New Books and Working Papers

The PRDTE unit of the World Bank regrets that it is unable to supply the publications listed.

World Bank Publications

To receive ordering and price information for publications of the World Bank, write: World Bank, P.O. Box 7247-8619, Philadelphia, PA 19170, USA, tel. (202) 473-1155, fax (202) 676-0581; or visit the World Bank bookstores, in the United States, 701-18th Street, N.W., Washington, D.C. or in France, 66 avenue d'Iena, 75116, Paris, (Email: books@worldbank.org) (Internet: http://www.worldbank.org/).

Discussion Papers:

Dale F. Gray, Reforming the Energy Sector in Transition Economies: Selected Experience and Lessons, World Bank DP no. 296, 1995, 126 p.

Raj Bhala, Towards a Payments System Law for Developing and Transition Economies, World Bank DP no. 299, 1995, 42 p.

Robert Picciotto, Putting Institutional Economics to Work: From Participation to Governance, World Bank DP no. 304, 1995, 30 p.

Country Studies

China: Macroeconomic Stability in a Decentralizing Economy, World Bank Country Study, 1995, 250 p.

Recurring inflationary pressure on the Chinese economy has been caused primarily by funding the consolidated government deficit through increased borrowing from the central bank (over the past five years, this borrowing has financed more than two-thirds of the deficit). Local government-led surges in investment demand have been another major factor in generating inflation. If China wants a high, sustained growth rate and successful reforms, it has to reduce the central bank's role in financing the consolidated deficit, and it must promote greater economic decentralization, suggests the country study.

Hungary: Structural Reforms for Sustainable Growth, World Bank Country Study, 1995, 190 p.

The Hungarian economy is emerging from a severe four-year recession with positive developments on numerous economic fronts, but with major weaknesses remaining because of large current account and fiscal deficits. Policy-makers have to stabilize the economy, and balance the fiscal and current account, without hampering economic growth. Long-term, overdue structural reform should embrace both the welfare system—pensions, health, education, family benefits—and the tax system, as well as the public sector, including the administration. Healthy growth, a streamlined economic structure, and a modern legal framework could pave Hungary's way toward European integration.

Other

World Bank Atlas, 1996, 28th edition, 36 p.

This annual cornucopia of international statistics—organized under three themes: people, economy, and environment—shows that between 1985 and 1994, China's economic growth was the third highest in the world, with 6.9 percent (in a tie with Singapore), surpassed only by Thailand (8.2 percent) and South Korea (7.8 percent). Many countries achieving high economic growth rates also have high levels of literacy, reflecting the link between basic education and growth. The Atlas shows that Botswana, China, Indonesia, Korea, and Singapore, all with economic growth rates of more than 6 percent in the past decade, have 96 percent or more of their primary-age children enrolled in school.

Zeljko Bogetic and Arye L. Hillman (eds.), Financing Government in the Transition: Bulgaria, World Bank Regional and Sectoral Studies, 1995, 254 p.

David, J. Donaldson, Privatization: Principles and Practice, IFC Lessons and Privatization Series, 1995, 96 p.

The report describes the experiences of countries that have privatized their state-owned enterprises with the assistance of the International Finance Corporation (IFC), the private sector arm of the World Bank Group.

Gerhard Pohl, Gregory T. Jedrzejczak, and Robert E. Anderson, Creating Capital Markets in Central and Eastern Europe, World Bank Technical Paper no. 295, 1995, 44 p. (Also available in Russian).

Trends in Developing Economies 1995, 1995, 586 p. (available on diskette).

Economic features of the individual countries, current socioeconomic issues, medium-term prospects, and development strategies. Regional Extracts: Volume 1, Eastern Europe and Central Asia (covering 23 economies) Volume 2, Emerging Capital Markets (covering 22 developing countries where stock markets and foreign investment has grown rapidly since the 1980s).

IMF Working Papers

To order IMF publications: IMF Publication Services, 700-19th Street, N.W., Washington, D.C. 20431, USA, tel. (202) 623-7430, fax (202) 623-7201.

