Institutions & Transition Economics: Microeconomic Issues eJournal最新文献

{"title":"Unlocking the Myths of Asset Size Expansion of China's Large SOEs - Theory and Evidence","authors":"J. Shen, Weiping Li, Chien‐Chiang Lee","doi":"10.2139/ssrn.3458343","DOIUrl":"https://doi.org/10.2139/ssrn.3458343","url":null,"abstract":"This paper proposes a theoretical framework to illustrate the incentives of the exponential growth of the asset size of China’s large state-owned enterprises in the past decades. We come up with the views that there are 3 types of incentives that lead to the expansion of asset size of large SOEs in China. First, the SOE manager is interested in maximizing her/his own private control of benefits through expanding the asset size of SOEs, which we call the business empire building effect. Second, the state seeks more tax revenue through the larger asset size of SOEs, which could be called the state predatory effect. Third, state benevolent effect in which the state is also concerned with ‘social welfare’ in terms of increasing labour hiring or larger asset size of SOEs for the sake of social stability. The empirical evidences presented in the end are broadly consistent with the theories proposed in the paper. Our empirical results are also robust when the simultaneous equation techniques are used. In the end of the paper, we also use the IV regression in order to resolve the problems of endogeneity.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79445062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Seeking the Treated: The Impact of Information on Social Interactions and Networks","authors":"A. Fernando","doi":"10.2139/ssrn.3620049","DOIUrl":"https://doi.org/10.2139/ssrn.3620049","url":null,"abstract":"We examine how a mobile phone-based agricultural extension service influences social interactions and farmer networks in village India. The service spurs greater information sharing among farmers after production outcomes are realized. Those exposed to the service – directly or via peers – seek out agricultural information from the treated, increasing the latter’s ‘agricultural popularity’. Treated peers reduce the reliance of control respondents on input dealers for agricultural advice and increase their WTP for the service. They also induce more service usage and interactions with treated respondents – effects partly driven by network changes - but lower WTP, suggesting crowd out.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87809805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cooperation or Collusion? Rents in Relational Contracts for Teams","authors":"A. Ishihara, Akitoshi Muramoto","doi":"10.2139/ssrn.3447877","DOIUrl":"https://doi.org/10.2139/ssrn.3447877","url":null,"abstract":"We consider relational contracts for teams in which the agents monitor each other. We demonstrate that providing rents to the agents strengthens peer sanction endowed within the agents' ongoing relationship, which may have a negative effect to induce unproductive collusion as well as a positive effect to establish a productive working practice. An optimal relational contract could establish cooperation through peer monitoring even under relative performance evaluation, which outperforms working environments operated by a multitasking single agent. Our result also suggests an implication on how privately observed individual signals should be aggregated to a commonly observed team signal.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"56 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79258554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Successes and Failures of Industrial Policy: Lessons From Transition (Post-Communist) Economies of Europe and Asia","authors":"V. Popov","doi":"10.2139/ssrn.3427080","DOIUrl":"https://doi.org/10.2139/ssrn.3427080","url":null,"abstract":"- Is industrial policy necessary for successful development or the market “knows” better, how to allocate resources? - If industrial policy is needed, how to select industries that need to be supported? - What are the appropriate tools / instruments to support particular industries? Eastern European countries in general did not have any explicit industrial policy, neither via tax concessions and/or subsidies, nor via under/overpricing the exchange rate. Many countries of former Soviet Union carried out large import substitution programs through regulation of domestic fuel and energy prices (directly and via export tax) that subsidized all energy consumers. They also provided subsidies to agricultural enterprises. China and Vietnam (and to some extent Uzbekistan) were carrying out export oriented industrial policy mostly via underpricing the exchange rate. The paper discusses pros and cons, achievements and failures of various models of industrial policy. It is argued that export oriented industrial policy via undervaluation of the exchange rate is the best possible option to promote export oriented catch up development based on export of manufactured goods. It is especially needed for resource rich countries (Azerbaijan, Kazakhstan, Russia, Turkmenistan, Uzbekistan) that are prone to Dutch disease. Assistance to domestic producers via keeping low domestic prices for fuel and energy also helps to stimulate growth, but at a price of very high energy intensity. Industrial policy that is not targeting particular industries (general support for education, research and development and infrastructure) may be reasonable for counties at a higher level of development.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74353622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Competition Enhance or Hinder Innovation? Evidence from Philippine SMEs","authors":"Tristan Canare, J. P. Francisco","doi":"10.2139/ssrn.3423878","DOIUrl":"https://doi.org/10.2139/ssrn.3423878","url":null,"abstract":"Competition has two possible contrasting effects on firm innovation. On one hand, competition can force SMEs to innovate to become more competitive. On the other hand, competition can shrink SME’s market share, revenues, and profit, making it difficult to implement financial-capital-intensive innovations. Using data from a survey of 480 SMEs in the Philippines, this paper found evidence that there was a generally positive association between competition and innovation. The magnitude of the relationship, however, depended on the form of innovation. The form of innovation most strongly associated with competition involved improvements in the production process, followed by improvements in marketing. It was most weakly associated with introduction of a product new to the market and with improvements to an existing product. There was also some evidence that the magnitude of competition-innovation relationship varied across sectors and firm size.