{"title":"Digitization of Retail Payment","authors":"W. Bolt, S. Chakravorti","doi":"10.2139/ssrn.1950148","DOIUrl":"https://doi.org/10.2139/ssrn.1950148","url":null,"abstract":"The rapid proliferation of electronic payment media continues to change the way consumers shop and merchants sell goods and services. Many policymakers and economists agree that the digitization of payments is socially beneficial. However, there is considerable debate regarding the optimal pricing of these payment services. Payment markets are complex with many participants engaging in a series of interrelated bilateral relations and transactions. In this article, we survey the recent payment literature, identify the main economic bottlenecks, and study their implications for public policy.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134264311","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":"Growth with Moderation and Uncertainty","authors":"Z. Bogetic","doi":"10.2139/ssrn.1805562","DOIUrl":"https://doi.org/10.2139/ssrn.1805562","url":null,"abstract":"With heightened uncertainties and moderating global and Western European growth and oil prices, and volatile capital flows, Russia is likely to grow by 4.2 percent in 2010, followed by 4.5 percent in 2011 and 3.5 percent in 2012 as domestic demand expands in line with gradual improvements in the labor and credit markets. Unemployment situation is likely to get worse before it gets better later in 2011. Fiscal risks have risen with likely expenditure pressures and downside risks to oil. While there is huge diversity across regions in the patterns of labor market recovery, smaller regions with a larger share of SMEs, better investment climate, more FDI, and stronger financial sector presence tend to show a more robust recovery.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130616361","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":"Economic Planning and Industrial Policy: A Framework for Avoiding the Corner Solutions","authors":"R. Aggarwal","doi":"10.2139/ssrn.1681803","DOIUrl":"https://doi.org/10.2139/ssrn.1681803","url":null,"abstract":"The extreme of central economic planning or the other extreme of reliance only on market signals are not appropriate approaches to national economic planning as complete reliance on either extreme are fraught with serious limitations. Economic planning must find a workable middle way to encourage and support conditions that enhance economic growth. This note suggests some pragmatic guidelines and principles for a balanced framework for national economic planning.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126848631","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":"Freedom as the Key to Prosperity: Lessons from the World's Growth Miracles and Economic Disasters","authors":"M. Hlaváč","doi":"10.2139/ssrn.1685037","DOIUrl":"https://doi.org/10.2139/ssrn.1685037","url":null,"abstract":"What do China, Estonia, Germany, India, Chile, South Korea and Slovakia all have in common? They have all enacted free-market reforms, and have seen their inhabitants’ living standards soar as a result. This essay describes how free-market policies have improved economic performance in these “growth miracles.” We will also draw contrasts with the policies adopted by governments in some “economic disasters” – countries that have failed to improve the economic well-being of their populations. The lessons we learn from these comparisons paint a clear picture: A country’s economy performs best when its policies lead to greater economic freedom, limit the role of government, and promote respect for the rule of law.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"142 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120939323","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":"Why Welcome Al Basheer? Contextualizing Turkey’s Darfur Policy","authors":"M. Ozkan, B. Akgun","doi":"10.2139/ssrn.1641357","DOIUrl":"https://doi.org/10.2139/ssrn.1641357","url":null,"abstract":"This study analyses the underlying elements of the Muslim world’s reaction toward the Darfur crisis by critically evaluating Turkey’s involvement. Turkey is important because it has been cited as a rising star of 21st century in the Muslim world not only for its growing economic potential and deepening democratic credentials, but also with its recent pro-active diplomatic initiatives in conflict areas such as in the Middle East, the Balkans and the Caucasus.Turkey’s Darfur policy has been one of its most criticized in recent times. Although the criticisms leveled against this policy have some merit, they do not provide much insight into the motivations behind Turkey’s approach to Darfur. Thus, Ankara’s distinctive approach to Darfur and Khartoum requires a thorough, in-depth analysis within the context of Turkey’s changing role in regional and global affairs. It is argued that on the Darfur issue, Turkish policy has been characterized by convergence and distinction from the official position of the Muslim-Arab world.We argue that the Turkish approach to Darfur has been mainly shaped by three elements: the international environment/discourse on “the war on terror” since 2002; Turkey’s recently deepening political and economic engagement with the Arab world and Africa; and Ankara’s search for a new political “language” on Darfur, a middle ground between the West’s claims of “genocide” and defending al Basheer. In sum, Turkey’s Darfur policy can be described as an example of “passive quiet diplomacy” in a highly complex international environment.