Guillermo A. Calvo, Ratna Sahay, and Carlos A. Vegh, Capital Flows in Central and Eastern Europe: Evidence and Policy Options, IMF WP no. 95/57, May 1995, 34 p.

In contrast to experience in Latin America, foreign direct investment in Central and Eastern Europe has increased significantly as a result of capital inflows in the transition economies. But this stream of FDI has not spurred higher investment ratios; rather, those ratios have fallen, while consumption, as a share of GDP, has increased throughout the region. [Substantial GDP decline throughout the region must also be considered. The editor.] To the extent that capital inflows are financing temporary increases in consumption—and causing real appreciation of the currency, as well as real wages, to overshoot—the inflows may need to be discouraged. "Second best policies" to stem expenditures in the private sector, such as imposing capital controls, levying taxes, and raising interest rates on government debt, have their drawbacks too.

Robert J. Flanagan, Institutional Structure and Labor Market Outcomes: Western Lessons for European Countries in Transition, IMF WP no. 95/63, July 1995, 24 p.

Vincent Koen, Price Measurement and Mismeasurement in Central Asia, IMF WP no. 95/82, August 1995, 22 p.

CERGE-EI Working Papers, Prague

To order: Ms. Lucie Coxova, CERGE-EI Library, P.O. Box 882 Politickych veznu 7, 111 21 Prague 1, Czech Republic, tel. (422) 240-05186, fax (422) 242-11374.

Alena Cerná, Eva Tosovská, and Pavel Cetkovsky, Economic Transformation and the Environment, WP no. 57, April 1994.

Josef Kotrba, Czech Privatization: Players and Winners, WP no. 58, April 1994.

Jan Svejnar, Katherine Terrell, Daniel Munich, and Mário Strapec, Explaining Unemployment Dynamics in the Czech and Slovak Republics, WP no. 60, April 1994.

Jaromir Veprek, Zdenek Papes, and Pavel Veprek, Czech Health Care in Economic Transformation, WP no. 63, April 1994.

Olga Vyborná, The Reform of the Czech Health Care System, WP no. 64, April 1994.

Ales Cerny and Stepána Lazarová, Growth and Business Cycles in Czechoslovakia According to the Basic Neoclassical RBC Model, WP no. 65, April 1994.

Jaromir Stach and Josef Nedoma, A Dynamic Model of the Investment Behavior of a Joint-stock Company and Impacts of Investment Incentives, WP no. 67, June 1994.

Mitchell Orenstein, The Political Success of Neo-Liberalism in the Czech Republic, WP no. 68, June 1994.

Unemployment control and wage regulation, bankruptcy prevention, social safety nets, and active labor market policies, although inconsistent with the Thatcherite rhetoric of the government, form the backbone of its popular support. The skillful implementation of the privatization program has also contributed to the government's popularity.

Miriam Z. Klipper, The Governance of Privatized Firms: Problems of Power and Control, WP no. 71, May 1995.

CED Working Papers, Bratislava

To order: Center for Economic Development (CED), ELITA, Economická Literárna Agentura, VYDAVA-TELSTVO a DISTRIBUCIA Klincová ul. c. 35 821 08 Bratislava, tel. (427) 526-1797, fax (427) 21-1388.

Pavol Erben and Anton Novák, Standard Methods of Privatization in Slovakia, and Danes Brzica, Role of Investment Companies and Investment Fund Managers in Exercising Ownership Rights, June 1995, 82 p.

Large investors are exposed to strong political pressures, from both national governments and local authorities, as well as from different interest groups. Independent supervision over the capital market helps to create a competitive environment, which in turn prevents information misuse and tax fraud. Strong capital markets foster economic growth and efficient resource allocation.

Anna Pilková and Lubomir Blecha, Banking in Slovakia, and Vladimir Tikl, Private Sector Development in Road Freight Transportation, June 1995, 83 p.

CEPR Discussion Papers, London

To order: Centre for Economic Policy Research, 25-28 Old Burlington Street, London W1X 1LB, United Kingdom, tel. (44171) 878-2900, fax (44171) 878-2999.

