No. 85

March 2018

Founded in 1990

EACES website:

No. 85

Quarterly Publication of EACES

March 2018

In this issue:


















Message from the President



Meeting Minutes








EACES 15th Biennial Conference



IZA Workshop on the Economics of Employee Representation

















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March 2018


1.1 Message from the President

Dear EACES members,

In this March 2018 issue of the EACES Newsletter you can find again the Call for papers for the next biennial EACES conference which will be held in Warsaw, Poland, 6-8 September 2018. The Warsaw School of Economics will be the host institution of the conference. The extended deadline for the submission of abstracts and panels is the 15th of April 2018 and we, together with the organisers, hope that this will be at least as successful gathering of comparative economists as the previous biennial conferences. While there is a main topic chosen for the Warsaw event, the conference organisers are open to submissions from related disciplines and to any comparative economics related topic as well. So please do not hesitate to submit your proposals for papers and panels even if they are not linked directly with the main topic of the biennial conference. After some technical difficulties, now the website and the submission system are operational

1.2 Meeting Minutes

EACES BOARD Minutes on 16th February 2018 Meeting at Warsaw School of Economics, Warsaw, Poland

Present (alphabetical):


( and the organisers expect your submissions.

The Board, as always, visited the host institution of the next conference, where we could have a look at the main venues and meet the local organisers. This experience showed that the organisation of the 2018 conference is in good hands. In Warsaw, the Board has taken a few decisions as well, about which you are informed in this newsletter. Here I would like to mention only one: as you know, EACES offers financial means for supporting scientific events, conferences, and workshops. Now, given the change in demand and the healthy financial position of the association, we have increased the upper limit for this support as well as for the doctoral awards for the best PhD dissertation in the area of comparative economies. I hope many of you will use these opportunities in the near future.

Magdolna Sass

EACES President

Jürgen Jerger (JJ)

David Kemme (DK)

Michael Keren (MK)

Hartmut Lehmann (HL)

Martin Myant (MM)


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March 2018

Magdolna Sass (MSass)

Agnes Szunomar (ASz)

MilicaUvalic (MU)

Andrei Yakovlev (AY)


Piotr Ciżkowicz (PC)

Marek Góra (MG)

Maria Lissowska (ML)

Jarosław Bełdowski (JB)

Agnieszka Słomka-Gołębiowska (ASG)

Barbara Blaszczyk, CASE, INEPAN and

Piotr Kozarzewski, UMCS


1.The president accepted apologies for absences. She suggested that because of the limited time available for the meeting, the board concentrates on the next biennial conference together with some other important issues.

2.EACES Biennial Conference 2018

The next EACES biennial conference will be held between 6-8 September 2018 at the Warsaw School of Economics (SGH). The official programmes will start on Thursday after lunch and finish on Saturday, after lunch.

PC reported that Prof. Marek Gora and his department will be responsible for organizational issues. The conference website has already been updated. They will develop a mechanism for receiving abstracts which should be ready soon. It will cost around 300 EUR for EACES and could be used for later conferences, too.

PC added that rooms will be available for the conference, since the University has semester break at the same time in early September. They can provide a big auditorium and six medium-sized seminar rooms together with the necessary technical support.

Free WiFi access can be a problem as normally SMS registration is required to get access but they will try to find a solution and provide free access to everyone. JJ suggested to include the WiFi registration details in the


printed programme in order to avoid inquiries by participants.

They will also provide the registration desk. Conference packages will be available there too.

MSass suggested to extend the deadline as the Call for Papers was published relatively late. The extended deadline is tentatively 15th April. The EC has agreed to this date.

As for conference fees, EACES has to collect and manage this process. If SGH would collect them, this action falls within the scope of local public procurement law, which then makes expenditures very cumbersome. JJ clarified with the treasurer, Jens Hölscher, that the German bank account and the credit card payment option as detailed on the EACES website can be used for that purpose.

PC added that the gala dinner will be organized and financed by SGH, and it is planned to be held in the library building. MSass added that the conference package and the catering will be financed by EACES. SGH should act as an intermediary partner here so as the invoices can be send to EACES and the payments can be made within a few days.

MSass indicated that currently only individual abstract can be submitted based on information on the conference website, but panel submissions should also be considred, too.

The scientific committee will decide on paper and panel abstracts. The committee will consist of Marek Gora, Hartmut Lehmann, Piotr Ciżkowicz; while a broader committee will consist of several other scholars and next newsletter will have a full picture of the committee. They will sort the abstracts based on topics and send them to the reviewers.

