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Steven B. Caudill, Daniel M. Gropper, Valentina Hartarska and Franklin G. Mixon

There have been numerous studies examining the relationship between economic freedom and economic growth. At the same time, there have been relatively few studies examining production or cost relationships for microfinance institutions, largely due to the lack of adequate data. The goal of this chapter is to combine these two strands of literature. In particular, we examine the impact of improvements in economic freedom on microfinance efficiency for microfinance institutions in Europe and Central Asia using a translog cost function. We find that increased microfinance efficiency is associated with improvements in economic freedom and that those countries experiencing large changes in economic freedom experience significant improvements in microfinance efficiency.

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Steven B. Caudill, Stephanie O. Crofton, James E. Long, Franklin G. Mixon and Mary Greer Simonton

Using data from a UCLA survey of adults living in transition economies in Eastern Europe that was carried out in 1993, we explore the potential impact of property destruction, confiscation, and collectivization experiences on the inter-generational transmission of patience across the populations of transition economies in Eastern Europe. To do so, we make use of an index of impatience constructed from each individual’s decision to purchase expensive consumer (luxury) items. We find some evidence that offspring from families suffering property losses are more impatient than others. Second, given that the results differ across countries, a single explanation such as the intergenerational transmission of impatience is insufficient.