{"title":"The Struggle for Legal Reform after Communism","authors":"J. Komárek","doi":"10.2139/SSRN.2388783","DOIUrl":"https://doi.org/10.2139/SSRN.2388783","url":null,"abstract":"The working paper contains an extended review essay of Zdenĕk Kuhn, \"The Judiciary in Central and Eastern Europe: Mechanical Jurisprudence in Transformation?\" (2011). The central thesis of the book is that 'there is a deep continuity in the methods of legal reasoning employed by lawyers in the region, starting in the era of Stalinist Communism, continuing through the era of late Communism of the 1970s and 1980s and up to the current post-communist period'. In this respect the book's analysis is retrospective, starting in the late nineteenth century, when the Central European legal culture emerged within the 'Austrian legal tradition'. It provides a rich analysis of legal thinking, institutional practices, and expert as well as public discourse concerning judges, courts and judicial process over the course of the whole of the twentieth century in the region. The book's central argument concerns our time, however. The continuity of Central European legal thinking is, according to Kuhn, 'manifested in the problems of the first two decades after the collapse of Communism'. In this regard the book turns to the present and future of Central Europe and becomes missionary, offering a diagnosis together with a prescription. The cure lies, essentially, in catching up with the West and adopting its 'new European legal culture'. More concretely, Kuhn argues empathically for the empowerment of the judiciary, which would in his view correspond to the development in the West throughout the second half of the last century. The result is rather ambiguous. On the one hand, the book is engaging and worth reading for anyone interested in post-communist Europe and its past. The book however serves as an interesting exhibit in the gallery of post-communist legal culture, rather than an accomplished study thereof. In what follows I will firstly introduce the book and then turn to its problematic features, which relate to the (still) prevailing discourse concerning post-communism in Europe.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121148854","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 growth potential of startups over the business cycle","authors":"P. Sedláček, Vincent Sterk","doi":"10.1257/aer.20141280","DOIUrl":"https://doi.org/10.1257/aer.20141280","url":null,"abstract":"This paper shows that job creation of cohorts of U.S. firms is strongly influenced by aggregate conditions at the time of their entry. Using data from the Business Dynamics Statistics (BDS) we follow cohorts of young firms and document that their employment levels are very persistent and largely driven by the intensive margin (average firm size) rather than the extensive margin (number of firms). To differentiate changes in the composition of startup cohorts from post-entry choices and to evaluate aggregate effects, we estimate a general equilibrium firm dynamics model using BDS data. We find that even for older firms, the aggregate state at birth drives the vast majority of variations in employment across cohorts of the same age. The key force behind this result are fluctuations in the composition of startup cohorts with respect to firms' potential to grow large. At the aggregate level, factors determined at the startup phase account for the large low-frequency fluctuations observed in the employment rate.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117143194","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":"Profit with purpose? a theory of social enterprise with experimental evidence","authors":"T. Besley, Maitreesh Ghatak","doi":"10.1257/POL.20150495","DOIUrl":"https://doi.org/10.1257/POL.20150495","url":null,"abstract":"When social benefits cannot be measured, a hybrid organization which selects managers based on motivation can be used to balance profi…ts with a social purpose. This paper develops a model of social enterprise based on selection of citizen-managers with this goal in mind. It develops the implications of matching between founders and managers based on their preferences for the mission. The main trade-offs suggested by the theory are tested experimentally and these are used to calibrate a matching outcome. This makes precise the parameter range in which social enterprises based on selection will be observed in a market setting; we show that they achieve gains in proficiency of around 10% over non-pro…fit enterprise.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"514 1-2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134163092","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":"Explaining Cross-Country Differences in Productivity: Is it Efficiency or Factor Endowments?","authors":"Eddie Gerba, E. Pikoulakis","doi":"10.2139/SSRN.2347688","DOIUrl":"https://doi.org/10.2139/SSRN.2347688","url":null,"abstract":"In this paper we develop a two-sector growth model of optimizing agents and apply this model to the data for the purpose of addressing the two interrelated questions that preoccupy the literature on development and growth accounting, namely: (1) What determines sustained growth and (2) What explains the vast cross-country differences in labor productivity. Concerning the first questions our findings support the view that to some extend the growth in effective human capital is a by-product of learning-by-doing. On the second question we find that differences in factors of production explain twice as much of the difference in labor productivity between developed and developing countries than differences in efficiency.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129668419","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":"Medium and Long Run Prospects for UK Growth in the Aftermath of the Financial Crisis","authors":"N. Oulton","doi":"10.1017/CBO9781316556191.003","DOIUrl":"https://doi.org/10.1017/CBO9781316556191.003","url":null,"abstract":"In this paper I argue that the financial crisis is likely to have a long term impact on the level of labour productivity in the UK while leaving the long run growth rate unaffected. Based entirely on pre-crisis data, and using a two-sector growth model, I project the future growth rate of GDP per hour in the market sector to be 2.61% p.a. Based on a cross-country panel analysis of 61 countries over 1950-2010, the permanent reduction in the level of GDP per worker resulting from the crisis could be substantial, about 5½%. The cross-country evidence also suggests that there are permanent effects on employment, implying a possibly even larger hit to the level of GDP per capita of about 9%.