MSass asked for the support of SGH in organizing local excursions for the first day (Thursday morning) and the last day (Saturday afternoon). PC suggested that the first programme could be a guided tour in the city centre while a ship excursion is possible on the last day. MSass suggested that those excursions could be paid by the participants directly to the organizers, for example, at the

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March 2018

registration desk or by transferring the money in advance. The organizer should collect the registrations for those programmes in advance.

The Board suggested the organizers contact local hotels to arrange discounts to the extent possible. PC agreed. They might list some hotels close to SGH on the conference website.

3. New website – comments, suggestions for improvements (Ágnes Szunomár)

ASz reported on the new website, which has been in operation for three months. All contents have been uploaded from the old website to the new one, while the menu has also been restructured. The website can be updated by the secretary of the EACES, no special expertise is needed. MM and HL requested some changes regarding the menu structure, and changes have been made accordingly: the Publications menu has been divided into two main menu parts: Journals and Newsletters, while the Award tab has been renamed to PhD Thesis Award.

The Board suggested including EACES members’ recent publications in the forthcoming newsletters. In order to have the necessary information for that, an email should be sent to EACES members in which we ask them to send their contributions.

4. Increase of financial support for events and for the doctoral award (Sass)

MSass reported that the financials of EACES are fine, therefore financial support could be increased in some cases, especially if it hasn’t

been changed for long. In the case of events, it was moved to increase the amount from up to 500 to up to 800 EUR, and in the case of the Thesis Award an increase from 1000 to 2000 EUR. The Board approved both by unanimous vote.

5. Possible locations for the 2020 conference (Jürgen Jerger)

JJ reported on the possible locations for the next biennial conference of EACES. He suggested we announce the new location already during the Warsaw conference. MU suggested to start negotiations with the University of Perugia as our first choice. The Board agreed. A potential date for the conference is 10th --12th September 2020.

6. New developments concerning EJCE (David Kemme)

DK and MSass reported on the current negotiations concerning the European Journal of Comparative Economics. The Board approved the proposed mission and scope of the journal and new operating structure. In addition, the EC decided that the committee continue working to resolve issues with the current relevant staff and move forward with discussions for commercialization.

7. Other issues

The next EACES Board Meeting will take place in Warsaw, September 2018, during the conference.

The next Newsletter is scheduled for March 2018.


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March 2018


EACES Award 2018

The best doctoral dissertation in comparative economic systems

The European Association for Comparative Economic Studies (EACES) invites proposals for the EACES Award 2018 for the best doctoral dissertation in the fields of comparative economics. The winner will receive a prize of Euro 1500.

The award will be given to the work that in the opinion of the jury has the greatest potential to impact the field of comparative economic studies in the future. Both theoretical and empirical contributions are appropriate. They may investigate any area covered by the research sponsored by EACES including comparative analysis of different economic systems and institutions and their evolution.

It is a condition of the award that the winner presents her or his work in the form of a short lecture to the plenary session of the 15th EACES conference to be held in Warsaw, Poland, 6-8 September 2018. (Travel costs are to be covered by the Euro 1500 award). The winner will be notified no later than June 30, 2018.


To be eligible for the EACES award 2018, the doctoral dissertation must have been accepted for the degree of PhD (or equivalent in continental Europe) between January 2016 and December 2017. The deadline for submissions is April 30, 2018. Applications should be sent by e-mail to the address given below and include

A CV in English;

An abstract in English of no more than15pages (1.5-spaced,incl.exhibits);

The full text of the dissertation.

Furthermore, applicants must arrange for a

Nomination letter by one of the supervisors/examiners of the thesis.

The nomination letter has to specify when and where the dissertation has been accepted and must be sent directly from the supervisor/examiner.

Applications and nomination letters have to be sent via e-mail as pdf documents to the vice president of the European Association for Comparative Economic Studies (EACES), Jürgen Jerger (University of Regensburg), e-mail:

Submission hints

Applicants are asked to make sure that the abstract specifies

(i)the theoretical or empirical literature to which the thesis is contributing;

(ii)the main contribution made;

(iii)details of the methodology and, if applicable, data set(s) employed;

(iv)the publications or status of submission of parts of the dissertation, if any;

(v)the person that has been asked to send the nomination letter mentioned above.


