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on Transition Economics |
| By: | Yuri Sinachev (Interdepartmental Analytical Center, RANEPA); Mikhail Kuzyk (Interdepartmental Analytical Center, RANEPA); Boris Kuznetsov (Interdepartmental Analytical Center, RANEPA); Evgeniy Pogrebniak (Interdepartmental Analytical Center, RANEPA) |
| Abstract: | This paper deals with assessment of the experience in industrial policy implementation in Russia, and a determination of the key lessons including an analysis of two examples of industrial policy – the nano-industry and the automotive industry. ? |
| Keywords: | Russian economy, industrial policy |
| JEL: | L32 L38 L52 L59 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:198&r=tra |
| By: | Yifan ZHANG (Lingan University, Hong Kong) |
| Abstract: | Using a large firm-level dataset from the Chinese manufacturing industry, this paper studies the productivity gap and productivity convergence between large and small firms in China. We find that small firms are less productive relative to large firms, but the productivity gap became smaller over the sample period 1999–2007. Based on static and dynamic Blinder-Oaxaca decompositions, we distinguish the endowment effect from the return effect, and quantify the impacts of exports and FDI on the productivity gap and productivity convergence. |
| Keywords: | China, Small firms, Productivity, Globalisation |
| JEL: | F11 L22 O53 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2014-13&r=tra |
| By: | Martin T. Bohl; Jeanne Diesteldorf; Pierre L. Siklos |
| Abstract: | This paper examines whether the introduction of Chinese stock index futures had an impact on the volatility of the underlying spot market. To this end, we estimate several Generalized Auto-Regressive Conditional Heteroscedasticity (GARCH) models and compare our findings for mainland China with Chinese index futures traded in Singapore and Hong Kong. Our results indicate that Chinese index futures decrease spot market volatility all three spot markets considered. In contrast, we do not obtain the same results for the companion index futures markets in Hong Kong and Singapore. China’s stock market is relatively young and largely dominated by private retail investors. Nevertheless, our evidence is favorable to the stabilization hypothesis usually confirmed in mature markets. |
| Keywords: | Chinese Stock Markets, Index Futures, Volatility Spillovers |
| JEL: | G10 G14 G15 G18 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:cqe:wpaper:3614&r=tra |
| By: | Yin, Wei (Cardiff Business School); Matthews, Kent (Cardiff Business School) |
| Abstract: | This paper uses a sample of matched data of firms-banks in China over the period 1999-2012 to determine the drivers of firms switching behaviour from one bank relationship to another. The findings conform to the extant literature and therefore indicate that the switching behaviour of Chinese firms is no different to firms elsewhere. The results show that the principal driver of a switching action is the credit needs of the firm and a mixture of firm and bank characteristics. The findings support the extant literature that less opaque firms are able to switch more readily than opaque firms. The results also suggest that banks that develop there fee income services are more effective in locking-in their borrowers. |
| Keywords: | Switching behaviour; Chinese firms; Chinese banks |
| JEL: | G21 L22 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:cdf:wpaper:2014/17&r=tra |
| By: | Georgy Zadonsky (Gaidar Institute for Economic Policy) |
| Abstract: | This paper deals with a wide range of issues related to housing mortgage lending in Russia. |
| Keywords: | Russian economy, mortgage |
| JEL: | G21 K11 L74 L85 R14 R21 R31 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:204&r=tra |
| By: | Wang, Jian (Federal Reserve Bank of Dallas); Wang, Xiao (University of North Dakota) |
| Abstract: | To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control group. After controlling for the acquisition effect that also exists in domestic acquisitions, we find no evidence in the data that foreign ownership can bring productivity gains to target firms. In contrast, a strong and robust finding is that foreign ownership significantly improves target firms' financial conditions and exports relative to domestic-acquired firms. Foreign acquisition is also found to improve output, employment and wage for target firms. These findings highlight the financial channel through which FDI benefits income and economic growth of host countries. |
| JEL: | F15 F21 F23 F36 |
| Date: | 2014–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddgw:191&r=tra |
| By: | Leo F. Goodstadt (Hong Kong Institute for Monetary Research and Hong Kong Institute for the Humanities and Social Sciences and University of Dublin) |
