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on Transition Economics |
| By: | Mario Holzner (The Vienna Institute for International Economic Studies, wiiw); Sebastian Leitner (The Vienna Institute for International Economic Studies, wiiw); Josef Pöschl (The Vienna Institute for International Economic Studies, wiiw); Anton Mihailov; Waltraut Urban (The Vienna Institute for International Economic Studies, wiiw); Hermine Vidovic (The Vienna Institute for International Economic Studies, wiiw); Leon Podkaminer (The Vienna Institute for International Economic Studies, wiiw); Sándor Richter (The Vienna Institute for International Economic Studies, wiiw); Olga Pindyuk (The Vienna Institute for International Economic Studies, wiiw); Vladimir Gligorov (The Vienna Institute for International Economic Studies, wiiw); Gábor Hunya (The Vienna Institute for International Economic Studies, wiiw); Vasily Astrov (The Vienna Institute for International Economic Studies, wiiw); Peter Havlik (The Vienna Institute for International Economic Studies, wiiw); Zdenek Lukas (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | The report analyses recent economic developments and short- and medium-term development prospects, covering the countries of Central and Eastern Europe and Southeast Europe including Turkey, together with Russia, Ukraine, Kazakhstan and China. Separate chapters present an overview of developments in the European Union's New Member States and in Southeast European countries, or deal with the global economic environment and the role of the energy sector. |
| Keywords: | Central and East European new EU member states, Southeast Europe, Balkans, former Soviet Union, China, Turkey, economic forecasts, GDP growth, labour productivity, exchange rates, inflation, EU integration |
| JEL: | O52 O57 P24 P27 P33 P52 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:wii:fpaper:fc:3&r=tra |
| By: | Hengyun Ma (University of Canterbury); Les Oxley (University of Canterbury); John Gibson (Motu Economic and Public Policy Research and The University of Waikato); Bongguen Kim (The University of Waikato) |
| Abstract: | With its rapid economic growth, China's primary energy consumption has exceeded domestic energy production since 1994, leading to a substantial expansion in energy imports, particularly of oil. China's energy demand has an increasingly significant impact on global energy markets. In this paper Allen partial elasticities of factor and energy substitution, and price elasticities of energy demand, are calculated for China using a two-stage translog cost function approach. The results suggest that energy is substitutable with both capital and labour. Coal is significantly substitutable with electricity and complementary with diesel while gasoline and electricity are substitutable with diesel. China's energy intensity is increasing during the study period (1995-2004) and the major driver appears to be due to the increased use of energy intensive technology. |
| Keywords: | China, Interfactor/interfuel substitution, Technology, Energy intensity decomposition |
| JEL: | D24 O33 Q41 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:09_02&r=tra |
| By: | Vasily Astrov (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | GERMAN: Die MOEL verzeichneten 2007 erneut ein kräftiges Wirtschaftswachstum. In den neuen EU-Ländern in Mitteleuropa, deren Expansion primär durch die Re-Industrialisierung geprägt ist, war ein Anstieg der Beschäftigung zu beobachten. In den anderen MOEL wurde die Entwicklung jedoch vor allem vom Dienstleistungssektor getragen und basierte nach wie vor teilweise auf der Ausweitung der Kreditvergabe der Banken, die allerdings in mehreren Ländern etwas gebremst wurde. Die Folgen der weltweiten Finanzmarktturbulenzen und eine Wachstumsverlangsamung in Westeuropa dürften die Konjunkturaussichten der MOEL nur unwesentlich dämpfen; der latente Arbeitskräftemangel und anhaltender Inflationsdruck aufgrund der Verteuerung von Energie und Agrarprodukten auf dem Weltmarkt könnten sich jedoch mittelfristig als Wachstumshemmnis erweisen. ---- ENGLISH: CEEC Growth Still Overtakes Western Europe - Summary Economic growth in Central and East European countries (CEECs) in 2007 was driven primarily by strong domestic demand, especially for consumer goods. The latter resulted from both higher incomes (particularly in Central Europe's new EU countries) and expanding household credit (elsewhere), although the pace of credit expansion has slowed down somewhat, not least due to government efforts to avoid excessive 'overheating'. Another distinction between these two country groups has been in the sectoral patterns of growth: the main growth engine was industry in the Central European new EU countries and the services sector elsewhere. The higher world prices for food and energy and further