The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

Purpose - This paper aims to determine the status of the socialist market economy through a logical analysis of the evolution of economic systems in human society. Design/methodology/approach - This paper presents an analysis of uncertainty and the functions performed by different economic...

Since the breakup of the Soviet Union, the North Caucasus is known as a politically unstable region and as a melting pot for terrorism and all kinds of criminal activity, reaching from drugtrafficking and illegal arms trade to hijacking and extortion. Furthermore, the North Caucasus is one of...

The paper emphasizes the transition in Russia and the role institutions played before and during the process. In Russia, a big bang approach was applied. That is to say, transition was conducted all of a sudden, omitting important underlying reforms. This practice should function as a shock...

This paper compares trends in key economic, political and social development outcomes in the Philippines with those of Latin America, particularly since the 1990s. To do so, it uses standard indicators of development, including measures of institutional quality and good governance. The paper...

Most studies on the relationship between public debt and economic growth implicity assume homegenous debt effects across their samples. We - in accordance with recent literature - challenge this view and state that there likely is a great deal of cross-country heterogeneity in that relationship....