Effects Of Market Reforms Research Articles

Development indicators for the EU's internal energy market - literature review

This paper focuses on the second dimension of the EU Commission's energy strategy - development of the fully integrated European energy market and reviews prior research on market development indicators and the methods used to assess the state of energy market development as well as aims to determine the role of regulation on energy market development. A systematic literature review covers 80 topic-relevant papers. The main findings reveal that the majority of articles refer to the effects of market reforms or market liberalisation and the adaptation of energy systems to a greater penetration of renewable energy sources into existing power systems, and the energy transition to low carbon in general. There is still substantial potential to achieve an optimal, or rather a unified, model for assessment of the overall development of the energy market, since the indicators and methods of market development have not yet been universally accepted.

Effects of Market Reforms and External Shocks on Indian Stock Indices: Evidence on Structural Breaks and Weak-Form Efficiency

This study explores stock market efficiency in India after allowing for potential structural changes induced by reforms processes and/or external shocks. The endogenous determination of structural break dates, using mostly Clemente, Montanes, & Reyes (1998) (CMR) methodology, allows us to identify important events in this respect. External shocks such as occasional stock market scams, policy and political regime changes, oil price shocks and the effect of global market meltdowns have caused abrupt or one time changes in the series mean (additive outlier model), while the reforms processes stand out to be the single most important cause for the gradual shifts in the level of stock indices (innovation outlier model). This underlines the importance of institution building and the domestic policy stance in countering external shocks.

Institutional Matrices Theory, or X- and Y-Theory: A Response to F. Gregory Hayden

:This article draws attention to issues about the institutional matrices theory (IMT) as perceived by and raised in the article by F. Gregory Hayden. To clarify the “controversial” points, I structure my response narrative along two lines. First, I present the prehistory of IMT, or X- and Y- theory, including earlier work by scientists related to the concept of institutional matrix. I connect the development of the actual IMT with the period of “perestroika” and the associated market experiments and reforms in Russia and Eastern European countries. One could see that the effects of market reforms in Russia were different in comparison with other countries in economic transition. I show that the institutional approach was accepted as more relevant to understanding the unexpected results in Russian society. I present IMT as a development of the ideas of Karl Polanyi and Douglas North to answer the challenges of explaining the real social and economic processes in Russia, as well as its wider application to a broader range of economic and social situations in different countries. Second, I then present the main IMT theses, giving special attention to the issues as perceived and raised by Hayden. In conclusion, I suggest the possibility of a joint project that combines IMT consideration and the social fabric matrix (SFM) concept of F. Gregory Hayden.

Trading places: The impact and outcomes of market reform in vocational education and training

In 1990, Australian governments embarked upon a radical policy experiment to create an ‘open training market’, comprising public Technical and Further Education (TAFE) and private providers. The idea that vocational education and training could be traded in a marketplace, with provision subject to market forces and competition between public and private providers, was unthinkable for most at the time. Underwritten by government, TAFE had been the dominant post-school provider of trade and technical training, and ‘second chance’ education for disadvantaged groups since the early 1970s. From the early 1990s, however, vocational education and training was progressively redesigned within a market framework, and TAFE institutes have since been required to compete with private providers for government funding on a more ‘level playing field’. Justified by policy makers solely on the basis of economic theory, the construction of an ‘open training market’ has proceeded in the absence of any evidential support, and on the untested assumption that market-based competition produces better outcomes than government planning and coordination. Despite the unprecedented nature and potential implications of marketisation, ‘So far the great change in education has been undertheorised and under-investigated’ (Marginson 1999, p.229), not least in relation to vocational education and training. To rectify the knowledge deficit and promote informed policy debate, this thesis investigates and evaluates the impact and outcomes of market reforms in vocational education and training from a national perspective. The conceptual and evaluation framework for the thesis integrates the theory of ‘quasi-markets’ (Le Grand and Bartlett 1993) with insights and resources from the fields of political economy and the sociology of education policy. The thesis comprises a review of local and international literature on market reform in the public sector, particularly vocational education and training; an examination of the Australian policy, financial and regulatory framework for vocational education and training markets; an analysis of national data on student participation and finances; an investigation of the structure, composition and dynamics of the quasi-market for vocational education and training; and an evaluation of the operation and effects of market reform, with special emphasis on the two main market mechanisms of competitive tendering and ‘user choice’. The thesis employs a quantitative research methodology, and the main data collection instrument is a survey administered to a stratified sample of 2,581 public and private providers across Australia. The findings indicate that market reform in vocational education and training has produced mixed outcomes. Client choice, provider flexibility, and responsiveness to employers and private fee-paying clients have increased. But efficiency gains are questionable and the quality of educational provision, responsiveness to publicly subsidised students, and access and equity for disadvantaged groups appear to have declined. On balance, the costs appear to outweigh the benefits of market reform. The research also finds that, as a result of marketisation, TAFE and private providers are trading places with respect to organisational identity, values, priorities and income sources, with private providers becoming more dependent on government funds and TAFE institutes less so. Overall, the research casts doubt on the efficacy and desirability of markets in vocational education and training, and raises questions about their potentially adverse consequences from a public interest perspective. Policy alternatives are discussed, and areas for further research are proposed. The thesis concludes by arguing the need for a more creative and judicious mix of state planning and market forces; one that serves the needs and interests of all stakeholders and preserves the distinctive character and mission of the public TAFE sector. However in the wake of more recent market reforms, as discussed in the epilogue to the thesis, TAFE’s market share and financial base have shrunk to the point where its future viability is now in question.