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126475710","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":"The Economics of Currency Redenomination: An Appraisal of Central Bank of Nigeria Redenomination Proposal","authors":"A. B. Dogarawa","doi":"10.2139/ssrn.1622144","DOIUrl":"https://doi.org/10.2139/ssrn.1622144","url":null,"abstract":"On 14th August 2007, the Central Bank of Nigeria (CBN) through its governor made public its proposal to restructure and redenominate the naira by dropping two zeros or moving two decimal points to the left from the currency and issuing more coin denominations with a view to ensuring macroeconomic stability and efficient payment system. The announcement, which took many by surprise, generated a lot of debate among Nigerians and non-Nigerians within and outside the country. While some are of the view that the CBN deserves commendation for the bold step, others are condemning the entire proposal, yet another group try to synthesise the various views from political economy perspectives. Although, the scheme has since been suspended, stakeholders and observers continue to express their views and opinions about the desirability and timeliness of the policy. Accordingly, this paper appraises the suspended naira redenomination scheme in the light of its objectives. The paper is descriptive with presentation based on literature survey and desk analysis. The paper confirms that currency redenomination is based on some happenings within a country and its outcome depends on various fiscal and monetary policies aimed at stabilising the economy. It further posits that redenomination of the naira is not completely a bad policy despite the problems associated with it. It however, suggests that the new strategy should be thoroughly studied and understood, and should go beyond its psychological and portability effects; it should be associated with broader macroeconomic and fiscal objectives.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127743537","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":"Time for Overhauling the Global Economy","authors":"L. Maggio","doi":"10.2139/SSRN.1701047","DOIUrl":"https://doi.org/10.2139/SSRN.1701047","url":null,"abstract":"The third document prepared by The Group of Lecce. Dear Leaders, The global economy continues to be affected by great instability and deep uncertainty. Notwithstanding your successful effort at dealing with the emergencies of the crisis over the past two years, there is still no perception – as, perhaps, there is not yet real persuasion on your part – that the world nations have learned the hard lesson and are finally ready to turn page. And the hard lesson is the one that your forefathers – the leaders of the free world that some sixty-five years ago emerged from the abyss of war – were able to learn and transfuse into action: An internationalized economy needs a strong and genuine multilateral framework, providing for effective rules by which each and all nations should feel obliged to abide. An internationalized economy is, indeed, a place where each nation should feel responsible for considering the impact that its policy decisions would have on others, and decide accordingly, a place where national policies with potential systemic impact should be broadly agreed on internationally before being implemented. In response to your vigorous thrust following the crisis, actions are being considered in national capitals and key international forums, which are aimed to reduce financial risks. But the root causes of the crisis seem to remain unaddressed, and the international financial system still needs major structural reforms: If not even a crisis of the proportions we are living through will be enough this time to persuade you finally to embrace a new order, what else will?","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122069916","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":"Assessment of Private Health Sector in China","authors":"Jianmin Gao, Jun Xu","doi":"10.2139/ssrn.1579846","DOIUrl":"https://doi.org/10.2139/ssrn.1579846","url":null,"abstract":"With the reform and development of the health service system, China now is Facing a shortage of medical services. A policy that permitted qualified medical professionals to engage in private practice was issued by the state government in 1980, and reconfirmed and detailed in later years. Public-private partnerships become the new target for Chinese government and researching institutes. Private Health Sectors have there competition advantage in a certain aspect, according to the features of their ownership system. Although the development of private practice was already a fact, debates related to whether government should ban privatization and limit the scale of private practice have never stopped. Arguments in favors of private practices were that the development of the private health sector could improve access to health services, and that efficiency