This Paper uses 1985-99 manufacturing census data for old Russian enterprises to calculate the magnitude and productivity effects of gross job flow rates before and after reforms. Job creation was low throughout the period in this sector, but increased slightly during the transition, while job...

We analyse the impact of privatization on multifactor productivity (MFP) using long panel data for nearly the universe of initially state-owned manufacturing firms in four economies. Controlling for firm and industry-year fixed effects and employing a wide variety of measurement approaches, we...

Gross job and worker flows in Russian industry are studied using panel data from a recent survey of 530 firms selected through national probability sampling. The data permit an examination of several important measurement issues – including the timing and definition of employment, the roles of...

This Paper investigates whether the efficiency effect of product market dispersion is a function of the infrastructural and policy environment. We hypothesise that more developed transportation and communication infrastructure and lower government regulation may reduce transaction costs,...

A critical, but largely unexamined assumption in the debate over reform policy design, concerns the complementarity or substitutability of market competition and private ownership in increasing firm efficiency. We analyse a simple Cournot model that distinguishes two aspects of privatization...

The 'big-bang' liberalization of the inefficient Russian economy in 1992 provides a fruitful setting for analysing the impact of several dimensions of market competition and other factors on enterprise efficiency. We analyse 1992-1998 panel data on 14,961 enterprises covering 75 percent of...

In this paper we re-examine empirically the Structure-Conduct-Performance relationship between concentration and profitability using new data on Russia that allow us to overcome the endogeneity problem of market structure and expand on the traditional analysis in several ways. The analysis...

This paper analyses the ownership structure emerging from the Russian privatization process, using information from a sample survey of 439 state and privately-owned manufacturing companies conducted in July 1994, just after the voucher programme was completed. The Russian ownership structure...

We propose a new theory of systemic risk based on Knightian uncertainty (or "ambiguity"). We show that, due to uncertainty aversion, beliefs on future asset returns are endogenous, and bad news on one asset class induces investors to be more pessimistic about other asset classes as well. This...

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...