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Past winners and their dissertations:

2016: Thomas Lambert (Joint PhD from UC Louvain and Université Lille 2) Essays on the Political Economy of Finance

2014: Gabriel Burdín (PhD from the University of Siena) Essays on Worker-Managed Firms

2012: Bjoern Jindra (PhD from the University of Sussex) Internationalisation Theory and Technological Accumulation. Investigation of Multinational Affiliates in East Germany

2010: Roman Horváth (PhD from Charles University Prague) Empirical Essays on Monetary Economics

2008: Sanjaya Acharya (PhD from Erasmus University Rotterdam) Pro-poor Growth and

Liberalisation: CGE Policy Modelling for Nepal

2006: Bruno Merleverde (PhD from University of Gent) The Effects of Economic Reform and Foreign Direct Investment on the Domestic Economy and the Domestic Companies of Central and Eastern European Transition Countries

2004: Balazs Egert (PhD from Université de Paris X – Nanterre) Le taux de change réeldans la transition des pays d’Europecentrale et orientale; Aspects théoriques et empiriques

2002: Daniel Piazolo (PhD from University of Kiel)The Integration Process between Eastern and Western Europe

2000: Katharina Mueller (PhD from University Viadrina, Frankfurt/Oder) The Political Economy of Pension Reform in Central-Eastern Europe

1998: Klaus Meyer (PhD from London Business School) Determinants of Direct Foreign Investment in Central and Eastern Europe

1996: Bert van Selm (PhD from University of Groningen) The Economics of Soviet Break-up

1994: Wim Swaan (PhD from University of Amsterdam) Behaviour and Institutions under Economic Reform. Price Regulation and Market Behaviour in Hungary


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3.1 EACES 15th Biennial Conference

15th European Association for Comparative Economic Studies Conference

Warsaw, Poland 6-8 September 2018

The 15th Biannual Conference of EACES will be held in Warsaw, Poland, on 6-8 September 2018, hosted by the Warsaw School of Economics (Szkoła Główna Handlowa). To guide prospective authors and participants, the conference theme is:

“Post-Transition and Emerging Economies ten years after the Financial Crisis: Policies,

Response, Performance and Challenges”

The impact of the Financial Crisis and Great Recession on post-transition and emerging economies has varied tremendously. Some economies experienced very large recessionary shocks with long- lasting effects for the labor market, human capital formation and growth. For others policy and economic structure alleviated potential negative effects. Importantly for some countries, the Great Recession also slowed or postponed systemic reform efforts. Understanding the differential impact and means of diffusing the negative consequences is important for scholars and policy makers. Hence, it strikes us as important to take stock of the performance and policy reactions of post-transition and emerging economies, broadly defined, nearly ten years after the Great Recession. Additionally, challenges to globalization and the environment remain while new challenges to international economic and security institutions arise. A comparative perspective is essential to understand how workers, firms and governments adjusted to the economic shocks that occurred, challenges that remain and new challenges that lie ahead. A systemic approach provides essential perspective as individual economies had made varying degrees of progress in the transition process and will be differentially affected by challenges on the horizon.

The scientific committee invites proposals for papers (abstracts up to 250 words) and panels (session topic and abstracts for 3-5 papers), reflecting current and ongoing research on any facet of the broad theme above. However, topics of inquiry and presentations at the conference will not be limited, and we encourage proposals for papers and panels of papers on any theme of comparative economics including socio-economic, sociological, historical and political topics. Therefore work from cognate disciplines and methods is also welcome. Proposals can be uploaded via our conference website The extended deadline for abstract and panel submission is 15th of April, 2018.


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Confirmed plenary speakers include Professor Stanisław Gomułka, for many years Reader of

Economics at the London School of Economics, one of the most accomplished consultants to various Polish post-Communist governments, and leading the effort to design a coherent reform policy after the collapse of Communism. Professor Domenico Mario Nuti is among the leading researchers of comparative economics, at present professor emeritus at the University of Rome “La Sapienza”. He was advisor to various international organizations and governments in the East Central and Eastern European region and is the author of numerous publications on comparative economic systems.

The conference will host a “Meet the editors” session, where representatives of journals dealing with comparative economics issues will be present, including the journal of the association: European Journal of Comparative Economics.

