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9783540241836

Economic Liberalization and Integration Policy: Options for Eastern Europe and Russia

by ; ;
  • ISBN13:

    9783540241836

  • ISBN10:

    3540241833

  • Format: Hardcover
  • Copyright: 2005-10-16
  • Publisher: Springer Verlag
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Summary

After the 1998 Russian economic crisis, there are new opportunities for sustained growth in many countries of the former Soviet Union. Against this backdrop, the authors of this book analyze the dynamics of macroeconomic and structural developments in Eastern Europe and Russia, with special attention paid to problems of international and national integration, "Dutch disease" and natural resource dependency, and distortions in institutional reforms. The analysis also sheds light on how these problems have implications for cooperation among OECD-countries. A critical focus is on institutional adjustment and learning, human capital formation, trade and foreign investment. The political economy challenges of stability and growth in the region are highlighted. New empirical findings and comparative policy analysis - including in the field of natural resource policy - are major elements in this publication.

Table of Contents

Introduction 1(6)
Harry G. Broadman, Tiiu Paas and Paul Welfens
The Regional Dimensions of Barriers to Business Transactions in Russia 7(24)
Harry G. Broadman
1 Introduction
8(2)
2 Description of the Studied Regions
10(3)
3 Competition in the "Old" and "New" Economy in Russia's Regions
13(6)
4 Infrastructure Regulation in Russia's Regions: The Telecommunications and Internet Sector
19(4)
5 Corporate Finance in Russia's Regions: Demand and Supply Constraints
23(2)
6 Dispute Resolution in Russia: A Regional Perspective
25(2)
7 Conclusion
27(1)
References
28(3)
Macroeconomic Aspects of Opening up, Unemployment and Sustainable Growth in Transition Countries 31(48)
Paul J.J. Welfens
1 Introduction
32(8)
2 Growth, Resource Dynamics, Balassa-Samuelson Effects and Un-employment
40(9)
2.1 Growth, Natural Resources and Economic Welfare
40(1)
2.2 The Balassa-Samuelson Effect, Unemployment and Exports
41(3)
2.3 Wage Bargaining as Inherent Source of Unemployment?
44(5)
3 Product Innovation and Macroeconomic Developments: Schumpeter and the Mundell-Fleming Model
49(13)
3.1 Medium Term Issues Product Innovations, Output and the Exchange Rate
49(6)
3.2 Economic Catching-up and Long Term Real Exchange Rate Dynamics
55(5)
3.3 The Role of Risk and Innovation
60(1)
3.4 Endogenous Product Innovations in Countries with Similar Development Levels
61(1)
4 Conclusions and Policy Implications
62(1)
Appendix 1 Output and Wage Pressure in a Hybrid Supply and Demand Macro Model
63(5)
Appendix 2 Fiscal Multiplier in a Hybrid Approach
68(1)
Appendix 3 Reconsidering Aggregate Output in a Two-Sector Approach
68(1)
Appendix 4 Mathematical Appendix
69(2)
Appendix 5 On EU Eastern Enlargement
71(6)
References
77(2)
Sustainability of Growth and Development of Financial System in Russia 79(26)
Evgeny Gavrilenkov
1 Introduction
80(3)
2 Slow Reforms Will Negatively Affect Growth Stability
83(3)
3 Peculiarities of the Financial System in the Low Monetized Economy
86(6)
4 Low Monetization as an Impediment for Growth
92(5)
5 Efficiency of the Government Spending is Under Question
97(6)
6 Conclusion
103(1)
References
104(1)
The Transmission of Economic Fluctuations Between Russia, Europe, Asia and North America 105(16)
Hans Gerhard Strohe and Noer Azam Achsani
1 Introduction
106(1)
2 Variables and Data
107(3)
3 Methods of Analysis
110(2)
4 Empirical Results
112(7)
4.1 Correlation Analysis
112(1)
4.2 Results of Granger Causality and VAR Analysis
113(6)
5 Conclusion
119(1)
References
120(1)
U.S.-Russian and U.S.-Ukrainian Trade Relations and Foreign Direct Investment Effect 121(28)
Olga Nosova
1 Introduction
122(1)
2 Theoretical Foundations of New Trade Theory Investigations
123(2)
3 U.S.-Russian and U.S.-Ukrainian Trade Performance and Structure
125(6)
4 U.S.-Russian and U.S.-Ukrainian Foreign Direct Investment Flows
131(9)
5 Autoregression Distributed Lagged Model of Foreign Direct Investment: Estimation and Application
140(3)
6 Foreign Trade Policy Conclusions
143(1)
Appendix
144(2)
References
146(3)
Inflation in the New Russia 149(22)
Irina Eliseeva
1 Introduction
150(1)
2 What is Core Inflation and Why Worry About it
151(2)
3 Evaluation of Monetary Policy Effectiveness
153(3)
4 Methods to Evaluate Weak Core Inflation
156(1)
