This paper addresses the issue whether the differences in national unemployment rates between the Czech and Slovak Republics are in part associated with different responses of regional labor markets. We attempt to assess the relative importance of regional and national shocks in explaining...

The pricing policy of Bulgarian manufacturing firms is analysed in the paper in the context of the theory of the price-setting behaviour of firms endowed with market power, and more specifically, using the notion of mark-up pricing. Using some recent derivations in the literature, we estimate...

We study worker turnover in a transition economy to investigate to what extent the length of time a worker has been employed by a firm shapes the turnover process. Using data from the Polish labor Force Survey and The Russian Longitudinal Monitor Survey we compare the pattern of turnover with a...

Government ownership may dominate private ownership under government failure. Such dom- inance disappears as product markets grow mature, giving rise to the need for privatization. Buyers' limited wealth imposes a constraint on how and when privatization takes place. In particular, ¯rms may be...

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly; show signs of more political rent seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...

Consider an economy with a high risk and high return and a low risk and low return asset and risk-averse agents making intertemporal consumption and 'investment decisions. The agent will choose a savings rate to balance cur-rent and future consumption, and an investment portfolio to balance...

We offer a simple model of policymaking emphasizing socialization and limits on human cognition to explicate mechanisms of change in emergent (as opposed to established) institutions. Emergent institutions are more susceptible to change, and their opponents may use frames or existing reference...

We use the analogy of ecological succession as our conceptual framework. We apply this analogy to the history of foreign banks in Bulgaria and argue that the current predominance of foreign banks is unlikely to be permanent, even without government action. Foreign banks have entered Bulgaria...