| Abstract: | This paper investigates China's pattern of decade-plus delays in implementing banking reforms. It identifies the ideological factors involved, particularly the persistent suspicion of 'market forces' as the economy's driving force. The dependence on the banks to finance the economic and social costs of the retreat from state planning is traced, together with the costs to the banks of funding such urgent national programmes as the 2008 economic stimulus package and the current affordable housing drive. The paper argues that liberalisation of the banking industry will continue to be limited because of the banks' role as the national leadership's last surviving lever of control over policy implementation after the demise of the command economy. |
| Keywords: | China, Banking, Reforms, Ideology, Market Forces, State Intervention |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:hkm:wpaper:262014&r=tra |
| By: | Suzi Kerr (Motu Economic and Public Policy Research); Vicki Duscha (Fraunhofer Institute for Systems and Innovation Research) |
| Abstract: | There are many choices within the design of an emissions trading system. In this paper we focus on one specific aspect – the point of regulation for the energy sector. This choice affects transaction costs; comprehensiveness, and hence the amount of emissions covered and the extent to which the potential cost-effectiveness gains are realised; and credibility of the system. We discuss how an “upstream” energy sector emissions trading system works and present arguments for going upstream (in particular, simplicity of administration) while also discussing arguments for other points of regulation in light of the Chinese circumstances. We present experiences with the New Zealand system, the only system that is entirely upstream for energy, showing ways to address issues that may arise with an upstream system. Ultimately the success of emissions trading depends on markets that operate in a relatively free and competitive way. Simply copying others’ systems to the context of a largely controlled economy such as the Chinese one is likely to be ineffective; each system must be uniquely tailored to local circumstances, possibly in China more than ever before. |
| Keywords: | Emissions trading scheme, point of regulation, upstream, energy sector, China, New Zealand |
| JEL: | Q54 Q56 Q58 Q48 H23 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:14_09&r=tra |
| By: | International Monetary Fund. European Dept. |
| Abstract: | After slowing in 2013, the Slovak economy is gathering momentum as the euro area and domestic demand recover, the latter complementing the strong export sector that has made Slovakia one of Europe’s more dynamic economies. Reducing still very high unemployment remains a key challenge, as does sustaining fiscal adjustment. Manageable public and private debt as well as a sound banking system limit vulnerabilities, but Slovakia’s fortunes remain closely tied to external developments, especially in the euro area, and there are risks from regional tensions since Russia provides much of Slovakia’s energy and is a reasonably important export market, including for Slovakia’s trading partners. |
| Keywords: | Article IV consultation reports;Economic growth;Fiscal consolidation;Fiscal policy;Unemployment;Banking sector;Bank supervision;Economic indicators;Debt sustainability analysis;Staff Reports;Press releases;Slovak Republic; |
| Date: | 2014–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/254&r=tra |
| By: | International Monetary Fund. European Dept. |
| Abstract: | Growth accelerated to 3.1 percent in 2013, driven by a positive net exports contribution. The broad policy direction is supportive of near term macroeconomic stability. The key challenge is to transition from stability into an acceleration of medium term growth. Uncertainty with respect to EU accession remains, and weighs on longer term prospects. |
| Keywords: | Article IV consultation reports;Fiscal policy;Debt management;Monetary policy;Bank supervision;Economic indicators;Debt sustainability analysis;Staff Reports;Press releases;Post-program monitoring;former Yugoslav Republic of Macedonia (FYR Macedonia); |
| Date: | 2014–07–25 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/231&r=tra |
| By: | Ramiz Rahmanov |
| Abstract: | This paper adopts the asymmetric error correction technique to investigate the dynamics of household consumption in Central and Eastern European (CEE) countries. The asymmetric co-integration testing shows that households in all CEE countries but Bulgaria respond asymmetrically to negative and positive shocks. Further, the estimates of the asymmetric error correction equations show that despite underdeveloped banking sectors, households in all CEE countries asymmetrically responding to deviations but Slovakia exhibit loss aversion. As an explanation for this finding, we suggest that to smooth consumption, households in these countries deplete their savings. |
