TL;DR: In this paper, the authors investigated the differentiated employment structures of the European regions, their evolution over time and their implications for economic growth, showing that convergence and persistence in employment structures may coexist; structural differences are greater within rather than between countries; and, finally, convergence in incomes is improved by the homogenisation of productive structures, although the industrial sector maintains a key role in the growth processes.

TL;DR: In this paper, the authors calculate real equilibrium exchange rates (EER) for EU accession countries and compare these with the actual exchange rate movements since the mid-1990s, finding that productivity increases can be regarded as one source of the observed PPI-based real appreciation of the accession country’ currencies.

TL;DR: In this paper, the authors presented an empirical analysis of real stock return volatility contagion from emerging markets and financial centers to the Turkish market since 1992 using simple rolling regressions and goodness of fit measures.

TL;DR: In this paper, the authors analyzed the incentive mechanism of individual micro-lending contracts and compared its key factors with those of joint-liability loan contracts using their data set, and revealed that the target groups which can be efficiently served by either one of the two mechanisms is different.

TL;DR: In this paper, the authors examined the market structure of banking in four southeastern European transition countries, namely Bulgaria, Croatia, Romania, and Slovenia, and identified persistent legacies with an eye toward analyzing both the lasting effects of legacies and bank ownership.

TL;DR: In this article, the authors analyze mergers and acquisitions that have taken place in Poland between 1997 and 2001, and conduct an event study to measure the reaction of the capital market to the merger announcements, estimate changes in profitability and cost ratios.

TL;DR: In this article, the authors analyzed the foreign exchange market volatility in four Central European EU accession countries in 2001-2003 by using a Markov regime-switching model and identified two regimes representing high and low-volatility periods.

TL;DR: In this article, the authors investigated insider trading patterns around quarterly earnings announcements of the companies listed on the Warsaw Stock Exchange and found that insiders exploit their foreknowledge of accounting disclosures but cease trading aggressively immediately before the publication date.

TL;DR: A review and assessment of the privatization of the banking sector in Hungary that took place during the 1990s can be found in this paper, where the authors assess the policy choices made by Hungarian policy makers reflect both internal constraints stemming from the end of central planning to the adoption of market-determined mechanisms as well as external macroeconomic shocks at the time.

TL;DR: This article showed that monetary and fiscal co-ordinations matter not only within monetary unions, but also within any monetary setting, from floats to pegs, from the perspective of trade.

TL;DR: In this article, the authors investigated the relationship between market reaction to earnings surprises and institutional concentration in the firm's shareholders base, and found evidence that higher pension funds' holding in a company tends to reduce the magnitude of market reaction around public disclosures.

TL;DR: In this paper, the authors study the evolution of trading in a market maker trading system (SPAD) introduced to the Prague Stock Exchange in 1998 and find that the new system succeeded in increasing the transparency of the market, improved the price discovery function of the exchange, and that investors have benefited from lowered spreads.

TL;DR: In this paper, the authors investigated the relationship between the black market and the official exchange rate and employed cointegration analysis to establish the long-run relationship and Granger causality to detect the short-run causality between the two rates.

TL;DR: The authors analyzes the role that asymmetric information played in the build-up of a new capital stock during the transition in Eastern Germany and formally derives the conditions for underinvestment and overinvestment to occur.

TL;DR: In this article, the authors test hypothesis derived from the theory of rationing using data for Polish households during the transition, and the empirical results are consistent with the theory: larger own-price elasticities for non-rationed goods after the reform, increased complementarity and decreased substitutability.

TL;DR: In this article, the authors examined the determinants of FDI flows to emerging economies by analyzing a recently compiled data set of bilateral FDI flow, and investigated both home and host country factors that may play an important role in determining the level and the destination of foreign investment flows.

TL;DR: In this paper, a framework is developed in order to analyse the behaviour of family farms and corporate farms in the presence of risk, given the typical post-socialist environment, and it appears plausible that risk limits the extent of structural change in transitional agriculture.

TL;DR: A review of the lending literature shows that the lack of a general study regarding the changing nature of the coexistence among the various sources of disbursement has important policy implications as discussed by the authors.

TL;DR: In this article, a general equilibrium model is proposed which assumes that firms hire both official and unregistered labour as imperfect substitutes, and that the efficiency of official labour can be increased by heterogeneous ability of the entrepreneurs and by Marshallian nonlinear externalities, i.e., externalities arise if firms are sufficiently numerous.

TL;DR: This article showed that the presence of black markets alleviates this outcome, and that the wage elasticity of output is always smaller in the framework that includes heterogenous agents and black markets.