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"116 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80375882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Designing Good Labour Market Institutions: How to Reconcile Flexibility, Productivity and Security?","authors":"W. Eichhorst, A. Kalleberg, A. Souza, J. Visser","doi":"10.2139/ssrn.3427621","DOIUrl":"https://doi.org/10.2139/ssrn.3427621","url":null,"abstract":"The world of work is in constant change. Demographic shifts, technological innovation, institutional reforms and global economic integration affect the way people work. Technological innovations have a major impact on occupations and industries, changing the ways economies in different world regions, in both developed and developing countries, work along with new division of labour that are facilitated by global economic integration. This paper is based on the joint work within the International Panel on Social Progress. It highlights three main areas of attention: a) skill formation, d) the challenges to collective bargaining, and e) social protection and labour market policies. Based on an assessment of the existing evidence, the paper suggests some policy principles and concrete policy options that might further those objectives, not ignoring some tensions that might exist between flexibility and security in the different labour markets. The ultimate direction of reforms in line with an idea of social progress lies in institutional arrangements that facilitate the reconciliation of flexibility and productivity with access to decent jobs and social protection. We argue that distinct policy options are available that can be implemented more globally in order to achieve these goals simultaneously.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79275184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysis of Resurgence in the Domestic China Luxury Market in 2017","authors":"Chenoy Ceil","doi":"10.2139/ssrn.3521082","DOIUrl":"https://doi.org/10.2139/ssrn.3521082","url":null,"abstract":"The Luxury products in China that are within the scope of this study is limited to actual tangible products and does not include luxury experiences or luxury holidays. The Chinese luxury markets are seeing a sudden resurgence which started in 2017 and will continue in the future. It is important to understand the resurgence of the Chinese luxury market, it is important to look at some statistics.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82783037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Banks Change Their Liquidity Ratios Based on Network Characteristics?","authors":"Aref Mahdavi Ardekani, Isabelle Distinguin, Amine Tarazi","doi":"10.2139/ssrn.3507860","DOIUrl":"https://doi.org/10.2139/ssrn.3507860","url":null,"abstract":"Abstract By applying interbank network simulation, this paper investigates the impact of interbank network topology on bank liquidity ratios. Whereas regulators have put more emphasis on liquidity requirements since the global financial crisis of 2007–2008, how differently shaped interbank networks affect individual bank liquidity behavior remains an open issue. We look at how banks' interconnectedness within interbank loan and deposit networks affects their decisions to hold more or less liquidity during normal times and distress times. Our sample consists of commercial, investment, and real estate and mortgage banks in 28 European countries and allows us to differentiate large and small networks. Our results show that accounting for bank connections within a network is important to understand how banks set their liquidity ratios. Our findings have critical implications for the implementation of Basel III liquidity requirements and bank supervision more generally.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90093146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Improving Management with Individual and Group-Based Consulting: Results from a Randomized Experiment in Colombia","authors":"L. Iacovone, W. Maloney, D. McKenzie","doi":"10.1596/1813-9450-8854","DOIUrl":"https://doi.org/10.1596/1813-9450-8854","url":null,"abstract":"\u0000 Differences in management quality are an important contributor to productivity differences across countries. A key question is how to best improve poor management in developing countries. We test two different approaches to improving management in Colombian auto parts firms. The first uses intensive and expensive one-on-one consulting, while the second draws on agricultural extension approaches to provide consulting to small groups of firms at approximately one-third the cost of the individual approach. Both approaches lead to improvements in management practices of a similar magnitude (8–10 percentage points). The group-based intervention leads to significant increases in firm sales, profits, and labour productivity, while the impacts on firm performance are smaller in magnitude and less robust from the individual consulting. The results point to the potential of group-based approaches as a pathway to scaling up management improvements.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"43 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90544102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rising Innovative City-Regions in a Transitional Economy: A Case Study of ICT Industry in Cluj-Napoca, Romania","authors":"P. Fan, N. Urs, R. Hamlin","doi":"10.2139/ssrn.3545275","DOIUrl":"https://doi.org/10.2139/ssrn.3545275","url":null,"abstract":"Abstract City-regions have become the focused locations for economic development and policy intervention for innovation activities. As existing literature mostly studied innovative city-regions of the Global North, there is an urgent need to examine the emerging latecomers, particularly those from the transitional economies. In this paper, Cluj-Napoca, Romania has been used a case to study the rising innovative city-regions in the transitional economies, their role in the global innovation networks, and the development of domestic innovation capability. The paper's specific objectives are to evaluate the current status of its regional innovation cluster in the global network, its structural strength and weakness, and the effectiveness of institutional management. A multi-case analysis approach has been used to analyze domestic companies and multinational corporations that are key actors in local innovation system. In addition to the secondary data, 23 interviews were conducted with local business, university researchers, and government officials. The main findings are: first, while Romania as an economy is still categorized as a factor-driven economy, sectors of some city-regions in the country, such as the ICT sector, has started to move towards the innovation-driven economy closely articulated in the global innovation network, especially in Europe's innovation network of software development. Second, while the region can be characterized as to have the relatively strong global pipelines, i.e., linkages with outside players, it has weak local buzz, i.e., local networks. Third, multinational corporations that have generally been attracted to the region due to the overseas-returnee community who are interested in linking Cluj-Napoca to the global innovation network. Local companies have equally benefited from the returning IT talents. One particular challenge is that although start-ups were emerging in Cluj-Napoca, the city-region was not effective at retaining these start-ups by providing opportunities for their further growth. Fourth, like any other city-region, Cluj-Napoca has been under the institutional influence at multiple levels, from the European Union (EU), the national government, the regional government, the county government, to the municipal government. However, close university-industry connection remains a challenge. It is recommended that the city-region should consider a variety of approaches to enhance the local buzz, specifically the social networks and innovation milieu of the city-region. Moreover, it needs to provide more resources for start-ups and do a better job in the retention of the start-ups.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78520973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}