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doi : 10.2307/3502424 ; Enterprise adjustment and the distribution of credit during transition. a comparison of four central european countries On the basis of monetary and banking statistical series, this article highlights the very large ex post divergences between credit policies in four transitional economies (Bulgaria, Hungary, Poland, the Czech and Slovak Republics). These national patterns are then interpreted as the result of different paths of evolution in the credit relationship, between banks and enterprises, since 1990. Three main categories of variables are identified as decisive in this process : macroeconomic constraints (esp. public deficits and foreign debt), public intervention in the banking sector i.a. under the form of recapitalisation programs ; then the conditions under which accumulated stocks of assets and liabilities have been either preserved or drastically run down during the early months of remoneti-sation. ; À partir d'une série d'indicateurs bancaires et monétaires, cet article met en valeur la très grande diversité ex-post des politiques de crédit suivies depuis 1990 dans quatre économies en transition. On montre que cette divergence est liée à des profils divergents d'ajustement de la relation de crédit entre banques et entre­prises, sous l'impact lui-même variable de trois catégories de facteurs: les contraintes macro-économiques (déficit public et dette extérieure en particulier), les interventions publiques dans le secteur bancaire (notamment les recapitalisa­tions), enfin les conditions dans lesquelles les stocks de dettes constitués avant la transition ont été ou non préservés pendant les premiers mois de la transition.

doi : 10.2307/3502424 ; Enterprise adjustment and the distribution of credit during transition. a comparison of four central european countries On the basis of monetary and banking statistical series, this article highlights the very large ex post divergences between credit policies in four transitional economies (Bulgaria, Hungary, Poland, the Czech and Slovak Republics). These national patterns are then interpreted as the result of different paths of evolution in the credit relationship, between banks and enterprises, since 1990. Three main categories of variables are identified as decisive in this process : macroeconomic constraints (esp. public deficits and foreign debt), public intervention in the banking sector i.a. under the form of recapitalisation programs ; then the conditions under which accumulated stocks of assets and liabilities have been either preserved or drastically run down during the early months of remoneti-sation. ; À partir d'une série d'indicateurs bancaires et monétaires, cet article met en valeur la très grande diversité ex-post des politiques de crédit suivies depuis 1990 dans quatre économies en transition. On montre que cette divergence est liée à des profils divergents d'ajustement de la relation de crédit entre banques et entre­prises, sous l'impact lui-même variable de trois catégories de facteurs: les contraintes macro-économiques (déficit public et dette extérieure en particulier), les interventions publiques dans le secteur bancaire (notamment les recapitalisa­tions), enfin les conditions dans lesquelles les stocks de dettes constitués avant la transition ont été ou non préservés pendant les premiers mois de la transition.

Using a unique dataset, we describe the degree of ownership concentration in Russian economy and its role in shaping economic and political institutions in Russia. In particular, we find that Russian "oligarchs" do control a substantial part of the economy. While the relative weight of their firms in Russian economy is huge, they do not seem to be excessively large by the standards of the global economy where most of them are operating. The oligarchs seem to run their firms more efficiently than other Russian owners controlling for industry, region and size.

Using a unique dataset, we describe the degree of ownership concentration in Russian economy and its role in shaping economic and political institutions in Russia. In particular, we find that Russian "oligarchs" do control a substantial part of the economy. While the relative weight of their firms in Russian economy is huge, they do not seem to be excessively large by the standards of the global economy where most of them are operating. The oligarchs seem to run their firms more efficiently than other Russian owners controlling for industry, region and size.

International audience ; In this article, Algeria's de-industrialization is examined from the perspective of property rights. Often in the background of any reflection, this issue is usually addressed in a superficial manner, if not completely ignored. However, it seems to be a particularly relevant thread to link recurrent problems raised by the industrial question, which is not usually analyzed in such a way. It is addressed here from a historical perspective that reveals its complexity and ideas are put forward for the construction of an analytical framework. ; Dans cet article, la désindustrialisation en Algérie est interrogée sous l'angle des droits de propriété. Resté en arrière-plan de la réflexion, ce sujet est traité généralement de manière superficielle, s'il n'est pas totalement éludé. Or, il paraît un fil conducteur particulièrement pertinent pour faire le lien entre des problèmes récurrents soulevés par la question industrielle, que l'on n'a pas l'habitude d'analyser sous ce prisme. Il est abordé ici sous un angle historique qui en révèle toute la complexité et indique des pistes pour la construction d'un cadre analytique.