3.2 IZA Workshop on the Economics of Employee Representation: International Perspectives

Call for Papers

Organizers: Pierre Cahuc (Ecole Polytechnique, Paris and IZA), Uwe Jirjahn (University of Trier and IZA), Andreas Lichter (IZA), Stephen C. Smith (George Washington University and IZA), Konstantinos Tatsiramos (University of Luxembourg, LISER and IZA)

Location: IZA, Bonn

Date: September 07 - September 08, 2018

Submission Deadline: April 30, 2018

Notification of Acceptance: May 31, 2018

Event Manager: Alina Thiele

About the Workshop

Spurred by sharp declines in unionization rates and growing wage inequality over the last years, there has been growing (public) interest in the effects of non-union employee representation (such as works councils, board-level codetermination, joint consultation committees, or authorized health and safety committees) on the performance of firms, outcomes for workers, and the economy as a whole. Despite this interest, empirical research on the effect of employee representation has been scarce and mostly limited to the case of Germany to date.

The aim of this conference is to bring together researchers analyzing (the effects of different) forms of non-union representation, and to put their findings into international comparative perspective. Possible topics might cover:

-the effects of employee representation on productivity

-the effects of employee representation on employee outcomes

-challenges for employee representation due to globalization/technological change

-the effect of non-union representation on inequality and gender discrimination

-(reasons for) international differences in the incidence of employee representation


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The aim of this conference is to bring together researchers analyzing (the effects of different) forms of non-union representation, and to put their findings into international comparative perspective. Possible topics might cover:

-the effects of employee representation on productivity

-the effects of employee representation on employee outcomes

-challenges for employee representation due to globalization/technological change

-the effect of non-union representation on inequality and gender discrimination

-(reasons for) international differences in the incidence of employee representation


Please submit your paper / extended abstract by April 30, 2018 using our online application form. Notifications will be sent by May 31, 2018.

Selected papers will be invited for submission to a special issue of the IZA Journal of Labor Economics

Travel and Accommodation

Those authors invited to present are expected to participate in the entire two day workshop. Economy class airfares and up to three nights of lodging will be covered according to the IZA Reimbursement Guidelines.

Kindly note that tax regulations prohibit IZA from fully reimbursing the travel expenses of conference participants who combine their trip with other destinations or extend their stay beyond the four-day window surrounding the event.


No. 85March 2018




EACES-HSE Workshop

Moscow, Russia

7 June 2018


Summer Academy on Central and

APB, Tutzing,

11-13 June 2018

Eastern Europe




IEACES- HSE Workshop

The International Center for the Study of Institutions and Development (ICSID) at Higher School of Economics in Moscow together with the European Association for Comparative Economic Studies (EACES) are pleased to invite submissions to the workshop:

Topics in Political Economy of Development

The workshop is a part of the 7th Annual ICSID Conference “Political Economy of Development: Historical and Contemporary Factors” that will take place at Higher School of Economics in Moscow on June 7-9, 2018. The event attracts a large number of researchers from the world’s leading universities with a variety of topics being discussed (details of the last year's conference can be found here).

Contributions from the fields of political economy, economics and political science have been invited. We welcome submissions that adopt theoretical as well as empirical, qualitative as well as quantitative research designs and that can offer useful perspectives on recent developments and new challenges in political economy.

Topics of interest for submission included, but are not limited to:

Collective actions and public goods

Comparative studies of governance

Social capital, trust, and cultural norms

Human capital and economic development

Political elites and economic performance

History and persistence of economic growth

Workshop working language is English. The workshop will be held in the central HSE campus at Myasnitskaya st., 11, Moscow.

The Selection Committee includes:

Andrei Yakovlev (HSE, EACES)

Timothy Frye (Columbia University, HSE)

Thomas Remington (Emory University, HSE)

Alexander Libman (Munich University)

Ekaterina Borisova (HSE)

John Reuter (University of Wisconsin-Milwaukee, HSE)

Israel Marques (HSE)

David Szakonyi (George Washington University, HSE)


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ICSID will provide you with an invitation necessary to apply for a visa at a Russian consulate of your choosing. Since invitation issue may take up to 4 weeks we would be grateful if you could apply in advance.

ICSID can also assist in finding accommodation at one of the HSE Guest Houses or hotels during your stay in Moscow. Please note that HSE Guest House room availability is not guaranteed, therefore early requests are appreciated. ICSID does not, however, cover travel or accommodation expenses.

