Economic Institutions and Economic Growth in the Former Soviet Union Economies

The aim of this paper is to assess the importance of economic institutions, measured by an index built from the E.B.R.D. (European Bank for Reconstruction and Development) indicators, for the pattern of economic growth. Though it focuses on a particular set of transition economies, it is also related to the literature on institutional development and economic growth. Indeed it draws on the literature on the economics of transition, looking at the breakdown of the U.S.S.R. as an extremely powerful “natural” experiment. From an empirical point of view, the study takes into consideration the period between 1991 and 2008 for fifteen countries, namely the Former Soviet Union economies, and is performed by means of a panel model. The first part of the econometric analysis sees our index as the only independent variable. A static model and a dynamic one are specified and different estimation techniques used. The second phase includes other covariates, among which the classical determinants of growth, to test whether the institutional environment, that is to say, the economic institutions index, maintains the magnitude and has a major impact on the pattern of economic growth.economic growth, economic institutions, economic policy, Former Soviet Union economies, static and dynamic models, panel analysis

Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis

In 2008, the three main banks in Iceland collapsed. There is strong evidence that the banks would have become insolvent even without the subprime crisis. Yet, there was a marked difference in opinion at the time about the viability of the Icelandic banks. A clean bill of health was given by the commissioned reports of Mishkin in 2007 and Portes in 2008, just prior to the collapse, whereas severe reservations about the Icelandic financial system were expressed by Wade, inter alios. These contrasting views were widely debated and may well have influenced both potential and actual foreign depositors in the banks. This paper analyses the disparate arguments put forward and contrasts it with the actual outcome. It considers the influence of economists in public policy debates and draws some methodological conclusions.This is the author accepted manuscript. The final version is available from Edward Elgar Publishing via https://doi.org/10.4337/ejeep.2016.03.0

Institutions, the resource curse and the transition economies: further evidence

Based on the various works on the relevance of the institutional arrangements for a country’s economic performance, this paper studies the role and the determinants of the reform policies for the development paths of the transition countries. Looking at the U.S.S.R breakdown as an extremely powerful “experiment” and considering the nature of its consequences, the paper investigates the importance of policy reforms for the productivity growth looking for possible structural break and differences among of the nations in transit. The paper studies the different patterns of reforms using a synthetic measure treated as endogeneous and instrumented by the rents coming from the natural endowments, the extent of the democratic progress and the trade openness. The paper proves that these determinants have played a different role in explaining the pattern of reform policies of the transition countries, which in turn has affected their productivity growth paths. Empirically, the paper develops a dynamic approach implementing the more advanced econometric techniques

Can only democracies enhance \u201cHuman Development\u201d? Evidence from the Former Soviet Countries

Despite the considerable interest in the concept of human development, there has been little research on the political determinants of its dimensions. This paper investigates the role played by the type of political systems on the non-income components of human development. In particular it tests the hypothesis that it is not only democratic countries that enhance spending on health and education, but this might be true of autocratic regimes. The hypothesis is tested for the former Soviet Republics. It is found that expenditure on the social provision of health and education increases with both the degree of democracy and autocracy

Income inequality in the European Union: evidence from a panel analysis

Understanding the reasons underlying income inequality has generated considerable interest in the last years and various theoretical analyses have been developed to explain international differences in income distribution between groups of countries at different stages of economic development. However, structural investigations of the contemporary effects of the forces shaping the evolution of income inequality are difficult to find. Moreover, little attention has been given to the increasing inequality merely among advanced economies. For these reasons, we develop a theoretical framework to provide a comprehensive analysis of the factors affecting income distribution in a particular set of advanced economies, the European Union countries, and utilize a fifteen year panel of 25 countries to identify the short term effects of several considerable determinants of household income inequality. On the basis of the main findings, we conclude providing some policy indications

Secreting Germ Cell Tumors of the Central Nervous System: A Long-Term Follow-up Experience

