this paper represents a continuation of a previous paper where we demonstrated the “abnormal” behavior that local authority from Romania is manifesting regarding the subventions received from the central budget. In accord with public choice theory, exist an “affinity” of a social group -...

Using a novel data set from post-communist countries in the 1990s, this paper examines linkages between political constraints, economic reforms and growth. A dynamic panel analysis suggests public support for reform is negatively associated with income inequality and unemployment. Both the ex...

In advanced market economies, the use of trade credits is an important way of short-term financing and generally considered as being part of normal business practice. Some transition economies, however, have experienced a rapid accumulation of trade credits which have led to interlocking webs of...

This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity...

De juridische bescherming van banken en aandeelhouders beïnvloedt de omvang en kwaliteit van het financiële systeem en daarmee de economische groei. Gebrekkige (juridische) instituties in transitie-economieën kunnen de economische ontwikkeling van deze landen dan ook afremmen. Zo dragen...

The paper empirically investigates whether people's attitude towards the progress in political transformation in Eastern Europe are influenced by economic factors. Thereby it addresses the question of independence between economic and political system. Using a large panel data set, containing...

The privatization process in the transition economies may appear to be the most serious economic event in the last 10-12 years. All transition countries experimented with different privatization models. Although the privatization processes have not ended yet, the development of a methodology for...

The design of the agricultural reform in Bulgaria in the early 90-es provides researchers with a natural experiment for testing the effect of the protracted absence of clearly defined property rights on economic outcomes. Special rules governing the restitution of orchards made one group of...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...