Hans-Jürgen Wagener

Transformation of Social Security: Pensions in Central-Eastern Europe

Transition and Social Security in Central-Eastern Europe.- Issues and Role Models in the Pension Reform Debate.- Old-Age Security in Poland, Hungary and the Czech Republic: Institutional Legacy, Political Actors and Reform.- Central-Eastern European Pension Reforms in Comparison.

On the Theory and Policy of Systemic Change

1 Some Theory of Systemic Change and Transformation.- 2 Efficiency and Power as Stimuli of Institutional Change.- 3 Network Evolution.- 4 Economic Transformation Processes: Political Possibilities and Social Limitations.- 5 The Dynamics of Economic Systems, or How to Transform a Failed Socialist Economy.- 6 Informal Constraints, Culture, and Incremental Transition from Plan to Market.- 7 The Time Dimension of the Transition of Economic Systems.- 8 The Federal and Fiscal Structures of Western Democracies as Models for a Federal Union in Former Communist Countries?.- 9 On the Social and Economic Consequences of Institutional Transformation in Eastern Europe.- 10 Problems of Systemic Transformation in Eastern Europe: Instability, Inefficiency, and Restricted Options.- 11 On Some Barriers to Transition.- 12 Transition to the Market: Theory and Evidence.

Privatization, corporate governance and the emergence of markets

Acknowledgements List of Contributors Privatisation in Context: An Introduction E.F.Rosenbaum, F.Bonker & H.J.Wagener PART I: THE POLITICAL AND FISCAL DIMENSION OF PRIVATISATION Polish Mass Privatisation: Success or Failure? R.Gesell On the Political Economy of Privatisation in Eastern Germany U.Siegmund Fiscal Aspects of Privatisation: The Paradox of Privatisation Revenues D.Sub PART II: PRIVATISATION, CORPORATE GOVERNANCE AND ECONOMIC RESTRUCTURING Changing Models of Corporate Governance in OECD Countries P.W.Moerland Corporate Governance - A Systemic Approach with an Application to Eastern Europe R.Heinrich Empirical Analysis of Corporate Governance in Transition W.Carlin Privatisation and Corporate Governance in Transition Countries: Beyond the Principal-Agent Mode W.Andreff Corporate Governance During and After Privatisation: The Lessons from Hungary P.Mihalyi Banks and the Privatisation of Enterprises in Poland R.Chudzik Manager Incentives and Turnover of Managers: Evidence from the Czech Republic S.Claessens & S.Djankov The Relationship Between FDI, Privatisation and Structural Change in Central and Eastern European Countries G.Hunya PART III: PRIVATISATION AND THE EMERGENCE OF MARKETS Transforming Socialist Networks M.Keren Towards a Theory of Markets - Networks, Communication and Knowledge E.F.Rosenbaum Direct Foreign Investment and the Evolution of Markets in Central and Eastern Europe K.Meyer References Index

Some Theory of Systemic Change and Transformation

Transformation is one of the most complex forms of institutional change: It affects the whole economic order and will succeed only if other elements of the socio-economic system adapt or are changed at the same time. As long as we know so little, as we in fact do, about its more simple forms like mechanism design, the decision for deregulation or privatization, or the formation of corporate organizations and public agencies, one should start with the elementary. In order to understand the transformation process in its functional and sequential interdependencies, the theory of the economic system and the theory of institutional change seem to be relevant starting points.

The political economy of transformation

I: Performance, Costs and Efficiency of Banking in Switzerland.- Measuring the Performance of Banks: Conceptual Problems and Results for Switzerland (1987 - 1991).- Comment: Klaus Spremann.- Comment: Beat C. Philipp.- Explaining the Performance of Swiss Banks from 1987 to 1990.- Comment: Gunter Franke.- Comment: Peter Zweifel.- Economies of Scale and Scope and Inefficiencies in Swiss Banking.- Comment: Thomas Gehrig.- Comment: Werner Hermann.- II: The Attractiveness of Switzerland for Foreign Banks.- Explaining the Presence of Foreign Financial Intermediaries in Switzerland.- Comment: Claudio Generali.- III: The Swiss Stock Markets.- The Effects of Foreign Competition on Stock Markets: SEAQ International vs. Switzerland.- Comment: Richard T. Meier.- Comment: Peter Aerni.- IV: The International Market for Bank Deposits and Bonds.- The Swiss Share in International Markets for Bank Deposits and Bonds.- Comment: Pascal Bridel.- V: The Swiss Financial Sector at the Turn of the Century.- Banking Policy and Regulation in Switzerland: Summary and Implications of Two Years of Research.- Comment: Aloys Schwietert.- List of Authors.- List of Participants.