FEATURES OF AN ESTIMATION OF INVESTMENT PROJECTS AT THE ENTERPRISES OF AVIATION INSTRUMENT

The relevance of this study due to the fact that the current situation in Russia is complemented by the negative effects of market reforms in the economy and economic sanctions adopted against our country and in particular the different level companies. In view of this, to effectively manage the activities and the development of aviation instrument companies and enterprises of different ownership forms are highly relevant issues related to the assessment of investment projects. The general crisis that engulfed almost all industry in Russia, demanded the application of a new ideology of the organization and management of investment projects, as well as their assessment at the enterprises of aviation instrument. In Russia, began a new stage in the development of project management establishment of a domestic methodology, complex tools and training for professional project management on the basis of domestic achievements, global experience and creativity of its processing based on the actual conditions of our country. The need for the use of project management methodology in Russia is determined by two factors: the increasing complexity of projects and the organizations that operate them, and the fact that project management is widely used in countries with market economies. Projects at the enterprises of aviation instrument making and evaluation are characterized by complexity and uncertainty, a significant dependence on the dynamic environment, including socio-economic, political, financial, economic, legislative influence of both the state and competing companies. In this paper, a study of modern methods of evaluating investment projects at the enterprises of aviation instrument. Methodology. The methodological basis of this paper appeared comparative and economic-mathematical analysis methods. Results. As part of the presentation of the present article the author, it was found that the activity of modern companies is not linear and is determined by a variety of environmental factors that can influence the reliability and stability of business development of the company. In the new (innovative or cognitive), the economy is not only a change of theoretical and empirical management paradigms based on a new understanding of the interaction of three key institutional actors (government, business and science), but also increases the level of uncertainty in making long-term management decisions related to investment projects. Conclusions / relevance. The proposed structure of the investment decision-making support system shows that a lot of administrative decisions should be localized in phase space is defined as a business reliability of the border. Output solutions beyond the phase space of growth and potentiates the risk may mean the loss of stability of the company. The bulk of the toolkit developed procedures formalized and rigorously justified, which greatly reduces the proportion of subjectivity inherent in all existing methods of management analysis.

Corruption as a last resort: adapting to the market in Central Asia

1. An Absence of Alternatives: A New Framework for Understanding Corruption2. Alternatives to Corruption and the Effect of Market Reform: The Arguments and Their Theoretical Implications3. Bribery, Favoritism, and Clientelism: Evidence from Kazakhstan and Kyrgyzstan4. Market Actors as an Unrealized Alternative: The Effect of Market Reforms5. Islamic Institutions and Secular Charities: Obstacles to Providing Substitute Resources6. Families: The Uneven Effect of Market Reforms7. Reducing Corruption: Policy RecommendationsAppendix: Statistical Analysis Index

The effect of market reforms and new public management mechanisms on the Swiss health care system

In 1996, the Federal Law on Health Insurance (LAMal) was adopted in order to contain costs in Swiss health care. At the same time, the reform aimed to maintain or even improve solidarity and encourage institutional reform through new public management (NPM) and market mechanisms. More freedom in contractual conditions between insurers and providers and a clearer distinction of responsibilities between federal and regional (cantonal) authorities were stipulated to achieve efficiency, effectiveness, and transparency. The focus of this paper is an analysis of the effects of market reforms and NPM mechanisms introduced with the LAMal on the cost-containment, quality of care and equity objectives in the Swiss health care system.

