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What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the large observed differences in output performance across transition economies? Using a sample of 26 countries, this paper follows a...
Persistent link: https://www.econbiz.de/10014400551
This paper reviews a selection of studies on privatization experiences in transition countries. Empirical studies … is reviewed, along with the question of whether privatization efforts support or hinder de novo private sector …
Persistent link: https://www.econbiz.de/10014403469
Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the...
Persistent link: https://www.econbiz.de/10014398238
Although a centerpiece of the reform process in Central and Eastern Europe, large-scale privatization cannot be … the allocative efficiency implications of alternate sequences of privatization in a reforming planned economy with two …
Persistent link: https://www.econbiz.de/10014395989
This paper examines alternative approaches to building sound financial structures in emerging market economies. The foremost task is to resolve the bad loan problem and to recapitalize insolvent state banks. By restoring an incentive for banks to price accurately the risks of new lending, this...
Persistent link: https://www.econbiz.de/10014396324
This paper investigates the role of structural reforms -financial reforms, trade liberalization, and privatization- as … financial liberalization and privatization. These results are robust to different measures of reforms, split samples, and …
Persistent link: https://www.econbiz.de/10014401501
liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances … over 19 years to address a central question of fact: Did privatization help to promote local governments’ fiscal discipline …? The answer is clearly ‘no’ for privatization considered in isolation. However, privatization and subnational fiscal …
Persistent link: https://www.econbiz.de/10014396436
This paper discusses several proposals for a wholesale privatization of public enterprises in Eastern Europe. These … proposals include the distribution of ”vouchers” to private citizens as well as the use of mutual funds, privatization companies …
Persistent link: https://www.econbiz.de/10014396333
Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some...
Persistent link: https://www.econbiz.de/10012795087
This paper examines the extent to which firms in selected MENA countries reported being constrained by the business environment around the time of the Arab Spring and the extent to which these constraints affected their employment performance. The results suggest that small firms in MENA faced...
Persistent link: https://www.econbiz.de/10012103780