This book is a comparative study which sheds a new empirical and theoretical light on the nature of post-communist capitalism in 11 EU new member countries of Central and Eastern Europe, or CEE11. ...Extending and modifying a well-established conceptual framework for comparative capitalism rooted in new institutional economics and economic sociology, it offers a better explanation for transition-specific and path-dependent factors inherent to systemic transformation. Based on a vast dataset, the book therefore illuminates the (dis)similarities among the institutional architectures in the EU countries. Thus, the book argues that the evolving capitalism in Central and Eastern Europe exhibits strong symptoms of institutional ambiguity or a ""patchwork"" nature which makes it a distinct category from any of the co-existing models of Western European capitalism. This book will be of key interest to scholars and students of comparative political economy, Eastern European politics, post-communist studies and more broadly to researchers in the fields of economics, European politics and the wider social sciences. It will also be of significance to journalists, policymakers, members of international organizations and consultancies with an interest in Central and Eastern Europe and in European integration. This title was distinguished in 2021 with a Prize for outstanding scientific achievements awarded by Poland’s Minister of Education and Science. See more here: https://ssl-kolegia.sgh.waw.pl/en/KGS/Pages/news.aspx?NewsID=34bcc811-438c-431f-95e5-66eabf6ce0fe&ListID=46c22218-3039-4020-954e-767189a2773d The Open Access version of this book, available at http://www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
The main aim of this paper was to shed a new empirical light on the nature and most salient features of the evolving postcommunist capitalism in 11 Central and Eastern European (CEE11) countries ...against the backdrop of Western European models of capitalism. The research approach capitalizes on the conceptual framework put forward by Amable 2003, The diversity of modern capitalism, Oxford University Press, Oxford , i.e., it seeks to identify the current clusters or models of capitalism in 25 European Union (EU) countries in six institutional areas. However, in contrast to the original Amable’s methodology, the subspace clustering method was used, what allowed to take into account a vast set of 132 institutional measures and to analyze their change between 2005 and 2014. The main finding is that CEE11 countries developed their own distinct model of capitalism dubbed “patchwork capitalism.” In all but two areas, i.e., product market competition and financial intermediation, postcommunist countries form their own institutional clusters that are substantially different from those observed in Western EU countries. In addition, the paper shows that each CEE11 country followed its own distinct vector of change, which eventually led to a unique patchwork of institutions. Yet, the institutional variance within the region is smaller than the difference between CEE11 countries and other country clusters in the EU.
This study examines the impact of Ukrainian war refugees on actual rental prices in 27 European countries. Using panel data regression analysis for the period 2017Q1-2023Q1, the study found that ...inflation, house price growth, and interest rates were the primary drivers of rental price growth after February 2022. The study also showed that an inflow of Ukrainian refugees equal to 1% of the host country’s population translated into an increase in rental price growth of 0.2-0.3%, but this effect was not statistically significant at the 5% probability threshold. Auxiliary estimations revealed the statistical significance of Ukrainian migration when adjusting for the stringency of rent controls and size of the rental market.
This paper investigates residential mobility in Poland. The main focus is placed on determining the level of housing mobility in Poland, as well as finding statistically significant differences ...between various socio-economic groups. The research was based on microdata from the 2017 wave of the Household Finance and Consumption Survey (HFCS). The findings indicate that residential mobility in Poland was relatively low in comparison to other European Union member states, and there were statistically significant differences in housing mobility based on age, tenure status, income, wealth, level of education and the households composition. The study concludes that improving housing affordability is crucial for enhancing housing mobility in Poland.
The paper investigates whether the size of the rental market affects house prices fluctuations or the volatility of construction sector activity over the business cycle. For that purpose we construct ...a database of variables describing the housing sector in a group of twelve initial euro area members and ten other OECD countries over the years 1995–2014 and conduct a series of panel regressions. We find that a developed rental market attenuates fluctuations in the housing sector, especially for the common currency area sample. We claim that differences among monetary union countries in terms of rental market developments can be destabilizing as they might lead to heterogeneous response to common shocks.
We estimate logit models of housing and stock price bubbles, using panel data for 15 EU countries for the time period 1995–2014, covering a wide set of determinants: monetary, macroeconomic, ...demographic, institutional and those arising from monetary integration. Our key finding is that higher degree of real convergence diminishes the probability of a bubble in the housing market caused by a fall in interest rates after joining the monetary union. Applying these results to three Central European countries (the Czech Republic, Hungary and Poland) we conclude that, given the existing economic distance in terms of per capita GDP between the three countries and the top eurozone performers, joining the monetary union would ceteris paribus significantly increase the probability of house price bubbles in those countries. This result suggests that the optimum currency area framework should be broadened to include the degree of real convergence between the monetary union and the acceding country.
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In this article the authors analyse the rise of house flipping in Poland in recent years. Firstly, drawing on the findings from desk research and qualitative inquiries, they describe how ...state-of-the-art flipping transactions are performed and financed. Secondly, with the use of a large microdata panel of housing transactions from eight major cities over the 2006–2020 period, the size and the main characteristics of house flipping in Poland are analysed. According to the findings, the share of flips in housing transactions gradually increased between 2016 and 2020, reaching on average 5.9% and – in some smaller cities with a shallow primary market – even double-digit shares. This is an alarming result, as such high flippers’ activity characteries periods of housing booms and may signal an overvaluation of prices.
The aims of the present article are three-fold. First, we conduct a survey of the most representative theoretical and empirical research on the emerging varieties of post-communist capitalism in ...Central and Eastern Europe. We critically review standard conceptual frameworks, their applications and derivatives, and non-standard approaches. Second, we highlight the major peculiarities of institutional development in CEE countries that make the direct application of both standard and non-standard theoretical frameworks problematic. Finally, we outline the possible directions of future research on the emerging models of post-communist capitalism and suggest essential extensions to the methodology involved.
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