are overly pessimistic. Both sources suggest the importance of attacking barriers to entry into markets, especially when those barriers are associated with vertical integration or exclusive vertical contracts by already dominant enterprises. Beyond this, they demonstrate that different priorities of enforcement are appropriate in transition economies and that competition advocacy is especially important in this context. Copyright 1996 The European Bank for Reconstruction and Development.
{"title":"Industrial demonopolization and competition policy in Poland and Hungary': a comment","authors":"R. Pittman","doi":"10.1111/J.1468-0351.1996.TB00185.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00185.X","url":null,"abstract":"Protestations that 'neither neoclassical economics nor Western experience offers clear guidelines concerning optimal competition policies towards state-owned firms in a transition economy' are overly pessimistic. Both sources suggest the importance of attacking barriers to entry into markets, especially when those barriers are associated with vertical integration or exclusive vertical contracts by already dominant enterprises. Beyond this, they demonstrate that different priorities of enforcement are appropriate in transition economies and that competition advocacy is especially important in this context. Copyright 1996 The European Bank for Reconstruction and Development.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"49 1","pages":"491-495"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85235807","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00177.X
Cheryl W. Gray, Arnold Holle
Poland's 1993 Enterprise and Bank Restructuring Programme (EBRP) tried to force state-owned commercial banks to build institutional capacity and resolve their problem loans. The outcome of its innovative bank-led workout ('conciliation') process, documented in this study of 62 firms, is decidedly mixed. The EBRP forced banks to confront their problems, helped them to build instituional capacity in their workout units, and furthered the difficult task of weeding out and closing clearly unviable firms. Yet it had limited power to promote needed restructuring or privatization in firms. The conciliation agreements were relatively unsophisticated and include few tangible requirements for operational or management change. The first two years of implementation saw a slowdown (over earlier years) in the rate of layoffs, a decline in average operating profitablility, and very little real privatization. The main impact of conciliation appears to have been to reduce debt service and thereby give firms 'breathing room'. Copyright 1996 The European Bank for Reconstruction and Development.
{"title":"Bank-Led Restructuring in Poland: The Conciliation Process in Action","authors":"Cheryl W. Gray, Arnold Holle","doi":"10.1111/J.1468-0351.1996.TB00177.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00177.X","url":null,"abstract":"Poland's 1993 Enterprise and Bank Restructuring Programme (EBRP) tried to force state-owned commercial banks to build institutional capacity and resolve their problem loans. The outcome of its innovative bank-led workout ('conciliation') process, documented in this study of 62 firms, is decidedly mixed. The EBRP forced banks to confront their problems, helped them to build instituional capacity in their workout units, and furthered the difficult task of weeding out and closing clearly unviable firms. Yet it had limited power to promote needed restructuring or privatization in firms. The conciliation agreements were relatively unsophisticated and include few tangible requirements for operational or management change. The first two years of implementation saw a slowdown (over earlier years) in the rate of layoffs, a decline in average operating profitablility, and very little real privatization. The main impact of conciliation appears to have been to reduce debt service and thereby give firms 'breathing room'. Copyright 1996 The European Bank for Reconstruction and Development.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"59 1","pages":"349-370"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80756059","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00176.X
H. Lankes, A. Venables
Foreign direct investment into transition economies is reviewed in detail, both from aggregate data and from a survey of senior managers in 117 western manufacturing companies. It is found that host country transition progress, political stability and perceived risk influence FDI inflows as well as the predominant type of investment.
