This paper presents a managerial utility maximisation framework to investigate the impact of budget constraints on enterprise restructuring in transitional economies. Assuming that managerial effort is allocated between restructuring and subsidy seeking, and using non-linear programming...

This paper uses the Russian Longitudinal Monitoring Survey (RLMS), a household-based survey designed to measure systematically the reforms in Russia, for the years 1994-98. It utilises standard Mincer analysis to assess the returns to education as well as to specific levels of post-compulsory...

This presentation will draw out lessons from the trade policy experience of transition economies during the 1990s. It will do so by examining what trade policy was actually pursued, covering liberalisation of trade in goods and services, liberalisation of the capital account and the approach...

The Highly Indebted Poor Countries' (HIPC) Initiative provides debt relief to a group of highly indebted poor countries. The capacity of the multilateral financial institutions (MFIs) to manage this programme is analysed and the conclusion is drawn that it is unlikely to achieve the purposes for...

Wide differences between effective or realised average tax rates and tax yields that would result if statutory tax rates were strictly applied indicate tax compliance and collection problems. Due to the greater politicisation of tax systems in transition economies (TEs), we would expect the...

Using a firm level dataset from four regions of Russia covering 1996/97, an investigation was carried out into how the surplus created within the firm is divided between profits and wages. An efficient bargaining framework based on the work of Svejnar (1986) is employed which takes into account...

We study worker turnover in a transition economy to investigate to what extent the length of time a worker has been employed by a firm shapes the turnover process. Using data from the Polish Labour Force Survey and The Russian Longitudinal Monitor Survey we compare the pattern of turnover with a...

We take a retrospective look at Hungary's experiment with a particularly draconian bankruptcy law. For an eighteen-month period in 1992-93, the Hungarian bankruptcy code contained an unusual automatic trigger that required the managers of firms that held overdue debts of any size to any creditor...

This discussion paper draws the main conclusions from a book entitled Monetary Policy at the European Periphery: Greek Experience and Lessons for EU Candidates, forthcoming in the European and Transatlantic Studies Series, Springer-Verlag. This book proposes a coherent novel monetary policy...

This paper provides new evidence on progress in transition and the 'readiness' of enterprises for accession to the EU using a detailed survey administered to approximately 200 manufacturing firms in each of Poland, Romania and Spain. A major innovation is the use of a market economy and member...