Simple Summary Nongerminomatous germ cell tumors of the central nervous system are rare tumours. Differently from germinomas, they have a severe prognosis above all when presenting with high alfafetoprotein levels. We report the results of a combined chemo- and radiotherapy approach in 28 patients affected by this disease with craniospinal irradiation and a boost tailored on the response to pre-radiant chemotherapy. Metastatic patients and high-risk disease are discussed as well. The 5 years overall survival and event-free survival were both 81% while at 10 years they were 81% and 76% respectively. Our series, even if small, concerns nongerminomatous germ cell tumors only (whereas in some papers they are mixed with pure germinomas), furthermore our patients had a very long follow-up (over 11 years) with encouraging survival data for localized and metastatic disease. Improving survival while trying to contain/avoid the long-term sequelae of chemotherapy and radiotherapy are the main goals of future studies. Introduction: Due to the rarity of nongerminomatous germ cell tumors (NGGCT) with non-standard treatment as yet, we report retrospectively our 30 year experience with chemotherapy followed by craniospinal irradiation (CSI), plus a boost of whole ventricular irradiation (WVI)/tumor bed (TB), tailored to pre-radiation chemotherapy response. Methods: Between 1988 and 2016, 28 patients received four cycles of PEB (cisplatin/etoposide/bleomycin), then CSI, and two further PEB cycles. Between 1988 and1994, CSI was 25.5 Gy for patients in complete remission (CR), 30 Gy if in partial remission (PR) or metastatic, with a boost to TB up to 45-54 Gy. In the period of 1995-2010, the boost included WVI and any extra-ventricular tumor sites up to 45 Gy. After 2010, CSI was reduced to 25.5 Gy for all non-metastatic patients, and a boost was given only to TB up to 40.5/45.5 Gy, depending on patients' CR/PR status. After 2003, patients with alfafetoprotein (alpha FP) > 1000 ng/mL received intensified treatment, also including autologous stem cell transplantation. Results: Among 28 patients (23 males; median age 12 years, 6 metastatic), 25 responded to PEB, and three progressed (PD) after one to four cycles; 26 received radiotherapy obtaining 13 CR, 7 PR and 5 stable disease (SD), 1 PD; 6 (21%) died (5 for disease, 1 for pneumonia while in CR). Five-year overall survival (OS) and progression-free survival (PFS) were both 81%; 10 year OS and PFS 81% and 76%, respectively (median follow-up 11 years). Conclusions: Survival for children with NGGCT, independently from disease extent, was encouraging. Further studies should elucidate which patients could benefit from reduced volume and dose irradiation

Evidence of Distinct Tumour-Propagating Cell Populations with Different Properties in Primary Human Hepatocellular Carcinoma

Increasing evidence that a number of malignancies are characterised by tumour cell heterogeneity has recently been published, but there is still a lack of data concerning liver cancers. The aim of this study was to investigate and characterise tumour-propagating cell (TPC) compartments within human hepatocellular carcinoma (HCC).After long-term culture, we identified three morphologically different tumour cell populations in a single HCC specimen, and extensively characterised them by means of flow cytometry, fluorescence microscopy, karyotyping and microarray analyses, single cell cloning, and xenotransplantation in NOD/SCID/IL2Rγ/⁻ mice.The primary cell populations (hcc-1, -2 and -3) and two clones generated by means of limiting dilutions from hcc-1 (clone-1/7 and -1/8) differently expressed a number of tumour-associated stem cell markers, including EpCAM, CD49f, CD44, CD133, CD56, Thy-1, ALDH and CK19, and also showed different doubling times, drug resistance and tumorigenic potential. Moreover, we found that ALDH expression, in combination with CD44 or Thy-1 negativity or CD56 positivity identified subpopulations with a higher clonogenic potential within hcc-1, hcc-2 and hcc-3 primary cell populations, respectively. Karyotyping revealed the clonal evolution of the cell populations and clones within the primary tumour. Importantly, the primary tumour cell population with the greatest tumorigenic potential and drug resistance showed more chromosomal alterations than the others and contained clones with epithelial and mesenchymal features.Individual HCCs can harbor different self-renewing tumorigenic cell types expressing a variety of morphological and phenotypical markers, karyotypic evolution and different gene expression profiles. This suggests that the models of hepatic carcinogenesis should take into account TPC heterogeneity due to intratumour clonal evolution