Global financial crisis, arising from real estate and finance sectors, has caused extra ordinary costs for the world economy. Problems in the public management model of the US finance and real estate sectors would be accepted as one of the important reasons of the financial failures in the US...

As observed at least in last two decades, financial engineering has not only changed the way of doing business in finance world, but also has changed daily life of average citizens in the leading economies. Structured products named as weapons of mass destruction in some post-crisis comments....

We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually...

The paper is devoted to investigation of a number of difference-differential equations, among them the following one plays the central role: dFn/dt=φ(Fn)(Fn-1 - Fn) (*) where, for every t, {Fn(t), n = 0, 1, 2, ...} is a probability distribution function, and φ is a positive function on [0, 1]....

This paper analyzes economic policies in resource rich countries and various mechanisms of resource curse leading to a potentially inefficient use of resources. Arguments are provided in favor of "conditional resource curse" hypothesis: resource abundance hampers growth if institutions of a...

Sachs, Warner (1995) were among the first to claim that «resource curse» is real and that resource abundant economies do indeed grow more slowly than the others. Hundreds of papers were published since then supporting the «resource curse» thesis and offering new explanations of mechanisms...

This paper summarizes theoretical arguments and provides empirical evidence to support the statement that rational economic policies depend qualitatively on two factors – technological and institutional level of development of a country. We concentrate on the impact of three policies to...

This paper summarizes theoretical arguments, empirical evidence, and econometric findings to support the statement that rational economic policies depend qualitatively on stages of development that are defined by productivity and institutional indicators of a country. We consider the impact of...

Cross-country regressions, reported in this paper for 1960-99 period, seem to suggest that the accumulation of foreign exchange reserves (FER) contributes to economic growth of a developing economy by increasing both the investment/GDP ratio and capital productivity. We offer the following...

There are two innovations in the paper as compared to the previous literature on democracy and growth. First, we consider not only the level of democracy, but also changes in this level in the 1970s-1990s as measured by increments of Freedom House political rights indices. Second, the...