tightening of domestic labour markets led to mounting inflationary pressures. The latter proved to be particularly strong in the poorer CEECs, but was mitigated by an ongoing currency appreciation in Poland, Slovakia and the Czech Republic. The recent surge in inflation is unwelcome news for the new EU countries aiming to join the European Monetary Union soon (especially the Baltic states, but in the longer term also Bulgaria and Romania); only Slovakia has a realistic chance to join the euro zone already at the beginning of 2009 as aspired to by the country's government. At the same time, higher inflation and further budget consolidation have improved the fiscal performance of several new EU countries; the latter is no longer a formal obstacle to adopting the euro (with the exception of Hungary). In contrast, fiscal policy in Russia and Ukraine has been somewhat loosened. Russia's sovereign oil fund, which has been booming recently thanks to soaring world crude prices, is being increasingly spent on industrial policy, aimed at diversifying the country's economic structure away from energy. The current turbulence in the global financial markets and a slowdown in Western Europe should dampen the CEECs' growth prospects in 2008 only marginally. The speed of their real convergence to the EU 15 will most probably stay at around 3.5 percentage points on average. Hungary's economic growth should even pick up slightly, as consumer demand will gradually recover from the adverse effects of last year's budget consolidation. At the same time, in Latvia and Estonia, 'hard landing' following a protracted period of demand overheating appears inevitable. The prospects of EU accession for a number of Southeast European countries have recently improved and should contribute to the region's overall stability and economic development. However, Serbia might suffer from the recent 'Kosovo crisis' and the potentially destabilizing consequences of the recent fiscal loosening ahead of the parliamentary elections in May 2008, whereas Turkey remains vulnerable to fluctuations in the world financial markets. |
| Keywords: | transitional economies, comparative study, economic growth, fiscal and monetary policy, macroeconomic forecast, macroeconomic analysis |
| JEL: | P2 O57 E17 O4 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:wii:ratpap:rpg:mai:2008&r=tra |
| By: | Konstantin Kholodilin (DIW Berlin, Germany); Alexei Oshchepkov (Higher School of Economics, Moscow, Russia); Boriss Siliverstovs (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This paper investigates the income convergence among Russian regions in the period 1998- 2006. It makes two major contributions to rather extensive literature on the regional con- vergence in Russia. First, it identifies spatial regimes using the exploratory spatial data analysis. Second, it examines the impact of spatial effects on the convergence process. Our results show that the overall speed of regional convergence in Russia, being low by inter- national standards, becomes even lower after controlling for spatial effects. However, when accounting for the spatial regimes, we find a strong regional convergence among high-income regions located near other high-income regions. Our results indicate that estimation of speed of convergence using aggregate data may result in misleading conclusions regarding the na- ture of convergence process among Russia’s regions. |
| Keywords: | Regional convergence, spatial regimes, spatial effects |
| JEL: | C21 O47 R12 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:09-216&r=tra |
| By: | Tulbure, Narcis |
| Abstract: | This paper analyzes the political disputes and legal contentions occasioned by the process of regulatory reform undergone by Romanian mutual fund industry. Stirred by Romania’s accession into the European Union in 2007 and prompted by the numerous financial scandals affecting the market right from its creation in 1994, the reform is meant as a reconfiguration of the investment philosophy characterizing the capital market. My claim is that the uneasy reception of the new institutional arrangement is related to the shifting premises for the formation of value and the deeper changes in the prevalent conceptions of worth associated with Romania’s economic transition. |
| Keywords: | financial regulation; mutual funds; anthropology of finance |
| JEL: | Z1 P37 G38 G28 P4 |
| Date: | 2008–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:14087&r=tra |
| By: | Ivan Savin (Department of Economics, Justus-Liebig University Gießen); Peter Winker (Department of Economics, Justus-Liebig University Gießen) |
