This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003... more This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of CBA that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies. IMF Staff Papers (2009) 56, 263–296. doi:10.1057/imfsp.2008.25; published online 23 September 2008
ABSTRACT This book aims to throw light upon the main changes in the Baltic states’ labour markets... more ABSTRACT This book aims to throw light upon the main changes in the Baltic states’ labour markets, laying emphasis on the labour market flexibility, flexicurity and employment issues in the context of the EU eastward enlargement. The European labour markets of both old (EU-15) and new (EU-10) member states are facing big challenges in their current development. There are high expectations connected with improvement of competitiveness of European economy and enlargement of euro area. Flexible labour markets help to maintain the expected quick economic growth and to adjust to possible asymmetric shocks of euro area development. The particular significance of the labour market flexibility is also outlined by the Optimal Currency Area Theory (Mundell, 1961), which forms the theoretical framework for the EMU. At the same time a significant increase of labour market flexibility may due to possible increased employment and consequently also income insecurity causing weakening cohesion of a society. European citizens, particularly the citizens of the EU-15 countries, are used to rely on the European social model which stresses the importance of high social security, including also employment security. For improvement of economic growth and competitiveness, the new concept called flexicurity has been introduced. Flexicurity as a policy option in general meaning several ways of social protection for a flexible workforce, which may support social cohesion and sustainable economic growth in the long run perspective. This book brings together new research in this exciting field of economical studies.
This paper points out and analyses the factors on which the economic growth of Estonia has been b... more This paper points out and analyses the factors on which the economic growth of Estonia has been based until now and how it would also be possible to maintain that in a longer, that is in a 5–10 years’, perspective. The following questions are tried to be answered. 1. Which stage has Estonia reached in its economic development, what is the international competition position of the Estonian economy? 2. In which direction is the Estonian economy, its branch structure, productivity of the use of production factors, labour costs, and innovation developing? 3. What are the behavioural patterns of Estonian enterprises in the current situation and how can they be assessed from the aspect of forecasting future developments? 4. What would be the possible development scenarios for Estonia’s development in a mid-long perspective? 5. What should be done to avoid unfavourable developments and to support favourable ones?
LABOUR FLEXIBILITY AND MIGRATION IN THE EU ... The Eastward Enlargement of the Eurozone Research ... more LABOUR FLEXIBILITY AND MIGRATION IN THE EU ... The Eastward Enlargement of the Eurozone Research Project HPSE-CT-2001-00084 Fifth Framework Programme 2001-2004 European Commission www.ezoneplus.org ... Freie Universität Berlin Ihnestr. 22, 14195 Berlin, ...
International Journal of Innovation and Regional Development, 2011
Int. J. Innovation and Regional Development, Vol. 3, Nos. 3/4, 2011 ... Assessing innovative beha... more Int. J. Innovation and Regional Development, Vol. 3, Nos. 3/4, 2011 ... Assessing innovative behaviour of firms: an attempt to reveal path dependency effects ... Kadri Ukrainski*, Jaan Masso and Urmas Varblane ... Faculty of Economics and Business Administration, University of ...
This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003... more This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political autonomy of the central banks in emerging market and developing countries. Our analysis confirms that greater CBA has on average helped to maintain low inflation levels. The paper identifies four broad principles of CBA that have been shared by the majority of countries. Significant differences exist in the area of banking supervision where many central banks have retained a key role. Finally, we discuss the sequencing of reforms to separate the conduct of monetary and fiscal policies. IMF Staff Papers (2009) 56, 263–296. doi:10.1057/imfsp.2008.25; published online 23 September 2008
ABSTRACT This book aims to throw light upon the main changes in the Baltic states’ labour markets... more ABSTRACT This book aims to throw light upon the main changes in the Baltic states’ labour markets, laying emphasis on the labour market flexibility, flexicurity and employment issues in the context of the EU eastward enlargement. The European labour markets of both old (EU-15) and new (EU-10) member states are facing big challenges in their current development. There are high expectations connected with improvement of competitiveness of European economy and enlargement of euro area. Flexible labour markets help to maintain the expected quick economic growth and to adjust to possible asymmetric shocks of euro area development. The particular significance of the labour market flexibility is also outlined by the Optimal Currency Area Theory (Mundell, 1961), which forms the theoretical framework for the EMU. At the same time a significant increase of labour market flexibility may due to possible increased employment and consequently also income insecurity causing weakening cohesion of a society. European citizens, particularly the citizens of the EU-15 countries, are used to rely on the European social model which stresses the importance of high social security, including also employment security. For improvement of economic growth and competitiveness, the new concept called flexicurity has been introduced. Flexicurity as a policy option in general meaning several ways of social protection for a flexible workforce, which may support social cohesion and sustainable economic growth in the long run perspective. This book brings together new research in this exciting field of economical studies.
This paper points out and analyses the factors on which the economic growth of Estonia has been b... more This paper points out and analyses the factors on which the economic growth of Estonia has been based until now and how it would also be possible to maintain that in a longer, that is in a 5–10 years’, perspective. The following questions are tried to be answered. 1. Which stage has Estonia reached in its economic development, what is the international competition position of the Estonian economy? 2. In which direction is the Estonian economy, its branch structure, productivity of the use of production factors, labour costs, and innovation developing? 3. What are the behavioural patterns of Estonian enterprises in the current situation and how can they be assessed from the aspect of forecasting future developments? 4. What would be the possible development scenarios for Estonia’s development in a mid-long perspective? 5. What should be done to avoid unfavourable developments and to support favourable ones?
LABOUR FLEXIBILITY AND MIGRATION IN THE EU ... The Eastward Enlargement of the Eurozone Research ... more LABOUR FLEXIBILITY AND MIGRATION IN THE EU ... The Eastward Enlargement of the Eurozone Research Project HPSE-CT-2001-00084 Fifth Framework Programme 2001-2004 European Commission www.ezoneplus.org ... Freie Universität Berlin Ihnestr. 22, 14195 Berlin, ...
International Journal of Innovation and Regional Development, 2011
Int. J. Innovation and Regional Development, Vol. 3, Nos. 3/4, 2011 ... Assessing innovative beha... more Int. J. Innovation and Regional Development, Vol. 3, Nos. 3/4, 2011 ... Assessing innovative behaviour of firms: an attempt to reveal path dependency effects ... Kadri Ukrainski*, Jaan Masso and Urmas Varblane ... Faculty of Economics and Business Administration, University of ...
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Papers by J. Masso
that is in a 5–10 years’, perspective. The following questions are tried to be answered. 1. Which stage has Estonia reached in its economic development, what is the international competition position of the Estonian economy? 2. In which direction is the Estonian economy, its branch structure, productivity of the
use of production factors, labour costs, and innovation developing? 3. What are the behavioural patterns of Estonian enterprises in the current situation and how can they be assessed from the aspect of forecasting future developments?
4. What would be the possible development scenarios for Estonia’s development in a mid-long perspective?
5. What should be done to avoid unfavourable developments and to support favourable ones?
that is in a 5–10 years’, perspective. The following questions are tried to be answered. 1. Which stage has Estonia reached in its economic development, what is the international competition position of the Estonian economy? 2. In which direction is the Estonian economy, its branch structure, productivity of the
use of production factors, labour costs, and innovation developing? 3. What are the behavioural patterns of Estonian enterprises in the current situation and how can they be assessed from the aspect of forecasting future developments?
4. What would be the possible development scenarios for Estonia’s development in a mid-long perspective?
5. What should be done to avoid unfavourable developments and to support favourable ones?