New capital accumulation in transition economies: implications for capital-labor and capital-output ratios

Izyumov, Alexei; Vahaly, John

doi:10.1007/s10644-007-9020-6

Cited by 4 publications

(2 citation statements)

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“…Bah and Brada (2009) consider different studies and conclude that the decline in the capital stock in the early transition period was about 50%. Izyumov and Vahaly (2006) report figures between 15 and 50% of the capital stock. Campos and Coricelli (2002, p. 806) simply state: 'We do not know much about what happened to communist capital.…”

Section: Notesmentioning

confidence: 99%

Total factor productivity growth in Central and Eastern Europe before, during and after the global financial crisis

Levenko

Oja

Stæhr

2018

Post-Communist Economies

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This article presents growth accounting results for 11 EU countries from Central and Eastern Europe for the years 1996-2016. Its contributions include the estimation of new capital stock series and adjustment for the utilisation of capital stock. Before the crisis, growth in total factor productivity (TFP) was the main contributor to output growth in Slovenia, Hungary and Slovakia, while capital deepening was more important in the Czech Republic, Croatia and Poland. During the global financial crisis the contributions of TFP and capital growth differed markedly across the countries, reflecting the very diverse dynamics of the crisis. After the crisis the contribution of TFP growth has been negligible in all of the sample countries coinciding with generally weak output growth. The results are generally robust to changes in estimation methods and parametrisations, but some assumptions regarding the construction of the capital stock series are critical for the results.

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Section: Notesmentioning

confidence: 99%

Total factor productivity growth in Central and Eastern Europe before, during and after the global financial crisis

Levenko

Oja

Stæhr

2018

Post-Communist Economies

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“…The implied misallocations could accumulate over time (Brada, 1989; Estrin, Gelb, & Singh, 1995). Still, Izyumov and Vahaly (2006) argue that despite these tendencies, capital accumulation in central planning was lagging behind Western European countries in both levels and growth rates (see also Campos and Coricelli, 2002as well as Vonyo, 2017).…”

Section: Introductionmentioning

confidence: 99%

Structural change and misallocation: Firm‐level evidence from Poland*

Hagemejer

Tyrowicz

2020

Econ of Transit and Inst Chang

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Early transition literature linked a large number of firm failures with the inability to overcome the pre-transition misallocation of resources, that is, the inadequate capital-labour ratio. We look at the link between misallocation and firm survival using a rich firm-level dataset of over 1,600 manufacturing plants established in a centrally planned economy after 1945. Our duration models include the standard Olley-Pakes misallocation measures as well as a firm-level measure of the counterfactual level of capital that takes into account the present-day market allocation and productivity. We show that while privatization is positively related to firm survival, misallocation (a) was more of a firm-level than sector-level phenomenon and, more importantly, (b) it, in general, did not have a sizeable effect on the actual firm survival nor it had an impact on the outcome of privatization.

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Impulsive Models in Economics

Stamova

Stamov

2016

CMS Books in Mathematics

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New capital accumulation in transition economies: implications for capital-labor and capital-output ratios

Abstract: Capital accumulation, Transition economies, Foreign direct investment, Economic growth,

Cited by 4 publications

References 29 publications

Total factor productivity growth in Central and Eastern Europe before, during and after the global financial crisis

Total factor productivity growth in Central and Eastern Europe before, during and after the global financial crisis

Structural change and misallocation: Firm‐level evidence from Poland*

Impulsive Models in Economics

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