The International Center for the Study of Institutions and Development (ICSID,) is one of the international laboratories created by the Higher School of Economics in 2011, and currently unites a team of researchers from Russia, USA and Europe. More information about the Center and its research projects can be found on the ICSID webpage


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IISummer Academy on Central and Eastern Europe


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The Joint IOS/APB/EACES Summer Academy on Central and Eastern Europe

The Summer Academy on Central and Eastern Europe was established by the Leibniz Institute for East and Southeast European Studies (IOS Regensburg) in 2009, to bring together mainly Ph.D. students and Postdocs in a workshop atmosphere. Since 2011, EACES has joined in the organization of the Summer Academy. Over these past years, the Summer Academy on Central and Eastern Europe has developed into a prime early career event within comparative economics, arguably outstanding among those under the auspices of EACES. For more info see below and http://www.ios-

Recent developments

An increasing number of applicants compete for between 12 and 15 participant spots, with recent admission rates below 25 per cent.

An outstanding list of keynote lecturers by now includes Michael V. Alexeev (Indiana University), Sascha O. Becker (University of Warwick), Sumon K. Bhaumik (University of Sheffield), Andrew Clark (Paris School of Economics), Christian, Dustmann (University College London), Alexander Danzer (University of Eichstätt), Ira Gang (Rutgers University), Michael Gebel (University of Bamberg), Karl. F. Habermeier (IMF), Stephan Klasen (University of Göttingen), Rainer Martin (ECB), Mieke Meurs (American University), Cristiano Perugini (University of Perugia), Alexander Plekhanov (EBRD), to name but a few.

Recent presentations are to be found in leading working paper series, such as:

Gorodnichenko, Yuriy, Bohdan Kukharskyy, and Gerard Roland, Culture and global sourcing. NBER Working Paper No. 21198, May 2015

Selected publications, growing out of participants’ presentations, include (in alphabetical order):

Ahlborn, Markus, Joachim Ahrens, and Rainer Schweickert, Large-scale transition of economic systems – Do CEECs converge toward western prototypes? Comparative Economic Studies 58(3), 2016

Bartolini, Stefano, and Francesco Sarracino, The dark side of Chinese growth: Declining social capital and well-being in times of economic boom. World Development 74, 2015

Braun, Sebastian, and Michael Kvasnicka, Immigration and structural change: Evidence from post- war Germany. Journal of International Economics 93(2), 2014

Florian Freund, Reciprocal tariff reductions under asymmetric bargaining power. The World Economy 40(5), 2017

Gebremedhin, Tesfaye A., and Astghik Mavisakalyan, Immigration and political instability. Kyklos 66 (3), 2013

Kozlov, Vladimir, and Alexander Libman, The legacy of compliant activism in autocracies: Post- Communist experience. Contemporary Politics 23(2), 2017

Kreickemeier, Udo, and Jens Wrona, Two-way migration between similar countries. The World Economy 40(1), 2017

Lehmer, Florian, and Johannes Ludsteck, Wage assimilation of foreigners. Which factors close the gap? Evidence from Germany. Review of Income and Wealth 61(4), 2015


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Nikolaev, Boris, and Milena Nikolova, Does joining the EU make you happy? Evidence from Bulgaria and Romania. Forthcoming in the Journal of Happiness Studies.

Olekseyuk, Zoryna, and Edward J. Balistreri, Trade liberalization gains under different trade theories: A case study for Ukraine. Forthcoming in Empirica. Journal of European Economics

Otrachshenko, Vladimir, and Olga Popova, Life (dis)satisfaction and the intention to migrate: Evidence from Central and Eastern Europe. Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 48(C), 2014

Roccisano, Federica, On intergenerational mobility in Italy: What a difficult future for the young. Review of Applied Socio-Economic Research 6(2), 2013.


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Web page:

EJCE, vol. 14, n. 2, 2017


Symposium: The European Integration and its International Dimension

Pages: 156-219

The European Integration and its International Dimension: An Introduction

Pages: 157-160 Galina Kolev

Fiscal Sustainability: Does EU Membership Change Policy Behavior? Empirical Evidence from Central and Eastern Europe

Pages: 161-175 Bettina Bökemeier

Greece and the Troika – Lessons from International Best Practice Cases of Successful Price (and Wage) Adjustment

Pages: 177-195

Ansgar Belke, Daniel Gros

Business Cycle Accounting: Bulgaria after the introduction of the currency board arrangement (1999-2014)

Pages: 197-219 Aleksandar Vasilev

Ageism and the business cycle: an exploratory approach

Pages: 221-264

Laetitia Challe

Untangling the causal relationship between tax burden distribution and economic growth in 23 OECD countries: Fresh evidence from linear and non-linear Granger causality