International audience ; In this article, Algeria's de-industrialization is examined from the perspective of property rights. Often in the background of any reflection, this issue is usually addressed in a superficial manner, if not completely ignored. However, it seems to be a particularly relevant thread to link recurrent problems raised by the industrial question, which is not usually analyzed in such a way. It is addressed here from a historical perspective that reveals its complexity and ideas are put forward for the construction of an analytical framework. ; Dans cet article, la désindustrialisation en Algérie est interrogée sous l'angle des droits de propriété. Resté en arrière-plan de la réflexion, ce sujet est traité généralement de manière superficielle, s'il n'est pas totalement éludé. Or, il paraît un fil conducteur particulièrement pertinent pour faire le lien entre des problèmes récurrents soulevés par la question industrielle, que l'on n'a pas l'habitude d'analyser sous ce prisme. Il est abordé ici sous un angle historique qui en révèle toute la complexité et indique des pistes pour la construction d'un cadre analytique.

International audience ; In this article, Algeria's de-industrialization is examined from the perspective of property rights. Often in the background of any reflection, this issue is usually addressed in a superficial manner, if not completely ignored. However, it seems to be a particularly relevant thread to link recurrent problems raised by the industrial question, which is not usually analyzed in such a way. It is addressed here from a historical perspective that reveals its complexity and ideas are put forward for the construction of an analytical framework. ; Dans cet article, la désindustrialisation en Algérie est interrogée sous l'angle des droits de propriété. Resté en arrière-plan de la réflexion, ce sujet est traité généralement de manière superficielle, s'il n'est pas totalement éludé. Or, il paraît un fil conducteur particulièrement pertinent pour faire le lien entre des problèmes récurrents soulevés par la question industrielle, que l'on n'a pas l'habitude d'analyser sous ce prisme. Il est abordé ici sous un angle historique qui en révèle toute la complexité et indique des pistes pour la construction d'un cadre analytique.

International audience ; In this article, Algeria's de-industrialization is examined from the perspective of property rights. Often in the background of any reflection, this issue is usually addressed in a superficial manner, if not completely ignored. However, it seems to be a particularly relevant thread to link recurrent problems raised by the industrial question, which is not usually analyzed in such a way. It is addressed here from a historical perspective that reveals its complexity and ideas are put forward for the construction of an analytical framework. ; Dans cet article, la désindustrialisation en Algérie est interrogée sous l'angle des droits de propriété. Resté en arrière-plan de la réflexion, ce sujet est traité généralement de manière superficielle, s'il n'est pas totalement éludé. Or, il paraît un fil conducteur particulièrement pertinent pour faire le lien entre des problèmes récurrents soulevés par la question industrielle, que l'on n'a pas l'habitude d'analyser sous ce prisme. Il est abordé ici sous un angle historique qui en révèle toute la complexité et indique des pistes pour la construction d'un cadre analytique.

We analyse the conduct of monetary policy in some new member states of the EU and some EU candidates over the period 2000–13. We investigate why monetary policy has been ineffective in insulating domestic liquidity from capital inflows and why some countries from emerging Europe have been especially constrained in responding to the crisis. Our contribution is threefold. First, we show that countries with fixed exchange rate regimes have encountered significant obstacles to conducting monetary policy to cope with large capital inflows and credit booms during the period preceding the financial crisis. Second, we illuminate how pegged countries have been more constrained in responding to the global financial crisis than non-pegged economies. Third, countries with high currency mismatch and financial vulnerabilities seem unable to adopt monetary policy dedicated only to macroeconomic stabilisation

We analyse the conduct of monetary policy in some new member states of the EU and some EU candidates over the period 2000–13. We investigate why monetary policy has been ineffective in insulating domestic liquidity from capital inflows and why some countries from emerging Europe have been especially constrained in responding to the crisis. Our contribution is threefold. First, we show that countries with fixed exchange rate regimes have encountered significant obstacles to conducting monetary policy to cope with large capital inflows and credit booms during the period preceding the financial crisis. Second, we illuminate how pegged countries have been more constrained in responding to the global financial crisis than non-pegged economies. Third, countries with high currency mismatch and financial vulnerabilities seem unable to adopt monetary policy dedicated only to macroeconomic stabilisation