| Keywords: | loss aversion, liquidity constraints, consumption, asymmetric error correction model, Central and Eastern Europe. |
| JEL: | C22 D11 D12 E21 |
| Date: | 2014–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:wdi:papers:2014-1082&r=tra |
| By: | Vassilis Monastiriotis; Dimitris Kallioras; George Petrakos |
| Abstract: | The Eastern Enlargement of the EU saw a proliferation of association agreements with countries in the Ônear abroadÕ under EUÕs European Neighbourhood Policy framework. Although such agreements are considered to be strictly welfare-enhancing, there is very little evidence to show their economic effects, including their distributional consequences across space, separately from other concurrent processes (transition, internationalisation, capital deepening, etc). This paper draws on the experience of pre-accession agreements in Central and Eastern Europe to estimate the effect that such agreements had on regional growth, and thus on the long-run evolution of regional disparities, in the associated countries. We apply an event-analysis and exploit the country variation in the timing of these agreements to identify their distinctive effect on regional growth, using regional data at the NUTS3 levels covering the period from the early transition phase (1991/92) until the eruption of the financial crisis (2008). Our results provide strong evidence that EU association agreements accelerate growth; but show that this is far from evenly distributed across space Ð with denser, larger and more diversified regional economies gaining the most. We discuss what these findings imply for regional growth and spatial imbalances in the new wave of associated countries under the ENP. |
| Keywords: | association agreements, event analysis, regional growth, Central Eastern Europe |
| JEL: | F15 F55 R11 R15 O43 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:eiq:eileqs:80&r=tra |
| By: | Brown, Martin; Stix, Helmut |
| Abstract: | In Eastern Europe a substantial share of bank deposits are denominated in foreign currency. Deposit euroization poses key challenges for monetary policy and financial sector supervision. On the one hand, it limits the effectiveness of monetary policy interventions. On the other hand, it increases financial sector fragility by exposing banks to currency risk or currency induced credit risk. Policymakers disagree on whether Eastern European countries should tackle deposit euroization with “dedollarization” policies or should rather strive to adopt the Euro as their legal tender. Assessing the potential effectiveness of “dedollarization” policies requires a clear understanding of which households hold foreign currency deposits and why they do so. Based on survey data covering 16,375 households in ten countries in 2011 and 2012, we provide the first household-level analysis of deposit euroization in Eastern Europe. We examine how households’ preferences for and holding of foreign currency deposits are related to individual expectations about monetary conditions and network effects. We also examine to what extent monetary expectations, network effects and deposit euroization are the legacy of past financial crises or the outflow of current policies and institutions in the region. Our findings suggest that deposit euroization in Eastern Europe can be partly tackled by prudent monetary and economic decisions by today’s policymakers. The preferences of households for Euro deposits are partly driven by their distrust in the stability of their domestic currency, which in turn is related to their assessment of current policies and institutions. However, our findings also suggest that a stable monetary policy may not be sufficient to deal with the hysteresis of deposit euroization across the region. First, we confirm that the holding of foreign currency deposits has become a “habit” in the region. Second, we find that deposit euroization is still strongly influenced by households’ experiences of financial crises in the 1990s. |
| URL: | http://d.repec.org/n?u=RePEc:usg:sfwpfi:2014:12&r=tra |
| By: | Asian Development Bank (ADB); (East Asia Department, ADB); ; |
| Abstract: | Climate change is a threat to Mongolia’s economic growth, sustainable development, and fragile environment. Well-designed actions to mitigate climate hange can provide multiple benefits, including socioeconomic development and resilience to climate variability and change. Nationally appropriate mitigation actions (NAMAs) can provide a framework for the identification and implementation of mitigation actions. This publication identifies and assesses technical, titutional, and policy elements needed to develop and implement a NAMA in the grassland and livestock sector. Technical elements include estimates of greenhouse gas (GHG) mitigation potential, economic costs and benefits, GHG measurement options, adaptation benefits, and barriers to adoption and identification of policies and measures. |
