This paper analyses the relationship between accounting data and market price returns in the stock markets of Lithuania, Latvia and Estonia. Given the different informational environment and accounting practices from those of developed markets, and relatively thinly traded Baltic stocks, the...

With reference to the EU enlargement, a framework is derived which allows the study of the effect of unemployment benefits on the migration decision. While benefits simply increase the expected gain for risk neutral individuals, they work as an insurance device for risk averse migrants; the...

This paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of...

This paper addresses issues of financial reporting within the context of European harmonisation and accession. The construct of the True and Fair View (hereafter TFV) constitutes a locus of reflection for the establishment of a mutually intelligible foundation for financial reporting in the New...

This study looks at the signs of financial repression in a transition economy, by evaluating to what extent "perverse financial innovations" resulting from soft budget constraints interfere with monetary developments at the aggregate macroeconomic level. Specifically, the paper investigates to...

Accession to the European Union is the clearest symbol of globalisation for a country in transition. The integration process does not represent purely regional values, but globalised ones as well, which are widely shared in the developed or globalising part of the world. In order to be fully...

Output decline has been a feature of the transition economies in the initial post-communist period, including in those countries that belonged to the former Soviet Union. However, explanations for the decline and its persistence have not been easy to find, and mostly they have focussed upon...

Education is the augmentation of the stock of skills, knowledge and understanding possessed either by individuals or by society as a whole. Therefore any study of the economics of education and training concerns the manner in which choices affecting this stock are made. This paper uses the...

This paper reports the findings of a survey of more than 3,000 firms in 20 transition countries. It shows that barter and other non-monetary transactions (including the use of bills of exchange, debt swaps, barter chains, and the redemption of debt in goods) are an important phenomenon in Russia...

This paper estimates causal effects of two Polish active labor market policies - training and intervention works - on employment probabilities. Using data from the 18th wave of the Polish Labor Force Survey we discuss three stages of an exact-matching-within-calipers procedure and show how the...