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Labor Market Performance in Transition
More than a decade after the start of the transition process, unemployment rates remain in the double digits in a number of Central and Eastern European countries. That unemployment rates have failed to decline, even in countries experiencing good growth, is puzzling. In this paper the authors examine three interrelated questions: How has the transition from central planning to market economies affected labor market performance? How have labor market institutions and policies influenced developments? Why have regional differences in unemployment persisted? The authors take an eclectic methodological approach: construction of a new data set and a simple analytical model; econometric estimation; and case studies. They find that faster-performing countries have better unemployment records; that labor market policies have some, but not dominant, influence over labor market outcomes; that policies not typically viewed as labor market policies can nevertheless significantly affect labor markets; and that market processes cannot be relied on to eliminate regional differences in unemployment.
Competitiveness in Transition Economies
This paper estimates equilibrium dollar wages for 15 transition economies. Equilibrium dollar wages are interpreted as full employment wages consistent with a country’s physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (i) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming Central and Eastern European (CEE) transition economies, but have been flat in most CIS countries; and (ii) 1996 actual dollar wages remain below estimated equilibrium dollar wages for most but not all transition countries covered.
Economic Restructuring, Unemployment, and Growth in a Transition Economy
This paper develops a model of the process of reallocation of labor from the state sector to the private sector. When growth is exogenously determined, we show that in the initial stages of transition unemployment will rise over time. After a critical stage in the transition process, restructuring is accompanied by a decline in unemployment. When growth is endogenously determined, and human capital is acquired by learning-by-doing, we show that whether restructuring eventually occurs is determined by the level of human capital in the private sector and the rate of unemployment. The effects of various shocks and government policies in affecting the costs, speed, and eventual outcome of restructuring are analyzed.
How Expensive is Norway? New International Relative Price Measures
In this paper, we derive two new measures of international relative prices for Norway. Developments in these new measures follow rather closely movements in the CPI-based real effective exchange rate through the 1990s, but diverge after 2000—suggesting that the costs of living in Norway relative to its trading partners have risen in the recent years more than the real effective exchange rate would indicate.
The Economics of UK-EU Relations
This book brings together contributions from leading scholars around the world on the most relevant and pressing economic themes surrounding the UK–EU relationship. With chapters spanning from the UK’s accession to the bloc to the aftermath of its decision to leave, the book explores key themes in UK economic growth and EU membership, international trade, foreign direct investment, financial markets and migration. Chapters interrogate the history of the relationship, the depth of foreign direct investment, and responses to the financial crisis. Considering both the history and future of UK and EU relations, the book is a relevant and timely volume that gives welcome context to a fast-changing relationship.
Growth in Transition
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Grime and Punishment
Using information from two complementary household survey data sets, we show that the dominant form of labor market adjustment in the Russian transition process has been the delayed receipt of wages. More than half the workforce is experiencing some form of disruption to their pay. Wage arrears are found across the private, state and budgetary sector. Workers in the metropolitan center are less affected by delayed and incomplete wage payments than workers in the provinces. There is less evidence that individual characteristics contribute much toward the incidence of wage arrears, but the persistence of arrears is concentrated on a subset of the working population. We show that workers can only exercise the exit option of a job quit from a firm not paying wages in full or on time if the outside labor market is sufficiently dynamic.
New Theories in Growth and Development
This collection offers a stimulating and insightful overview of the main issues affecting long-term economic growth. The novelty of this book is that it brings together two strands of economic literature, growth and development theories. The communication between different approaches is crucial as it is increasingly understood that growth hinges upon institutional and policy aspects that are generally neglected in the stylized models of growth but highly relevant for developing countries. Government policies and institution design become central to the explanation of divergent growth paths.
