Authors:Korneliusz Pylak, Elżbieta Wojnicka-Sycz, and Piotr Sycz
Western regions with a constant GDP (western constant group, WCG). However, due to the lack of data for many regions it was impossible to use spatial econometric models. Figure 2. European regions under investigation with four groups indicated Economic
China has persevered its market-oriented economic transition since 1978. In this paper, we use the provincial-level NERI Index of Marketization from 1997 to 2014 and a panel data model to investigate the quantitative contribution of market-oriented reforms to China’s total factor productivity (TFP) and economic growth. Our results indicate that marketization reforms contributed 1.3 percentage points to China’s annual economic growth rate and accounted for 35 percent of the increase in TFP. This means that the institutional reforms significantly improved resource allocation. However, economic transition in China has not yet been completed and sustainability of future growth will depend on further market-oriented reforms.
The article examines the significance of institutional quality for economic performance during transition. Institutions are the rules of the game. In any economy the most important institutions are the legal system, the state, the structure of the financial system and the system of international relations. The process of economic transition in Central and Eastern Europe was mainly a process of massive institutional changes which were spurred by economic causes and also themselves had significant economic consequences. The article examines the institutional changes in transition economies and shows that institutions matter. The first decade of transition gave the impression that it is important to build as good institutional framework as possible and as fast as possible. But today, with the quick growth of some South Eastern European economies, it seems not to hold that the better the institutions the better the economic performance, but rather to (at least) establish some satisfactory level of institutional quality is important to resume growth, which can also be assisted by foreign capital.
The aim of this paper is to reveal the transformation of the Ottoman Empire following the debacles of the second siege of Vienna in 1683. The failures compelled the Ottoman state to change its socioeconomic and political structure. As a result of this transition of the state structure, which brought about a so-called “redistribution of power” in the empire, new Ottoman elites emerged from 1683 until the 1750s. We have divided the above time span into three stages that will greatly help us comprehend the Ottoman transition from sultanic authority to numerous autonomies of first Muslim, then non-Muslim elites of the Ottoman Empire. During the first period (1683 –1699) we see the emergence of Muslim power players at the expense of sultanic authority. In the second stage (1699–1730) we observe the sultans’ unsuccessful attempts to revive their authority. In the third period (1730–1750) we witness the emergence of non-Muslim notables who gradually came into power with the help of both the sultans and external powers. At the end of this last stage, not only did the authority of Ottoman sultans decrease enormously, but a new era evolved where Muslim and non-Muslim leading figures both fought and co-operated with one another for a new distribution of wealth in the Ottoman Empire.
Privatisation to employees has been common in Estonia and in other transition economies, but some evidence suggests that employee ownership is declining. In this paper, I use the concept of “degeneration” from the literature of worker co-operatives to explain this decline. In the first part of the paper, I draw from the literature of complementarities in firm performance and apply the argument to the problem of stability of ownership structures. In the second part of the paper, I use evidence from management interviews and employee questionnaires taken at six Estonian enterprises with employee ownership. The evidence suggests that employee ownership is rapidly declining in Estonia. The main reason for the decline is that ownership is not extended to new employees.
A recent international conference, entitled Transition in Perspective offered an opportunity for the author to take stock of the achievements of the post-socialist economies since the regime change in 1989/90. The analysis was carried out in two dimensions, in the political and the economic one. Regarding the first one, the record is largely positive: many countries have regained their independence, although in some cases the price was high and the fundamentals of democracy are still missing. In civil wars and inter-ethnic fights far too many people were killed and/or displaced. Since about 2000, many countries fell in the hand of autocratic leaders. In terms of catching-up with the income levels of the advanced economies, less than half of the countries were truly successful. The people have good reasons to be disappointed.
Authors:Ivan Vujačić, Jelica Petrović-Vujačić, Svetozar Tanasković, and Marko Miljković
. – Scott , A. – Vladkova-Hollar , I. ( 2015 ): The Western Balkans: 15 Years of EconomicTransition . Washington, DC : IMF . Ozcan , B. ( 2014 ): Does Income Converge among EU Member Countries Following the Post-War Period? Evidence from the
In post socialist countries that now form the eastern member states of the European Union there was a general vision of the society from the early nineties to catch up to the developed West. The dream of reaching the level of western European economic development and living standards was the main driver for economic transition and EU integration. In spite of modest convergence, however, the difference between the West and the East has remained dominant until today, ten years after the EU accession, while the core—periphery duality is also an important economic-geographic dimension in the European single market. The changing relative position of these regions in economic terms and the interrelation between the East and West of the EU is in the focus of this paper. It addresses some specifics of regional economic development of this area and particularly of Hungary at both macroregional and regional levels paying attention to the economic crisis which started in 2007. In most of the eastern bloc, economic transition and EU integration were associated with several challenges and followed by imbalanced regional development as a result of the dominant role of the foreign direct investments in regional development, which led to the territorial concentration and increase of regional inequalities among regions within these countries.