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Working Papers


Working Paper series contains studies prepared during research programs coordinated by ICEG European Center.

Tamás Borkó
The suspicion of Dutch disease in Russia andthe ability of the government to counteract

The paper argues that the Dutch disease in Russia may be hypothesised. The main justifications behind it are the extreme appreciation of real exchange rates, the relative deterioration of manufacturing and the relative improvement of service sector performance. However, it is difficult to prove the determining factors behind these processes, so the conclusion of having this ailment has to be treated carefully. As the Dutch disease is only one among determining factors of the resource curse hypothesis, in the case of Russia also other relevant (mainly institutional) aspects may play significant role, like continuous and considerable corruption, weaknesses of democratic political system, protectionist economic policy and low level of competition, especially in the case of energy sectors. All of the reasons behind the resource curse phenomenon, and among them the Dutch disease, can jeopardise long-run growth sustainability.

Yusaf Akbar, András Bakács, Sándor Buzás, Zoltán Pogátsa, Magdolna Sass, Miklós Szanyi (edited by Kinga Endrész)
CEE-Cluster Network, Summary of the main research results

The Working Paper analyses the experiences of Central European countries with the establishment and management of cluster networks. The paper summarises the lessons from two comparative analyses based on questionnaires covering 43 clusters of 8 countries. The study deals with comparative analysis of national and regional cluster policies, comparative analysis of clusters operating in Central and Eastern Europe and presents common quality guidelines for effective cluster management.
(Published in July, 2007)

Gábor Pellényi
The Relationship between Relative Productivity and Price Levels in Europe

The paper analyses price level convergence in Central Eastern Europe with panel econometric methods using commodity group level price data. The main conclusion is that real economic convergence (productivity growth) has a small effect on prices; therefore it does not threaten price stability and the fulfilment of the Maastricht inflation criterion in most countries.
(Published in June, 2007)

Dzmitry Kruk
How can financial system spur growth in transition economies?

(Published in October, 2006)

Samagan Aitymbetov
Emigrant Remittances: Impact on Economic Development of Kyrgyzstan

(Published in June, 2006)

Elvin N. Afandi
The Effect of Economic Growth on Poverty - A Case Study of Azerbaijan

(Published in October, 2006)

Elena Rakova
Privatization experience of some CEE and CIS countries. Lessons for Belarus

(Published in October, 2006)

Pál Gáspár - Renáta Anna Jaksa:
Broadband Developments in the New Member States: Experiences and Problems

(Published in December, 2005)

Pál Gáspár - Oleg Zamulin - Lúcio Vinhas de Souza:
Financial Sector Development in the Future EU Member States and Russia
(Published in May, 2004)

Metka Stare - Rotija Kmet - Maja Bučar:
Factors and Impacts in the information Society. A Prospective Analysis in Slovenia
(Published in January, 2004)

Tiia Püss - Teet Rajasalu - Urve Venesaar - Mare Viies:
Factors and Impacts in the information Society. A Prospective Analysis in Estonia
(Published in October, 2003)

Lithuanian Free Market Institute:
Factors and Impacts in the Information society. A Prospective Analysis in Lithuania
(Published in October, 2003)

Daniel Gros - Alexandr Hobza:
Exchange Rate Variability as an OCA Criterion: Are the Candidates Ripe for the Euro?
(Published in February 2003)

Velimir Sonje:
The Impart of Unofficial Dollarization / Euroization on the Choice of Exchange Rate Regime: Lessons for EU Accession Countries

(Published in February 2003)

Tomás Holub:
Importing Low Inflation via Pegged Exchange Rates, Currency Boards and Monetary Unions

(Published in February 2003)

Andrius Bogdanovicius:
Lithuania's experience linking National Currency to Euro
(Published in February 2003)


Gunther Schnabl:
The Emergence of the Euro Zone: An Informal Euro Standard as a First Step for EMU Membership of the Central and Eastern European Countries
(Published in February 2003)

Jürgen von Hagen:
The Role of Exchange Rate Policies in the Determination of Capital Controls in Transition Economies
(Published in February 2003)

Andreas Freytag:
Exchange Rate Arrangements, Economic Policy and Inflation: empirical Evidence for Latin America
(Published in February 2003)

Michael Frömmel - Franziska Schobert:
Nominal Anchors in EU Accession Countries' Recent Experiences
(Published in February 2003)

Hubert Gabrisch:
Financial Fragility and Exchange Rate Arrangements of EU Candidate Countries
(Published in December 2002)

Elisabeth Ledrut - Lúcio Vinhas de Souza:
Alternative Paths Towards EMU: estimations for the Accession Countries
(Published in December 2002)

Jean-Sébastien Pentecôte - Marc-Alexandre Sénégas:
ERMII anchoring on theWay to the EMU: more Notional than Real Effects?
(Published in December 2002)

Dubravko Mihaljek:
The Balassa-Samuelson Effect in Central Europe: A Dissaggregated Analysis
(Published in December 2002)

Peter Bofinger - Timo Wollmerhäuser:
Managed Floating: Theory, Practice and ERM II
(Published in December 2002)

Dariusz K. Rosati:
Managing Capital Flows in Poland. Experiences, Problems and Questions
(Published in May 2002)

Urmas Sepp - Martti Randveer:
The Sustainability of the Estonian Currency Board Arrangement
(Published in May 2002)

Pekka Sutela:
Managing capital flows in Estonia and Latvia
(Published in May 2002)

Vladimir Lavrac:
Exchange rate regimes of Central and Eastern European EU candidate countries on their way to EMU
(Published in May 2002)


Andreas Freytag:
Accession to EMU and Exchange Rate Policies in Central Europe ? Decision Under Institutional Constraints
(Published in May 2002)

Miroslav Beblavy:
Exchange Rate and Exchange Rate Regime in Slovakia Recent developments
(Published in January 2002)


Peter Backé:

Inflation Developments in Central and Eastern European Accession Countries: Implications for Exchange Rate Policies and Regimes
(Published in January 2002)


Gonzalo Caprirolo and Vladimir Lavrac:

Managing Capital Inflows in Slovenia. Experience and Options
(Published in January 2002)


Claudia M. Buch - Ralph P. Heinrich:

Capital Flows to Transition Economies: How Risky is Financial Integration?
(Published in January 2002)


David Begg:

Capital Inflows, Monetary Policy and the Exchange Rate Regime
(Published in January 2002)