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March 2018

Pages: 265-301

Sami Saafi, Meriem Bel Haj Mohamed, Abdeljelil Farhat

Wage inequality in workers’ cooperatives and conventional firms

Pages: 303-329

Nathalie Magne


Web page:

Vol. 42 (1) 2018

Symposium: The Risks to Macroeconomic and Financial Stability


The Risks to Macroeconomic and Financial Stability

Pages 1-2

Guest Editors: Michal Hlavacek and Roman Horvath

International spillovers in global asset markets

Pages 3-17

Ansgar Belke, Irina Dubova

Credit-based early warning indicators of banking crises in emerging markets

Pages 18-31

Adam Geršl, Martina Jašová

The impact of credit supply shocks and a new Financial Conditions Index based on a FAVAR approach Pages 32-44

Zsuzsanna Hosszú

The signalling content of asset prices for inflation: Implications for quantitative easing Pages 45-63

Leo de Haan, Jan Willem van den End

Does CEO gender matter for bank risk?

Pages 64-74

Dorota Skała, Laurent Weill


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March 2018

Macroeconomic and financial stability in a monetary union: The case of Lithuania

Pages 75-90

Margarita Rubio, Mariarosaria Comunale

International spillovers of (un)conventional monetary policy: The effect of the ECB and the US Fed on non-euro EU countries

Pages 91-105

Jan Hajek, Roman Horvath

Should banks diversify or focus? Know thyself: The role of abilities

Pages 106-118

Bill B. Francis, Iftekhar Hasan, A. Melih Küllü, Mingming Zhou


Institutional deficit and health outcomes in post-communist states

Pages 119-131

Vladimir A. Kozlov, Dina Y. Rosenberg

What do women want? Female suffrage and the size of government Pages 132-150

Claudio Bravo-Ortega, Nicolas A. Eterovic, Valentina Paredes

Audit committees and financial reporting quality: The 8th EU Company Law Directive perspective Pages 151-163

Ujkan Bajra, Simon Čadež

Oil price shocks and unemployment in Central and Eastern Europe

Pages 164-173

Juan Carlos Cuestas, Luis A. Gil-Alana


Web page:

Volume 60, Issue 1, 2018


Finance and Growth: Genesis of a Symposium

Pages 1-2


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Xavier Mahieux

Growth and Inequality Effects of Decades of Financial Transformation in OECD Countries Pages 3-14

Boris Cournède, Catherine L. Mann

What is the Point of (the Hundreds of Thousands of Billions of) Stock Transactions? Pages 15-33

Gunther Capelle-Blancard

Credit Deepening: Precursor to Growth or Crisis?

Pages 34-43

Paul Wachtel

Nonlinearities in the Relationship Between Finance and Growth

Pages 44-53

Ugo Panizza

Financial Development and Financial Fragility: Two Sides of the Same Coin? Pages 54-68

Svetlana Andrianova, Panicos O. Demetriades

To What Extent Do Public Authorities Verify the Cost-Effectiveness of Guarantees for Credit to SMEs?

Pages 69-86 Sebastian Schich

Credit Growth, Rational Bubbles and Economic Efficiency

Pages 87-104

Xavier Freixas

Financial Development, Trade Openness and Growth in the First Wave of Globalization Pages 105-114

Alexandra D’Onofrio, Peter L. Rousseau

The Financial Intermediation Role of the P2P Lending Platforms

Pages 115-130

Olena Havrylchyk, Marianne Verdier

Money, Finance and Climate: The Elusive Quest for a Truly Integrated Assessment Model Pages 131-143

Etienne Espagne

Financial Literacy and Asset Behaviour: Poor Education and Zero for Conduct? Pages 144-160

Luc Arrondel

The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review Pages 161-180

Emmanuel Carré, Guillaume L’œillet


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Web page:

Volume 30, Issue 1, 2018

Special Issue "Frugal Innovation"


Frugal Innovation and Development Research Pages: 1-16

by André Leliveld & Peter Knorringa

Cannibalizing the Informal Economy: Frugal Innovation and Economic Inclusion in Africa

Pages: 17-33

by Kate Meagher

Frugal Innovation Through a Gender Lens: Towards an Analytical Framework

Pages: 34-48

by Saskia Vossenberg

The Developmental Potential of Frugal Innovation among Mobile Money Agents in Kitwe, Zambia Pages: 49-65

by Iva Peša

Frugal Innovations and Actor–Network Theory: A Case of Bamboo Shoots Processing in Manipur, India