Währungspolitische Optionen für die ostmitteleuropäischen EU-Beitrittskandidaten

Mit ihrem Beitritt zur Europaischen Union (EU) verpflichten sich die EU-Beitrittskandidaten, an der Europaischen Wahrungsunion teilzunehmen und den Euro einzufuhren, sobald sie die Konvergenzkriterien erfullen. Bereits als EU-Mitglieder mit eigener Wahrung mussen sie ihre Wechselkurspolitik als Angelegenheit von gemeinschaftlichem Interesse betrachten, und sie sehen sich der Erwartung gegenubergestellt, am EWS II teilzunehmen. Vor diesem Hintergrund wird in diesem Beitrag untersucht, welche wahrungspolitischen Optionen fur die Beitrittskandidaten prinzipiell bestehen. Besonderes Augenmerk wird darauf gerichtet, (i) dass es sich bei den Beitrittskandidaten im Vergleich zum Euroraum um relativ gering entwickelte Volkswirtschaften im Aufholprozess handelt und (ii) dass der Systemwechsel Finanzdienstleistungssektoren von unterschiedlicher Leistungsfahigkeit und mit landerspezifischen Charakteristika hervorgebracht hat. Dementsprechend differenziert sollten auch die Wahrungsbeziehungen zum Euroraum ausgestaltet werden.

Hayek and Eucken on State and Market Economy

Walter Eucken and Friedrich A. Hayek have been two of the most influential proponents of post-war neoliberalism. Despite joint activities and mutual respect,1 however, they held different views on major economic and political issues and ultimately stand for different brands of liberalism (Dorge 1959; Streit/Wohlgemuth 1999; 2000; Woll 1989). These differences between the two surface in their treatment of the relationship between the state and the market.

Second Thoughts? Economics and Economists under Socialism

The paper results from interviewing among economists in Central and Eastern Europe. It shows an inside view of the profession under communism. Results depend upon period and country. Poland and Hungary did not lose contact with the West, while Russia and the GDR and also Czechoslovakia after 1968 isolated themselves completely. Russia had its planning theory. In the GDR, strict political control and dogmatism led to sterility. Reform thinking grew in the 1980s, with the exception of the GDR and Russia. Asked about the lasting contribution of economics under communism, respondents were pessimistic: rather the abortive practice of Soviet-type planning taught a lesson than theoretical developments of the period. Copyright 1997 by WWZ and Helbing & Lichtenhahn Verlag AG

ECONOMICS OF SHORTAGE, VOL 1-2 - KORNAI,J

The article is an extended review of J. Kornai’sEconomics of Shortage. Salient feature of this book is a behavioural in place of a decision-theoretic approach to socialist economies. The article discusses central concepts of Kornai’s analysis as hard and soft budget constraints, shortage and slack, taut plans, sellers’ markets. The main hypothesis says that the achievements of socialism, work guarantee and redistribution, bring about soft budget constraints and thus cause shortage. It is argued, however, that existing socialist systems have ample leeway for economic reforms.

Transformation und Transformationsforschung: Zur Einführung

Transformation ist ein wissenschaftliches Allerweltswort, denn wo wird nicht etwas umgeformt? Mathematik, Biologie und Elektrotechnik gebrauchen den Begriff ebenso wie Wirtschaftswissenschaft, Soziologie, Kulturwissenschaft oder Linguistik. Er bezeichnet einen Wandel von Form, Natur, Gestalt, Charakter, Stil oder Eigenschaften eines Phanomens. Dabei ist in den meisten fachwissenschaftlichen Begriffen die Bestimmung eines Ausgangs- und Endzustands semantisch eingeschlossen.