| Abstract: | This paper proposes a new approach of forecasting “prospective" comparative advantages based on relative prices differences between countries in the context of economic liberalization. An empirical analysis based on the example of Central and East European countries that have already passed the transition period from specialization mainly in natural resource- and labor-intensive goods to \high-tech" goods confirms a significant influence of our “prospective" advantages on comparative advantages dynamics. Using this method we identify a set of industries in Russia that seem to be most promising for formation of comparative advantages in the context of its economic liberalization and joining the WTO agreements. These industries include high and medium technological industries like machinery building, pharmaceutical products, railway transport, electronic and medical equipment. |
| Keywords: | comparative advantage, competitive advantage, economy in transition, Balassa index, Lafay index. |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:200914&r=tra |
| By: | Mirdala, Rajmund |
| Abstract: | The stable macroeconomic environment, as one of the primary objectives of the Visegrad countries in the 1990s, was partially supported by the exchange rate policy. Fixed exchange rate systems within gradually widen bands (Czech republic, Slovak republic) and crawling peg system (Hungary, Poland) were replaced by the managed floating in the Czech republic (May 1997), Poland (April 2000), Slovak republic (October 1998) and fixed exchange rate to euro with broad band in Hungary (October 2001). Higher macroeconomic and banking sector stability allowed countries from the Visegrad group to implement the monetary policy strategy based on the interest rate transmission mechanism. Continuous harmonization of the monetary policy framework (with the monetary policy of the ECB) and the increasing sensitivity of the economy agents to the interest rates changes allowed the central banks from the Visegrad countries to implement monetary policy strategy based on the key interest rates determination. In the paper we analyze the impact of the central banks’ monetary policy in the Visegrad countries on the selected macroeconomic variables in the period 1999-2008 implementing SVAR (structural vector autoregression) approach. We expect that the higher sensitivity of the selected macroeconomic indicators of the EMÚ candidate countries to the national monetary policy shocks would indicate the higher exposure of the selected countries to the ECB monetary policy impulses after the euro adoption in the future. |
| Keywords: | monetary policy, short-term interest rates, structural vector autoregression, variance decomposition, impulse-response function |
| JEL: | C32 E52 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:14061&r=tra |
| By: | Bettina Becker (Department of Economics, Loughborough University); Stephen G. Hall (Department of Economics, University of Leicester) |
| Abstract: | We present a common factor framework of convergence which we implement using principal components analysis. We apply this technique to a dataset of monthly inflation rates of EMU and the Eastern European New Member Countries (NMC) over 1996-2007. In the earlier years, the NMC rates moved independently from an average of the three best performing countries over the past twelve months, while they moved somewhat closer in line with them in the later years. Looking at the sample of the EMU and NMC countries as a whole, there is evidence of a formation of convergence clubs across the two groups. |
| Keywords: | Convergence, inflation rates, European Monetary Union, principal components analysis. |
| JEL: | C22 F31 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:lbo:lbowps:2009_05&r=tra |
| By: | Yuriy Gorodnichenko (University of Michigan); Jan Svejnar (University of Michigan); Katherine Terrell (University of Michigan) |
| Abstract: | Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 transition economies, we test for the effects of globalization through the impact of increased competition and foreign direct investment on domestic firms' efforts to raise their capability (innovate) by upgrading their technology or the quality of their product/service, taking into account firm heterogeneity. We find competition has a negative effect on innovation, especially for firms further from the frontier, and that the supply chain of multinational enterprises and international trade are important channels for domestic firm innovation. We do not find support for the inverted U effect of competition on innovation. There is weak evidence that firms in a more pro-business environment invest more in innovation and are more likely to display the inverted U relationship between competition and innovation. |
| Keywords: | emerging markets, globalization, innovation |
| Date: | 2008–04 |
| URL: | http://d.repec.org/n?u=RePEc:mie:wpaper:583&r=tra |
| By: | Elena Bojesteanu (Academy of Economic Studies (Romania)); Gabriel Bobeica (Academy of Economic Studies (Romania)) |
