Neo-Transitional Economics

400 Pages·2015·1.22 MB·English

by  Yusaf H. Akbar

NEO-TRANSITIONAL ECONOMICS
INTERNATIONAL FINANCE
REVIEW
Series Editor: J. Jay Choi
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INTERNATIONAL FINANCE REVIEW VOLUME 16
NEO-TRANSITIONAL
ECONOMICS
EDITED BY
RUSTAM JAMILOV
State Oil Fund of Azerbaijan, Baku, Azerbaijan
YUSAF H. AKBAR
Central European University, Budapest, Hungary
United Kingdom (cid:1) North America (cid:1) Japan
India (cid:1) Malaysia (cid:1) China
EmeraldGroupPublishingLimited
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ACKNOWLEDGMENT (DEDICATION)
ToJamilya:Thankyouforallyourpatience,commitment,andlove
(cid:1)RustamJamilov
Disclaimer:
This book was started when Rustam Jamilov was a graduate student at
the LSE and completed when he subsequently joined the State Oil Fund
of Azerbaijan (SOFAZ). Opinions, either by Rustam Jamilov or another
contributing author, which are expressed in this book, do not reflect the
views of the State Oil Fund of Azerbaijan or the LSE’s Department of
Economics. No theoretical or empirical result nor any policy recommenda-
tion or advice that are expressed in this book should be viewed as an
investment philosophy or policy followed, endorsed, or in any other way
acknowledgedbySOFAZ.
v
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CONTENTS
LIST OF CONTRIBUTORS xi
PART I: GENERAL TRANSITION
INTRODUCTION TO NEO-TRANSITIONAL
ECONOMICS
Rustam Jamilov and Yusaf H. Akbar 3
NEO-TRANSITIONAL ECONOMIES: THE BROAD
CONTEXT
Paul Marer 21
DEVELOPMENT AND TRANSITION IN SERBIA:
ECONOMIC ASPECTS
Gyo¨rgy Simon, Jr. 53
PART II: INSTITUTIONS AND GOVERNANCE
REGULATORY EVOLUTION, MULTINATIONAL
FIRMS, AND NEO-TRANSITION ECONOMIES
Yusaf H. Akbar 99
THE NEO-TRANSITIONAL PARADOX: RESTRICTIVE
CAPITAL REGULATIONS, AUTHORITARIAN STATE
AND LIMITED WELFARE TYPE OF CAPITALISM
EXAMINED IN INTERNATIONAL CONTEXT
Martina Lubyova and Pavol Babos 121
vii
viii CONTENTS
THE ROLE OF CORPORATE GOVERNANCE IN A
TRANSITIONAL ECONOMY
Xuan Vinh Vo 149
POST-SOVIET TRANSITION: THE IMPACT OF
RUSSIAN INFLUENCE ON INSTITUTIONS
Matei Alexianu 167
PART III: FINANCIAL SECTOR DEVELOPMENT
LENDING RATE PASS-THROUGH AND BANK
HETEROGENEITY IN A HIGH INTEREST RATE
ENVIRONMENT: EVIDENCE FROM AZERBAIJAN
Rustam Jamilov 193
THE INFLUENCE OF MACROECONOMIC RISKS ON
CREDIT RISK IN THE SERBIAN BANKS’ LOAN
PORTFOLIO
Dragisˇa Otasˇevic´ 219
DOES REGULATORY ENVIRONMENT AFFECT
EARNINGS MANAGEMENT IN TRANSITIONAL
ECONOMIES? AN EMPIRICAL EXAMINATION OF
THE FINANCIAL REPORTING QUALITY OF
CROSS-LISTED FIRMS OF CHINA AND HONG KONG
Matthias Nnadi, Kamil Omoteso and Yi Yu 245
PART IV: FISCAL POLICY AND DEBT MANAGEMENT
DEBT SUSTAINABILITY ANALYSIS FOR EMERGING
AND DEVELOPING MARKETS: AN APPLICATION ON
TRANSITION COUNTRIES
I˙brahim U¨nalmıs¸ 279
TWIN DEFICITS IN EUROPEAN TRANSITION
ECONOMIES
Rajmund Mirdala 299
Contents ix
PART V: INTERNATIONAL TRADE AND ECONOMIC
INTEGRATION
ESTIMATING REMITTANCES IN THE FORMER
SOVIET UNION: METHODOLOGICAL COMPLEXITIES
AND POTENTIAL SOLUTIONS
Jakhongir Kakhkharovand Alexandr Akimov 337
NO CONVERGENCE IN THE CENTRAL EASTERN
EUROPEAN NEW MEMBER STATES: A MULTI
INDICATOR ANALYSIS
Zolta´n Poga´tsa 363
ABOUT THE EDITORS 377
ABOUT THE AUTHORS 379