Pages: 66-83

by Wairokpam Premi Devi & Hemant Kumar

Frugal Innovations in Technological and Institutional Infrastructure: Impact of Mobile Phone Technology on Productivity, Public Service Provision and Inclusiveness

Pages: 84-107

by Monica A. Altamirano & Cees P. van Beers

A Quantitative Approach to Innovation in Agricultural Value Chains: Evidence from Kenyan Horticulture


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Pages: 108-135

by Aarti Krishnan & Chistopher Foster

Does Frugal Innovation Enable Sustainable Development? A Systematic Literature Review by Eugenia Rosca & Jack Reedy & Julia C. Bendul

Pages: 136-157

Book Reviews

Democracy in the Woods: Environmental Conservation and Social Justice in India, Tanzania, and Mexico

Pages: 158-160

by Matthew S. Winters

Finnish Water Services – Experiences in Global Perspective Pages: 161-162

by Klaas Schwartz


Web page:

Vol. 62, Issue 215, 2017


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Firm Productivity In The Western Balkans: The Impact of European Union Membership and Access to Finance

Pages: 7-52

Peter Howard-Jones, Jens Hölscher & Dragana Radicic

Capital Productivity in Industrialised Economies: Evidence from Error-Correction Model and Lagrange Multiplier Tests

Pages: 53-80 Ivan D. Trofimov

House Prices and The Macroeconomic Environment in Turkey: The Examination of a Dynamic Relationship

Pages: 81-110

Mustafa Ozan Yıldırım & Mehmet İvrendi

The Public Sector Wage Premium and Fiscal Consolidation in Serbia

Pages: 111-134

Marko Vladisavljević

Preschool Education as a Determinant of Educational Attainment: An Analysis of Serbia

Pages: 135-168

Nemanja Vuksanović & Ljubinka Joksimović

Survey of the Readiness of Insurance Companies in Serbia for Solvency Ii

Pages: 169-204

Mirjana Ilić, Veselin Avdalović & Milica Obadović


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Managing Board

Magdolna Sass




Institute for Economics of the Hungarian Academy of Sciences

1112 Budaörsiút. 45 Phone: (+36-1) 309-2652

Fax: (+36-1) 319-3136


University of Regensburg and IOS Regensburg, nachVereinbarungmitdem

Tele: +49-941 943 2697

Fax:+49-941 943-4941


Ágnes Szunomár


Head of Research Group on Development Economics Institute of World Economics,

Centre for Economic and Regional Studies of the Hungarian Academy of Sciences

45 Budaörsi Road, Budapest, H-1112 E-mail:


Jens Hölscher


Head of Department

Accounting, Finance & Economics

The Business School, Bournemouth University Executive Business Centre

89 Holdenhurst Road, Bournemouth BH8 8EB, UK E-mail: Website: olscher


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Other Members of the Executive Committee (Alphabetical order by family name)

David M. Kemme

Michael Keren

EC Member

EC Member

William N. Morris Chair of Excellence

Department of Economics

Fogelman College of Business & Economics

Hebrew University

The University of Memphis

Jerusalem 91905

3675 Central Avenue, Office BA 405


Memphis, TN 38152

Tel: +972-26528521

Tel: +1-901-678-5408

Fax: 972-2-5816071




Hartmut Lehmann

Satoshi Mizobata

EC Member

EC Member

Department of Economics

Institute of Economic Research,

University of Bologna

Kyoto University

Strada Maggiore 45

Yoshidahon-machi, Sakyo-ku, Kyoto,

40125 Bologna, Italy

Japan 6068501

Tel. +39-051-2092631

Tel: +81-75-753-7144

Fax +39-051-2092664







No. 85

March 2018

Martin Myant

Jan Svejnar

EC Member

EC Member

European Trade Union Institute Bd du Roi Albert II, 5

1210 Brussels Belgium

e- mail:MMyant@etui.orgWebsite:http://www.etui.o rg/About-Etui/Staff/Martin-Myant