5 Methods to Measure Strong Core Inflation
157(1)
6 Inflation in Russia in 1994 — 2002
158(2)
7 Monetary Policy in Russia in 1994 — 2002
160(7)
8 Monetary Policy for 2004
167(1)
References
168(3)
Russian Fuel and Energy Sector: Dynamics and Prospects 171(14)
Ruslan Grinberg
1 Introduction
172(1)
2 The Russian Government's Energy Strategy
173(4)
3 Fuelled Economic Growth
177(1)
4 Scenarios for Expanded Gas Extraction
178(2)
5 What Will This Situation Means for Europe
180(1)
6 Conclusion
181(2)
References
183(2)
Russia's Energy Strategy and the Energy Supply of Europe 185(16)
Roland Götz
1 The Russian Energy Strategy for the Period Until 2020
186(2)
2 The Oil Sector of the Economy
188(3)
2.1 Resources, Production, Investment
188(1)
2.2 Domestic Consumption
189(1)
2.3 Foreign Trade
189(2)
3 The Natural Gas Sector of the Economy
191(6)
3.1 Resources, Production, Investment
191(2)
3.2 Domestic Consumption
193(1)
3.3 Foreign Trade
194(3)
4 Russia and the Energy Supply of Europe
197(2)
Annex
199(2)
Natural Resources and Economic Growth: From Dependence to Diversification 201(32)
Thorvaldur Gylfason
1 Introduction
202(1)
2 Five Channels: Theory and Evidence
202(23)
2.1 Channel 1: The Dutch Disease and Foreign Capital
203(6)
2.2 Channel 2: Rent Seeking and Social Capital
209(7)
2.3 Channel 3: Education and Human Capital
216(3)
2.4 Channel 4: Saving, Investment, and Physical Capital
219(2)
2.5 Channel 5: Money, Inflation, and Financial Capital
221(2)
2.6 Natural Capital and Economic Growth
223(2)
3 The Experience of the OPEC Countries and Norway
225(4)
4 Concluding Remarks
229(1)
References
229(4)
Corruption and Public Investment Under Political Instability: Theoretical Considerations 233(12)
Frank Bohn
1 Introduction
234(1)
2 Government Preferences and Political Instability
234(2)
3 Budget Constraints
236(1)
4 Government Maximization Problem
237(1)
5 Simplifying Total Government Utility
237(2)
6 Interior Solution
239(1)
7 Corner Solution
240(1)
8 Conclusion
241(1)
Appendix A: Optimal Public Goods Spending
241(1)
Appendix B: Second Order Condition
242(1)
Appendix C: Perturbation Results
243(1)
References
244(1)
Institutional Issues of Transport Policy Implementation in Russia 245(32)
Nina Oding
1 Introduction
246(1)
2 External Economic Activities
247(2)
3 Transport Sector
249(2)
4 Maritime Shipments
251(3)
5 Tariffs
254(1)
6 Transport Strategy
255(2)
7 Organisations, Actors and Institutions
257(6)
8 Investments
263(3)
9 Anti-Monopoly Policy and Privatization
266(4)
10 Conclusion
270(1)
Appendix 1
271(3)
Appendix 2
274(1)
References
275(2)
Human Capital and Growth: A Panel Analysis for the EU-15, Selected Accession Countries and Russia 277(22)
Dora Borbély and Christopher Schumann
1 Introduction
278(1)
2 Determinants of Economic Growth
278(3)
2.1 Accumulation of Capital and Labour
278(1)
2.2 Human Capital and Economic Growth
279(1)
2.3 Macroeconomic Stability
279(1)
2.4 Size of Government
280(1)
2.5 International Trade
280(1)
3 The Model
281(3)
4 The Data
284(1)
5 Regression Results
284(9)
5.1 Pooled Mean Group Estimator
285(2)
5.2 Country-Specific Results
287(6)
6 Conclusion
293(1)
Annex
294(2)
References
296(3)
Telecommunications, Trade and Growth: Gravity Modeling and Empirical Analysis for Eastern Europe and Russia 299(34)
Albrecht Kauffmann
1 Introduction
300(2)
2 Telecommunications, Foreign Trade, and Globalization
302(1)
3 Foreign Trade of Transition Countries
303(8)
3.1 Choice of Countries to be Included in the Investigation
303(3)
3.2 Development of Foreign Trade of Selected Country Groups
306(5)
4 Developments of ICT Infrastructure in Selected Groups of Countries Included Into Investigation
311(2)
5 ICT Infrastructure and Foreign Trade: Extended Gravity Model
313(16)
5.1 Overview
313(2)
5.2 Model Specifications for the Whole Country Set
315(9)
5.3 Model Specifications for Subgroups of Trading Partners
324(5)
6 Conclusion
329(2)
References
331(2)
Russia's Integration Into the World Economy: An Interjurisdictional Competition View 333(16)
Alexander Libman
1 Introduction
334(1)
2 Theory of the Interjurisdictional Competition: A Brief Overview
334(2)
3 "Exit" in the Russian Economy
336(6)
4 Effects of the Interjurisdictional Competition for the Russian Economy
342(3)
4.1 Demand Side of the Market for Institutions and Public Goods
342(2)
4.2 Supply Side of the Market for Institutions and Public Goods
344(1)
5 Conclusion
345(1)
References
346(3)
Panel Discussion: Perspective on Russia 349(8)
List of Contributors 357

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