and quality could be improved by introducing competition into the health care market. The way of assessment private sector is the key for study on Public-private partnerships in China. There is no uniform methodology for measuring quality of health care. The method commonly used is to measure respectively three quality dimensions: structure, process and outcome. Four indicators that are observable and measurable were selected for measuring clinic quality. These indicators are quality of health workers, amount of medical equipment, working conditions, and clinic supervisors’ evaluation. Since village clinics are very small health units with one to two health workers and limited medical technology and equipment, to a large extent the quality of the health workers will determine the quality of the services provided. The four indicators were measured for each type of clinic and then compared between clinic groups. This paper is mainly study on the assessment means of Private Health Sectors. Building information systems around Private Health Sectors was the hardest work for assessment research. This paper tries to make a point on how to avoid this problem, and do well assessment work.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125632589","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":"Geography, Institutions and Human Development: A Cross-Country Investigation Using Bayesian Model Averaging","authors":"S. Malik, Y. Janjua","doi":"10.2139/ssrn.1574396","DOIUrl":"https://doi.org/10.2139/ssrn.1574396","url":null,"abstract":"This paper examines the role of long standing institutions – identified through geography, disease ecology, colonial legacy, and some direct measures of political and economic governance – on human development and its non income components across countries. The study employs a novel econometric technique called the Bayesian Model Averaging that allows us to select the relevant predictors by experimenting with a host of competing sets of variables. It constructs estimates as weighted average of OLS estimates for every possible combination of included variables. This is particularly useful in situations when there is model uncertainty and theory provides only a weak guidance on the selection of appropriate predictors. Of the 25 variables that we tried, three stand out in terms of their degree of importance and their robustness across various specifications. These include malaria ecology, KKZ index of good governance and fertility rate. Our finding on the dominant and robust role of malaria ecology in explaining differences in human development across countries, even in the presence of variables that directly and indirectly measure the quality of institutions, is extremely fascinating. It shows that malaria ecology has a direct negative impact on human development and this effect appears to be over and above its effect via institutions. Some of the other measures of climate and geography as well as those of colonial legacy are important as long as we do not control for some direct measures of the performance of political and economic institutions such as the KKZ index of good governance and democracy score. Once we control for these and other conditioning variables such as public spending on health and education; fertility rates; and measures of health infrastructure, the importance of geography and colonial legacy disappears.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129639397","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":"When the Government Went Experimental","authors":"Ido Kallir, A. R. Ofer","doi":"10.2139/ssrn.2227501","DOIUrl":"https://doi.org/10.2139/ssrn.2227501","url":null,"abstract":"When households make financial decisions, one may expect them to be both informative and rational – just as any other financial agent. In this paper, we question whether this hypothesis is error-free and correct by using a unique large-scale event study. Our results do not support the axioms of financial theory. However, our results are harmonious with the experimental literature, which, to be sure, suggests that agents use information inefficiently; they ignore it or misuse to the effect of bringing about suboptimal or even bad financial results. We use a unique event – an entirely new valuation mechanism that was \"enforced\" on the pension system and on the households – in order to study the behavior of individual investors. We find that under actual conditions – more similar to \"real life\" than any deliberated and designed experiment can give rise to – and while information and time are abundant, investors do not behave as if they are informed and rational. They behave in this uninformed and irrational way, nonetheless the availability of the information and the clear-cut possibility of utility-maximizing decision-making. Only when agents are provided with direct information and when the detailed consequence is analyzed for them, the households make a rational decision. We suggest that the gap between experimental conditions and actual situations may be the reason for the indecisive results appearing at the current experimental literature.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128078783","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}