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133751102","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":"Testing for equality of an increasing number of spectral density functions","authors":"J. Hidalgo, Pedro C. L. Souza","doi":"10.1007/978-1-4939-0569-0_13","DOIUrl":"https://doi.org/10.1007/978-1-4939-0569-0_13","url":null,"abstract":"","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131902830","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":"Hayek on the wisdom of prices: a reassessment","authors":"R. Bronk","doi":"10.23941/EJPE.V6I1.120","DOIUrl":"https://doi.org/10.23941/EJPE.V6I1.120","url":null,"abstract":"This paper re-examines Hayek’s insights into the problem of knowledge in markets, and argues that his analysis remains pertinent but has serious flaws. His central thesis—that the market price system is essential for communicating information and coordinating transactions wherever knowledge is dispersed and innovation renders the future uncertain—remains a potent explanation for the failures of central economic planning. His analysis that aggregate statistics necessarily abstract from contextual and tacit knowledge has important but widely ignored implications for the contemporary use of statistics in financial risk models. The recent financial crisis, however, shows that market prices can give very misleading signals for long periods, and it represents a key example of ways in which Hayek’s thesis is incomplete. In particular, Hayek’s analysis falls short by ignoring the role of dominant narratives, analytical monocultures, self-reinforcing emotions, feedback loops, information asymmetries and market power in distorting the wisdom of prices.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127591595","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":"Subject specific and population average models for binary longitudinal data: a tutorial","authors":"C. Szmaragd, P. Clarke, F. Steele","doi":"10.14301/LLCS.V4I2.249","DOIUrl":"https://doi.org/10.14301/LLCS.V4I2.249","url":null,"abstract":"Using data from the British Household Panel Survey, we illustrate how longitudinal repeated measures of binary outcomes are analysed using population average and subject specific logistic regression models. We show how the autocorrelation found in longitudinal data is accounted for by both approaches, and why, in contrast to linear models for continuous outcomes, the parameters of population average and subject specific models for binary outcomes are different. To illustrate these points, we fit different models to our data set using both approaches, and compare and contrast the results obtained. Finally, we use our example to provide some guidance on how to choose between the two approaches.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129368424","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":"A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929","authors":"Olga Christodoulaki, Haeran Cho, P. Fryzlewicz","doi":"10.1093/EREH/HES011","DOIUrl":"https://doi.org/10.1093/EREH/HES011","url":null,"abstract":"Time series of daily data for Greek sovereign risk have been compiled and analysed statistically to shed light on the way that historical events, including political and institutional changes, determined the creditworthiness of the Greek government on the London stock market from the start of the Great War until the Great Crash. No a priori important dates were specified. The Asia Minor campaign and its aftermath exerted a strongly negative impact on the value of Greek sovereign debt and as a result the risk premium increased rapidly. Statistical analysis shows that investors acted upon news of fiscal performance and public debt developments. Unforeseen political changes also influenced market participants’ expectations. By contrast, institutional innovations such as the adoption of the Gold Exchange Standard and the establishment of a central bank de novo did not result in any quantitative market response. However, stabilisation and the concomitant institutional reforms were gradually factored into the market price of Greek sovereign debt traded in London and as a result the creditworthiness of the Greek government steadily improved.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114520681","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":"Reforming the PCC: lessons from abroad","authors":"M. Puppis, Sally Broughton Micova, Damian Tambini","doi":"10.5167/UZH-66654","DOIUrl":"https://doi.org/10.5167/UZH-66654","url":null,"abstract":"The current model of press regulation in the UK has failed. Journalism ethics in future needs to be enforced by a more robust organisation with support from a wider group of stakeholders. Where the old system had strengths they must be built upon and lessons learned from the experience of the PCC and European counterparts. In the long term, it is likely that ethical codes will be applied to journalism rather than a particular mode of delivery. Current reforms should establish incentives for the development of a cross media ethics body to which journalists on all platforms are able to opt- in, supported by legal and fiscal incentives. There is a role for the state in press self-regulation, in providing incentives to join, setting criteria for the formation of a self-regulatory body, and/or part funding the body. There is a range of options between light state support for self-regulation and co-regulation, but other press and journalism councils have state involvement without state capture. The PCC’s replacement should be a genuinely multi-stakeholder body designed to balance interests of the public, journalists and owners. The body should therefore be established by both media owners and journalists, with prominent public representation, and cover all media. Lay members of the public should be involved in decisions.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123519570","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}