The disinflation effect of central bank independence

Iwasaki, Ichiro; Uegaki, Akira

doi:10.4324/9781315162775-9

International Financial Markets 2019

DOI: 10.4324/9781315162775-9

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The disinflation effect of central bank independence

Ichiro Iwasaki¹,

Akira Uegaki²

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2024

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Cited by 2 publications

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Enterprise Privatization and Ex Post Firm Performance in Post-Socialist Economies

Mizobata,

Iwasaki

2024

The Oxford Handbook of Post-Socialist Economies

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This chapter discusses the relationship between post-privatization ownership and firm performance in Central and Eastern Europe (CEE) and the former Soviet Union (FSU). Based on the literature of enterprise privatization, it predicts that CEE countries perform better than FSU countries in enterprise restructuring. It also assumes that (a) the voucher system is the worst privatization method; (b) direct sales are superior to management-employee buyouts (MEBOs); and (c) the speed of policy implementation is related to progress in firm restructuring. The chapter reports that a research synthesis of 2,894 estimates drawn from 121 previous studies support these hypotheses overall. The results also indicate that in CEE and the FSU countries, private entities were more desirable corporate owners compared to the state; therefore, privatization policy was an essential element for the restructuring of the former socialist companies in the transition economies. The chapter concludes that the lesson obtained from enterprise privatization in CEE and the FSU is that the policy design for enterprise privatization is crucial, but that whatever it is, the free transfer of state assets must be avoided at all costs.

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Enterprise Privatization and Ex Post Firm Performance in Post-Socialist Economies

Mizobata,

Iwasaki

2024

The Oxford Handbook of Post-Socialist Economies

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J-Curved Growth Path

Iwasaki,

Kumo

2024

The Oxford Handbook of Post-Socialist Economies

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After the collapse of socialism, there was not a single country in Central and Eastern Europe (CEE) and the former Soviet Union (FSU) that did not experience a serious economic crisis. Furthermore, the process of economic recovery from the crisis varied greatly among these countries. This economic phenomenon, known as the J-curve growth path, has caused a great deal of controversy among economists over its determinants. This chapter traces one of the most important debates in the transition economics, and elucidates the mechanism of the J-curve growth path through a meta-analysis of previous studies. The results of the meta-analysis, which employs 3,279 estimates drawn from 123 previous studies, reveal that while the growth-enhancing effects of structural change and transformation policy were small yet significant, inflation and regional conflict had a highly significant and strongly negative effect on output. In addition, the legacy of socialism might exacerbate the decline in production in the early stages of transition. Although these five factors have been repeatedly argued in the extant literature as main causes of the economic crisis and recovery in CEE and FSU countries, the meta-analysis is the first to compare their effect sizes, finally providing a complete picture of the mechanism of J-curve phenomenon.

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The disinflation effect of central bank independence

Cited by 2 publications

References 1 publication

Enterprise Privatization and Ex Post Firm Performance in Post-Socialist Economies

Enterprise Privatization and Ex Post Firm Performance in Post-Socialist Economies

J-Curved Growth Path

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