This paper applies the arguments of institutional economics to the issue of banking system reform. Institutional reforms are of particular importance in the financial sphere because banking operations were heavily restricted under central planning and, at the same time, banks are assigned a...

Under communism, workers had their wages set according to a centrally-determined wage grid. In this paper we use new micro data on men to estimate returns to human capital under the communist wage grid and during the transition to a market economy. We use data from the Czech Republic because it...