Daniel Cohen, The Transition in Russia: Successes (Privatization, Low Unemployment...) and Failures (Mafias, Liquidity Constraints...). A Theoretical Analysis, CEPR no. 1224, August 1995, 24 p.

Peter Bofinger, The Political Economy of the Eastern Enlargement of the EU, CEPR no. 1234, August 1995, 40 p.

Tito Boeri and Michael C.Burda, Active Labor Market Policies, Job Matching and the Czech Miracle, no .1302, November 1995.

The Czech Republic is the only country in the region to have gone through radical transformation without experiencing mass unemployment. Active labor employment policies played a major role in this unique situation: unemployment insurance was severely tightened (halving the duration of benefits, reducing eligibility), while subsidies for private sector employment and public work schemes were implemented on a large scale.

Property Foundation Working Papers, Budapest

To order: Property Foundation, Institute for Privatization Studies, H-1387 Budapest, Box 44, 18, Gyori ut, 1123 Budapest, Hungary, tel. (361) 202-5175, fax (361) 202-1093.

Gyorgy H. Matolcsy, Privatization: Midway, May 1995, 60 p.

Sándor Kopátsy, On Eastern Europe's Chances of Catching Up, March 1995, 16 p.

Princeton University Press Publications, Princeton

To order: Princeton University Press, 41 William Street, Princeton, NJ 08540,United States, tel. (609) 258-5714, fax (609) 258-1335.

Stephan Haggard and Robert R. Kaufman, The Political Economy of Democratic Transitions, October 1995, 391 p.

Susan L. Woodward, Socialist Unemployment: The Political Economy of Yugoslavia, 1945-1990, September 1995, 443 p.

Center for the Study of Public Policy Working Papers, Glasgow

To order: Centre for the Study of Public Policy, University of Strathclyde, Livingstone Tower, 26 Richmond Street, Glasgow G1 1XH, Scotland, tel. (0141) 552-4400, fax (0141) 552-4711.

Igor Gurkov, Popular Response to Russian Privatization: Surveys in Enterprises, SPP no. 245, 1995.

Richard Rose, Mobilizing Demobilized Voters in Post Communist Societies, SPP no. 246, 1995.

Arthur H. Miller, Vicki L. Hesli, and William Reisinger, Understanding Democracy: A Comparison of Mass and Elite in Post-Soviet Russia and Ukraine, SPP no. 247, 1995.

Richard Rose, What Are the Alternatives to Democracy in Post-Communist Societies?, SPP no. 248, 1995.

David Laitin, Identity in Formation: The Russian-speaking Nationality in Estonia and Bashkortostan, SPP no. 249, 1995.

Other Working Papers

Lászlo Csaba, Transition and/or Modernization in Eastern Europe, Kopint-Datorg Discussion Paper no. 29, April 1995, 46 p.
To order: Kopint-Datorg, Economic Research, Marketing and Computing Co., Ltd., H-1081 Budapest, Csokonai u. 3., Hungary, tel. (361) 266-6640, fax (361) 266-8858.

Debt Conversion Program: Guidelines for Bulgaria: Final Study, International Center for Economic Growth, Center for the Study of Democracy, Sofia, Bulgaria, 1995.
To order: Center for the Study of Democracy, 1 Lazar Stanev Street, 1113 Sofia, Bulgaria.

Padma Desai, Russian Privatization: A Comparative Perspective, The Harriman Review, vol. 8, no. 3, New York, August 1995, 34 p.

Russian privatization was marked by the strategic decision in 1993 to corporatize large and medium-size factories by formally converting them into joint-stock companies prior to their restructuring. Their ownership was diversified via a massive subscription of factory shares by the public, in exchange for vouchers. By contrast, small assets in the trade and service sectors were sold or auctioned, or were leased (with prospects for their ultimate purchase). The quick corporatization of a large number of factories and the speedy sale of small assets to private owners were momentous achievements. The next phase: selling publicly owned shares on the stock exchange; and offering the new issues of stock for cash, which could generate needed capital from both foreign and domestic investors.

