Oana-Ramona Socoliuc (Guriță), Andreea IACOBUȚĂ-MIHĂIȚĂ, Elena Ciortescu
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Private property - the inclusive institution which shaped dissimilar economic dynamics. Evidence from the Czech Republic and Romania
Following the path prescribed by Acemoglu and Robinson, development disparities can be better interpreted in the light of the effectiveness of political and economic institutions which rule society. From this perspective, the post-communist economies provide enough evidence when addressing the transition strategies followed in order to shape the market economy. Our paper analyses the impact of private property reform on the economic outcomes of Romania and the Czech Republic, as exponents of the two transition strategies. We employ a Vector Error Correction Model, followed by a Variance decomposition and a Granger Causality to emphasize the contribution of dissimilar property reforms to the economic dynamics. The results highlight that clear property rights in the Czech Republic have created the auspicious circumstances for enhancing growth and prosperity while, for Romania, it became an obstacle against economic growth.
期刊介绍:
The Eastern Journal of European Studies (EJES) seeks to provide a forum for multidisciplinary and interdisciplinary dialogue between ideas, and a framework for theoretical and empirical analyses covering major topics in European studies: European history, politics, European economy and European policies, EU community law, European culture and society. EJES encourages studies focusing on Central and Eastern Europe (including Eastern Neighbourhood) in order to better understand its transformations induced by the integration process and to address its specific challenges by supporting scientific debates on the general European theory and practice. Furthermore, the editorial board regularly invites distinguished guest editors to coordinate thematic issues.