The Left Turns as Multiple Paradigmatic Crises

The left turns represent a ‘second incorporation crisis’ for Latin American countries. The discontent emerging from the effects of market reforms implemented in the context of weak states and highly unequal societies has fuelled this crisis, along with citizens’ widespread alienation with traditional parties and political elites. The left turns also yield three interrelated paradigmatic crises: one relates to political and economic praxis in the region, another concerns academic interpretations of the political economy of democracy and development for Latin America, and yet another concerns policy-making prescriptions. The failure to predict the left turn epitomises conventional wisdom's shortsightedness, which is also present in the now dominant interpretations on the current governing lefts in the region. A normative predilection for market economies and liberal democracy embedded in the theoretical and methodological toolbox of dominant approaches causes this myopia. The paper justifies this diagnostic and derives implications for future research.

Dynamics of Wheat Prices in the Wake of Market Reforms: The Case of Pakistan

Using Autoregressive Conditional Heteroskedastic (ARCH) method, this paper examines the effects of market reforms on the distribution of real mean prices and their variability before and after reforms. It is found that market-oriented reforms benefited producers and consumers alike. Empirical evidences, generally, support theoretical assertion that mean prices decline in most urban areas and increase in those markets that are located in surplus producing areas. The results also showed that market reforms lead to more price volatility.

A micro-movement model with Bayes estimation via filtering: Application to measuring trading noises and costs

We highlight a general hybrid system as the micromovement model for asset price using counting processes recently introduced with its Bayes estimation via filtering. We construct a new simple micromovement model and apply it to analyze trade-by-trade stock price data in the light of the series of works initiated by Christie and Schultz [Why do NASDAQ market makers avoid odd-eighth quotes?, Finance 49 (1994) 1813–1840]. Through the new model, we propose more reasonable, but computationally intensive measures for trading noise including clustering noise and non-clustering noise, and for trading cost. We employ Bayes estimation via filtering to obtain parameter estimates of the new model and to provide numerical measures of trading noise and trading cost for three stocks from four chosen periods. Our empirical results support the important findings in [Christie, Harris, Schultz, Why did NASDAQ market makers stop avoiding odd-eighth quotes?, Finance 49 (1994) 1841–1860; Barclay, Christie, Harris, Kandel, Schultz, The effects of market reform on the trading costs and depths of NASDAQ stocks, J. Finance 54(1) (1999) 1–34].

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks

The relative merits of dealer versus auction markets have been a subject of significant and sometimes contentious debate. On January 20, 1997, the Securities and Exchange Commission began implementing reforms that would permit the public to compete directly with Nasdaq dealers by submitting binding limit orders. Additionally, superior quotes placed by Nasdaq dealers in private trading venues began to be displayed in the Nasdaq market. We measure the impact of these new rules on various measures of performance, including trading costs and depths. Our results indicate that quoted and effective spreads fell dramatically without adversely affecting market quality.

Research Trends in the Study of Chinese Cities: A Review Essay

FOUR THEMES ARE evident in the studies of urban China (Taiwan, Hong Kong and the People's Republic of China) over the last thirty years: the relationship between state policy and economic development; the urbanization and transformation of Chinese society; socialism's impact on the urban infrastructure; and, more recently; the effect of market reforms on urban stratification, family composition and organization, and forms of cultural expression. This essay presents a bibliography of writings on urban China (1949–1998). Much of this literature is drawn from disciplines other than anthropology and is relatively recent, (51 percent or n=143 out of 240 were published in the last eight years). The essay also discusses the thematic topics and more recent writings representative of research in the field. [China, cities, market reform, social change]

Effects of market reforms on doctors and their patients.

The outcome of the competitive revolution in health care will depend critically on how it affects physicians' behavior and their interaction with patients. From the standpoint of physicians, competition often seems mediated by three influences affecting their day-to-day practice environment: the organizational phenomenon, the customer phenomenon, and the commodification phenomenon. A careful examination of these three phenomena offers reasons to believe that both the supporters and detractors of competition may be partially correct. Competitive markets may work extraordinarily well for some consumers and very poorly for others. The competitive restructuring of our health care system will accentuate the divisions and inequalities that existed in our society before the transition to a market-based health care system.