By contrast, Hungarian and Polish programs lacked a coherent strategy and a decisive drive, and lost at least three years in failed attempts to sell inviable factories to domestic and foreign investors. They also lacked the populist appeal of the massive voucher-based asset ownership that the Russian and Czech programs offered at the very start of the privatization agenda.
To order: Columbia University, The Harriman Review, Harriman Institute, 1218 International Affairs Building, 420 West 118 Street, New York, NY 10027.

Economic Restructuring and Defence Conversion in a Russian City: The Case of Zhukovsky, Moscow Oblast. OECD, Centre for Co-operation with the Economies in Transition no. (95)62, Paris, 1995.
To order: OECD, 2 rue Andre-Pascal, 75775 Paris Cedex 16, France, fax (331) 4524-1843.

Natalija Kazlauskiene and William H. Meyers, Beyond Privatization: Developing a Market Economy for Lithuanian Agriculture, Baltic Report no. 95-BR20, Center for Agricultural and Rural Development, Iowa, August 1995, 18 p.
To order: Center for Agricultural and Rural Development, Iowa State University, 578 Heady Hall, Ames, Iowa 50011, USA, tel. (515) 294-1183, fax (515) 294-6336.

Marinko Papuga, Capital Market Development in Croatia, IRMO no. 16, September 1995, 25 p.
To order: IRMO, Ulica Ljudevita Farkasa Vukotinovica 2, P.O. Box 303, 10 000 Zagreb, Croatia, tel. (38501) 4554-522, fax (38501) 444-059.

Lászlo Urbán, Impact Analysis of Changing the Rates of Excise Duty, Democracy After Communism Foundation, Hungary, 1995, 15 p.
To order: Democracy After Communism Foundation, Falk Miksa u. 30.III.3., Budapest 1055, Hungary, tel. (361) 269-3009, fax (361) 269-3035.

Mark Michalski, Regulation, Modernization and Commitment in Polish Telecommunications Infrastructure, in Modernization in Central and Eastern European Economies, Franco-Austrian Center for Economic Rapprochement in Central Europe, Vienna, Austria, 1995.

New Books

Simon Johnson and Gary W. Loveman, Starting Over in Eastern Europe: Entrepreneurship and Economic Renewal, Harvard Business School Press, Boston, May 1995, 256 p.

To order: Harvard Business School Press, Soldiers Field Road, Boston, MA 02163, USA, tel. (617) 495-6117 or (800) 545-7685.

Marguerite Mendell and Klaus Nielsen, Europe: Central and East, Montreal Black Rose Books, 1995, 270 p.
To order: Black Rose Books, C.P. 1258, Succ. Place du Parc, Montreal, Quebec, H2W 2R3, Canada.

A Journalism Handbook for Working Journalists in the Baltics and Other Emerging Democracies, International Research and Exchanges Board, Washington, D.C., 1995, 63 p.
To order: International Research and Exchanges Board (IREX), 1616 H Street, N.W., Washington, D.C. 20006, USA, tel. (202) 628-8188, fax (202) 628-8189, (Email: irex@info. irex.org).

L. Nelson and I. Kuzes, Radical Reform in Yeltsin's Russia: Political, Economic and Social Dimensions, M.E. Sharpe, New York, 1995.
To order: M.E. Sharpe, 80 Business Drive, Armonk, New York 10504, USA.

Privatization in the Transition Process: Recent Experiences in Eastern Europe, United Nations, New York, 1994, 418 p.

John E. Ray, Managing Official Export Credits: The Quest for a Global Regime, Institute for International Economics, Washington, D.C., 1995, 318 p.
To order: Institute for International Economics, 11 Dupont Circle, N.W., Washington, D.C. 20036-1207, USA, tel. (202) 328-9000, fax (202) 328-0900.

Avrham Shama, Entry Strategies of U.S. Firms to the Former Soviet Bloc and Eastern Europe, California Management Review, vol. 37, no. 3, spring 1995, 167 p.
To order: California Management Review, 350 Barrows Hall, University of California ,Berkeley, CA 94720, USA, tel. (510) 642-7159, fax (510) 642-1318.