{"title":"Foreign direct investment in economic transition: the changing pattern of investments","authors":"H. Lankes, A. Venables","doi":"10.1111/J.1468-0351.1996.TB00176.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00176.X","url":null,"abstract":"Foreign direct investment into transition economies is reviewed in detail, both from aggregate data and from a survey of senior managers in 117 western manufacturing companies. It is found that host country transition progress, political stability and perceived risk influence FDI inflows as well as the predominant type of investment.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"30 1","pages":"331-347"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82382979","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00186.X
Vanessa Glasmacher, N. Stern
{"title":"Round table on eastwards enlargement of the EU","authors":"Vanessa Glasmacher, N. Stern","doi":"10.1111/J.1468-0351.1996.TB00186.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00186.X","url":null,"abstract":"","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"1 1","pages":"497-502"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90082292","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00174.X
M. Armstrong, J. Vickers
In this paper we discuss public policy towards the telecommunications sector in Central and Eastern Europe (CEE), focusing primarily on the need to ensure adequate capital investment. The analysis falls into two main parts: the regulation of monopoly, and policy on liberalization. Concerning regulation, we discuss how policy credibility is likely to be a problem in the region, and how reputational considerations, the design of regulatory institutions, and methods of price control can help to ameliorate this problem. Concerning liberalization, we consider the effects of potential competition on investment incentives, and construct a simple model to analyse the different effects of liberalization and regulatory risk on investment. Some preliminary policy conclusions are drawn, and we argue that in the CEE region - in contrast to more well developed countries - a reasonable case can be made for allowing a temporary period of monopoly for basic services. Copyright 1996 The European Bank for Reconstruction and Development.
{"title":"Regulatory reform in telecommunications in Central and Eastern Europe","authors":"M. Armstrong, J. Vickers","doi":"10.1111/J.1468-0351.1996.TB00174.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00174.X","url":null,"abstract":"In this paper we discuss public policy towards the telecommunications sector in Central and Eastern Europe (CEE), focusing primarily on the need to ensure adequate capital investment. The analysis falls into two main parts: the regulation of monopoly, and policy on liberalization. Concerning regulation, we discuss how policy credibility is likely to be a problem in the region, and how reputational considerations, the design of regulatory institutions, and methods of price control can help to ameliorate this problem. Concerning liberalization, we consider the effects of potential competition on investment incentives, and construct a simple model to analyse the different effects of liberalization and regulatory risk on investment. Some preliminary policy conclusions are drawn, and we argue that in the CEE region - in contrast to more well developed countries - a reasonable case can be made for allowing a temporary period of monopoly for basic services. Copyright 1996 The European Bank for Reconstruction and Development.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"42 1","pages":"295-318"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79993328","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 : 1996-10-01DOI: 10.1111/J.1468-0351.1996.TB00181.X
Y. Qian
The past reforms of state‐owned enterprises in China delegated many effective control rights to managers while maintaining ultimate control rights for the Party and government. The result is that either the agency costs are high because managers lack accountability or the political costs are high because the government causes political interference. Reform of state‐owned enterprises in China should aim at reducing both political and agency costs, which can be done through depoliticization, effective corporate governance, and deserialization. In particular, China needs an ownership transformation with a combination of privatization, denationalization, and pluralization; a state assets management system to limit political influence from the government; and corporatization to establish effective corporate governance which may take a variety of forms.
{"title":"Enterprise reform in China: agency problems and political control","authors":"Y. Qian","doi":"10.1111/J.1468-0351.1996.TB00181.X","DOIUrl":"https://doi.org/10.1111/J.1468-0351.1996.TB00181.X","url":null,"abstract":"The past reforms of state‐owned enterprises in China delegated many effective control rights to managers while maintaining ultimate control rights for the Party and government. The result is that either the agency costs are high because managers lack accountability or the political costs are high because the government causes political interference. Reform of state‐owned enterprises in China should aim at reducing both political and agency costs, which can be done through depoliticization, effective corporate governance, and deserialization. In particular, China needs an ownership transformation with a combination of privatization, denationalization, and pluralization; a state assets management system to limit political influence from the government; and corporatization to establish effective corporate governance which may take a variety of forms.","PeriodicalId":47148,"journal":{"name":"Economics of Transition","volume":"56 1","pages":"427-447"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85684946","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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