Mario Nuti

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Working papers from the Stockholm Institute of Transition Economics and East European Economies are preliminary in nature, and are circulated to promote discussion and critical comment. Any references to individual working papers should clearly state that the paper is preliminary. The views expressed here are the authors' own and not necessarily those of(More)
This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds large equity holdings of the government. Using a panel data set, this paper further finds that corporate value decreases with an increased size of government shareholding when the government is a small shareholder. When the government(More)
and the WZB in Berlin offered a number of helpful comments. The usual disclaimer applies. ABSTRACT Previous empirical work on corporate growth rates using cross-section or short-panel econometric techniques suggests that growth rates are random but that some degree of mean reversion exists. This means that size differences between firms are transitory. We(More)
In this paper, we analyse the effects of the massive Russian privatisation programme on the ownership of Russian firms and on the behaviour of formerly state owned enterprises. A large random sample of Russian firms is used to investigate the emerging ownership structures, patterns of control and enterprise behaviour. We find that workers have become the(More)
States are ill equipped to meet the challenges of a globalized world. The concept of citizenship with its rights and obligations, including the allegiance owed, is too narrowly defined to exist only between individuals and a state. Today, people identify with, and pay allegiance to, many organizations beyond the state. This paper suggests that citizenship(More)
Countries unable or unwilling to join a Monetary Union can partly replicate membership effects through either a Currency Board or formal replacement of the domestic currency by the currency of the Union. Schemes of this kind have been introduced recently in Transition Economies. The net balance of costs and benefits involved, for the country and the common(More)
Using a dataset detailing FDI flows from market economies to transition economies we examine two aspects FDI inflow determinants given insufficient prior attention: labour costs and institutional development. We find low unit labour costs and aggregate institutional development enhance FDI receipts. Examining disaggregated development indicators identifies(More)
Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between(More)
We investigate whether competitive forces and privatization have yet began to play an efficiency-enhancing role in Russia. We also explore the economic effects of harder budget constraints on enterprise behaviour. The empirical work is based on a large enterprise panel of Russian firms 1990-94, representing around 10% of Russian manufacturing output. We(More)