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Soft Budget Constraint Theories: From Centralization to the Market

Maskin, Eric; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2001

This Paper surveys the theoretical literature on the effect of soft budget constraints (SBC) on economies in transition from centralization to capitalism; it also reviews our understanding of SBC in general. It focuses on the conception of the SBC syndrome as a commitment problem. We show that...

Persistent link: https://www.econbiz.de/10005667038

Institutions, Volatility and Investment

Besley, Timothy J.; Mueller, Hannes Felix - C.E.P.R. Discussion Papers - 2015

Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak … in inflows when strong executive constraints are adopted in terms of the reduction in the volatility in productivity …

Persistent link: https://www.econbiz.de/10011145416

Leverage as a Predictor for Real Activity and Volatility

Kollmann, Robert; Zeugner, Stefan - C.E.P.R. Discussion Papers - 2011

positively linked to the conditional volatility of future real activity and of equity returns. The joint information in sectoral …

Persistent link: https://www.econbiz.de/10008915810

Volatility, Financial Development and the Natural Resource Curse

Poelhekke, Steven; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2007

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

Persistent link: https://www.econbiz.de/10005123919

Contract Enforcement in Transition

Johnson, Simon; McMillan, John; Woodruff, Christopher - C.E.P.R. Discussion Papers - 1999

The mix of formal and informal mechanisms for contract enforcement is examined using survey data from Russia, Ukraine, Romania, Poland, and Slovakia. Using the size of trade credit to quantify the success of contracting, we ask: Do the courts have a perceptible effect on contracting? When can a...

Persistent link: https://www.econbiz.de/10005791649

Imposed Institutions and Preferences for Redistribution

Chong, Alberto; Gradstein, Mark - C.E.P.R. Discussion Papers - 2006

To what extent do imposed institutions shape preferences? We consider this issue by comparing the market-versus-state attitudes of respondents from a capitalist country, Finland, and an ex-communist group of Baltic countries, and arguing that the period under the communist rule can be viewed as...

Persistent link: https://www.econbiz.de/10005792037

Provincial Protectionism

Sonin, Konstantin - C.E.P.R. Discussion Papers - 2003

In a federal state, political leaders of constituent units might protect their enterprises from the federal center (e.g., allowing them not to pay federal taxes). The effectiveness of such protection depends crucially on the ability of local authorities to extract rents from enterprises. They...

Persistent link: https://www.econbiz.de/10005792438

Growth in Transition: What we Know, What we Don't and What we Should

Campos, Nauro F; Coricelli, Fabrizio - C.E.P.R. Discussion Papers - 2002

This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so far, namely: (1) output fell, (2) capital shrank, (3)...

Persistent link: https://www.econbiz.de/10005114235

Does Market Liberalization Reduce Gender Discrimination? Econometric Evidence from Hungary, 1986-98

Campos, Nauro F; Jolliffe, Dean - C.E.P.R. Discussion Papers - 2004

An alleged achievement of socialism was gender equality in the labour market. Has its collapse shattered this accomplishment? The theoretical literature and attendant empirical evidence are inconclusive. Using data for 2.9 million wage earners in Hungary we find that the male/female difference...

Persistent link: https://www.econbiz.de/10005067679

The Effect of Privatization and Competitive Pressure on Firms' Price-Cost Margins: Micro Evidence from Emerging Economies

Konings, Jozef; Van Cayseele, Patrick; Warzynski, Frederic - C.E.P.R. Discussion Papers - 2003

This Paper uses representative firm level panel data of 1,701 Bulgarian and 2,047 Romanian manufacturing firms to estimate market power (i.e. price-cost margins) and to analyse how these are affected by privatization and increased competitive pressure. In contrast to earlier work that analyses...

Persistent link: https://www.econbiz.de/10005667013