Twin Deficits and the Import Propensity in Post-Transition Countries
This article uses co-integration and related techniques to test for a long-run causal relationship between the fiscal and external deficits of three post-transition countries in Central and Eastern Europe. In addition, an import propensity model is tested by applying OLS and GMM. All theresults reject the Twin Deficits Hypothesis. Instead, the resultsdemonstrate that specific transition factors such asa high import intensity of exports and net capital inflows affect the trade balance.
The paper undertakes an analysis of the attempts of GCC and BRIC countries to catch up in their national development to build an innovation-driven economy on which to base future growth and wealth. We conducted an analysis of GCC and BRIC countries to show the different strategies leaders have taken to try and achieve this aspiration. This paper analyses the various aspects of national innovation systems of BRIC and GCC countries, highlights similar and different approaches – and attempts to quantify their success. For example, GCC countries spend extensively on research and development, but have so far achieved less than meaningful results. Brazil, China and India are catching up to the acknowledged world leaders in innovation, but Russia is lagging.
Counter-intuitively, we will argue that the push towards an innovation-based economy is actually not dependent on total expenditure on R&D, but rather relies on the efficient allocation of investments and the rigorous implementation of innovation strategy. And we will demonstrate this by showing our ideas in relation to both BRIC and GCC countries.
This analysis raises fascinating points of discussion for those looking to build an innovation economy in other countries, and has practical implications for policy maker and policy implementers in all countries.
This paper examines the impact of financial globalization on financial development in transition countries. An empirical test is elaborated with new indicators of financial globalization and financial development, closer to theoretical and conceptual framework. On the basis of Blundell and Bond (1998) a dynamic panel data model is employed. The principal results suggest, in general, that financial globalization has a positive and significant relationship with the process of growth of the financial system, but not with the process of development, that is to say, without a better performance of basic financial functions.
This volume offers a profound analysis of post-socialist economic and political transformation in the Balkans, involving deeply unequal societies and oligarchical “democracies.” The contributions deconstruct the persistent imaginary of the Balkans, pervasive among outsiders to the region, who see it as no more than a repository of ethnic conflict, corruption and violence. Providing a much needed critical examination of the Yugoslav socialist experience, the volume sheds light on the recent rebirth of radical politics in the Balkans, where new groups and movements struggle for a radically democratic vision of society.
Summarising the content of the whole volume
This volume intends to fill the gap in the range of publications about the post-transition social housing policy developments in Central and Eastern Europe by delivering critical evaluations about the past two decades of developments in selected countries’ social housing sectors, and showing what conditions have decisively impacted these processes.
Contributors depict the different paths the countries have taken by reviewing the policy changes, the conditions institutions work within, and the solutions that were selected to answer the housing needs of vulnerable households. They discuss whether the differences among the countries have emerged due to the time lag caused by belated reforms in selected countries, or whether any of the disparities can be attributed to differences inherited from Soviet times. Since some of the countries have recently become member states of the European Union, the volume also explores whether there were any convergence trends in the policy approaches to social housing that can be attributed to the general changes brought about by the EU accession.
This book pulls together experts in the fields of economics and Russian culture, all participants in the Samuel P. Huntington Memorial Symposium on Culture, Cultural Change and Economic Development, a follow-up to the 1999 Cultural Values and Human Progress Symposium at Harvard University. As the sequel to the 2001 volume Culture Matters, it discusses modernization, democratization, economic, and political reforms in Russia and asserts that these reforms can happen through the reframing of cultural values, attitudes, and institutions.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.