Abstract Based on Schumpeterian theoretical considerations, this paper investigates the innovation behavior of firms during severe economic crisis year 2008/2009. It focuses transition countries Central and Eastern Europe Asia, which have completely restructured their systems through course from planned to market economies a relatively short time ago. As result crisis, we observe strong decline...

This paper analyses changes in the legal protection of shareholder and creditor rights in 24 transition economies from 1990 to 1998. It documents differences in the initial conditions and a tendency towards convergence of formal legal rules as the result of extensive legal reforms. Convergence seems to be primarily the result of foreign technical assistance programmes as well as of harmonisatio...

Numerous empirical studies have been devoted to analyses of diverse inflation processes and have demonstrated consistent patterns for money price relationships for various market economies. While these propositions may be valid for market economies, they do not seem to be holding for the majority of transition economies. Except for Russia and Poland, no systematic pattern for the money price re...

Following the initial shocks associated with the collapse of communism, and the probolems of implementing a broad range of market-oriented reforms, achieving sustained growth requires an economic environment favouring high rates of savings and investment, encouraging for foreign investors, and conducive to profitable, highly productive investment. This is especially hard in the transition econo...