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Ukraine: The Cost of Weak Institutions

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Andrew Tiffin
Abstract

Ukraine has the potential to be a very wealthy country. It has a well-educated workforce, some of the best agricultural land in the world, an enviable supply of hydrocarbons and minerals, and a relatively well-developed infrastructure. Despite these advantages, however, Ukraine's per capita income remains low. Using a cross-country stochastic-frontier framework, this paper argues that Ukraine's failure to tap its full potential is mainly a result of its market-unfriendly institutional base. With an inherited Soviet framework that is ill suited to the needs of a market economy, Ukraine has been slow to establish the institutions needed to use its resources efficiently. The paper provides a quantitative guide to the benefits, in terms of potential output, of further structural reform. Looking forward, the study finds that durable growth in Ukraine will depend primarily on the authorities' ability to implement their ambitious reform agenda, and thereby to help secure the basic foundations of a modern market economy.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/167.

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Length: 29 pages
Date of creation: 12 Jul 2006
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Handle: RePEc:imf:imfwpa:06/167

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Keywords: Total factor productivity ; stochastic fronotiers ; technical efficiency ; institutions ; transition economies ;

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  2. Shekhar Aiyar & Carl-Johan Dalgaard, 2004. "Total Factor Productivity Revisited: A Dual Approach to Development Accounting," EPRU Working Paper Series 04-07, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  3. K. Hadri & C. Guermat & J. Whittaker, 2003. "Estimation of technical inefficiency effects using panel data and doubly heteroscedastic stochastic production frontiers," Empirical Economics, Springer, vol. 28(1), pages 203-222, January. [Downloadable!] (restricted)
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  5. Koop, Gary & Osiewalski, Jacek & Steel, Mark F J, 2000. " A Stochastic Frontier Analysis of Output Level and Growth in Poland and Western Economies," Economic Change and Restructuring, Springer, vol. 33(3), pages 185-202. [Downloadable!] (restricted)
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  6. Ellen R. McGrattan & James A. Schmitz, Jr., 1998. "Explaining cross-country income differences," Staff Report 250, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  7. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Stephen L. Parente & Edward C. Prescott, 2004. "A unified theory of the evolution of international income levels," Staff Report 333, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  9. Oleh Havrylyshyn & Ron van Rooden, 2003. "Institutions Matter in Transition, But So Do Policies," Comparative Economic Studies, Palgrave Macmillan Journals, vol. 45(1), pages 2-24, March. [Downloadable!] (restricted)
  10. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December. [Downloadable!] (restricted)
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  11. Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-32.
  12. Kaufmann, Daniel & Kraay, Aart, 2002. "Growth without governance," Policy Research Working Paper Series 2928, The World Bank. [Downloadable!]
  13. Edward C. Prescott, 1997. "Needed: a theory of total factor productivity," Staff Report 242, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  14. Julian Berengaut & Katrin Elborgh-Woytek, 2005. "Who is Still Haunted by the Specter of Communism? Explaining Relative Output Contractions Under Transition," IMF Working Papers 05/68, International Monetary Fund. [Downloadable!]
  15. Francisco M. Gonzalez, 2005. "Insecure Property and Technological Backwardness," Economic Journal, Royal Economic Society, vol. 115(505), pages 703-721, 07. [Downloadable!] (restricted)
  16. Pitt, Mark M. & Lee, Lung-Fei, 1981. "The measurement and sources of technical inefficiency in the Indonesian weaving industry," Journal of Development Economics, Elsevier, vol. 9(1), pages 43-64, August. [Downloadable!] (restricted)
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  1. Constant, Amelie & Kahanec, Martin & Zimmermann, Klaus F, 2006. "The Russian-Ukrainian Earnings Divide," CEPR Discussion Papers 5904, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Dabrowski, Marek, 2007. "Ukraine at a Crossroads," MPRA Paper 11966, University Library of Munich, Germany. [Downloadable!]
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