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The development of a competitive private sector is widely viewed as a central element in the economic transformation of central and eastern Europe. Despite significant reforms in these economies, however, state enterprises continue to produce a substantial share of output. This paper considers how the profitability of private firms is affected by the size of the state-owned sector. Closures that result in a decrease in the number of state-owned firms reduce total industrial output in the short run, but encourage the entry of private firms into the industry in the longer run and lead to an increase in total output. Policies that result in a depreciation of the real exchange rate or an improvement in the efficiency of credit markets will tend to increase output in the short run, but their effect may be attenuated in the long run.

Foreign Exchange --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Other Economic Systems: Productive Enterprises --- Factor and Product Markets --- Prices --- Population --- Firm Objectives, Organization, and Behavior: General --- Public Enterprises --- Public-Private Enterprises --- Firm Behavior --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment --- Capital --- Intangible Capital --- Capacity --- Currency --- Foreign exchange --- Monetary economics --- Civil service & public sector --- Real exchange rates --- Currencies --- Exchange rate adjustments --- Depreciation --- Public sector --- Money --- Saving and investment --- Finance, Public

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This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g. finance, mining, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms do not proxy for legal constraints, insurance safety nets, or economic development.

Management --- Business & Economics --- Industrial Management --- Corporate governance. --- Culture. --- Cultural sociology --- Culture --- Sociology of culture --- Governance, Corporate --- Social aspects --- Civilization --- Popular culture --- Industrial management --- Directors of corporations --- Corporate governance --- Risk --- Corporate culture --- Economic aspects&delete& --- Econometric models --- E-books --- Culture, Corporate --- Institutional culture --- Organizational culture --- Corporations --- Organizational behavior --- Business anthropology --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Sociological aspects --- Economic aspects --- Banks and Banking --- Corporate Finance --- Finance: General --- Macroeconomics --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Firm Objectives, Organization, and Behavior: General --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- Corporate Culture --- Diversity --- Social Responsibility --- Multinational Firms --- International Business --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Financial Markets and the Macroeconomy --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- Multinationals --- Banking --- Foreign corporations --- Competition --- Asset prices --- Financial sector development --- Central bank policy rate --- Economic sectors --- Financial markets --- Prices --- Financial services --- Financial services industry --- Interest rates --- United States

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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Money and Monetary Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: Other --- Macroeconomic Aspects of International Trade and Finance: General --- Comparative Studies of Particular Economies --- General Aggregative Models: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Macroeconomic Analyses of Economic Development --- Empirical Studies of Trade --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- Economywide Country Studies: Africa --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Socialist Institutions and Their Transitions: Consumer Economics --- Health, Education and Training, Welfare, and Poverty --- Fiscal Policy --- International Lending and Debt Problems --- Price Level --- Inflation --- Deflation --- Money Supply --- Credit --- Money Multipliers --- Information and Market Efficiency --- Event Studies --- Open Economy Macroeconomics --- Studies of Particular Policy Episodes --- Money and Interest Rates: Forecasting and Simulation --- Socialist Systems and Transitional Economies: General --- Demand for Money --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- General Equilibrium and Disequilibrium: Other --- Socialist Systems and Transitional Economies: Prices --- Socialist Systems and Transitional Economies: Factor and Product Markets --- Industry Studies --- Population --- Illegal Behavior and the Enforcement of Law --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Financial Aspects of Economic Integration --- Index Numbers and Aggregation --- leading indicators --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Incomes Policy --- Price Policy --- Comparative Economic Systems: General --- Auctions --- International Financial Markets --- Business Taxes and Subsidies --- Other Economic Systems: Productive Enterprises --- Factor and Product Markets --- Prices --- Firm Objectives, Organization, and Behavior: General --- Public Enterprises --- Public-Private Enterprises --- Firm Behavior --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Noncooperative Games --- General Financial Markets: Government Policy and Regulation --- International Policy Coordination and Transmission --- Business Fluctuations --- Cycles --- Economywide Country Studies: Asia including Middle East --- Comparative Studies of Countries --- Economic Growth of Open Economies --- One, Two, and Multisector Growth Models --- General Equilibrium and Disequilibrium: General --- Intertemporal Consumer Choice --- Life Cycle Models and Saving --- Fiscal Policies and Behavior of Economic Agents: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wages, Compensation, and Labor Costs: General --- Wage Level and Structure --- Wage Differentials --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Socialist Institutions and Their Transitions: Financial Economics --- Interest Rates: Determination, Term Structure, and Effects --- Central Banks and Their Policies --- International Monetary Arrangements and Institutions --- Economic Growth and Aggregate Productivity: General --- Economywide Country Studies: General --- Simulation Methods --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- International Law --- Portfolio Choice --- Investment Decisions --- Efficiency --- Optimal Taxation --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- International Finance: Other --- Data Collection and Data Estimation Methodology --- Computer Programs: Other Computer Software --- General Aggregative Models: Forecasting and Simulation --- State and Local Budget and Expenditures --- Trade Policy --- International Trade Organizations --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- International economics --- Public finance & taxation --- Currency --- Foreign exchange --- Government debt management --- Currencies --- Dollarization --- Demand for money --- Public financial management (PFM) --- Money --- Monetary policy --- Debts, Public --- China, People's Republic of