| Abstract: | The present study sheds light on important aspects of monetary integration in the European Union involving the newest member states. It assesses the degree to which they satisfy the business cycle correlation criteria. Our results demonstrate that there is a common business cycle in the Euro area and that most of the candidate countries exhibit convergence with this group, with the remarkable exception of Estonia, Lithuania, Slovakia and Romania. Bulgaria shows better achievements than Romania in terms of business cycle synchronization with the Euro zone.This paper was presented at the 18th International Conference of the International Trade and Finance Association meeting at Universidade Nova de Lisboa, Lisbon, Portugal, on May 23, 2008. |
| Date: | 2008–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:bep:itfapp:1121&r=tra |
| By: | Olga Nosova |
| Abstract: | The paper studies the regional integration as the unique process which depends on the degree of cooperation and interchange among regions. The generalisation of existing approaches for regional integration has been classified by the criterions. The data of the main economic indicators have been analysed. The economic analysis proves the differences in production endowments, the asymmetry in fixed capital investment, the disproportional income, and foreign direct investment distribution in 2001 – 2005 in Ukrainian regions. Econometric modelling depicts the existence of the division for the industrial regions with high urbanisation and backward agrarian regions in the Ukraine, the industrial development disparities among regions; the insufficient infrastructure (telecommunications, roads, hotels, services and etc.), the low labour productivity in industrial sector, and insufficient regional trade. |
| Keywords: | regional integration, regions, economic disparities |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:pot:statdp:32&r=tra |
| By: | Brienna Perelli-Harris (Max Planck Institute for Demographic Research, Rostock, Germany); Theodore P. Gerber |
| Abstract: | Using retrospective union, birth, and education histories that span 1980-2003, this study investigates nonmarital childbearing in post-Soviet Russia. We employ a combination of methods to decompose fertility rates by union status and analyze the processes that lead to a nonmarital birth. We find that the primary cause of the increase in the proportion of nonmarital births is not due to the changing fertility behavior of cohabitors, nor to changes in union behavior after conception, but due to the increasing proportion of women who cohabit before conception. We also find that the relationship between education and nonmarital childbearing has not changed over time; the least educated women have the highest birth rates within cohabitation and as single mothers, primarily due to a lower probability of legitimating a nonmarital conception. Based on these findings, we argue that Russia has more in common with the pattern of disadvantage in the United States, as opposed to the trends described by the second demographic transition. We also find several aspects of non-marital childbearing that neither of these perspectives anticipates. |
| Keywords: | Russia, cohabitation, family, fertility |
| JEL: | J1 Z0 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:dem:wpaper:wp-2009-007&r=tra |
| By: | Magdalena Morgese Borys (CERGE-EI); Roman Horvath (Czech National Bank and Charles University, Prague) |
| Abstract: | In this paper, we examine the effects of Czech monetary policy on the economy within the VAR, structural VAR, and factor-augmented VAR frameworks. We document a well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various sensitivity tests, we find that a contractionary monetary policy shock has a negative effect on the degree of economic activity and the price level, both with a peak response after one year or so. Regarding prices at the sectoral level, tradables adjust faster than non-tradables, which is in line with microeconomic evidence on price stickiness. There is no price puzzle, as our data come from a single monetary policy regime. There is a rationale in using the real-time output gap instead of current GDP growth, as using the former results in much more precise estimates. The results indicate a rather persistent appreciation of the domestic currency after a monetary tightening, with a gradual depreciation afterwards.This paper was presented at the 18th International Conference of the International Trade and Finance Association, meeting at Universidade Nova de Lisboa, Lisbon, Portugal, on May 23, 2008. |
| Date: | 2008–07–29 |
| URL: | http://d.repec.org/n?u=RePEc:bep:itfapp:1109&r=tra |