Jan Svejnar (ed.), The Czech Republic and Economic Transition in Eastern Europe, Academic Press, Inc., 1995, 434 p.

In five years, the highly centralized and completely state-owned Czech economy have been transformed into one governed by market principles and private ownership. While favorable initial conditions have undoubtedly helped, many of the positive results, such as the low unemployment rate, rapid privatization, and continuous popular support for the transition, have been brought about in part by judicious government policies. There is no doubt that the Czech Republic provides an important case study for analysts and policymakers interested in understanding the complex process of transition.
To order: Academic Press Limited, 24-28 Oval Road, London NW1 7DX, UK.

Newsletters and Special Publications

C.E.E.P.N. Newsletter, the newsletter of the Central and Eastern European Privatization Network.
To order: CEEPN, Dunajska 104, P.O. Box 18, 61109 Ljubljana, Slovenia, tel. (38661) 1683-396, fax (38661) 346-660.

Civil-Military Relations and the Consolidation of Democracy, conference report by the International Forum for Democratic Studies and George C. Marshall European Center for Security Studies.
To order: International Forum for Democratic Studies, 1101 Fifteenth Street, N.W., Suite 802, Washington, D.C. 20005, USA, tel. (202) 293-0300, fax (202) 293-0258.

Economic Reform Today, a publication of the Center for International Private Enterprise (CIPE), an affiliate of the U.S. Chamber of Commerce. Special issue no. 2/1995, Business Associations: Building Democracy.
To order CIPE, 1615 H Street, N.W., Washington, D.C. 20062-2000, USA, tel. (202) 463-5901, fax (202) 887-3447.

News in Brief, a bimonthly publication by the International Research and Exchanges Board (IREX).
To order: IREX, 1616 H Street, N.W., Washington, D.C. 20006, USA, tel. (202) 628-8118, fax (202) 628-8189.

The Free Market, newsletter of the Lithuanian Free Market Institute.
To order: Birutes 56, 2600 Vilnius, Lithuania, tel. (3702) 352-584, fax (3702) 351-279.

The Privatization Newsletter of the Czech Republic and Slovakia, Issue no. 33/34, April-May 1995, includes Foreign Direct Investment and Privatization, by Vladimir Benácek and Alena Zemplinerová.
To order: Institute for Economics (IES), Smetanovo na 6, 110 00 Prague 1, Czech Republic, fax (422) 2481-0987.

The Vietnam Business Journal, published by VIAM Communications Group Inc.
To order: VIAM Communications, 381 Park Avenue South, Suite 919, New York, NY 10016, USA, tel. (212) 725-1717, fax (212) 725-8160.

Transition Brief, a new newsletter of the Centre for Cooperation with Economies in Transition. The first issue includes Salvatore Zecchini's article on Perspectives on Economic Transition.
To order: Centre for Cooperation with the Economies in Transition, OECD, 2 rue Andre-Pascal, 75775 Paris Cedex 16, France, fax (331) 4524-1843.

Journal of Policy Reform, a new journal from Harwood Academic Publishers, starting in early 1996. Editors: Arvind Panagariya, University of Maryland, Center for International Economics, College Park, MD 20742-7211, USA, tel. (301) 405-3546, fax (301) 405-7835, (E-mail: JPR@ECON. UMD. EDU), and Dani Rodrik, Columbia University. The journal analyses the successes and failures of countries undertaking reforms. Papers in the first two issues include G. A. Calvo and F. Coricelli, "The Political Economy of Delayed Reform"; A. Drazen, "Monetary Policy and Interenterprise Arrears in Post-Communist Economies"; R. B. Fernandez and P. E. Guidotti, "Exploring Interactions Between Capital and Reserve Requirements" [in transition economies]; Y. Qian and B. R. Weingast, "Market Preserving Federalism, Chinese Style."
To order: International Publishers Distributor, c/o PO Box 90, Reading, Berkshire, RG1 8JL, UK, Tel: (44-1734) 560-080 Fax: (44-1734) 568-211.