Privatization in Eastern Europe

This paper considers the process of transition from state owned enterprises to the market situation. It also presents a model of transition. In particular, it analyzes various systems of carrying out privatization, such as the voucher system, self-management of enterprises, spontaneous privatization, creation of financial intermediaries, and public organizations. The second part of the paper deals with the effects of privatization on the public budget.     

Density Nowcasts and Model Combination: Nowcasting Euro‐Area GDP Growth over the 2008–09 Recession*

Combined density nowcasts for quarterly Euro‐area GDP growth are produced based on the real‐time performance of component models. Components are distinguished by their use of ‘hard’ and ‘soft’, aggregate and disaggregate, indicators. We consider the accuracy of the density nowcasts as within‐quarter indicator data accumulate. We find that the relative utility of ‘soft’ indicators surged during the recession. But as this instability was hard to detect in real‐time it helps, when producing density nowcasts unknowing any within‐quarter ‘hard’ data, to weight the different indicators equally. On receipt of ‘hard’ data for the second month in the quarter better calibrated densities are obtained by giving a higher weight in the combination to ‘hard’ indicators.