Restructuring Ukrainian enterprises after privatization: Does ownership matter?

This paper presents data from a survey of large and medium-sized industrial enterprises in Ukraine after privatization. To analyze this data, regression equations are estimated and explain the response of restructuring and performance indicators to ownership structures, competitive pressures, and hardening budget constraints. While ownership matters less for restructuring activity than competition and budget constraints, concentrated outside ownership does have a significant positive impact on the firm's performance. This research was financially supported by a grant from the International Association for Promotion of Cooperation with Scientists in the New Independent States of the Former Soviet Union (952-0280) and by a Research Fellowship provided by Konferenz der Deutschen Akademien der Wissenschaften, sponsored by Volkswagen Stiftung.     

Money demand in the euro area: new insights from disaggregated data

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remain stable. The corresponding deep parameters of the utility function have not changed fundamentally. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored as they may actually be a sign of other factors.     

Assessment of the effect produced by the fuel and energy complex on the environment and health

Power engineering in a country cannot be developed without taking into account both the environmental situation already existing in the region and the new requirements for its quality according to the recommendations of the EU, WHO, and other world organizations. Fuel production and power plants are often situated in communities with a raised level of pollution or even in those which have already been recognized as zones of environmental emergency. The fuel and energy complex (FEC) is one of the basic sources of pollution in the atmosphere. The management decisions on FEC expansion should be accompanied, in a mandatory order, by estimation of the risk to health and by measures for its reduction to a tolerable level. Ecologically unprofessional decisions on construction and/or expansion of FEC facilities may lead to further deterioration of living and health conditions.     

Long-term forecast of Vologda oblast’s socioeconomic development

The article generalizes the experience in working out a long-term forecast of Vologda oblast’s socioeconomic development. Dynamic and structural characteristics of the oblast’s development are analyzed on the basis of statistical data. A set of models for forecasting regional economic development is presented. The main scenarios of the region’s long-term evolution are described. Quantitative characteristics of the development of Vologda oblast for the period up to 2020 are presented.