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  • Document

    Payments and finance problems in the CIS

    Policy Research Working Papers, World Bank, 1996
    Solving payments problems that have recently constrained interstate trade among member countries of the Commonwealth of Independent States (CIS) requires stabilization measures that improve the prospects of currency convertibility among CIS countries and stronger institutional arrangements, to permit payments and settlements through correspondent bank accounts.Payments problems constrained inte
  • Document

    Shifting responsibility for social services as enterprises privatize in Belarus

    Policy Research Working Papers, World Bank, 1997
    In former command economies, such as Belarus, the process of enterprises shedding their "social assets"is seen as necessary to the transition to a market economy. The problem for social policy in transition economies is whether and how to continue supplying those social services after enterprises no longer provide them.
  • Document

    Fiscal federalism in Bosnia - Herzegovina : the Dayton challenge

    Policy Research Working Papers, World Bank, 1997
    description of Bosnia's current arrangements infiscal federalism and the challenges proposed by the Dayton system- as well as general lessons for the design of fiscal federal systems in ethnically diverse economies. The challenge of fiscal federalism in Bosnia is perhaps unique in the world.
  • Document

    Demand elasticities in international trade : are they really low?

    Policy Research Working Papers, World Bank, 1996
    For the first time in the economics literature, Panagariya,Shah, and Mishra obtain import demand elasticities for a "smallcountry" (Bangladesh) that are very large. The elasticities are based on parameters of a utility function that are systematically of the correct sign and statistically significant. Using highly disaggregated data, both own price and cross price elasticities are estimated.
  • Document

    Trade reorientation and post - reform productivity growth in Bulgarian enterprises

    Policy Research Working Papers, World Bank, 1997
    Trade matters. Trade in Bulgaria's transition economy is an important source of growth in total factor productivity in manufacturing enterprises. Djankov and Hoekman extend the literature on the microeconomics of transition by investigating the relative importance of integration with world markets as a source of productivity growth in Bulgarian firms.
  • Document

    Monetary policy during transition : an overview

    Policy Research Working Papers, World Bank, 1997
    In transition economies monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market based monetary policy regardless of how market oriented the monetary system.
  • Document

    Inflation in nontradables and the macroeconomic policy mix : a model with policy application to transition economies

    Policy Research Working Papers, World Bank, 1997
    How a price increase in the nontradables sector of a transition economy affects the exchange rate, relative prices, wages, and, indirectly, the movement of factors of production.
  • Document

    The maturity structure of debt : determinants and effects on firms' performance : evidence from the United Kingdom and Italy

    Policy Research Working Papers, World Bank, 1997
    Firms tend to match assets with liabilities, and more profitable firms have more long-term debt. Long-term debt has a positive effect on firms' performance, but this is not true when a large fraction of that debt is subsidized. Schiantarelli and Sembenelli empirically investigate the determinants and consequences of the maturity structure of debt using data from a panel of U.K.
  • Document

    Regulatory structure and risk and infrastructure firms : an international comparison

    Policy Research Working Papers, World Bank, 1996
    How does choice of regulatory regime affect the level of shareholder risk in regulated companies?
  • Document

    Strategies to develop mortgage markets in transition economies

    Policy Research Working Papers, World Bank, 1996
    Factors that hinder the development of mortgage markets in transition economies and a proposed strategy to expedite their development. The transformation of the planned economies of central and eastern Europe to market economies has focused on economic stabilization and liberalization, privatization, and financial sector development.

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