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Political Volatility and Capital Markets: Evidence from Transition
Hartwell, Christopher - HKUST Institute for Emerging Market Studies (IEMS), … - 2015
This paper looks at the effects of political volatility in transition economies to ascertain how nascent political … economies on financial volatility, political volatility, and monetary policy to test the drivers of financial volatility in … the informal realm in order to avoid potentially damaging financial volatility. The need for consistent political …
Persistent link: https://www.econbiz.de/10011266148
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The impact of institutional volatility on financial volatility in transition economies: a GARCH family approach
Hartwell, Christopher A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
The volatility of financial markets has been a relevant topic for transition economies, as the countries of Central and … Eastern Europe and the former Soviet Union have seemingly endured high levels of volatility in their financial sectors during … the transition process. But what have been the determinants of this financial volatility? This paper posits that …
Persistent link: https://www.econbiz.de/10010752334
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Governance and Developing Asia: Concepts, Measurements, Determinants, and Paradoxes
Quibria, M.G. - Economics and Research Department, Asian Development Bank - 2014
Recent years have seen the emergence of a considerable volume of literature on governance and its role in economic and social development of a country. This paper provides a critical review of the literature. This review brings into the open a number of serious conceptual, measurement, and data...
Persistent link: https://www.econbiz.de/10010992042
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What Can Growth Rates Tell Us? A Short-Run Decomposition Method
Lim, Steven; Vaillant, Jason Le; Wu, Harry X. - Department of Economics, Waikato Management School - 2012
Consider time series output data for two sectors, industry and agriculture. By examining just the output data themselves, what can we say about the relative impact of institutional/policy factors, intrasectoral competition for resources, and intersectoral linkages on each sector’s growth?...
Persistent link: https://www.econbiz.de/10010897127
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Characteristics of Informal Economy and Competitiveness in Transition to Market Economy
Vassileva, Evgenia - In: Economic Studies journal (2007) 4, pp. 126-152
The article examines the specific conditions and characteristics, which underlie the development of the informal economy and competitiveness and their interrelation in transition economies. A system of competitiveness indicators has been defined, which were subsequently, taking into account the...
Persistent link: https://www.econbiz.de/10005570008
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Does finance cause growth? Evidence from the origins of banking in Russia
Berkowitz, Daniel; Hoekstra, Mark; Schoors, Koen - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
This paper examines the effect of banking on economic growth in modern Russia. To overcome simultaneity and selection, we exploit regional banking variation induced by the creation of “specialized banks” (spetsbanks) in the last years of the Soviet Union (1988-1991). Consistent with the...
Persistent link: https://www.econbiz.de/10010545767
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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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Stock market reaction to debt financing arrangements in Russia
Godlewski, Christophe J.; Fungacova, Zuzana; Weill, Laurent - Laboratoire de Recherche en Gestion (LaRGE), Institut … - 2010
This paper investigates stock market reaction to debt arrangements in Russia. The analysis of the valuation of debt arrangements by stock markets provides information about the use of debt by Russian companies. We apply the event study methodology to check whether debt announcements lead to...
Persistent link: https://www.econbiz.de/10008492682
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Capitalism, advanced and “transitional”, unfolded during the financial crisis
Ribnikar, Ivan - In: Zbornik radova Ekonomskog fakulteta u … 29 (2011) 1, pp. 89-107
During the crisis, it became evident that the kind of capitalism that was becoming dominant in the developed world over the last twenty or thirty years, so-called it financial capitalism, was the cause of crisis or at least it cannot completely exculpate itself. The growth in debts, credits,...
Persistent link: https://www.econbiz.de/10010776383
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A puha költségvetési korlát I.
Kornai, János; Maskin, Eric; Roland, Gérard - In: Közgazdasági Szemle (Economic Review - monthly of the … LI (2004) 7, pp. 608-624
A tanulmány javaslatot tesz a puha költségvetési korlát fogalmának tisztázására. A fogalmat széles körben alkalmazzák mind a szocialista és posztszocialista, mind pedig a piaci gazdaságok elemzése során. A szerzők által megfogalmazott értelmezés fel öleli a puha...
Persistent link: https://www.econbiz.de/10011124261