| By: | Michael Landesmann (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | This report counter-poses the patterns of trade specialization and trade diversification of two groups of economies: the new member states of the European Union, NMS, and the follower countries of the Soviet Union, the NIS (Newly Independent States). It is shown that the NIS export structures are characterized by an exceptionally high degree of concentration and a very strong specialization in trade with the EU (towards fuel, metals, and - for a sub-group of NIS economies - labour-intensive commodities). The NMS economies show a much more diversified export structure, there is more evidence for upgrading. There is, furthermore, a discussion of differences of trade structures with respect to EU markets, intra-NIS trade and trade with the Rest of the World. We discuss reasons for the differences in the degree of export concentration and patterns of trade specialization between the two groups of economies, particularly the link to institutional and reform processes, as well as potential policy options for NIS economies. |
| Keywords: | trade specialization, trade diversification, NIS economies, New Member States |
| JEL: | F1 F10 F14 P23 P27 P33 |
| Date: | 2008–12 |
| URL: | http://d.repec.org/n?u=RePEc:wii:rpaper:rr:350&r=tra |
| By: | Michael Landesmann (The Vienna Institute for International Economic Studies, wiiw); Roman Stöllinger (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | GERMAN: Die im August 2007 ausgebrochene Finanzkrise erfüllt alle Kriterien einer systemischen Bankenkrise. Zahlungsschwierigkeiten häufen sich, die Kapitalisierung von Banken sinkt und Aktienkurse fallen, während die realen Zinssätze steigen. Ausschlaggebend für diese Entwicklungen ist der Vertrauensverlust zwischen den Banken nach den großen Abschreibungsverlusten, die aus dem Platzen der US-Sub-Prime-Blase resultieren. Staatliche Unterstützungsmaßnahmen in den USA und im Euro-Raum konnten bislang die am Interbankenmarkt entstandene Liquiditätskrise nicht beenden. Aufgrund des hohen Leverage vieler Banken erforderten die Abschreibungsverluste eine Verkürzung der Bankbilanzen. Dieser Deleverage-Prozess zog den Verkauf von Vermögenswerten und eine restriktivere Kreditvergabe mit sich. Die internationale Vernetzung der Banken und Finanzmärkte führte dazu, dass seit September 2008 auch viele Schwellenländer und mittel- und osteuropäischen Länder (MOEL) die Finanzmarktkrise zu spüren bekamen, nachdem ausländische Investoren Kapital aus diesen Märkten abzogen. Dadurch kämpfen mittlerweile mehrere Länder mit der Finanzierung ihres Leistungsbilanzdefizits, Liquiditäts- und Währungskrisen. Die wichtigsten Kanäle für die internationale Krisenausbreitung sind dabei die internationalen Kapitalflüsse und global agierende Banken. Langfristig werden Länder mit großer Exportabhängigkeit von den USA oder dem Euro-Raum auch unter der konjunkturbedingt schwachen Nachfrage leiden. Der aufgrund der schlechten Konjunkturaussichten seit Mitte 2008 sinkende Ölpreis wird den Abbau der bestehenden externen Ungleichgewichte beschleunigen. Dazu beitragen könnte auch eine relative Verschiebung der Bedeutung von Export und Inlandsnachfrage in den Wachstumsprozessen der USA und China, während die jüngsten Wechselkursentwicklungen einem Equilibrierungsprozess entgegen laufen. Das große Wachstumsdifferential zwischen den Industrieländern und den großen Schwellenländern dürfte bis 2009 bestehen bleiben oder sich sogar ausweiten. 2009 werden die großen Schwellenländer China, Indien, Brasilien sowie Russland den überwiegenden Teil zum Wachstum der Weltwirtschaft beitragen, während der Beitrag der USA, der EU und Japans rezessionsbedingt negativ sein wird. ---- ENGLISH: Developments in the world economy in the context of the financial crisis The financial crisis that erupted in August 2007 has developed into a dramatic systemic banking crisis: the number of defaults in the banking and corporate sector increased, asset prices declined depressing the capitalisation of banks, while real interest rates increased. A major force driving this development is the loss of confidence among banks following the huge write-downs in the wake of securitization and the burst of the US-sub prime bubble. State interventions in the US and the Euro area were unable to resolve the liquidity crisis on the inter-bank market. Due to the high leverage of many banks, the incurred losses required a shortening of banks' balance sheets. The de-leveraging process implied the sale of assets and a more restrictive lending policy by banks. By September 2008 international linkages between banks and financial markets caused the financial market crisis to spread to many emerging markets and also the Central and Eastern European Countries (CEEC) as foreign investors withdrew capital from these markets. Since then many CEEC have struggled with the financing of their current account deficits, with liquidity and currency