Theory and economic intuition suggest that domestic institutions influence the employment impact of economic reform, but the evidence base is thin. This paper seeks to address this by examining the extent to which differences in regional labour market flexibility shaped the impact of...

Development economists generally concur that the implications of economic reform for employment are influenced by an economy's institutional framework. This paper examines the extent to which differences in regional labour market flexibility shaped the impact of unanticipated economic reforms on...

We examine how structural reforms relate to income inequality. We employ many indicators of structural reforms and use data for market and net income inequality. The dataset includes up to 135 countries since 1960. The results do not suggest that market-oriented structural reforms were...

Being one of the former centrally planned economies, Viet Nam is still home to a substantial state-owned sector. From the implementation of the "Doi Moi" policy in the late 1980s, the restructuring of state-owned enterprises (SOEs) since 1990 is considered as one of three crucial pillars in the...

In the most recent decade, the European Union has shown itself to be less robust than globalists imagined. Globalists believed that supranationality was weatherproof – that it would always outperform national alternatives and would survive adversity. Economic stagnation and Brexit belied these...

This study provides a systematic assessment of the costs of the ongoing armed conflict in the Donbas region of Ukraine. By combining the pre-war geographical distribution of fixed capital with data on battle intensity, survey evidence on household damage in the conflict-affected areas and novel...

For scholars, policy-makers and casual observers, there is no doubt that Morocco has undergone an impressive transformation process since Mohammed VI came to power in 1999. The country projects an image of liberal-democratic modernity and socio-economic progress that the international community...

The debate about how to reconcile political with economic democracy is translated in the framework of wage- and profit-led growth in this paper. The inherent tension between providing sufficient profit incentive to motivate investment by the capitalist class and maintaining electoral...

Das Vereinigte Königreich hat sich am 31. Januar 2020 von der Europäischen Union getrennt. Nachdem das Land Anfang der 1970er Jahre mit dem Beitritt zur damaligen Europäischen Wirtschaftsgemeinschaft (EWG) seine Außenseiterrolle bei der (west-)europäischen Integration aufgegeben hatte,...

Since the waves of financial liberalization in the 1980s, emerging market economies have been accessible to foreign investors. Altogether, they contributed up to 43.8% of the global GDP in 2018, and many of them, such as China, India, Bangladesh, Philippines, Myanmar and Vietnam from 2010 to...

Purpose This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and...

Financial crisis can trigger policy reversals, i.e. they can lead to a process of re- regulation of financial markets. Using a recent comprehensive dataset on financial liberalization across 94 countries for the period between 1973 and 2015, we formally test the validity of this prediction for...

When the principal decisions for the European Monetary Union (EMU) were made it was acknowledged that it would not be an optimal currency area (OCA). Potential trouble was assumed away as asymmetric shocks were expected to fade, while rising productivity enhanced the resilience of EMU member...

If we look at the last four decades, without any doubt we can argue that China is the rising economic power of the 21st century, which may be called the Chinese Century. It is an economic miracle but not an economic mystery. In 2018, China celebrated the 40th anniversary of reform and opening to...

This paper examines the progress of state-owned enterprise (SOE) reform in the People's Republic of China. After defining SOEs and considering their scope of operation within the PRC economy, the focus of the paper is on the major reform waves that followed the deterioration of SOE profitability...

Mariano-Florentino Cuéllar, Margaret Levi, and Barry R. Weingast's excellent essay, Twentieth Century America as a Developing Country, Conflict, Institutional Change and the Evolution of Public Law (https://dx.doi.org/10.2139/ssrn.3340645), celebrates the period during which the National Labor...

In Viet Nam, the reform of state-owned enterprises (SOEs) in recent years has become an essential mission to improve their performance in the context of international economic integration. It also represents the commitment of the Vietnamese Government to renovating economic institutions as well...

Das "Anthropozän" ist angebrochen. Der Mensch ist zentraler Einflussfaktor auf die biologischen, geologischen und atmosphärischen Prozesse der Erde geworden. Klimawandel und Artensterben sind dringende Aufrufe zum Handeln. Das Konzept der Sozialen Marktwirtschaft ist hinreichend offen, um...

The economic reforms in India are notable because of the development of private enterprises that are free from functionary management. In this country, the public sector needs renovation, since it makes a crucial contribution to national investment and growth. This article therefore, aims to...

Purpose In the process of reform, although every landmark theoretical breakthrough is marked by the speech of the highest leadership of the Communist Party of China (CPC) or the decision of the CPC National Congress, each breakthrough is attributable to the theoretical contribution made by the...

Purpose Over the past four decades, China has strived to make the market mechanism play a decisive role in resource allocation under the conditions of adhering to the basic socialist economic system. The paper aims to discuss this issue. Design/methodology/approach On this matter, this paper...

Purpose In the 40 years of reform and opening-up toward a more rational micro-economic structure, the proportion of output of state-owned enterprises shows a declining trend. Over the past decade, on one hand, the operational efficiency of state-owned enterprises has tended to be low as compared...

Purpose Deepening supply-side structural reform is the main objective of the economic work since the Chinese economy entered a new stage of development. By adopting the fundamental principles and methodologies of Marxist political economy, the authors can provide clarifications on the three...

Many agree that the economy of North Korea has changed under the Kim Jong-un regime, but there are often different interpretations as to whether these changes are in line with the continued transformation from the 1990s or they should be seen as a completely separate trend. And the way of...

Purpose The purpose of this paper is to systematically review the evolution, characteristics, motivations, entry patterns, organizational structure and effectiveness of the internationalization of Chinese research institutions in the past 40 years of reform and opening-up....