Economic Freedom and Economic Welfare (Postponed Reforms: Costs of the Missed Opportunities) [25/09/2002]
Chubrik, A., Rakova, E., Pelipas, I.
The paper analyzes an influence of the indicies of economic freedom on economic welfare in transition countries. The authors consider an influence of the indicies of economic freedom and the reform indicies on GDP growth and foreign direct investment, which is an important factor of economic growth. The paper shows that economic freedom, democratization, rule of law, and progress in economic reforms positively influence on economic growth and foreign direct investment. Correlation between the indicies of economic freedom, liberalization, democratization and foreign direct investment is stronger than with GDP growth. The authors have established that liberalization of foreign trade and currency, banking reform, development of stock market, and large scale privatization exert the most essential influence on foreign direct investment.
Pelikan, P. [24/09/2002]
Institutions for the Selection of Entrepreneurs: Implications for Economic Growth and Financial Crises
Economic growth is seen to depend upon actions of entrepreneurs, and these actions upon the prevailing institutions. While institutions have often been examined for influences upon the freedoms and the incentives of entrepreneurs, and thereby upon the level of employment of resources, this paper examines their influences upon the selection of entrepreneurs, and thereby upon the efficiency of that employment. This selection is crucial in the realistic but in theory seldom considered cases in which all agents, including entrepreneurs, may differ in economic abilities (bounds of rationality). A simple model shows that in the long run, selection by market competition, especially when extended to financial markets, vastly outperforms selection controlled or protected politically. Such selection may outperform market selection only during a limited period, extendable only at the price of growing bad debts and financial crises.
Resources, Agriculture, and Economic Growth in Economies in Transition [23/09/2002]
Gylfason, T.
This paper reviews some reasons why natural resource abundance and extensive agriculture appear to impede economic growth around the world. The paper presents empirical, cross-sectional evidence of various aspects of this relationship in the transition economies in Central and Eastern Europe and Central Asia since 1990. The essence of the argument is that heavy dependence on natural resources and agriculture may result in rent seeking (e.g., corruption) and policy failures (e.g., inflation) and may, moreover, discourage education, external trade, and genuine saving, thereby retarding economic growth. The paper concludes with a brief discussion of the policy implications of the analysis.
Econometric Models of Analysis and Forecasting of the Capacity of the Primary Short-Term Treasury Bills Market [22/09/2002]
Shvaiko, P.
The paper develops econometric models of T-bills market. Such models can help to determine the potential opportunities for covering a budget deficit at the expense of T-bills. Within the framework of elaborated econometric models the author has discovered directions of causality for major factors influencing T-bills market and has received new ratios as cointegration equations that allow determining the quantitative characteristics of the major factors’ impact on the capacity of T-bills market.
The European Union Enlargement Process: Essence and Reality [20/09/2002]
Pisotskiy, V.
The paper considers the different aspects of the European Union enlargement process. Particular attention is given to consideration of the main problems of the enlargement process regarding its influence on the countries of Central and Eastern Europe. Some conclusions on a possible strategy of cooperation between the EU and Ukraine are defined on the basis of actual and analytical materials and the main points of the World System Theory of Wallerstein.
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