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Tax Evasion and Economies in Transition: Lessons from Tax Theory
Pirttilä, Jukka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 1999
This study considers the pervasive tax evasion of transition economies, with particular reference to Russia’s tax system. Starting with a survey of theoretical literature on tax evasion and corruption, it argues that, although standard tax theory offers many insights, certain special features...
Persistent link: https://www.econbiz.de/10005419589
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Fiscal Explanations for Inflation: Any Evidence from Transition Economies?
Komulainen, Tuomas; Pirttilä, Jukka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2000
Recent arguments, motivated partly by the new fiscal theory of price level, suggest that fiscal deficits undermine price stability in transition economies. This paper addresses these claims by examining vector-autoregressive models of inflation for three crisis-hidden transition economies...
Persistent link: https://www.econbiz.de/10005419601
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Trade, product variety and welfare: A quantitative assessment for the transition economies in Central and Eastern Europe
Funke, Michael; Ruhwedel, Ralf - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
We calculate welfare gains of trade liberalization in the Central and East European transition economies, following the approach of Romer (1994), who emphasized that proper modeling of the impact of trade restrictions on the number of available product varieties is crucial to quantifying the...
Persistent link: https://www.econbiz.de/10005419608
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Fiscal Policy and Structural Reforms in Transition Economies: An Empirical Analysis
Pirttilä, Jukka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2000
This paper makes an empirical examination of the relationship between fiscal balance and structural reforms using panel data from 25 transition economies. The results indicate that price liberalisation has a positive impact on fiscal performance, while privatisation and restructuring, via...
Persistent link: https://www.econbiz.de/10005419624
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Inequality and well-being in transition economies: A non-experimental test of inequality aversion
Cojocaru, Alexandru - Society for the Study of Economic Inequality - ECINEQ - 2011
This paper examines the link between inequality and individual well-being using household survey data from 27 … Transition Economies, where income inequality increased considerably since 1989. A test of inequality aversion in individual … preferences that draws on the Fehr and Schmidt (QJE, 1999) specification of inequality aversion is proposed, and the difficulties …
Persistent link: https://www.econbiz.de/10009370128
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What determines stock market behavior in Russia and other emerging countries?
Korhonen, Iikka; Peresetsky, Anatoly - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
We empirically test the dependence of the Russian stock market on the world stock market and world oil prices in the period 1997:10–2012:02. We also consider three Eastern European stock markets (Poland, the Czech Republic, and Hungary), as well as two markets outside Europe (Turkey and South...
Persistent link: https://www.econbiz.de/10010818553
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Extracting global stochastic trend from non-synchronous data
Korhonen, Iikka; Peresetsky, Anatoly - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
We use a Kalman filter type model of financial markets to extract a global stochastic trend from the discrete non-synchronous data on daily stock market index returns of different stock exchanges. The model is tested for robustness. In addition, we derive “most important” hours of world...
Persistent link: https://www.econbiz.de/10010674216
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Export variety and economic growth in East European transition economies
Funke, Michael; Ruhwedel, Ralf - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
Utilising panel data for 14 East European transition economies, we find support for the hypothesis that a greater degree of export variety relative to the U.S. helps to explain relative per capita GDP levels. The empirical work relies upon some direct measures of product variety calculated from...
Persistent link: https://www.econbiz.de/10005771113
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Choice of ownership structure and firm performance: Evidence from Estonia
Jones, Derek C.; Kalmi, Panu; Mygind, Niels - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
In this paper we use rich panel data for a representative sample of Estonian enterprises to analyse diverse issues related to the determinants of ownership structures and ownership changes after privatisation. A key focus is to determine whether ownership changes are related to economic...
Persistent link: https://www.econbiz.de/10005771114
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An "almost-too-late" warning mechanism for currency crises
Crespo Cuaresma, Jesýs; Slacik, Tomas - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
We propose exploiting the term structure of relative interest rates to obtain estimates of changes in the timing of a currency crisis as perceived by market participants. Our indicator can be used to evaluate the relative probability of a crisis occurring in one week as compared to a crisis...
Persistent link: https://www.econbiz.de/10005207090