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A Modification of the Production Function for Transition Economies Reflecting the Role of Institutional Factors

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  • Fyodor I Kushnirsky

    (Temple University)

Abstract

This paper constructs an institutional index of transition (IIT) for the FSU countries, estimates their statistics on output, capital stock, and employment, incorporates the IIT into the neoclassical production function, and estimates the modifications of the production function with effects of explanatory variables varying across countries. The IIT is based on the EBRD transition indicators but differs from the indicators' average annual value in that it incorporates the private sector share of GDP. Using panel data and building production function modifications with common and country-specific effects, the following hypotheses were tested: quantitative changes in production factors affect all FSU countries in a similar way, the impact of the IIT varies across countries, initial conditions are significant in transition, and the estimators are not sensitive to data fluctuations. Comparative Economic Studies (2001) 43, 1–30; doi:10.1057/ces.2001.1

Suggested Citation

  • Fyodor I Kushnirsky, 2001. "A Modification of the Production Function for Transition Economies Reflecting the Role of Institutional Factors," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 43(1), pages 1-30, April.
    • Handle: RePEc:pal:compes:v:43:y:2001:i:1:p:1-30
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    Cited by:

    1. Voskoboynikov, Ilya B., 2012. "New measures of output, labour and capital in industries of the Russian economy," GGDC Research Memorandum GD-123, Groningen Growth and Development Centre, University of Groningen.
    2. Fyodor I. Kushnirsky, 2014. "Ukraine and The IMF: An Uneasy Cooperation," International Journal of Business and Social Research, LAR Center Press, vol. 4(7), pages 120-130, July.
    3. Svitlana Maksymenko & Mahbub Rabbani, 2011. "Economic Reforms, Human Capital, And Economic Growth In India And South Korea: A Cointegration Analysis," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(2), pages 39-59, June.
    4. Mika Kortelainen & Simo Leppänen, 2013. "Public and private capital productivity in Russia: a non-parametric investigation," Empirical Economics, Springer, vol. 45(1), pages 193-216, August.
    5. Fyodor I. Kushnirsky, 2014. "Ukraine and The IMF: An Uneasy Cooperation," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 4(7), pages 120-130, July.
    6. repec:dgr:rugggd:gd-123 is not listed on IDEAS
    7. El-hadj Bah & Josef C. Brada, 2014. "Labor Markets in the Transition Economies: An Overview," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(1), pages 3-53, June.
    8. Svitlana Maksymenko & Mahbub Rabbani, 2008. "Economic Reforms, Human Capital, and Economic Growth in India and South Korea: A Cointegration Analysis," Working Paper 361, Department of Economics, University of Pittsburgh, revised Aug 2008.
    9. Balatsky, E., 2021. "Institutional reforms and human capital," Journal of the New Economic Association, New Economic Association, vol. 51(3), pages 103-124.

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