crises. Countries with strong export dependency on the US or the Euro-area started to suffer from weakened demand. Developments with regard the previously built-up large global external equilibria moved in different directions: The move into recession of many consuming countries since mid-2008 caused oil prices (and other commodity prices) to recede. This contributes towards a reduction in existing external imbalances. The sharp fall in domestic demand in the US economy is another contributing factor, whereas the latest exchange rate development (appreciating dollar) acts as a counterbalancing force in this equilibrating process. Growth differentials between industrialised countries and some of the major emerging markets mean that in 2009 in spite of the general global slow-down, it will only be the major emerging markets such as China and India which will contribute positively to the growth of the world economy, whereas the US, the EU and Japan will all make negative contributions. |
| Keywords: | transitional economies, comparative study, economic growth, fiscal and monetary policy, macroeconomic forecast, macroeconomic analysis |
| JEL: | P2 O57 E17 O4 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:wii:ratpap:rpg:2009:jan&r=tra |
| By: | Isabell Koske |
| Abstract: | As in other catch-up countries inflation is likely to stay high going forward due to nominal convergence. To better cope with the risk of a too rapid pick up of wages during the convergence process on the one hand and to raise the adjustment potential of the economy to macroeconomic shocks on the other, labour and product market flexibility is essential. Three main areas for improvement are discussed in this chapter. First, wage flexibility should be safeguarded by avoiding significant increases in minimum wages and by abolishing legal extension of collective wage settlements. Second, competition needs to be strengthened, especially in the liberal professions where entry and conduct regulation should be eased. In addition, the points of single contact that already exist for small enterprises should be extended to entrepreneurs of the liberal professions. Third, a wider use of information and communication technology (ICT) could lead to important productivity gains. Removing obstacles to the spread of e-business and a swift implementation of e-government are imperative. This Working Paper relates to the 2009 OECD Economic Survey of the Slovak Republic.<P>Accroître la flexibilité de l’économie slovaque durant la phase de rattrapage<BR>Comme dans les autres pays en phase de rattrapage, l’inflation devrait rester élevée à l’avenir sous l’effet du phénomène de convergence nominale. Pour mieux parer aux risques d’augmentation trop rapide des salaires au cours du processus de convergence, d’une part, et pour accroître les possibilités d’ajustement de l’économie aux chocs macroéconomiques, d’autre part, il est indispensable que le marché du travail et les marchés de produits soient flexibles. On examinera dans ce chapitre les trois principaux domaines où des améliorations devraient être réalisées. Premièrement, il faudrait préserver la flexibilité des salaires en évitant de fortes hausses du salaire minimum et en mettant fin à l’extension des conventions collectives salariales. Deuxièmement, la concurrence doit être renforcée, surtout dans les professions libérales, où il faudrait assouplir l’entrée et les conditions d’exercice. De plus, il serait souhaitable d’étendre aux professions libérales les guichets uniques qui existent déjà pour les petites entreprises. Troisièmement, la productivité pourrait sensiblement progresser si on utilisait plus largement les technologies de l’information et de la communication (TIC). Il est impératif de supprimer les obstacles à la diffusion du commerce électronique et de mettre en placer rapidement l’administration électronique. Ce Document de travail se rapporte à l’Étude économique de l’OCDE de la République slovaque 2009. |
| Keywords: | Slovak Republic, République slovaque, labour market flexibility, flexibilité du marché du travail, nominal convergence, convergence nominale, flexibilité du marché des biens, product market flexibility |
| JEL: | D4 J31 J52 O47 |
| Date: | 2009–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:680-en&r=tra |
| By: | Laure Latruffe; Jozsef Fogarasi |
| Abstract: | The paper investigates the difference in technical efficiency and in productivity change, and the technology gaps, between French and Hungarian farms in the dairy and cereal, oilseeds and proteinseeds (COP) sectors during the period 2001-2004. The analyses are performed with national FADN data and the Data Envelopment Analysis (DEA) approach under each country’s respective frontier and under a metafrontier. Results revealed that in both the dairy and the COP sectors, Hungarian farms’ technology was the more productive, despite a technological deterioration. This suggests technological advantages for large-scale (Hungarian) over small-scale (French) farming in these two sectors. These findings may also be explained by the higher policy support in France. Subsidies received by farms have indeed a stronger negative impact on technical efficiency for French farms than for Hungarian farms, and a negative impact on the ability to lead the technology only for French farms. |
