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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
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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
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The Great Divide and Beyond - Financial Architecture in Transition
Berglöf, Erik; Bolton, Patrick - C.E.P.R. Discussion Papers - 2003
A growing and deepening divide has opened up between countries where economic development has “taken off” and those caught in a vicious cycle of institutional backwardness and macroeconomic instability. This “Great Divide” is visible in almost every measure of economic performance, such...
Persistent link: https://www.econbiz.de/10005123951
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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
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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
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A Gini Decomposition Analysis of Inequality in the Czech and Slovak Republics during the Transition
Garner, Thesia I; Terrell, Katherine - C.E.P.R. Discussion Papers - 1998
Disposable income inequality, as measured by the Gini coefficient and using Family Budget Survey data, increased very little, and by a similar amount, from 1989–93 in the Czech Republic and Slovakia. This surprising result is examined with an analysis of changes in the channels of...
Persistent link: https://www.econbiz.de/10005123731
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Debt Overhang and Barter in Russia
Guriev, Sergei; Makarov, Igor; Maurel, Mathilde - C.E.P.R. Discussion Papers - 2001
In this Paper we study, both theoretically and empirically, the relationship between barter and the indebtedness of Russian firms. We build a model in which a firm uses barter to protect its working capital against outside creditors even when barter involves high transaction costs. The main...
Persistent link: https://www.econbiz.de/10005136633
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Market Integration and Economic Development: A Long-Run Comparison
Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004
How much of China’s recent economic performance can be attributed to market-oriented reforms introduced in the last two decades? A long-run perspective may be important for understanding the process of economic development occurring today. This Paper compares the integration of rice markets in...
Persistent link: https://www.econbiz.de/10005136759
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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
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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