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Institutional quality in transition countries is roughly as expected given per capitaincomes. Institutions are improving continuously. Given prevailing assumptions that theinstitutional situation is d...
Prepared for the Handbook Of New Institutional Economics, this chapter focuses on how the NIE has been used to understand transition and how the experience of transition can help inform the NIE. It fi...
This paper shows that the use of monetary policy rules in emerging market economies has many of the same benefits that have been found in research and in practice in developed economies. For those e...
The consumption and welfare implications of wage arrears in transition economies.
A model of unbalanced sectorial growth with application to transition economies.
Scholars of corporate governance have debated the relative importance of country and firm characteristics in understanding corporate governance variation across emerging economies. Using panel data an...
A model is developed where firms in a financial system have to settle their debts to each other by using a liquid asset. The question that is studied is how many firms must obtain how much of this ass...
The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southea...
A firm can finance investment either by borrowing or by drawing on cash balances,so that financial asset and liability changes tend to have opposite signs. In contrast, financi...
Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since f...
The term “global liquidity” is often invoked by emerging market policy makers to denote the global factor that drives cross-border spillovers in financial conditions and credit growth. The term is oft...
Mihail Manoilescu was one of the main intellectual personalities of the interwar period in Romania. He was known as a politician and a central banker, but also as an economist. From the very beginnin...
In a canonical model of collective action, individual contribution to collective action is negatively correlated with group size. Yet, empirical evidence on the group size effect has been mixed, partl...

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