This paper discusses mixed systems in which SMEs functioned successfully in the presence of extensive state ownership of large enterprises and even classical central planning. Past and present examples are considered in which a small enterprise system worked around , with, and in the interstices...

This paper analyses the long-term growth and welfare impact of the transition to the market economy in the countries of Eastern Europe. We define welfare as the average real net wage after payments of social security contributions to fund a paygo-type pension system, and of taxes to service the...

The partial effect of nominal exchange rate volatility on exports from each EMU member to the rest of the EMU is estimated on annual data for 1967-97, using modern time-series methods.

Even in industrial countries, the impact of information technology has not been as deep or pervasive as the debate about the benefits of the global information society sometimes makes it appear. The literature review on the US experience shows that there is neither a 'productivity paradox' nor a...

In this paper, we formalize the view that economic development requires high rates of productive entrepreneurship, and this requires an efficient matching between entrepreneurial talent and production echnologies. We first explore the role of financial development in promoting such efficient...