This paper has two objectives a real business cycle model is analyzed for panel data over a short time period and the Central European transition experience is explained by RBC theory. In particular, the catch-up process of transition economies to the Western European level of development is...

An employer-based sample of over 660,000 Czech and 260,000 Slovak workers is used to estimate the benefits of education in 1995 to 1997. By 1997 education of all types had become substantially more highly rewarded in both countries than it was either under communism or in the early years of the...

This paper addresses whether the initial declines in the manufacturing and real wages in transition economies were anything unexpected to justify policy reversal, and whether the “often-recommended” foreign aid would have helped them curb these declines in any significant way. It answers...

The Russian economic system has been a state of continual turmoil and reform for over a century, making it difficult for business to develop as the political, legal, and economic foundation continually shifts. The beginning of the 20th century saw Russia struggling to change its economic system...

Both the People’s Republic of China and the Socialist Republic of Vietnam are making the transition from a centrally planned economy to a market-based economy. An effective bankruptcy law is an integral part of the institutional framework necessary for this transition. China enacted the Law of...