School of International and Public Affairs

Columbia University

420 W. 118th Street

New York, NY 10027






EC Member

EC Member

Department of Economics, Finance and Statistics

University of Tartu

Via Pascoli 20

Institute of Economics

University of Perugia, 06123 Perugia, Italy

Narva 4, 51009 Tartu

Tel: +39-075-5855292, 5855279


Fax: +39-075-5855299

Tel: +372-737-6361 Fax: +372-737-6327









Andrei Yakovlev

EC Member

University - Higher School of Economics

Institute for Industrial and Market Studies

Slavyanskayapl 4, bldg 2,

Moscow 109074, Russia

Tel.: +7-495-6288649





No. 85


March 2018



Members of the Advisory Board













University of Paris 1-Centre d'Economie de la










Will Bartlett

London School of Economics and Political Science


Laszlo Csaba

Central European University, Budapest


Bruno Dallago

Università di Trento, Department of Economics


Daniel Daianu

The Academy of Economic Studies, Bucharest


Jens Hölscher

Bournemouth University, England


Mario Nuti

London Business School


Marcello Signorelli

Department of Economics, University of Perugia



Department of Economics, University of Perugia


Vittorio Valli

Università di Torino, Dept. Economia


Hans-Jürgen Wagener

Europa UniversitaetViadrina, Frankfurt/Oder



Aston University


Saul Estrin

London School of Economics










Honorary Members:














Ronald Dore







Gregory Grossman







Michael Kaser














Marie Lavigne







Angus Maddison







Domenico Mario Nuti














Horst Brezinski












Ex – Officio Member

Michael Keren




Naphtali Bldg. Scopus Campus, 91905 Jerusalem (Israel)

Department of

Tel: +972-26528521; Fax: 972-2-5816071




No. 85

March 2018


In this 85th issue of the EACES newsletter the presidential message reiterates for the orientation of the readers to the Call for papers for the next biennial EACES conference that will be held in Warsaw, Poland, 6-8 September, 2018. The cherished Warsaw School of Economics is hosting the conference. EACES members have the opportunity of visiting this lovely city of special importance for comparative economists from all over Europe and the world due to its unique role during both the planned economy and transition economy. The significance has spread in European and world economics, politics and academia. Scholars and students of comparative economics will enjoy the special occasion to meet and discuss various topics on the economics of transition, new developments in the world economy and in Europe. Furthermore, the conference organisers, as always, are open to

submissions from related disciplines and to any dimension of comparative economics. Therefore, scholars will submit their proposals for papers and panels even if they are not linked directly with the main topic of the biennial conference. The deadline for proposal/abstract submission has been extended to the end of April, 2018. The submissions are suggested through the website of the conference ( This conference website will timely keep on updating the information regarding the conference.

Announcement for the EACES Doctoral Award Competition is inclusive in Section 2 of this newsletter. This section has mentioned about the submission criteria, required documents, deadline, and the list of the past winners. Doctoral graduates in the field of comparative economics for the last two years are encouraged to apply for this biennial prestigious award in the field of comparative economics.

Section 3 of this newsletter explicitly presents the call for papers for the 15th biennial conference. The theme of the conference will be Post-Transition and Emerging Economies Ten Years after the Financial Crisis: Policies, Response, Performance and Challenges. The scientific committee invites proposals for papers (abstracts up to 250 words) and panels (session topic and abstracts for 3-5 papers), reflecting current and ongoing research on any facet of the broad theme above. However, topics of inquiry and presentations at the conference will not be limited, and the committee encourages proposals for papers and panels of papers on any theme of comparative economics including socio-economic, sociological, historical and political topics. Therefore, work from cognate disciplines and methods are also welcome. Likewise, this Section 3 also invites papers for IZA Workshop on the Economics of Employee Representation: International Perspectives to be held in IZA, Bonn, Germany in 7-8 September 2018.

Reminders of the forthcoming workshops are the subject matters of Section 4. This section provides detailed information on EACES-HSE Workshop to be held in Moscow on 7th June 2018. Likewise, 10th Joint IOS/ABP/ECES Summer Academy on Central and Eastern Europe will be held at APB Tutzing, Germany in 11-13 June 2018.

Section 5 provides information regarding recent publications some journals associated with comparative economic studies, more specifically that of European Journal of Comparative Economics, Economic Systems, Comparative Economic Studies, European Journal of Development Research, and Economic Annals.

We welcome any comment/suggestion for the improvement of the newsletter. The submissions are requested to deliver in the form of (preferably) electronic copy or hard copy of the Microsoft Word file to the editor:

Sanjaya Acharya


March 2018

EJCE (The European Journal of Comparative Economics) E-Journal and

ECONOMIC SYSTEMS (A Quarterly Journal published by the Osteuropa-InstitutMünchen/Elsevier in collaboration with EACES) are the journals associated with EACES.

For details, please follow the link: