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Enrico Marelli and Marcello Signorelli (Eds), Economic Growth and Structural Features of Transition

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Content of the book

This book examines, theoretically and empirically, the key aspects and differences of economic growth as well as the main structural features of development in transition countries, from the 1989 fall of the Berlin wall to the 2008-09 global financial crisis and recession. Topics include institutional change and governance, human capital and social capital, models of growth and employment-productivity relationship, sectoral/regional structure and trade integration, income distribution/inequality and many features of labour markets performance. Most of the chapters refer to the European transition countries; in some cases a comparative perspective - Eastern versus Western EU countries - is adopted.

• Foreword; J.Holscher
• Reflections on Progress in the Transition; B.Schmögnerova
• Introduction; E.Marelli & M.Signorelli
• Economic Growth and Structural Features of Transition: Theoretical Framework and General Overview; E.Marelli & M.Signorelli

PART I: ECONOMIC GROWTH AND DEVELOPMENT

• Governance, Institutions and Growth: Empirical Lessons from the Post-Communist Transition; C.J.Gerry, J.Lee & T.M.Mickiewicz
• Human Capital and Social Capital as Interacting Factors of Economic Development; A.Kaasa & E.Parts
• Productivity, Employment and Human Capital in Eastern and Western EU countries; E.Marelli & M.Signorelli
• Trade-off between Productivity and Employment in Transition Countries: An International Comparison; M.T.Choudhry & B.Ark

PART II: STRUCTURAL CHANGE AND REGIONAL PERFORMANCE

• Sectoral Structure and Productivity in the EU: New Member States' Adjustment to Structural Transformation; T.Paas, J.Sepp &N.J.Scannell
• The Emerging Economic Geography Setting in New EU Member States: A Comparative Account of Regional Industrial Performance and Adjustment; D.Kallioras, G.Petrakos & M.Tsiapa
• Is European Trade Integration Completed? Perspectives for CEE Countries; F.Festoc-Louis & N.Roudaut

PART III: INCOME INEQUALITY AND LABOUR MARKET EVOLUTION

• Is Kuznets Hypothesis Valid for Transitional Countries?; O.Demidova
Perceived Job Security in Transition Countries:A Comparative Perspective; M.Facchinetti & F.Origo
• Unemployment Convergence in Transition; J.Tyrowicz & P.Wojcik
Structural Change and Regional Labour Market Imbalances in Transition; F.E.Caroleo & F.Pastore
• Youth Unemployment in Transition Countries and Regions; C.Perugini & M.Signorelli
Biografical Notes

Content of the chapter "Human Capital and Social Capital as Interacting Factors of Economic Development" (A. Kaasa & E. Parts)

Cross-country differences in income levels and economic growth rates can only partly be explained by the differences in physical capital endowment, as it constitutes only a small part of a society’s total capital. This chapter concentrates on the more intangible assets like human and social capital which are expected to play a significant role in economic development not only directly, but also via interaction with each other, resulting in lower transaction costs and hence higher productivity levels. In fact, individuals and their human capital do not exist in isolation – instead, the value of the abilities and skills of individuals depends on the social and institutional context within which they are embedded. The purpose of this chapter is to analyse the reciprocal relationships between human capital and social capital as interacting factors of economic development: both factors are assumed to play a significant role in the economic development, as they complement and influence traditional growth factors like investments into physical capital, innovations, exports and population growth. These hypotheses are tested on the sample of 29 European countries. Data (since 1999) come from two main sources: World Values Survey and Eurostat. Methodologically, factor analysis and regression analysis are used. A number of regressions (estimated in different specifications including interaction terms of intangible growth factors) confirm the importance of several cross effects of human and social capital on economic development. More specifically, education and institutional trust seem to work together, while formal participation, political activity and quality of governance appeared to be the most influential individual social factors of economic development. The joint effect of human and social capital appears mainly in interaction of educational levels with institutional trust, indicating thus the importance of trustworthiness of public institutions in order to realize the potential of human capital. This is especially important in transition countries where educational levels are relatively high but institutional trust is much lower than in the rest of the Europe.

The authors

Enrico Marelli is Full Professor of Economic Policy at the University of Brescia, Italy. He studied at Bocconi University, at the London School of Economics and at the University of Pennsylvania. Marelli has published several books and articles in a number of research areas: international economics, transition economics, labour economics and policy, regional economics, macroeconomics and economic policy.

Marcello Signorelli is Associate Professor of Economic Policy at the University of Perugia, Italy. He is Vice-President (2008-2010) of the European Association for Comparative Economic Studies (EACES). Signorelli studied at the University of Siena, at the Columbia University and at the University of Warwick. He has published many articles and edited some books in the following research areas: comparative economics and labour policy, transition economics and European economic Integration, regional economics and economic policy.

Please follow the link to purchase the book on the publisher's web site.

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