An Analysis Of Order Submissions On The Xetra Trading System by Rengifo, Heinen, Gramming

By Rengifo, Heinen, Gramming

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The situation for small firms, outside agriculture, is quite different. These firms have always operated with very low average levels of credit, and the availability of credit did anyway not decline in 2001. In fact, international support for small business during 2001 may have contributed to the slight increase in credit to small businesses (as a share of sales) during the year. Although it is difficult to identify the various subsidies paid to FRY enterprises, Table 8 presents some measures related to this area.

0 1998 1999 2000 2001 2002 Source: Federal Statistical Office and OECD calculations. difference evidently owes much to the presence of generous benefits, particularly for health, that accrue to the registered unemployed. A large number of workers who are informally employed register themselves as formally unemployed. The recent economic slowdown is associated with marginal reductions in employment on all three of these measures. 2 per cent by late 2001. By adopting an exchange rate anchor, the National Bank of Yugoslavia (NBY) succeeded in substantially reducing inflation and stabilising expectations about prices and the exchange rate (Figure 5).

Finally, agriculture and trade have specific characteristics, and were apparently areas of economic growth in 2001. In addition, we have given separate consideration to small businesses (see also Chapter III). This serves to illustrate how problems in the small business sector differ qualitatively from those of larger firms. Despite the comprehensive coverage of ZOP data, it is far from complete. In particular, a substantial number of transactions in the FRY economy avoid the ZOP network through the use of cash or barter.

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