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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

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

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

The Path of Reform in Central and Eastern Europe: An Introduction

Portes, Richard - C.E.P.R. Discussion Papers - 1991

This paper is the Introduction to a special issue of European Economy on `The Path of Reform in Central and Eastern Europe'. It discusses the sources of the current wave of `Europessimism': exogenous shocks, adjustment costs, sequencing errors, and other policy errors. This analysis may help in...

Persistent link: https://www.econbiz.de/10005504578

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

Barter In Transition Economies: Competing Explanations Confront Ukrainian Data

Gorochowskij, Bogdan; Kaufmann, Daniel; Marin, Dalia - C.E.P.R. Discussion Papers - 2000

In this paper we survey the common explanations of barter in transition economies and expose them to detailed survey data on 165 barter deals in Ukraine in 1997. The evidence does not support the notion that soft budget constraints, lack of restructuring, or that the virtual economy are the...

Persistent link: https://www.econbiz.de/10005656304

Trust Vs Illusion: What is Driving Demonetization in Russia?

Marin, Dalia - C.E.P.R. Discussion Papers - 2000

The virtual economy argument for Russia suggests that barter -a payment in goods rather than cash - allows the parties to pretend that the manufacturing sector is producing value added by enabling this sector to sell its output at a higher price than its market value. We confront this prediction...

Persistent link: https://www.econbiz.de/10005661608

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

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