| Keywords: | China; People’s Republic of China; PRC, mitigation, climate policy, grassland management, livestock management, grassland carbon sequestration, carbon offset, carbon market, carbon trade, carbon dioxide, greenhouse gas, clean development mechanism, CDM, certified emission reduction, CER, GHG intensity, carbon credit, emissions trading, verified carbon standard, VCS, voluntary emission reduction, VER |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt136174&r=tra |
| By: | Alzbeta Mullerova |
| Abstract: | Czech conciliation policies, i.e. social, family and employment policies affecting households’ fertility and employment choices, have gone through dramatic changes since the 1989 transition to market economy. After a brief presentation of conciliation policies and practices before and after the transition, we focus on the 1995 Czech Parental Benefit reform and we evaluate its impact on mothers’ labour supply. The payment of parental benefits was extended to 4 years instead of 3 without an equivalent extension of the job protected parental leave, leaving to mothers the choice of either guaranteed employment or additional twelve months of benefits. We use difference-in-differences strategy of identification to assess the net effect of this reform on mother’s labour market participation. We find a sizeable and negative impact on mothers’ probability of return to work at the end of the parental leave. |
| Keywords: | Female Labour Supply, Parental Leave and Benefit, Policy Evaluation |
| JEL: | J13 J16 J18 P30 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2014-50&r=tra |
| By: | Marlene Amstad; Ye Huan; Guonan Ma |
| Abstract: | This paper develops a new underlying inflation gauge (UIG) for China which differentiates between trend and noise, is available daily and uses a broad set of variables that potentially influence inflation. Its construction follows the works at other major central banks, adopts the methodology of a dynamic factor model that extracts the lower frequency components as developed by Forni et al (2000) and draws on the experience of the Peopleâ??s Bank of China in modelling inflation. |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:853&r=tra |
| By: | Lucie Reznakova (Department of Finance, Faculty of Business and Economics, Mendel University in Brno); Svatopluk Kapounek (Department of Finance, Faculty of Business and Economics, Mendel University in Brno) |
| Abstract: | We apply a disequilibrium model of credit demand and supply to test the credit crunch hy- pothesis. We suppose that firms face credit rationing and a realised outstanding loan will be the minimum desired level of commercial bank loans and bank limit for the firm. We adopted the disequilibrium model which consists of credit supply and credit demand equations. We sug- gest that actual observed credit growth rate at time t lies on the supply curve (excess demand), or on the demand curve (excess supply), or on both (equilibrium). Our model is estimated by the full-information maximum likelihood approach with a numerical maximization of the like- lihood function. Our basic findings show that significant decrease in credits after the financial crisis in the year 2007 was caused by low economic and investment activity and reject the hy- pothesis that there is a credit crunch in the Czech Republic. |
| Keywords: | money supply, money demand, maximum likelihood approach, credit, financial crisis, credit crunch, disequilibrium |
| JEL: | G21 G28 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:men:wpaper:50_2014&r=tra |
| By: | Alexander S. Skorobogatov (National Research University Higher School of Economics) |
| Abstract: | This research estimates the effect of the restriction of trading hours on the use of alcoholic beverages falling under the restriction, and to evaluate the substitution effect for the beverages not under the restriction. The hypotheses tested are that these policies decrease use of factory-made vodka and increase use of home-made vodka (samogon) and factory-made light beverages. Overall use, binge drinking, and the consumption of vodka, samogon, beer, and wine were examined. The conclusions are that the sales restrictions leads to a decrease of factory-made vodka consumption and its partial substitution by samagon for people most exposed to the restriction. A by-product of the restriction is a redistribution of alcohol market in favor of the big shops that resulted in a fall in samogon sales and rise in wine sales. |
| Keywords: | closing hours, alcohol policy, substitution effect, differences-in-differences |
| JEL: | I18 J60 K42 L66 P51 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:63/ec/2014&r=tra |
| By: | Joanna Tyrowicz (Faculty of Economic Sciences, University of Warsaw; National Bank of Poland); Lucas van der Velde (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | This paper employs a new rich source of data on worker reallocation in transition economies and provides a decomposition of the aggregate changes into those attributable to sectoral reallocation, those attributable to transition per se and those attributable to demographics. Aghion and Blanchard (1994) provide a theoretical framework that allows to conceptualize a reallocation from an (implicitly inefficient) public sector to a (more efficient) private sector, which is extremely useful in the analyses of economic transition. However, transition processes are not isolated from global trends such as a shift from industry to services, which is more explicitly tackled in the sectoral reallocation models of Caballero and Hammour (1996, 2001). Finally, there are also demographic processes, which exhibit in labor market exits by people with outdated or no longer necessary skills and in labor market entries by people with possibly better matched competences. The aggregate changes in transition economies are a combination of these three mechanisms. We thus test the validity of Aghion and Blanchard (1994) as well as Caballero and Hammour (1996, 2001) in the context of 26 transition economies over the period 1989-2006. We find that demographics and education can accommodate a fair share of shift from public to private and from manufacturing to services - as opposed to the actual worker flows between jobs. Whether or not this results in reduced employment at the end of the transition process stems not from the wage setting mechanism (such as collective bargaining, indexation, etc.) but rather seems to be related to the policies able to keep older cohorts in employment. |
| Keywords: | optimal speed of transition, reallocation, Aghion and Balnchard, Caballero and Hammour, demographic changes, transition economies, labour market. |
| JEL: | P31 P52 J21 J23 J11 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2014-28&r=tra |
| By: | Hervé Boulhol |
| Abstract: | Poor labour-market outcomes remain one of Poland’s major structural weaknesses, impeding firms’ competitiveness and the nation’s potential output. Boosting employment prospects is also critical, as the country will soon be ageing at a fast pace. Despite long working hours, labour utilisation is only average due to structurally low employment rates, particularly at both ends of the age spectrum, with some marked regional differences. The female employment rate is especially low, in part due to poorly designed family and pension policies. Insufficient product-market competition and obstacles to internal mobility induce significant resource misallocation. Employment protection is not particularly stringent, but the labour market is nonetheless heavily segmented. This is likely to weigh on economic performance by limiting investment in human capital and making some specific groups bear a large share of adjustment costs. Public employment services suffer from a lack of resources and function inefficiently. Local labour offices have limited incentives to adopt best practices; the government plans to start benchmarking them. There is ample scope to tighten jobseeker obligations and reform social and tax policies to make work pay. This Working Paper relates to the 2014 OECD Economic Survey of Poland (www.oecd.org/eco/surveys/economic-survey-poland.htm). Améliorer le fonctionnement du marché du travail en Pologne Les résultats médiocres obtenus sur le front de l'emploi restent une des principales faiblesses structurelles de la Pologne, entravant la compétitivité des entreprises et la production potentielle du pays. Il est également crucial d'améliorer les perspectives d'emploi dans la mesure où la population va bientôt vieillir rapidement. Malgré le nombre élevé d'heures travaillées, le niveau d'utilisation de la main-d'oeuvre est seulement moyen en raison de la faiblesse structurelle des taux d'emploi, en particulier aux deux extrémités de l'échelle des âges, avec des différences régionales marquées. Le taux d'emploi des femmes est particulièrement bas, ce qui tient en partie aux défauts de conception des politiques familiales et du système de retraite. L'insuffisance de la concurrence sur les marchés de produits et les obstacles à la mobilité interne se traduisent par des problèmes importants d'affectation des ressources. La protection de l'emploi n'est pas particulièrement rigoureuse, mais le marché du travail n'en demeure pas moins fortement segmenté. Cela pèse probablement sur les performances de l'économie, en limitant l'investissement dans le capital humain et en faisant assumer à certains groupes une part importante des coûts d'ajustement aux chocs économiques. Les services publics de l'emploi pâtissent d'un manque de ressources et fonctionnent de manière inefficace. Les agences locales de l'emploi ne sont guère incitées à adopter les meilleures pratiques ; le gouvernement projette de commencer à les soumettre à des évaluations comparatives. Les autorités disposent d'amples marges de manoeuvre pour durcir les obligations imposées aux demandeurs d'emploi et réformer les politiques sociales et fiscales de manière à valoriser le travail. Ce Document de travail se rapporte à l’Étude économique de l’OCDE de la Pologne 2014 (www.oecd.org/fr/eco/etudes/etude-econom ique-pologne.htm). |