| Keywords: | technology gap, technical efficiency, Malmquist indices, subsidies, farms |
| JEL: | P51 D24 Q12 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:rae:wpaper:200907&r=tra |
| By: | Felix Hüfner |
| Abstract: | House prices have risen strongly in past years, helped by rising incomes and declining interest rates. At the same time, construction of new dwellings has remained fairly muted and has only recently shown signs of picking up. A characteristic feature of the Slovak housing market, and a consequence of the privatization programme initiated in the early 1990s, is the virtual absence of a private rental market. As euro membership will most likely go along with easier financial conditions and also entails limited availability of national policy tools, current housing policies will have to be adjusted. The challenges are to avoid overheating of the housing market in the medium term, in part by making supply more reactive to demand, and to phase out the hurdles that are currently impeding the private rental market, which would facilitate labour mobility. This Working Paper relates to the 2009 OECD Economic Survey of the Slovak Republic.<P>Ajuster la politique du logement en Slovaquie dans le contexte de l’adoption de l’euro<BR>Les prix des logements ont fortement augmenté ces dernières années avec la hausse des revenus et la baisse des taux d’intérêt. En revanche, la construction de logements neufs est restée assez léthargique et n’a montré que récemment des signes d’accélération. L’une des caractéristiques du marché du logement en République slovaque, conséquence du programme de privatisation engagé au début des années 90, est la quasi-inexistence d’un marché locatif privé. Puisque la participation à la zone euro se traduira très probablement par un assouplissement des conditions financières tout en limitant les instruments d’action nationaux, il faudra modifier la politique actuelle du logement. L’enjeu sera d’éviter une surchauffe du marché du logement à moyen terme, notamment en agissant pour que l’offre réagisse davantage à la demande, et d’éliminer les obstacles actuels à un marché locatif privé, ce qui faciliterait la mobilité des travailleurs. |
| Keywords: | Slovak Republic, République slovaque, house prices, prix des logements, marché locatif, housing policies, rental market, prêts hypothécaires |
| JEL: | H21 H31 J61 |
| Date: | 2009–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:682-en&r=tra |
| By: | Melvukhina, Olga; Tanguay, Luc; Vaughan, Odette; Jotanovic, Aleksandar |
| Abstract: | In recent years, as a result of a strong demand for energy and other natural resources, Russia's economy has experienced impressive growth. Russia's re-emergence as a political and, particularly, economic power have allowed it to increase policy support to its agricultural sector. Russia's size, improving prospects, and growing policy support make developments in its agricultural sector of interest to Canada. |
| Keywords: | Russia, agricultural policy, regionalization, ruble, energy demand, transparency, Agricultural and Food Policy, Institutional and Behavioral Economics, International Relations/Trade, Livestock Production/Industries, Resource /Energy Economics and Policy, |
| Date: | 2008–03 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaacem:46511&r=tra |
| By: | Barbara Coello |
| Abstract: | This paper provides an ex-post analysis of the impact of trade liberalization in Vietnam between 1993 and 1998, taking into account regional differences. First, a price pass-through analysis is performed to measure how trade liberalization influence provincial prices. These results are plugged into a farm household model in order to capture the effects on households' outcomes such as quantities produced, agricultural income and profits. An original continuous treatment assessment measures the effects of trade liberalization proportionally to the degree of initial household specialization in export crops. My findings suggest that trade liberalization has differently affected domestic prices and agricultural variables across profits groups and regions. Trade liberalization in agriculture, between 1993 and 1998 has increased inequalities in Vietnam, with a negative evolution of agricultural profits for the poorest. |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pse:psecon:2008-75&r=tra |