This paper uses the flow approach to investigate the way in which the transition of the Czech and Slovak economies influences the regional labour markets in the two countries. From estimates of matching functions we conclude that in most regions the labour markets are still in transition. We...

The paper describes Lithuanian monetary and exchange rate developments. Experiences of the other two Baltic states Estonia and Latvia have been analysed as well. New monetary and financial institutions introduced in all Baltic states faced several problems. One was how to maintain the...

This paper analyzes how governments in transition economies, interested in their budgetary situation privatize large enterprises. While informal discussions favour voucher privatization my formal model of privatization suggests that voucher privatization may be hard to implement: In contrast to...

In this paper we derive the correct solution of optimal closure of the state sector studied in Section 6.4 of Aghion and Blanchard (1994). Aghion and Blanchard only present an 'approximate' solution which entails a constant unemployment rate in what they call a turnpike approximation. We show...

In this paper, we compare the results obtained by using double logarithmic demand functions with the one obtained by using functions that relate budget shares to the logarithms of prices and incomes in order to estimate income elasticities and own- and cross-price elasticities for a number of...

This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary, and Poland, examines differences in the behavior of state and private companies in short-term credit markets in transition economies. The study offers three main conclusions. First, we find that...