| Keywords: | unemployment, education, employment, employment service, labour market policies, labour market, employment protection, pensions, emploi, services de l'emploi, marchés du travail, pensions, protection de l'emploi, politique du marché du travail, éducation, chômage |
| JEL: | J1 J13 J21 J24 J26 J31 J65 J8 |
| Date: | 2014–06–04 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1124-en&r=tra |
| By: | International Monetary Fund. Asia and Pacific Dept |
| Abstract: | KEY MESSAGES Setting. Discussions took place for the first time since the handover of Macao SAR from Portugal to China in 1999. Prudent macroeconomic management has underpinned rapid development in the territory, which is now the world’s largest gaming center. As a small, open and tourism-dependent economy, Macao SAR is currently also benefiting from loose global monetary conditions and a Mainland-related boom. Outlook and risks. Growth should stay strong over the next few years at 8–10 percent buoyed by gaming exports and investment, with inflation remaining around 5–5½ percent. However, the economy is vulnerable to external shocks, in particular a slowdown in tourism, due to shocks in the Mainland or Hong Kong SAR or other setbacks to the global recovery. The buoyant property market could also correct if demand fundamentals shift or interest rates rise abruptly with the withdrawal of unconventional monetary policy abroad. Macroeconomic policies. The policy stance is appropriate, with scope for further tightening of macroprudential policies should property prices continue to rise sharply. If downside risks materialize, targeted fiscal stimulus should be used to buttress growth. In the event of a severe property downturn, some countervailing measures could be cautiously unwound. The currency board is the best arrangement for Macao SAR. Financial stability. Important progress has been made in strengthening financial stability in line with the 2011 FSAP recommendations. Prudential measures should focus on managing potential credit and liquidity risks from a gaming slowdown and the property sector, as well as spillovers from shocks in the Mainland and Hong Kong SAR. Longer term challenges. Looking further ahead, Macao SAR’s public finances face a moderation in gaming revenues juxtaposed against spending needs from population aging. A sovereign wealth fund to manage part of the territory’s fiscal reserves and medium-term budgeting could therefore be useful. As the gaming sector matures, economic diversification toward other services will be key for stable growth. |
| Keywords: | Article IV consultation reports;Economic growth;Fiscal policy;Banking sector;Currency boards;Economic indicators;Staff Reports;Press releases;Macao SAR; |
| Date: | 2014–07–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:14/229&r=tra |
| By: | Joze Mencinger (Institute of Economics, EIPF); Egert Juuse (Ragnar Nurkse School of Innovation and Governance, Tallinn University of Technology); Rainer Kattel (Ragnar Nurkse School of Innovation and Governance, Tallinn University of Technology) |
| Abstract: | The presentation of financial regulation in Slovenia and its adaptation to the EU regulation reveals the importance of understanding the rationales behind the changes of the regulation and their consequences. They both depend on social and economic environment in the country, on its history, and on existing economic and political situation. The same legal rules and institutions in a new market economy do not lead to the same results as in a developed old market economy. The performances crucially depend on norms and patterns of social behavior created over many years. Due to interplay of internal and external factors, four distinctive periods of Slovenian banking regulation could be distinguished with a clear pattern of transition from authentic Slovenian financial regulation, that is, the period of autonomous and powerful Bank of Slovenia, which was aware of the development of financial regulation elsewhere when creating and applying it in the country, to the period of gradual adaptations of Slovenian financial regulation to EU and EMU financial regulation. Affected by the 2008 crisis, Slovenia witnessed the period of often chaotic regulatory reactions of the Slovenian authorities, while the most drastic reform of Slovenian banking took place in 2013 and 2014. |
| Keywords: | Financial regulation, supervision, banking, transition economies, Europeanization, Slovenia |
| JEL: | G28 |
| Date: | 2014–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fes:wpaper:wpaper58&r=tra |