1,721,155 research outputs found
Mathilde Maurel, Régionalisme et désintégration en Europe centrale et orientale. Une approche gravitationnelle
No full textSapir Jacques. Mathilde Maurel, Régionalisme et désintégration en Europe centrale et orientale. Une approche gravitationnelle. In: Revue d'études comparatives Est-Ouest, vol. 30, 1999, n°1. Dossier: "retours sur le passé" pp. 277-278
Investment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data
Full text linkRelying upon a rich and unique panel of Hungarian firms over 7 years, from 1992 up to 1998, this paper estimates simultaneously TFP, Total Factor Productivity, identified as efficiency, and the parameters of a model where investment depends upon internal funds, wages, and sales, as in Prasnikar J. and Svejnar J. (2000). It shows that while real investment is higher in foreign firms, the improvement in efficiency due to investment is significantly higher in Hungarian domestic firms. We test the possibility that this higher than average foreign investment may exacerbate other firms credit constraints by crowding them out of domestic capital markets. Of course one must control for that foreign firms may simply be more profitable and have access to more collateral, hence be a better investment for lending institutions. All firms (foreign, private and domestically owned, and State-owned) are credit rationed, including foreign firms. State-owned firms do not have an investment behaviour compatible with profit maximisation, a result which emphasises the soft budget constraint persistence (but not through the providing with soft credit). For these firms, wages increase together with investment.Investment, credit rationing, soft budget constraint, ownership, transition to a market economy, Hungary
Enjeux commerciaux de l'élargissement de l'Union européenne ; suivi d'un commentaire de Mathilde Maurel
No full textKeynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth
Full text linkThe 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive depreciations, competitive interest rate cuts or currency wars questions the exchange rate as an adjustment tool to asymmetric economic development. This paper approaches the question from a theoretical perspective by confronting exchange rate based adjustment with crisis adjustment via price and wage cuts. Econometric estimations yield a negative impact of exchange rate flexibility/ volatility on growth, which is found to be particularly strong for countries with asymmetric business cycles and during recessions. Based on these findings we support a further enlargement of the European Monetary Union and recommend more exchange rate stability for the rest of the world.Exchange rate regime, crisis, shock adjustment, theory of optimum currency areas, Mundell, Schumpeter, Hayek, competitive depreciations, currency war.
Abstracts
No full textAbstracts. In: Revue d'études comparatives Est-Ouest, vol. 37, 2006, n°1. Institutions et démocratie : les leçons de quinze années d'économie de la transition, sous la direction de Mathilde Maurel . pp. 209-213
Sommaire général pour l'année 2000
No full textSommaire général pour l'année 2000. In: Revue d'études comparatives Est-Ouest, vol. 31, 2000, n°4. L'élargissement de l'UE à l'Est. Le marché du travail dans la transition, sous la direction de Mathilde Maurel. pp. 249-250
Sommaire général pour l'année 2000
No full textSommaire général pour l'année 2000. In: Revue d'études comparatives Est-Ouest, vol. 31, 2000, n°4. L'élargissement de l'UE à l'Est. Le marché du travail dans la transition, sous la direction de Mathilde Maurel. pp. 249-250
Avant-propos
No full textAvant-propos. In: Revue d'études comparatives Est-Ouest, vol. 37, 2006, n°1. Institutions et démocratie : les leçons de quinze années d'économie de la transition, sous la direction de Mathilde Maurel . pp. 5-12
Avant-propos
No full textAvant-propos. In: Revue d'études comparatives Est-Ouest, vol. 37, 2006, n°1. Institutions et démocratie : les leçons de quinze années d'économie de la transition, sous la direction de Mathilde Maurel . pp. 5-12
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