We analyse the conduct of monetary policy in some new member states of the EU and some EU candidates over the period 2000–13. We investigate why monetary policy has been ineffective in insulating domestic liquidity from capital inflows and why some countries from emerging Europe have been especially constrained in responding to the crisis. Our contribution is threefold. First, we show that countries with fixed exchange rate regimes have encountered significant obstacles to conducting monetary policy to cope with large capital inflows and credit booms during the period preceding the financial crisis. Second, we illuminate how pegged countries have been more constrained in responding to the global financial crisis than non-pegged economies. Third, countries with high currency mismatch and financial vulnerabilities seem unable to adopt monetary policy dedicated only to macroeconomic stabilisation

We analyse the conduct of monetary policy in some new member states of the EU and some EU candidates over the period 2000–13. We investigate why monetary policy has been ineffective in insulating domestic liquidity from capital inflows and why some countries from emerging Europe have been especially constrained in responding to the crisis. Our contribution is threefold. First, we show that countries with fixed exchange rate regimes have encountered significant obstacles to conducting monetary policy to cope with large capital inflows and credit booms during the period preceding the financial crisis. Second, we illuminate how pegged countries have been more constrained in responding to the global financial crisis than non-pegged economies. Third, countries with high currency mismatch and financial vulnerabilities seem unable to adopt monetary policy dedicated only to macroeconomic stabilisation

The paper reports on the evolution of the hospital industry in Germany according to three targets of analysis: first, I examine the reasons of the reforms; for that, I position the hospital in the offer of care and in the structuring the regional industrial spaces of Germany, called "professional" or "based on the knowledge" economy. Then I find out the applicability of the health economy improvements into the medical policy: I evoke the succession of the reforms in Germany and in particular on the territory of ex-GDR i.e. the reforms of convergence, those which remedy current demographic deteriorations, and those which are impelled by the evolution of economic situation. ; Ce texte fait le point sur l'évolution du secteur hospitalier en Allemagne depuis 1990, selon trois cibles d'analyse. D'abord, sont examinés les raisons des réformes. Pour le faire, l'hôpital est placé dans l'offre des soins et dans la structuration des espaces industriels régionaux, appelés "professionnels" ou "l économie basée sur la connaissance". Puis, l'applicabilité de la théorie économique de santé à la politique médicale est analysée pour évoquer la succession des réformes sur le territoire de l'ex-RDA, les réformes de la convergence, celles qui remédient à des détériorations démographiques et celles qui sont provoquées par l'évolution de la situation économique générale dans la RFA.

The paper reports on the evolution of the hospital industry in Germany according to three targets of analysis: first, I examine the reasons of the reforms; for that, I position the hospital in the offer of care and in the structuring the regional industrial spaces of Germany, called "professional" or "based on the knowledge" economy. Then I find out the applicability of the health economy improvements into the medical policy: I evoke the succession of the reforms in Germany and in particular on the territory of ex-GDR i.e. the reforms of convergence, those which remedy current demographic deteriorations, and those which are impelled by the evolution of economic situation. ; Ce texte fait le point sur l'évolution du secteur hospitalier en Allemagne depuis 1990, selon trois cibles d'analyse. D'abord, sont examinés les raisons des réformes. Pour le faire, l'hôpital est placé dans l'offre des soins et dans la structuration des espaces industriels régionaux, appelés "professionnels" ou "l économie basée sur la connaissance". Puis, l'applicabilité de la théorie économique de santé à la politique médicale est analysée pour évoquer la succession des réformes sur le territoire de l'ex-RDA, les réformes de la convergence, celles qui remédient à des détériorations démographiques et celles qui sont provoquées par l'évolution de la situation économique générale dans la RFA.

The paper reports on the evolution of the hospital industry in Germany according to three targets of analysis: first, I examine the reasons of the reforms; for that, I position the hospital in the offer of care and in the structuring the regional industrial spaces of Germany, called "professional" or "based on the knowledge" economy. Then I find out the applicability of the health economy improvements into the medical policy: I evoke the succession of the reforms in Germany and in particular on the territory of ex-GDR i.e. the reforms of convergence, those which remedy current demographic deteriorations, and those which are impelled by the evolution of economic situation. ; Ce texte fait le point sur l'évolution du secteur hospitalier en Allemagne depuis 1990, selon trois cibles d'analyse. D'abord, sont examinés les raisons des réformes. Pour le faire, l'hôpital est placé dans l'offre des soins et dans la structuration des espaces industriels régionaux, appelés "professionnels" ou "l économie basée sur la connaissance". Puis, l'applicabilité de la théorie économique de santé à la politique médicale est analysée pour évoquer la succession des réformes sur le territoire de l'ex-RDA, les réformes de la convergence, celles qui remédient à des détériorations démographiques et celles qui sont provoquées par l'évolution de la situation économique générale dans la RFA.